Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | DORM | |
Entity Registrant Name | Dorman Products, Inc. | |
Entity Central Index Key | 868,780 | |
Current Fiscal Year End Date | --12-29 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 33,331,377 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Income Statement [Abstract] | ||
Net sales | $ 227,262 | $ 221,625 |
Cost of goods sold | 138,627 | 132,882 |
Gross profit | 88,635 | 88,743 |
Selling, general and administrative expenses | 48,641 | 43,701 |
Income from operations | 39,994 | 45,042 |
Other income, net | 152 | 64 |
Income before income taxes | 40,146 | 45,106 |
Provision for income taxes | 9,499 | 15,919 |
Net income | $ 30,647 | $ 29,187 |
Earnings Per Share: | ||
Basic | $ 0.93 | $ 0.85 |
Diluted | $ 0.93 | $ 0.85 |
Weighted Average Shares Outstanding: | ||
Basic | 32,917 | 34,385 |
Diluted | 33,003 | 34,479 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 75,344 | $ 71,691 |
Accounts receivable, less allowance for doubtful accounts and customer credits of $95,427 and $97,193 | 250,556 | 241,880 |
Inventories | 205,905 | 212,149 |
Prepaids and other current assets | 8,564 | 7,129 |
Total current assets | 540,369 | 532,849 |
Property, plant and equipment, net | 92,828 | 92,692 |
Goodwill | 65,914 | 65,999 |
Intangible assets, net | 21,753 | 22,158 |
Deferred tax asset, net | 6,771 | 7,884 |
Other assets | 45,413 | 44,342 |
Total | 773,048 | 765,924 |
Current liabilities: | ||
Accounts payable | 63,105 | 80,218 |
Accrued compensation | 5,933 | 12,162 |
Other accrued liabilities | 26,794 | 18,401 |
Total current liabilities | 95,832 | 110,781 |
Other long-term liabilities | 13,653 | 13,732 |
Deferred tax liabilities, net | 6,425 | 6,604 |
Commitments and contingencies | ||
Shareholders’ Equity: | ||
Common stock, par value $0.01; authorized 50,000,000 shares; issued and Outstanding 33,503,499 and 33,571,524 in 2018 and 2017, respectively | 335 | 336 |
Additional paid-in capital | 45,466 | 44,812 |
Retained earnings | 611,337 | 589,659 |
Total shareholders’ equity | 657,138 | 634,807 |
Total | $ 773,048 | $ 765,924 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 30, 2017 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts and customer credits | $ 95,427 | $ 97,193 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 33,503,499 | 33,571,524 |
Common stock, shares outstanding | 33,503,499 | 33,571,524 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Cash Flows from Operating Activities: | ||
Net income | $ 30,647 | $ 29,187 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation, amortization and accretion | 6,378 | 5,005 |
Provision for doubtful accounts | 75 | |
Provision (benefit) for deferred income taxes | 1,110 | (1,186) |
Provision for non-cash stock compensation | 851 | 653 |
Changes in assets and liabilities: | ||
Accounts receivable | (8,880) | (2,473) |
Inventories | 6,309 | (818) |
Prepaids and other current assets | (1,550) | 144 |
Other assets | (1,075) | (191) |
Accounts payable | (16,519) | (668) |
Accrued compensation and other liabilities | 2,480 | 8,417 |
Cash provided by operating activities | 19,751 | 38,145 |
Cash Flows from Investing Activities: | ||
Property, plant and equipment additions | (6,276) | (5,618) |
Purchase of investments | (13,127) | |
Cash used in investing activities | (6,276) | (18,745) |
Cash Flows from Financing Activities: | ||
Other stock related activity | (563) | (856) |
Purchase and cancellation of common stock | (9,208) | (11,321) |
Cash used in financing activities | (9,771) | (12,177) |
Effect of exchange rate changes on Cash and Cash Equivalents | (51) | |
Net Increase in Cash and Cash Equivalents | 3,653 | 7,223 |
Cash and Cash Equivalents, Beginning of Period | 71,691 | 149,121 |
Cash and Cash Equivalents, End of Period | 75,344 | 156,344 |
Supplemental Cash Flow Information | ||
Cash paid for interest expense | 66 | 61 |
Cash paid for income taxes | $ 295 | $ 1,046 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
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 thirteen weeks ended March 31, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending December 29, 2018. 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 30, 2017. |
Business Acquisitions and Inves
Business Acquisitions and Investments | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Business Acquisitions and Investments | 2. Business Acquisitions and Investments On October 26, 2017, we acquired 100% of the outstanding stock of MAS Automotive Distribution Inc. (“MAS Industries” or “MAS”), a privately-held manufacturer of premium chassis and control arms based in Montreal, Canada. The purchase price was $67.3 million net of $3.3 million of cash acquired and including contingent consideration at fair value and other purchase price adjustments. We believe MAS is complementary to our business and growth strategy. We see opportunities to leverage MAS’ existing presence in the automotive aftermarket, as well as our product development capabilities and financial resources to accelerate the growth of MAS’ premium chassis and control arm products. We have included the results of MAS in our Consolidated Financial Statements since the acquisition date of October 26, 2017. The Consolidated Statement of Operations for the thirteen weeks ended March 31, 2018 includes $10.2 million of net sales and an immaterial amount of net income related to MAS. The Consolidated Balance Sheets as of March 31, 2018 and December 30, 2017 reflects the acquisition of MAS Industries, effective October 26, 2017. The following table summarizes the preliminary fair value of the total consideration at October 26, 2017: (in thousands) Total Acquisition Date Fair Value Cash consideration (net of $3.3 million cash received) $ 56,859 Contingent cash consideration 7,982 Seller liability assumed 896 Working capital adjustment 1,539 Total consideration assigned to net assets acquired $ 67,276 Included in the table above is $8.0 million of estimated contingent payments which represents the fair value of the estimated payments which will become due if certain sales thresholds are achieved through December 2020. The fair value of the contingent cash consideration was estimated by using an option pricing model framework, which represents our own assumptions and data, and is based on our best available information. As of March 31, 2018, we had $8.1 million recorded which includes $0.1 million of accretion which was included in Selling, general and administrative expenses for the thirteen weeks ended March 31, 2018, related to this payment. The maximum contingent payment would be $11.7 million. Also excluded from the table above are working capital and other purchase price adjustments which will be finalized in fiscal 2018 based on the MAS standalone audited 2017 financial statements. The transaction was accounted for as a business combination under the acquisition method of accounting. Accordingly, the assets acquired and liabilities assumed were recorded at fair value, with the remaining purchase price recorded as goodwill. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of October 26, 2017 (in thousands): October 26, 2017 (As initially reported) Measurement period adjustments (Recorded in thirteen weeks ending March 31, 2018) October 26, 2017 (As adjusted) Current assets (net of $3.3 million cash received) $ 21,756 $ 85 $ 21,841 Property, plant and equipment 1,615 - 1,615 Intangible assets 20,440 - 20,440 Goodwill 35,624 (85 ) 35,539 Total assets acquired 79,435 - 79,435 Current liabilities 5,691 - 5,691 Long-term liabilities 6,468 - 6,468 Total liabilities assumed 12,159 - 12,159 Net assets acquired $ 67,276 $ - $ 67,276 The estimated fair value of the MAS assets acquired and liabilities assumed are provisional as of March 31, 2018 and are based on information that is currently available. Additional information about conditions that existed as of the date of acquisition are being gathered to finalize these provisional measurements, particularly with respect to net working capital, contingent liabilities, deferred income taxes and income taxes payable. Accordingly, the measurement of the MAS assets acquired and liabilities assumed may change significantly upon completion of the purchase price allocation, both of which are expected to occur no later than one year from the acquisition date. The valuation of the intangible assets acquired and related amortization periods are as follows: (in thousands) Valuation Amortization Period (in years) Customer relationships $ 14,840 8-12 Tradenames 5,600 15 Total $ 20,440 The fair values of the Customer relationships and Tradenames were estimated using a discounted present value income approach. Under this method, an intangible asset’s fair value is equal to the present value of the incremental after-tax cash flows (excess earnings) attributable solely to the intangible asset over its remaining useful life. To calculate fair value, we used cash flows discounted at rates ranging from 15% to 17%, which were considered appropriate given the inherent risk associated with each type of asset. We believe that the level and timing of cash flows appropriately reflect market participant assumptions. The goodwill recognized is attributable primarily to strategic and synergistic opportunities related to existing automotive aftermarket businesses, the assembled workforce of MAS and other factors. The goodwill is expected to be deductible for tax purposes. Pro Forma Financial Information (Unaudited) The unaudited pro forma information for the periods set forth below give effect to the MAS acquisition as if it occurred as of December 27, 2015, the start of our 2016 fiscal year. The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of the operations that actually would have been achieved had the acquisition been consummated as of that time: (in thousands) April 1, 2017 Net sales $ 229,773 Net income $ 29,208 Diluted earnings per share $ 0.85 The unaudited pro forma net income for the thirteen week period ending April 1, 2017 was adjusted to include amortization of intangible assets, accretion for contingent consideration liabilities and to exclude financing costs of MAS which we do not believe would have occurred. |
Sales of Accounts Receivable
Sales of Accounts Receivable | 3 Months Ended |
Mar. 31, 2018 | |
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 $151.0 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2018 | |
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) March 31, 2018 December 30, 2017 Bulk product $ 80,263 $ 82,010 Finished product 122,058 126,827 Packaging materials 3,584 3,312 Total $ 205,905 $ 212,149 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets Goodwill Goodwill included the following: (in thousands) March 31, 2018 December 30, 2017 Balance at beginning of period $ 65,999 $ 28,146 Goodwill acquired - 37,853 Measurement period adjustments (85 ) - Balance at end of period $ 65,914 $ 65,999 Intangible Assets Intangible assets, subject to amortization, included the following: March 31, 2018 December 30, 2017 (in thousands) Weighted Average Amortization Period Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Intangible assets subject to amortization Tradenames 14.6 $ 5,600 $ 121 $ 5,479 $ 5,600 $ 62 $ 5,538 Customer relationships 9.8 17,049 1,111 15,938 17,049 772 16,277 Technology 13.8 367 31 336 367 24 343 Total $ 23,016 $ 1,263 $ 21,753 $ 23,016 $ 858 $ 22,158 Amortization expense was $0.5 million and less than $0.1 million for the thirteen weeks ended March 31, 2018 and April 1, 2017, respectively . |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 6. Revenue Recognition The FASB issued an accounting standard update in May 2014 regarding the accounting for and disclosure of revenue. Specifically, the update outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, which will be common to both U.S. GAAP and International Financial Reporting Standards. As part of our impact assessment of the implementation of the new revenue recognition guidance, we reviewed our historical accounting policies and practices to identify potential differences with the requirements of the new revenue recognition standard, as it related to our contracts and sales arrangements, as well as technical considerations for our future transaction accounting, financial reporting, and disclosure requirements. We adopted the guidance in the first quarter of 2018, as required, electing to use a modified retrospective adoption approach. Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. In addition, we elected to apply certain of the permitted practical expedients within the revenue recognition guidance and make certain accounting policy elections including those related to significant financing components, sales taxes and shipping and handling activities. Adoption of the revenue recognition standard did not have a material impact on our reported earnings, cash flows, or balance sheet, however, adoption did increase the amount and level of disclosures concerning our net sales. The impact of adoption of the new revenue recognition guidance and the impact of the new revenue recognition guidance as compared to the historical revenue recognition guidance was immaterial for the three months ended March 31, 2018. Business Description We are a supplier of replacement parts and fasteners for passenger cars, light trucks, and heavy duty trucks in the automotive aftermarket. 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 customer’s remedy to the repair or replacement of the part that is defective. Our primary source of revenue is from contracts with and purchase orders from customers. Revenue is recognized from product sales when goods are shipped, title and risk of loss and control have been transferred to the customer, and collection is reasonably assured. We estimate the transaction price at the inception of a contract or upon fulfilling a purchase order, including any variable consideration, and will update the estimate for changes in circumstances. We utilize the most likely amount method consistently to estimate the effect of uncertainty on the amount of variable consideration to which we would be entitled. The most likely amount method considers the single most likely amount from a range of possible consideration amounts. This method is utilized for all of our variable consideration. We record estimates for cash discounts, product returns, promotional rebates, core return deposits and other discounts in the period the related product revenue is recognized (“Customer Credits”). The provision for Customer Credits is recorded as reduction from gross sales and reserves for Customer Credits are shown as a reduction of accounts receivable. Accrued customer rebates 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. We have concluded that our estimates of variable consideration are not constrained according to the definition of the new standard. All of our revenue was recognized under the point of time approach in accordance with the revenue standard during the thirteen weeks ended March 31, 2018 and April 1, 2017 respectively. Also, we do not have significant financing arrangements with our customers, as our credit terms are all less than one year. Lastly, we do not receive noncash consideration (such as materials or equipment) from our customers to facilitate the fulfillment of our contracts. Five-step model We apply the FASB’s guidance on revenue recognition, which requires us to recognize the amount of revenue and consideration which we expect to receive in exchange for goods or services transferred to our customers. To do this, we apply the five-step model prescribed by the FASB, which requires us to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, we satisfy a performance obligation. A summary of our application of the five-step model is as follows: (i) In most instances, our contract with a customer is the customer’s purchase order. Upon acceptance of the purchase order, a contract exists with a customer as a sales agreement indicates approval and commitment of the parties, identifies the rights of both parties, identifies the payment terms, has commercial substance, and it is probable that we will collect the consideration to which we will be entitled in exchange for the goods transferred to the customer. For certain customers, we may also enter into a sales agreement which outlines pricing considerations as well as the framework of terms and conditions which apply to future purchase orders for that customer. In these situations, our contract with the customer is both the sales agreement as well as the specific customer purchase order. As our contract with a customer is typically for a single transaction or customer purchase order, the duration of the contract is typically one year or less. As a result, we have elected to apply certain practical expedients and omit certain disclosures of remaining performance obligations for contracts which have an initial term of one year or less as permitted by the FASB. (ii) We identify a performance obligation in a contract for each distinct good or service promised that are separately identifiable from other promises in the contract. (iii) We identify the transaction price as the amount of consideration including variable consideration that we expect to be entitled in exchange for transferring control of goods and/or services to our customers. (iv) We allocate the transaction price to each performance obligation on the basis of the amount of consideration to which we expect to be entitled in exchange for satisfying each performance obligation. (v) We recognize revenue when the risk, and title, and control transfers, collectability is reasonably assured, and the pricing is fixed or determinable. Practical Expedients and Accounting Policy Elections In accordance with the guidance on revenue recognition and as permitted by the FASB, we have elected to use certain practical expedients and policy elections. - We have elected to not adjust the promised amount of consideration for the effects of a significant financing component as we expect, at contract inception, that the period between when we transfer a promised good or service to the customer and when the customer pays for that good or service will be one year or less. - We have elected to expense costs to obtain a contract as incurred when the expected period of benefit, and therefore the amortization period, is one year or less. - We have elected to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity for a customer, including sales, use, value-added, excise and various other taxes. - We have elected to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfilment activity rather than a separate performance obligation. Contract Assets and Liabilities We recognize a receivable or contract asset when we perform a service or transfer a good in advance of receiving consideration. - A receivable is recorded when our right to consideration is unconditional and only the passage of time is required before payment of that consideration is due. - A contract asset is recorded when our right to consideration in exchange for good or services that we have transferred to a customer is conditional on something other than the passage of time. We did not have any contract assets recorded as of March 31, 2018 or December 30, 2017. We recognize a contract liability when we receive consideration, or if we have the unconditional right to receive consideration, in advance of satisfying the performance obligation. A contract liability is our obligation to transfer goods or services to a customer for which we have received consideration, or an amount of consideration is due from the customer. We did not have any contract liabilities recorded as of March 31, 2018 or December 30, 2017. Disaggregated Revenue The following tables present our disaggregated net sales by Type of Major Good / Product Line, and Geography. Thirteen Weeks Ended (in thousands) March 31, 2018 April 1, 2017 Powertrain $ 95,152 $ 94,863 Chassis 66,999 55,484 Automotive Body 55,244 61,475 Hardware 9,867 9,803 Net Sales $ 227,262 $ 221,625 Thirteen Weeks Ended (in thousands) March 31, 2018 April 1, 2017 Net Sales to U.S. Customers $ 210,426 $ 208,582 Net Sales to Non-U.S. Customers 16,836 13,043 Net Sales $ 227,262 $ 221,625 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 7. 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 March 31, 2018, 1,271,151 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 $ 0.7 million and $ 0.6 million for the thirteen weeks ended March 31, 2018 and April 1, 2017, respectively. The following table summarizes our restricted stock activity for the thirteen weeks ended March 31, 2018: Shares Weighted Average Price Balance at December 30, 2017 153,727 $ 59.96 Granted 71,262 $ 72.45 Vested (26,372 ) $ 58.57 Cancelled (4,821 ) $ 77.04 Balance at March 31, 2018 193,796 $ 64.32 As of March 31, 2018, there was $ 6.4 million of unrecognized compensation cost related to nonvested restricted stock, which is expected to be recognized over a weighted-average period of approximately 2.7 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. The excess tax benefit generated from restricted shares which vested in the thirteen weeks ended March 31, 2018 was $0.1 million and was credited to income tax expense. The excess tax benefit generated from restricted shares which vested in the thirteen weeks ended April 1, 2017 was $0.2 million and was credited to income tax expense. 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 $0.1 million for the thirteen weeks ended March 31, 2018 and April 1, 2017, respectively. The compensation costs were classified as Selling, general and administrative expense in the Consolidated Statements of Income. No cost was capitalized during the thirteen weeks ended March 31, 2018 and April 1, 2017. 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 thirteen weeks ended March 31, 2018 and April 1, 2017 we granted 61,514 and 55,508 stock options, respectively. The following table summarizes our stock option activity for the thirteen weeks ended March 31, 2018: Shares Weighted Average Exercise Price Weighted Average Remaining Term (In years) Aggregate Intrinsic Value Balance at December 30, 2017 122,547 $ 57.74 Granted 61,514 $ 72.52 Balance at March 31, 2018 184,061 $ 62.68 3.8 $ 1,737,033 Options exercisable at March 31, 2018 46,850 $ 47.08 2.9 $ 1,060,169 There were no options exercised during the thirteen weeks ended March 31, 2018. There were 32,000 options exercised in the thirteen weeks ended April 1, 2017. As of March 31, 2018, there was $1.6 million of unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of 3.4 years. There was no cash generated from stock option exercises in the thirteen weeks ended March 31, 2018. The cash received from stock option exercises was $0.1 million in the thirteen weeks ended April 1, 2017. T here was no excess tax benefit generated from stock options exercised in the thirteen weeks ended March 31, 2018. There was $0.6 million of excess tax benefit generated from stock option exercises in the thirteen weeks ended April 1, 2017 and was credited to income tax expense. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 8. 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 197,000 shares and 106,000 shares were excluded from the calculation of diluted earnings per share as of March 31, 2018 and April 1, 2017, 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 (in thousands, except per share data) March 31, 2018 April 1, 2017 Numerator Net income $ 30,647 $ 29,187 Denominator: Weighted average basic shares outstanding 32,917 34,385 Effect of stock-based compensation awards 86 94 Weighted average diluted shares outstanding 33,003 34,479 Earnings Per Share: Basic $ 0.93 $ 0.85 Diluted $ 0.93 $ 0.85 |
Common Stock Repurchases
Common Stock Repurchases | 3 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Common Stock Repurchases | 9. 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 thirteen weeks ended March 31, 2018, we repurchased and cancelled 2,880 shares of common stock for $0.2 million at an average price of $71.70 per share. During the fifty-two weeks ended December 30, 2017, we repurchased and cancelled 19,110 shares of common stock for $1.4 million at an average price of $73.34 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 thirteen weeks ended March 31, 2018, we repurchased and cancelled 128,870 shares of common stock for $9.0 million at an average price of $69.84 per share under this program. For the fifty-two weeks ended December 30, 2017, we repurchased and cancelled 1,006,365 shares of common stock for $74.7 million at an average price of $74.26 per share under this program. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 10. 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. Based upon the terms of the lease, payments will be $1.6 million in fiscal 2018 and were $1.6 million in fiscal 2017. This lease will expire on 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 during November 2016. Additionally, we have a non-cancelable operating lease for our Canadian operating facility from a corporation of which an employee and his family members are owners. Based upon the terms of the lease, payments will be $0.5 million in fiscal 2018 and were $0.1 million in fiscal 2017. This lease will expire on October 31, 2018. 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. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes At March 31, 2018, we had $2.4 million of net unrecognized tax benefits, $2.0 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 March 31, 2018 we had approximately $0.7 million of accrued interest related to uncertain tax positions. We file income tax returns in the United States, Canada, 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 2010 are closed. It is reasonably possible that audit settlements, the conclusion of current examinations or the expirations of the statute of limitations could impact the Company’s unrecognized tax benefits. As permitted by SAB No. 118, the net tax expense recorded in our financial statements for the fourth fiscal quarter of 2017 due to the enactment of the Tax Cuts and Jobs Act (the “TCJA”) is considered “provisional” based on reasonable estimates. The net tax expense recorded was $4.4 million. We are continuing to collect and analyze detailed information that could impact this amount, and may record adjustments to refine those estimates during the measurement period defined in SAB No. 118, as additional analysis is completed. No adjustments to the provisional expense related to the enactment of the TCJA were recorded in the first fiscal quarter of 2018. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 12. 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 | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
New and Recently Adopted Accounting Pronouncements | 13. New and Recently Adopted Accounting Pronouncements On December 31, 2017, the beginning of our 2018 fiscal year, we adopted ASU No. 2014-09, Revenue from Contracts with Customers 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 August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment |
New and Recently Adopted Acco19
New and Recently Adopted Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
New and Recently Adopted Accounting Pronouncements | On December 31, 2017, the beginning of our 2018 fiscal year, we adopted ASU No. 2014-09, Revenue from Contracts with Customers 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 August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment |
Business Acquisitions and Inv20
Business Acquisitions and Investments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Summary of Preliminary Fair Value of Total Consideration | The following table summarizes the preliminary fair value of the total consideration at October 26, 2017: (in thousands) Total Acquisition Date Fair Value Cash consideration (net of $3.3 million cash received) $ 56,859 Contingent cash consideration 7,982 Seller liability assumed 896 Working capital adjustment 1,539 Total consideration assigned to net assets acquired $ 67,276 |
Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of October 26, 2017 (in thousands): October 26, 2017 (As initially reported) Measurement period adjustments (Recorded in thirteen weeks ending March 31, 2018) October 26, 2017 (As adjusted) Current assets (net of $3.3 million cash received) $ 21,756 $ 85 $ 21,841 Property, plant and equipment 1,615 - 1,615 Intangible assets 20,440 - 20,440 Goodwill 35,624 (85 ) 35,539 Total assets acquired 79,435 - 79,435 Current liabilities 5,691 - 5,691 Long-term liabilities 6,468 - 6,468 Total liabilities assumed 12,159 - 12,159 Net assets acquired $ 67,276 $ - $ 67,276 |
Schedule of Valuation of Intangible Assets Acquired and Related Amortization Periods | The valuation of the intangible assets acquired and related amortization periods are as follows: (in thousands) Valuation Amortization Period (in years) Customer relationships $ 14,840 8-12 Tradenames 5,600 15 Total $ 20,440 |
Schedule of Pro Forma Financial Information | The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of the operations that actually would have been achieved had the acquisition been consummated as of that time: (in thousands) April 1, 2017 Net sales $ 229,773 Net income $ 29,208 Diluted earnings per share $ 0.85 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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) March 31, 2018 December 30, 2017 Bulk product $ 80,263 $ 82,010 Finished product 122,058 126,827 Packaging materials 3,584 3,312 Total $ 205,905 $ 212,149 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill Goodwill included the following: (in thousands) March 31, 2018 December 30, 2017 Balance at beginning of period $ 65,999 $ 28,146 Goodwill acquired - 37,853 Measurement period adjustments (85 ) - Balance at end of period $ 65,914 $ 65,999 |
Schedule of Intangible Assets | Intangible Assets Intangible assets, subject to amortization, included the following: March 31, 2018 December 30, 2017 (in thousands) Weighted Average Amortization Period Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Intangible assets subject to amortization Tradenames 14.6 $ 5,600 $ 121 $ 5,479 $ 5,600 $ 62 $ 5,538 Customer relationships 9.8 17,049 1,111 15,938 17,049 772 16,277 Technology 13.8 367 31 336 367 24 343 Total $ 23,016 $ 1,263 $ 21,753 $ 23,016 $ 858 $ 22,158 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregated Net Sales | The following tables present our disaggregated net sales by Type of Major Good / Product Line, and Geography. Thirteen Weeks Ended (in thousands) March 31, 2018 April 1, 2017 Powertrain $ 95,152 $ 94,863 Chassis 66,999 55,484 Automotive Body 55,244 61,475 Hardware 9,867 9,803 Net Sales $ 227,262 $ 221,625 Thirteen Weeks Ended (in thousands) March 31, 2018 April 1, 2017 Net Sales to U.S. Customers $ 210,426 $ 208,582 Net Sales to Non-U.S. Customers 16,836 13,043 Net Sales $ 227,262 $ 221,625 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Restricted Stock Activity | The following table summarizes our restricted stock activity for the thirteen weeks ended March 31, 2018: Shares Weighted Average Price Balance at December 30, 2017 153,727 $ 59.96 Granted 71,262 $ 72.45 Vested (26,372 ) $ 58.57 Cancelled (4,821 ) $ 77.04 Balance at March 31, 2018 193,796 $ 64.32 |
Summary of Stock Option Activity | The following table summarizes our stock option activity for the thirteen weeks ended March 31, 2018: Shares Weighted Average Exercise Price Weighted Average Remaining Term (In years) Aggregate Intrinsic Value Balance at December 30, 2017 122,547 $ 57.74 Granted 61,514 $ 72.52 Balance at March 31, 2018 184,061 $ 62.68 3.8 $ 1,737,033 Options exercisable at March 31, 2018 46,850 $ 47.08 2.9 $ 1,060,169 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 (in thousands, except per share data) March 31, 2018 April 1, 2017 Numerator Net income $ 30,647 $ 29,187 Denominator: Weighted average basic shares outstanding 32,917 34,385 Effect of stock-based compensation awards 86 94 Weighted average diluted shares outstanding 33,003 34,479 Earnings Per Share: Basic $ 0.93 $ 0.85 Diluted $ 0.93 $ 0.85 |
Business Acquisitions and Inv26
Business Acquisitions and Investments - Additional Information (Detail) - USD ($) | Oct. 26, 2017 | Mar. 31, 2018 | Mar. 31, 2018 |
Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Cash flows discounted at rates | 15.00% | ||
Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Cash flows discounted at rates | 17.00% | ||
MAS Automotive Distribution Inc [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition, percentage of outstanding stock acquired | 100.00% | ||
Business acquisition, total purchase price consideration | $ 67,276,000 | ||
Business acquisition, cash received | 3,300,000 | ||
Net sales, included in consolidated statement of operations | $ 10,200,000 | ||
Estimated contingent payments | 7,982,000 | $ 8,100,000 | |
Business combination maximum contingent consideration payment | $ 11,700,000 | ||
Business combination sales thresholds achievement maturity date | 2020-12 | ||
MAS Automotive Distribution Inc [Member] | Selling, General and Administrative Expeses [Member] | |||
Business Acquisition [Line Items] | |||
Estimated contingent payments | $ 100,000 |
Business Acquisitions and Inv27
Business Acquisitions and Investments - Summary of Preliminary Fair Value of Total Consideration (Detail) - MAS Automotive Distribution Inc [Member] - USD ($) $ in Thousands | Oct. 26, 2017 | Mar. 31, 2018 |
Business Acquisition [Line Items] | ||
Cash consideration (net of $3.3 million cash received) | $ 56,859 | |
Contingent cash consideration | 7,982 | $ 8,100 |
Seller liability assumed | 896 | |
Working capital adjustment | 1,539 | |
Total consideration assigned to net assets acquired | $ 67,276 |
Business Acquisitions and Inv28
Business Acquisitions and Investments - Summary of Preliminary Fair Value of Total Consideration (Parenthetical) (Detail) $ in Millions | Oct. 26, 2017USD ($) |
MAS Automotive Distribution Inc [Member] | |
Business Acquisition [Line Items] | |
Business acquisition, cash received | $ 3.3 |
Business Acquisitions and Inv29
Business Acquisitions and Investments - Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 30, 2017 | Oct. 26, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 65,914 | $ 65,999 | $ 28,146 | |
MAS Automotive Distribution Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets (net of $3.3 million cash received) | $ 21,841 | |||
Property, plant and equipment | 1,615 | |||
Intangible assets | 20,440 | |||
Goodwill | 35,539 | |||
Total assets acquired | 79,435 | |||
Current liabilities | 5,691 | |||
Long-term liabilities | 6,468 | |||
Total liabilities assumed | 12,159 | |||
Net assets acquired | 67,276 | |||
MAS Automotive Distribution Inc [Member] | As initially reported [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets (net of $3.3 million cash received) | 21,756 | |||
Property, plant and equipment | 1,615 | |||
Intangible assets | 20,440 | |||
Goodwill | 35,624 | |||
Total assets acquired | 79,435 | |||
Current liabilities | 5,691 | |||
Long-term liabilities | 6,468 | |||
Total liabilities assumed | 12,159 | |||
Net assets acquired | $ 67,276 | |||
MAS Automotive Distribution Inc [Member] | Measurement period adjustments [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets (net of $3.3 million cash received) | 85 | |||
Goodwill | $ (85) |
Business Acquisitions and Inv30
Business Acquisitions and Investments - Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) $ in Millions | Oct. 26, 2017USD ($) |
MAS Automotive Distribution Inc [Member] | |
Business Acquisition [Line Items] | |
Business acquisition, cash received | $ 3.3 |
Business Acquisitions and Inv31
Business Acquisitions and Investments - Schedule of Valuation of Intangible Assets Acquired and Related Amortization Periods (Detail) - MAS Automotive Distribution Inc [Member] $ in Thousands | Oct. 26, 2017USD ($) |
Business Acquisition [Line Items] | |
Valuation,Intangible assets | $ 20,440 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Valuation,Intangible assets | $ 14,840 |
Customer Relationships [Member] | Minimum [Member] | |
Business Acquisition [Line Items] | |
Amortization Period (in years) | 8 years |
Customer Relationships [Member] | Maximum [Member] | |
Business Acquisition [Line Items] | |
Amortization Period (in years) | 12 years |
Tradenames [Member] | |
Business Acquisition [Line Items] | |
Valuation,Intangible assets | $ 5,600 |
Amortization Period (in years) | 15 years |
Business Acquisitions and Inv32
Business Acquisitions and Investments - Schedule of Pro Forma Financial Information (Detail) - MAS Automotive Distribution Inc [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Apr. 01, 2017USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Net sales | $ 229,773 |
Net income | $ 29,208 |
Diluted earnings per share | $ / shares | $ 0.85 |
Sales of Accounts Receivable -
Sales of Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Apr. 01, 2017 | Dec. 30, 2017 | |
Receivables [Abstract] | |||
Sale of accounts receivable | $ 151 | $ 146 | |
Additional receivables outstanding if receivables had not been sold | 385.3 | $ 380.8 | |
Factoring costs associated with the sales of accounts receivable | $ 3.5 | $ 2.5 |
Inventories - Inventories (Deta
Inventories - Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 30, 2017 |
Inventory Disclosure [Abstract] | ||
Bulk product | $ 80,263 | $ 82,010 |
Finished product | 122,058 | 126,827 |
Packaging materials | 3,584 | 3,312 |
Total | $ 205,905 | $ 212,149 |
Goodwill and Intangible Asset35
Goodwill and Intangible Assets - Schedule of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Balance at beginning of period | $ 65,999 | $ 28,146 |
Goodwill acquired | 37,853 | |
Measurement period adjustments | (85) | |
Balance at end of period | $ 65,914 | $ 65,999 |
Goodwill and Intangible Asset36
Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 30, 2017 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 23,016 | $ 23,016 |
Accumulated Amortization | 1,263 | 858 |
Net Carrying Value | $ 21,753 | 22,158 |
Tradenames [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 14 years 7 months 6 days | |
Gross Carrying Value | $ 5,600 | 5,600 |
Accumulated Amortization | 121 | 62 |
Net Carrying Value | $ 5,479 | 5,538 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 9 years 9 months 18 days | |
Gross Carrying Value | $ 17,049 | 17,049 |
Accumulated Amortization | 1,111 | 772 |
Net Carrying Value | $ 15,938 | 16,277 |
Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 13 years 9 months 18 days | |
Gross Carrying Value | $ 367 | 367 |
Accumulated Amortization | 31 | 24 |
Net Carrying Value | $ 336 | $ 343 |
Goodwill and Intangible Asset37
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Finite Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 0.5 | |
Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 0.1 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 30, 2017 | |
Revenue From Contract With Customer [Line Items] | ||
Revenue, performance obligation, description of good or service | We are a supplier of replacement parts and fasteners for passenger cars, light trucks, and heavy duty trucks in the automotive aftermarket. We group our products into four major classes: power-train, automotive body, chassis, and hardware. | |
Revenue, performance obligation, description of warranty | 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 customer’s remedy to the repair or replacement of the part that is defective. | |
Maximum credit terms allow to customers | 1 year | |
Revenue, performance obligation satisfy, transfer of control goods or sevices, description | We identify the transaction price as the amount of consideration including variable consideration that we expect to be entitled in exchange for transferring control of goods and/or services to our customers. | |
Revenue, performance obligation satisfy, method of base, description | We allocate the transaction price to each performance obligation on the basis of the amount of consideration to which we expect to be entitled in exchange for satisfying each performance obligation. | |
Revenue, performance obligation, description of timing | We recognize revenue when the risk, and title, and control transfers, collectability is reasonably assured, and the pricing is fixed or determinable. | |
Revenue, performance obligation, description of payment terms | A receivable is recorded when our right to consideration is unconditional and only the passage of time is required before payment of that consideration is due. | |
Contract assets | $ 0 | $ 0 |
Contract liabilities | $ 0 | $ 0 |
Maximum [Member] | ||
Revenue From Contract With Customer [Line Items] | ||
Customer purchase order duration of contract | 1 year | |
Revenue, remaining performance obligations for contract, initial term | 1 year | |
Customer pays for good or service future duration | 1 year | |
Expense costs to obtain as incurred, expected period of benefie, amortization period | 1 year |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregated Net Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Disaggregation Of Revenue [Line Items] | ||
Net Sales | $ 227,262 | $ 221,625 |
U.S. Customers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 210,426 | 208,582 |
Non-U.S. Customers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 16,836 | 13,043 |
Powertrain [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 95,152 | 94,863 |
Chassis [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 66,999 | 55,484 |
Automotive Body [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 55,244 | 61,475 |
Hardware [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | $ 9,867 | $ 9,803 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
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 | 1,271,151 | |
Compensation cost related to restricted stock | $ 700,000 | $ 600,000 |
Compensation cost related to stock options | $ 100,000 | 100,000 |
Stock options granted | 61,514 | |
Cash received from stock option exercises under the plan | $ 0 | 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 | $ 6,400,000 | |
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 | $ 100,000 | 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 | $ 1,600,000 | |
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 | $ 0 | 600,000 |
Capitalized compensation cost | $ 0 | $ 0 |
Stock options granted | 61,514 | 55,508 |
Stock options exercised | 0 | 32,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Beginning Balance, Shares | shares | 153,727 |
Granted, Shares | shares | 71,262 |
Vested, Shares | shares | (26,372) |
Cancelled, Shares | shares | (4,821) |
Ending Balance, Shares | shares | 193,796 |
Beginning Balance, Weighted Average Price | $ / shares | $ 59.96 |
Granted, Weighted Average Price | $ / shares | 72.45 |
Vested, Weighted Average Price | $ / shares | 58.57 |
Cancelled, Weighted Average Price | $ / shares | 77.04 |
Ending Balance, Weighted Average Price | $ / shares | $ 64.32 |
Stock-Based Compensation - Su42
Stock-Based Compensation - Summary of Stock Option Activity (Detail) | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Beginning Balance, Shares | shares | 122,547 |
Granted, Shares | shares | 61,514 |
Ending Balance, Shares | shares | 184,061 |
Options Exercisable, Shares | shares | 46,850 |
Beginning Balance, Weighted Average Exercise Price | $ / shares | $ 57.74 |
Granted, Weighted Average Exercise Price | $ / shares | 72.52 |
Ending Balance, Weighted Average Exercise Price | $ / shares | 62.68 |
Options Exercisable, Weighted Average Exercise Price | $ / shares | $ 47.08 |
Ending Balance, Weighted Average Remaining Terms (years) | 3 years 9 months 18 days |
Options Exercisable, Weighted Average Remaining Terms (years) | 2 years 10 months 24 days |
Ending Balance, Aggregate Intrinsic Value | $ | $ 1,737,033 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 1,060,169 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Earnings Per Share [Abstract] | ||
Stock-based awards considered as anti-dilutive | 197,000 | 106,000 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Basic Earnings per Share and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Numerator | ||
Net income | $ 30,647 | $ 29,187 |
Denominator: | ||
Weighted average basic shares outstanding | 32,917 | 34,385 |
Effect of stock-based compensation awards | 86 | 94 |
Weighted average diluted shares outstanding | 33,003 | 34,479 |
Earnings Per Share: | ||
Basic | $ 0.93 | $ 0.85 |
Diluted | $ 0.93 | $ 0.85 |
Common Stock Repurchases - Addi
Common Stock Repurchases - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Repurchased and cancelled shares | 2,880 | 19,110 |
Common stock repurchased, value | $ 200,000 | $ 1,400,000 |
Common stock repurchased, average price | $ 71.70 | $ 73.34 |
Share Repurchase Program [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Repurchased and cancelled shares | 128,870 | 1,006,365 |
Common stock repurchased, value | $ 9,000,000 | $ 74,700,000 |
Common stock repurchased, average price | $ 69.84 | $ 74.26 |
Share repurchase program shares authorized to be repurchased | $ 250,000,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018Supplier | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | |
Related Party Transaction [Line Items] | |||
Rental payments based upon the terms of the lease | $ 1.6 | ||
Lease expiration date | Dec. 31, 2022 | ||
Joint Venture [Member] | |||
Related Party Transaction [Line Items] | |||
Minority interests in number of suppliers | Supplier | 3 | ||
Canada [Member] | |||
Related Party Transaction [Line Items] | |||
Rental payments based upon the terms of the lease | $ 0.1 | ||
Lease expiration date | Oct. 31, 2018 | ||
Scenario, Forecast [Member] | |||
Related Party Transaction [Line Items] | |||
Rental payments based upon the terms of the lease | $ 1.6 | ||
Scenario, Forecast [Member] | Canada [Member] | |||
Related Party Transaction [Line Items] | |||
Rental payments based upon the terms of the lease | $ 0.5 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 30, 2017 | |
Income Tax Contingency [Line Items] | ||
Net unrecognized tax benefits | $ 2,400 | |
Unrecognized tax benefits which would impact effective tax rate if recognized | 2,000 | |
Accrued interest related to uncertain tax positions | 700 | |
Net tax expense due to TCJA | $ 4,400 | |
Adjustment to provisional expense due to TCJA | $ 0 | |
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 |