Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 28, 2019 | Oct. 23, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 28, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | DORM | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | Dorman Products, Inc. | |
Entity Central Index Key | 0000868780 | |
Current Fiscal Year End Date | --12-29 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 0-18914 | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-2078856 | |
Entity Address, Address Line One | 3400 East Walnut Street | |
Entity Address, City or Town | Colmar | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18915 | |
City Area Code | 215 | |
Local Phone Number | 997-1800 | |
Entity Common Stock, Shares Outstanding | 32,778,569 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 253,796 | $ 247,954 | $ 751,762 | $ 713,363 |
Cost of goods sold | 166,872 | 152,957 | 490,199 | 437,029 |
Gross profit | 86,924 | 94,997 | 261,563 | 276,334 |
Selling, general and administrative expenses | 59,961 | 51,264 | 177,637 | 149,828 |
Income from operations | 26,963 | 43,733 | 83,926 | 126,506 |
Other income, net | 33 | 61 | 90 | 286 |
Income before income taxes | 26,996 | 43,794 | 84,016 | 126,792 |
Provision for income taxes | 5,688 | 9,777 | 17,803 | 27,789 |
Net income | $ 21,308 | $ 34,017 | $ 66,213 | $ 99,003 |
Earnings Per Share: | ||||
Basic | $ 0.66 | $ 1.03 | $ 2.03 | $ 2.98 |
Diluted | $ 0.65 | $ 1.03 | $ 2.02 | $ 2.98 |
Weighted Average Shares Outstanding: | ||||
Basic | 32,522 | 32,985 | 32,656 | 33,177 |
Diluted | 32,594 | 33,095 | 32,738 | 33,267 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 28, 2019 | Dec. 29, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 54,170 | $ 43,458 |
Accounts receivable, less allowance for doubtful accounts of $984 and $983 | 372,356 | 400,663 |
Inventories | 282,087 | 270,504 |
Prepaids and other current assets | 16,237 | 5,652 |
Total current assets | 724,850 | 720,277 |
Property, plant and equipment, net | 103,483 | 98,647 |
Operating lease right-of-use assets | 33,870 | |
Goodwill | 74,458 | 72,606 |
Intangible assets, net | 21,974 | 25,164 |
Deferred tax asset, net | 6,114 | 6,228 |
Other assets | 52,067 | 55,184 |
Total | 1,016,816 | 978,106 |
Current liabilities: | ||
Accounts payable | 80,813 | 109,096 |
Accrued compensation | 11,567 | 14,515 |
Accrued customer rebates and returns | 88,575 | 96,888 |
Other accrued liabilities | 14,597 | 11,640 |
Total current liabilities | 195,552 | 232,139 |
Long-term operating lease liabilities | 31,413 | |
Other long-term liabilities | 12,883 | 13,550 |
Deferred tax liabilities, net | 4,376 | 4,794 |
Commitments and contingencies | ||
Shareholders’ Equity: | ||
Common stock, par value $0.01; authorized 50,000,000 shares; issued and outstanding 32,787,553 and 33,004,861 in 2019 and 2018, respectively | 328 | 330 |
Additional paid-in capital | 52,551 | 47,861 |
Retained earnings | 719,713 | 679,432 |
Total shareholders’ equity | 772,592 | 727,623 |
Total | $ 1,016,816 | $ 978,106 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 28, 2019 | Dec. 29, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 984 | $ 983 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 32,787,553 | 33,004,861 |
Common stock, shares outstanding | 32,787,553 | 33,004,861 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Beginning Balance at Dec. 30, 2017 | $ 634,807 | $ 336 | $ 44,812 | $ 589,659 |
Beginning Balance, Shares at Dec. 30, 2017 | 33,571,524 | |||
Exercise of stock options, shares | 3,717 | |||
Provision for stock-based compensation | 3,129 | 3,129 | ||
Purchase and cancellation of common stock | (35,224) | $ (6) | (912) | (34,306) |
Purchase and cancellation of common stock, Shares | (506,648) | |||
Issuance of non-vested stock, net of cancellations | 1,023 | $ 1 | 1,022 | |
Issuance of non-vested stock, net of cancellations, Shares | 82,018 | |||
Other stock related activity, net of tax | (785) | (737) | (48) | |
Other stock related activity, net of tax, Shares | (10,614) | |||
Net income | 99,003 | 99,003 | ||
Ending Balance at Sep. 29, 2018 | 701,953 | $ 331 | 47,314 | 654,308 |
Ending Balance, Shares at Sep. 29, 2018 | 33,139,997 | |||
Beginning Balance at Dec. 30, 2017 | $ 634,807 | $ 336 | 44,812 | 589,659 |
Beginning Balance, Shares at Dec. 30, 2017 | 33,571,524 | |||
Purchase and cancellation of common stock, Shares | (26,280) | |||
Ending Balance at Dec. 29, 2018 | $ 727,623 | $ 330 | 47,861 | 679,432 |
Ending Balance, Shares at Dec. 29, 2018 | 33,004,861 | 33,004,861 | ||
Beginning Balance at Jun. 30, 2018 | $ 674,016 | $ 332 | 46,365 | 627,319 |
Beginning Balance, Shares at Jun. 30, 2018 | 33,225,771 | |||
Exercise of stock options, shares | 3,717 | |||
Provision for stock-based compensation | 1,131 | 1,131 | ||
Purchase and cancellation of common stock | (7,158) | $ (2) | (174) | (6,982) |
Purchase and cancellation of common stock, Shares | (96,760) | |||
Issuance of non-vested stock, net of cancellations | 1 | $ 1 | ||
Issuance of non-vested stock, net of cancellations, Shares | 8,195 | |||
Other stock related activity, net of tax | (54) | (8) | (46) | |
Other stock related activity, net of tax, Shares | (926) | |||
Net income | 34,017 | 34,017 | ||
Ending Balance at Sep. 29, 2018 | 701,953 | $ 331 | 47,314 | 654,308 |
Ending Balance, Shares at Sep. 29, 2018 | 33,139,997 | |||
Beginning Balance at Dec. 29, 2018 | $ 727,623 | $ 330 | 47,861 | 679,432 |
Beginning Balance, Shares at Dec. 29, 2018 | 33,004,861 | 33,004,861 | ||
Exercise of stock options | $ 31 | 31 | ||
Exercise of stock options, shares | 11,995 | |||
Provision for stock-based compensation | 3,033 | 3,033 | ||
Purchase and cancellation of common stock | $ (24,339) | $ (3) | (522) | (23,814) |
Purchase and cancellation of common stock, Shares | (17,710) | (290,274) | ||
Issuance of non-vested stock, net of cancellations | $ 868 | $ 1 | 867 | |
Issuance of non-vested stock, net of cancellations, Shares | 70,885 | |||
Other stock related activity, net of tax | (837) | 1,281 | (2,118) | |
Other stock related activity, net of tax, Shares | (9,914) | |||
Net income | 66,213 | 66,213 | ||
Ending Balance at Sep. 28, 2019 | $ 772,592 | $ 328 | 52,551 | 719,713 |
Ending Balance, Shares at Sep. 28, 2019 | 32,787,553 | 32,787,553 | ||
Beginning Balance at Jun. 29, 2019 | $ 750,332 | $ 328 | 51,514 | 698,490 |
Beginning Balance, Shares at Jun. 29, 2019 | 32,781,331 | |||
Exercise of stock options, shares | 85 | |||
Provision for stock-based compensation | 986 | 986 | ||
Issuance of non-vested stock, net of cancellations, Shares | 6,593 | |||
Other stock related activity, net of tax | (34) | 51 | (85) | |
Other stock related activity, net of tax, Shares | (456) | |||
Net income | 21,308 | 21,308 | ||
Ending Balance at Sep. 28, 2019 | $ 772,592 | $ 328 | $ 52,551 | $ 719,713 |
Ending Balance, Shares at Sep. 28, 2019 | 32,787,553 | 32,787,553 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 | |
Cash Flows from Operating Activities: | |||
Net income | $ 66,213 | $ 99,003 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation, amortization and accretion | 21,011 | 19,673 | |
Provision for doubtful accounts | 33 | (586) | |
(Benefit) provision for deferred income taxes | (302) | 3,584 | |
Provision for stock-based compensation | 3,033 | 3,129 | |
Changes in assets and liabilities: | |||
Accounts receivable | 28,276 | (59,806) | $ (61,413) |
Inventories | (12,231) | (16,146) | |
Prepaids and other current assets | (10,174) | (2,071) | |
Other assets | 1,976 | (261) | |
Accounts payable | (28,444) | 15,262 | |
Accrued compensation and other liabilities | (9,741) | 3,432 | (672) |
Cash provided by operating activities | 59,650 | 65,213 | 78,112 |
Cash Flows from Investing Activities: | |||
Acquisition, net of cash acquired | (28,040) | ||
Property, plant and equipment additions | (24,656) | (18,099) | |
Cash used in investing activities | (24,656) | (46,139) | |
Cash Flows from Financing Activities: | |||
Contingent consideration | (2,036) | ||
Other stock related activity | 57 | (364) | |
Purchase and cancellation of common stock | (24,339) | (35,224) | |
Cash used in financing activities | (24,282) | (37,624) | |
Effect of exchange rate changes on Cash and Cash Equivalents | (28) | ||
Net Increase (Decrease) in Cash and Cash Equivalents | 10,712 | (18,578) | |
Cash and Cash Equivalents, Beginning of Period | 43,458 | 71,691 | 71,691 |
Cash and Cash Equivalents, End of Period | 54,170 | 53,113 | $ 43,458 |
Supplemental Cash Flow Information | |||
Cash paid for interest expense | 116 | 191 | |
Cash paid for income taxes | $ 28,454 | $ 21,722 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 28, 2019 | |
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 28, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending December 28, 2019 or any future period. 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 29, 2018. Certain prior year amounts have been reclassified to conform with current year presentation. Revision of Prior Period Financial Statements During the quarter ended June 29, 2019, we identified and corrected an immaterial error that affected previously issued consolidated financial statements. This error related to the application of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, Previously issued comparative financial statements, which were revised to correct the error noted above, are presented as “As Revised” in the tables presented in the following footnotes. December 29, 2018 (in thousands) As Previously Reported Adjustment As Revised Revised Consolidated Balance Sheet Amounts: Assets Accounts receivable, net $ 310,114 $ 90,549 $ 400,663 Total current assets $ 629,728 $ 90,549 $ 720,277 Total assets $ 887,557 $ 90,549 $ 978,106 Liabilities and shareholders' equity Accrued customer rebates and returns $ 6,339 $ 90,549 $ 96,888 Total current liabilities $ 141,590 $ 90,549 $ 232,139 Total liabilities and shareholders' equity $ 887,557 $ 90,549 $ 978,106 Thirty-Nine Weeks Ended September 29, 2018 (in thousands) As Previously Reported Adjustment As Revised Revised Consolidated Statement of Cash Flows from Operating Activities Amounts: Accounts receivable $ (56,484 ) $ (3,322 ) $ (59,806 ) Accrued compensation and other liabilities $ 110 $ 3,322 $ 3,432 Net cash used in operating activities $ 65,213 $ — $ 65,213 Additionally, as a result of the adoption of ASU No. 2014-09 , the Company should have disclosed the initial impact to the balance sheet reclassification for accrued customer rebates and returns from accounts receivable, net to accrued customer rebates and returns. The cumulative effect of the changes to the consolidated balance sheet from the adoption was as follows: (in thousands) As of December 30, 2017 Effect of Adoption As of December 31, 2017 Accounts receivable, net $ 241,880 $ 95,537 $ 337,417 Accrued customer rebates and returns $ 6,522 $ 95,537 $ 102,059 The effect of the above corrections on the consolidated statement of cash flows for the fiscal year ended December 29, 2018 is as follows: Fiscal Year Ended December 29, 2018 (in thousands) As Previously Reported Adjustment As Revised Revised Consolidated Statement of Cash Flows from Operating Activities Amounts: Accounts receivable $ (66,403 ) $ 4,990 $ (61,413 ) Accrued compensation and other liabilities $ 4,318 $ (4,990 ) $ (672 ) Net cash used in operating activities $ 78,112 $ — $ 78,112 The correction of this error did not impact our Consolidated Statements of Operations or our Consolidated Statements of Shareholder’s Equity in any period presented. |
Business Acquisitions and Inves
Business Acquisitions and Investments | 9 Months Ended |
Sep. 28, 2019 | |
Business Combinations [Abstract] | |
Business Acquisitions and Investments | 2. Business Acquisitions and Investments On August 31, 2018, we acquired 100% of the outstanding stock of Flight Systems Automotive Group LLC (“Flight Systems” or “Flight”), a privately-held manufacturer and remanufacturer of complex automotive electronics and diesel fuel system components, based in Lewisberry, Pennsylvania. The purchase price was $27.5 million. We believe complex electronics and diesel fuel system components represent important growth opportunities for us and Flight’s product portfolio delivers valuable alternatives to aftermarket professionals. 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. In connection with this acquisition, we recorded $7.4 million in goodwill, $4.1 million of identified intangibles, and $16.0 million of other assets, net, primarily $2.0 million of accounts receivable, $8.4 million of inventory, $4.4 million of fixed assets, and $1.2 million of net other assets and liabilities. During the thirteen weeks ended September 28, 2019, we recorded measurement period adjustments of approximately $1.9 million increase to goodwill and approximately $0.7 million decrease to inventory and $1.2 million decrease to identified intangibles. These measurement period entries are included in the balances above. Our measurement period adjustments for Flight were complete as of September 28, 2019. The valuation of the intangible assets acquired and related amortization periods are as follows: (in thousands) Valuation Amortization Period (in years) Customer relationships $ 3,400 8 Tradenames 460 5 Other 240 5 Total $ 4,100 The fair values of the Customer relationships and Tradenames were estimated using a discounted present value income approach. The goodwill recognized is attributable primarily to strategic and synergistic opportunities related to existing automotive aftermarket businesses, the assembled workforce of Flight and other factors. The goodwill is expected to be deductible for tax purposes. The financial results of the acquisition have been included in the Consolidated Financial Statements since the date of acquisition. On October 26, 2017, we acquired 100% of the outstanding stock of MAS Automotive Distribution Inc. (“MAS”), a privately-held manufacturer of premium chassis and control arms based in Montreal, Canada. The purchase price was $67.2 million net of $3.3 million of cash acquired and including contingent consideration and other purchase price adjustments. 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 September 28, 2019, we had $8.2 million recorded as a long-term liability which represents the fair value of the estimated payment which will become due if certain sales thresholds are achieved through December 2020. Accretion expense was $0.2 million in each of the thirty-nine weeks ended September 28, 2019 and September 29, 2018, which was included in selling, general and administrative expenses in the Consolidated Statements of Operations. |
Sales of Accounts Receivable
Sales of Accounts Receivable | 9 Months Ended |
Sep. 28, 2019 | |
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 the related accounts receivable were removed from our Consolidated Balance Sheet at the time of the sales transactions. Pursuant to these agreements, we sold $530.7 |
Inventories
Inventories | 9 Months Ended |
Sep. 28, 2019 | |
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 28, 2019 December 29, 2018 Bulk product $ 107,816 $ 122,111 Finished product 169,868 144,897 Packaging materials 4,403 3,496 Total $ 282,087 $ 270,504 |
Leases
Leases | 9 Months Ended |
Sep. 28, 2019 | |
Leases [Abstract] | |
Leases | 5 . Leases As discussed in Note 15, we adopted ASU No. 2016-02, Leases Operating leases are included in the right-of-use lease assets, other current liabilities and long-term lease liabilities on the Consolidated Balance Sheet. Right-of-use assets and lease liabilities are recognized at each lease’s commencement date based on the preset values of its lease payments over its respective lease term. When a borrowing rate is not explicitly available for a lease, our incremental borrowing rate is used based on information available at the lease’s commencement date to determine the present value of its lease payments. Operating lease payments are recognized on a straight-line basis over the lease term. We had no financing leases as of September 28, 2019. We have operating leases for distribution centers, sales offices and certain warehouse and office equipment. Our leases have remaining lease terms of 1 to 12 years, many of which include one or more renewal options. We consider these renewal options in determining the lease term used to establish our right-of-use assets and lease liabilities when it is determined that it is reasonably certain that the renewal option will be exercised. As of September 28, 2019, there was no material variable lease costs or sublease income. Cash paid for operating leases was $4.3 million in the thirty-nine weeks ended September 28, 2019, which is classified in operating activities. The following table summarizes the lease expense for the thirteen and thirty-nine weeks ended September 28, 2019: (in thousands) Thirteen Weeks Ended September 28, 2019 Thirty-Nine Weeks Ended September 28, 2019 Operating lease expense $ 1,785 $ 5,582 Short-term lease expense 947 3,288 Total lease expense $ 2,732 $ 8,870 Supplemental balance sheet information related to our operating leases is as follows: (in thousands) September 28, 2019 Operating lease right-of-use assets $ 33,870 Other accrued liabilities $ 5,303 Long-term operating lease liabilities 31,413 Total operating lease liabilities $ 36,716 Weighted average remaining lease term (years) 9.43 Weighted average discount rate 5.18 % The following table summarizes the maturities of our lease liabilities for all operating leases as of September 28, 2019: (in thousands) September 28, 2019 2019 (Remainder of 2019) $ 1,754 2020 7,040 2021 5,284 2022 4,909 2023 3,394 2024 and thereafter 24,973 Total lease payments 47,354 Less: Imputed interest (10,638 ) Present value of lease liabilities $ 36,716 For the year ended December 29, 2018, minimum rental payments under operating leases were recognized on a straight-line basis over the term of the lease including any periods of free rent. Rent expense for operating leases, including payments for short-term equipment and storage rentals, was $6.9 million in fiscal 2018. Minimum future rental payments required under operating leases in effect as of December 29, 2018 were as follows: (in thousands) December 29, 2018 2019 $ 5,489 2020 5,416 2021 4,972 2022 4,599 2023 3,013 2024 and thereafter 24,297 Total rental payments $ 47,786 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 28, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 6 . Goodwill and Intangible Assets Goodwill Goodwill included the following: (in thousands) September 28, 2019 December 29, 2018 Balance at beginning of period $ 72,606 $ 65,999 Goodwill acquired - 6,800 Measurement period adjustments 1,852 (193 ) Balance at end of period $ 74,458 $ 72,606 Intangible Assets Intangible assets included the following: September 28, 2019 December 29, 2018 (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 12.5 $ 6,060 $ 858 $ 5,202 $ 7,590 $ 516 $ 7,074 Customer relationships 8.2 20,450 4,166 16,284 20,130 2,582 17,548 Technology 12.3 367 67 300 367 49 318 Other 3.9 240 52 188 240 16 224 Total $ 27,117 $ 5,143 $ 21,974 $ 28,327 $ 3,163 $ 25,164 Amortization expense was $2.0 million and $1.6 million for the thirty-nine weeks ended September 28, 2019 and September 29, 2018, respectively . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 28, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies CBP Matter We regularly assess our adherence to customs laws and regulations as part of our trade compliance program. In connection with our assessment process, we discovered that we previously reported incorrect importation codes to the United States Customs & Border Protection (“CBP”) on certain products that we imported into the United States. As a result, we elected to initiate an internal review and commence a voluntary prior disclosure process with CBP. We informed CBP, as part of the prior disclosure, that we had previously incorrectly classified certain products which we believe would result in both underpayments and overpayments of various duties to CBP, that we were continuing to investigate the historical misclassifications, and that at that time we were not able to fully determine the nature and scope of all prior misclassifications. Since discovering the misclassifications, we have taken corrective actions with respect to the ongoing classification of our products and payment of duties on products being imported into the United States. Since we have made a prior disclosure to CBP, we believe our liability to CBP will be limited to the unpaid duties, after deducting the overpayment of duties, and interest on such net unpaid duties for the last five years, which is the applicable statute of limitations. In July 2019, we engaged a customs advisory firm to assist us in completing the prior disclosure, including determining the nature and scope of the historical misclassifications and the amount of duties and interest payable to CBP. We expect to complete our prior disclosure to CBP and pay any unpaid duties and interest in 2020. Based on currently known information, it is probable that we will be liable to CBP for unpaid duties and interest, but we are unable to reasonably estimate the loss, or range of loss, that may result due to the complexity of the calculations required to complete the prior disclosure and the volume of importation records subject to analysis over the five-year period. The resolution of this prior disclosure could be material to our cash flows in a future period and to our results of operations for any period, but is not expected to be material to our financial position. Other Contingencies We are a party to or otherwise involved in legal proceedings that arise in the ordinary course of business, such as various claims and legal actions involving contracts, employment claims, competitive practices, intellectual property infringement, product liability claims and other matters arising out of the conduct of our business. In the opinion of management, none of the actions, individually or in the aggregate, taking into account relevant insurance coverage, would likely have a material financial impact on the Company and we believe the range of reasonably possible losses from current matters, taking into account relevant insurance coverage, is immaterial. However, legal matters are subject to inherent uncertainties and there exists the possibility that the ultimate resolution of any of these matters could have a material adverse impact on the Company’s cash flows, financial position and results of operations in the period in which any such effects are recorded. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 28, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 8 . Revenue Recognition The FASB issued ASU No. 2014-09, Revenue from Contracts with Customers 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 (i.e. remanufactured parts) return deposits and other discounts in the period the related p roduct revenue is recognized (“c ustomer rebates and r eturns ”). The provision for c ustomer rebates and r eturns is recorded as a reduction of gross sales . Beginning with our Form 10-Q for the period ended June 29, 2019, our obligation associated with c ustomer rebates and r eturns is classified as a current liability on our consolidated balance sheets (“accrued c ustomer rebate s and r eturns”). We have revised prior period balances to conform with this presentation. Please refer to Note 1. Actual c ustomer rebates and r eturns 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 thirty-nine weeks ended September 28, 2019 and September 29, 2018, 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. 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 goods 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 September 28, 2019 or December 29, 2018. 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 September 28, 2019 or December 29, 2018. Disaggregated Revenue The following tables present our disaggregated net sales by Type of Major Good / Product Line, and Geography. Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Powertrain $ 104,756 $ 100,994 $ 299,730 $ 295,363 Chassis 70,787 69,214 228,446 206,483 Automotive body 65,468 67,000 189,174 179,539 Hardware 12,785 10,746 34,412 31,978 Net sales $ 253,796 $ 247,954 $ 751,762 $ 713,363 Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Net sales to U.S. customers $ 238,466 $ 229,761 $ 701,778 $ 663,212 Net sales to non-U.S. customers $ 15,330 18,193 49,984 50,151 Net sales $ 253,796 $ 247,954 $ 751,762 $ 713,363 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 28, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation On May 16, 2018, our shareholders approved our 2018 Stock Option and Stock Incentive Plan (the “2018 Plan” or the “Plan”), which supersedes our 2008 Stock Option and Stock Incentive Plan. Under the terms of the Plan, our Board of Directors may grant up to 1,200,000 shares of common stock in the form of shares of restricted stock, restricted stock units, stock appreciation rights, 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. Stock options are exercisable upon the terms set forth in each grant agreement, but in no event more than ten years from the date of grant. Restricted stock and restricted stock units vest in accordance with the terms set forth in each applicable award agreement. At September 28, 2019, 1,035,216 shares were available for grant under the 2018 Plan. Restricted Stock We may grant restricted stock to officers, directors, employees, consultants and advisors. Vesting of restricted stock is conditional based on continued employment or service for a specified period and, in certain circumstances, the attainment of performance goals. We retain the unvested restricted stock, and any dividends paid thereon, until the vesting conditions have been met. For time-based restricted stock awards, compensation cost related to the stock is recognized on a straight-line basis over the vesting period and is calculated using the closing price per share of our common stock on the grant date. For performance-based restricted stock awards tied to growth in adjusted pre-tax income, compensation cost related to the stock is recognized over the performance period and is calculated using the closing price per share of our common stock on the grant date and an estimate of the probable outcome of the performance conditions as each the reporting date. In 2019, we introduced performance-based shares that vest based on our total shareholder return ranking relative to the S&P Midcap 400 Growth Index over a three-year performance period. For performance-based restricted stock awards tied to total shareholder return, compensation cost related to the stock is recognized on a straight-line basis over the performance period and is calculated using the simulated fair value per share of our common stock based on the application of a Monte Carlo simulation model. Compensation cost related to restricted stock was $2.3 million and $2.5 million for the thirty-nine weeks ended September 28, 2019 and September 29, 2018, respectively, and is classified as selling, general and administrative expense in the Consolidated Statements of Operations. The following table summarizes our restricted stock activity for the thirty-nine weeks ended September 28, 2019: Shares Weighted Average Price Balance at December 29, 2018 170,737 $ 63.94 Granted 90,434 $ 82.10 Vested (38,764 ) $ 55.00 Cancelled (33,504 ) $ 52.08 Balance at September 28, 2019 188,903 $ 76.57 As of September 28, 2019, there was $7.5 million of unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over a weighted-average period of approximately 2.6 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 stock which vested was $0.2 million and less than $0.1 million in the thirty-nine weeks ended September 28, 2019 and September 29, 2018, respectively, and was credited to income tax expense. Stock Options We may grant stock options to officers, directors, employees, consultants and advisors. 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 $0.5 million and $0.4 million for the thirty-nine weeks ended September 28, 2019 and September 29, 2018, respectively. The compensation costs were classified as selling, general and administrative expense in the Consolidated Statements of Operations. No cost was capitalized during the thirty-nine weeks ended September 28, 2019 and September 29, 2018. 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 28, 2019 and September 29, 2018, we granted 38,670 and 69,014 stock options, respectively. The following table summarizes our stock option activity for the thirty-nine weeks ended September 28, 2019 : Shares Weighted Average Exercise Price Weighted Average Remaining Term (In years) Aggregate Intrinsic Value Balance at December 29, 2018 188,469 $ 66.14 Granted 38,670 $ 82.94 Exercised (35,401 ) $ 59.90 Forfeited (2,597 ) $ 76.03 Balance at September 28, 2019 189,141 $ 70.61 3.9 $ 1,815,121 Options exercisable at September 28, 2019 65,972 $ 61.51 2.4 $ 1,165,216 There were 35,401 and 4,000 options exercised during the thirty-nine weeks ended September 28, 2019 and September 29, 2018, respectively. As of September 28, 2019, there was $1.8 million of unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of 2.8 years. Cash generated from stock option exercises was less than $0.1 million in the thirty-nine weeks ended September 28, 2019. There was no cash received from stock option exercises in the thirty-nine weeks ended September 29, 2018. There was no excess tax benefit generated from stock options exercised in the thirty-nine weeks ended September 28, 2019 or September 29, 2018. Employee Stock Purchase Plan In May 2017, our shareholders’ approved the Dorman Products, Inc. Employee Stock Purchase Plan (the “ESPP”), which made available up to 1,000,000 shares of our common stock for sale to eligible employees. There were 13,669 and 7,382 shares purchased under this plan in the thirty-nine weeks ended September 28, 2019 and September 29, 2018, respectively. During the thirty-nine weeks ended September 28, 2019 and September 29, 2018, compensation cost under the ESPP was $0.2 million. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 28, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10 . 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 and stock options which are 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 96,000 shares and 63,000 shares were excluded from the calculation of diluted earnings per share as of September 28, 2019 and September 29, 2018, 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 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Numerator Net income $ 21,308 $ 34,017 $ 66,213 $ 99,003 Denominator: Weighted average basic shares outstanding 32,522 32,985 32,656 33,177 Effect of stock-based compensation awards 72 110 82 90 Weighted average diluted shares outstanding 32,594 33,095 32,738 33,267 Earnings Per Share: Basic $ 0.66 $ 1.03 $ 2.03 $ 2.98 Diluted $ 0.65 $ 1.03 $ 2.02 $ 2.98 |
Common Stock Repurchases
Common Stock Repurchases | 9 Months Ended |
Sep. 28, 2019 | |
Text Block [Abstract] | |
Common Stock Repurchases | 11 . Common Stock Repurchases We periodically repurchase, at the then current market price, and cancel shares of Dorman common stock issued to the Dorman Products, Inc. 401(k) Retirement Plan and Trust (the “401(k) Plan”). 401(k) Plan participants can no longer purchase shares of Dorman common stock as an investment option under 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 28, 2019, we repurchased and cancelled 17,710 shares of common stock for $1.6 million at an average price of $88.82 per share. During the fifty-two weeks ended December 29, 2018, we repurchased and cancelled 26,280 shares of common stock for $2.0 million at an average price of $74.79 per share. Our Board of Directors authorized a share repurchase program of up to $400 million through December 31, 2020. 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 28, 2019, we repurchased and cancelled 272,564 shares of common stock for $22.8 million at an average price of $83.53 per share under this program. For the fifty-two weeks ended December 29, 2018, we repurchased and cancelled 622,223 shares of common stock for $43.4 million at an average price of $69.73 per share under this program. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 28, 2019 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 1 2 . 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 other members of the Berman family, are partners. Based upon the terms of the lease, payments will be $1.6 million in fiscal 2019 and were $1.6 million in fiscal 2018. This lease will expire on December 31, 2022. The right-of-use asset and total lease liabilities related to this lease were both $4.9 million as of September 28, 2019. 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 had a non-cancelable operating lease for our Canadian operating facility from a corporation of which an employee, who is also the former owner of an acquired entity, and his family members are owners. Based upon the terms of the lease, payments were $0.2 million in fiscal 2019 and were $0.5 million in fiscal 2018. This lease expired on April 30, 2019. We are a partner in a joint venture with one of our suppliers and own minority interests in two other suppliers. Each of these investments is accounted for according to the equity method. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 3 . Income Taxes At September 28, 2019, we had $2.3 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 September 28, 2019 we had approximately $0.3 million of accrued interest and penalties related to uncertain tax positions. We file income tax returns in the United States, Canada, China, India, and Mexico. All years before 2016 are closed for United States federal tax purposes. Tax years before 2014 are closed for the states in which we file. Tax years before 2016 are closed for tax purposes in Canada. Tax years before 2015 are closed for tax purposes in China. All tax years remain open for Mexico. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 28, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 14. 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. 28, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
New and Recently Adopted Accounting Pronouncements | 1 5 . New and Recently Adopted Accounting Pronouncements On December 30, 2018, the beginning of our 2019 fiscal year, we adopted ASU No. 2016-02, Leases in August 2018, the FASB issued ASU 2018-11, Targeted Improvements to ASC 842 , which includes an option to not restate comparative periods in transition and elect to use the effective date of ASC 842 as the date of initial application of transition. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses Codification Improvements to Topic 326, Financial Instruments Credit Losses |
New and Recently Adopted Acco_2
New and Recently Adopted Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 28, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
New and Recently Adopted Accounting Pronouncements | On December 30, 2018, the beginning of our 2019 fiscal year, we adopted ASU No. 2016-02, Leases in August 2018, the FASB issued ASU 2018-11, Targeted Improvements to ASC 842 , which includes an option to not restate comparative periods in transition and elect to use the effective date of ASC 842 as the date of initial application of transition. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses Codification Improvements to Topic 326, Financial Instruments Credit Losses |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
ASU 2014-09 [Member] | |
Schedule of Revision of Prior Period Financial Statements | Previously issued comparative financial statements, which were revised to correct the error noted above, are presented as “As Revised” in the tables presented in the following footnotes. December 29, 2018 (in thousands) As Previously Reported Adjustment As Revised Revised Consolidated Balance Sheet Amounts: Assets Accounts receivable, net $ 310,114 $ 90,549 $ 400,663 Total current assets $ 629,728 $ 90,549 $ 720,277 Total assets $ 887,557 $ 90,549 $ 978,106 Liabilities and shareholders' equity Accrued customer rebates and returns $ 6,339 $ 90,549 $ 96,888 Total current liabilities $ 141,590 $ 90,549 $ 232,139 Total liabilities and shareholders' equity $ 887,557 $ 90,549 $ 978,106 Thirty-Nine Weeks Ended September 29, 2018 (in thousands) As Previously Reported Adjustment As Revised Revised Consolidated Statement of Cash Flows from Operating Activities Amounts: Accounts receivable $ (56,484 ) $ (3,322 ) $ (59,806 ) Accrued compensation and other liabilities $ 110 $ 3,322 $ 3,432 Net cash used in operating activities $ 65,213 $ — $ 65,213 (in thousands) As of December 30, 2017 Effect of Adoption As of December 31, 2017 Accounts receivable, net $ 241,880 $ 95,537 $ 337,417 Accrued customer rebates and returns $ 6,522 $ 95,537 $ 102,059 The effect of the above corrections on the consolidated statement of cash flows for the fiscal year ended December 29, 2018 is as follows: Fiscal Year Ended December 29, 2018 (in thousands) As Previously Reported Adjustment As Revised Revised Consolidated Statement of Cash Flows from Operating Activities Amounts: Accounts receivable $ (66,403 ) $ 4,990 $ (61,413 ) Accrued compensation and other liabilities $ 4,318 $ (4,990 ) $ (672 ) Net cash used in operating activities $ 78,112 $ — $ 78,112 |
Business Acquisitions and Inv_2
Business Acquisitions and Investments (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Business Combinations [Abstract] | |
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 $ 3,400 8 Tradenames 460 5 Other 240 5 Total $ 4,100 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
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 28, 2019 December 29, 2018 Bulk product $ 107,816 $ 122,111 Finished product 169,868 144,897 Packaging materials 4,403 3,496 Total $ 282,087 $ 270,504 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Leases [Abstract] | |
Summary of Lease Expense | The following table summarizes the lease expense for the thirteen and thirty-nine weeks ended September 28, 2019: (in thousands) Thirteen Weeks Ended September 28, 2019 Thirty-Nine Weeks Ended September 28, 2019 Operating lease expense $ 1,785 $ 5,582 Short-term lease expense 947 3,288 Total lease expense $ 2,732 $ 8,870 |
Summary of Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to our operating leases is as follows: (in thousands) September 28, 2019 Operating lease right-of-use assets $ 33,870 Other accrued liabilities $ 5,303 Long-term operating lease liabilities 31,413 Total operating lease liabilities $ 36,716 Weighted average remaining lease term (years) 9.43 Weighted average discount rate 5.18 % |
Summary of Maturities of Operating Lease Liabilities | The following table summarizes the maturities of our lease liabilities for all operating leases as of September 28, 2019: (in thousands) September 28, 2019 2019 (Remainder of 2019) $ 1,754 2020 7,040 2021 5,284 2022 4,909 2023 3,394 2024 and thereafter 24,973 Total lease payments 47,354 Less: Imputed interest (10,638 ) Present value of lease liabilities $ 36,716 |
Summary of Minimum Future Rental Payments under Operating Leases | For the year ended December 29, 2018, minimum rental payments under operating leases were recognized on a straight-line basis over the term of the lease including any periods of free rent. Rent expense for operating leases, including payments for short-term equipment and storage rentals, was $6.9 million in fiscal 2018. Minimum future rental payments required under operating leases in effect as of December 29, 2018 were as follows: (in thousands) December 29, 2018 2019 $ 5,489 2020 5,416 2021 4,972 2022 4,599 2023 3,013 2024 and thereafter 24,297 Total rental payments $ 47,786 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill Goodwill included the following: (in thousands) September 28, 2019 December 29, 2018 Balance at beginning of period $ 72,606 $ 65,999 Goodwill acquired - 6,800 Measurement period adjustments 1,852 (193 ) Balance at end of period $ 74,458 $ 72,606 |
Schedule of Intangible Assets | Intangible Assets Intangible assets included the following: September 28, 2019 December 29, 2018 (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 12.5 $ 6,060 $ 858 $ 5,202 $ 7,590 $ 516 $ 7,074 Customer relationships 8.2 20,450 4,166 16,284 20,130 2,582 17,548 Technology 12.3 367 67 300 367 49 318 Other 3.9 240 52 188 240 16 224 Total $ 27,117 $ 5,143 $ 21,974 $ 28,327 $ 3,163 $ 25,164 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
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 Thirty-Nine Weeks Ended (in thousands) September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Powertrain $ 104,756 $ 100,994 $ 299,730 $ 295,363 Chassis 70,787 69,214 228,446 206,483 Automotive body 65,468 67,000 189,174 179,539 Hardware 12,785 10,746 34,412 31,978 Net sales $ 253,796 $ 247,954 $ 751,762 $ 713,363 Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Net sales to U.S. customers $ 238,466 $ 229,761 $ 701,778 $ 663,212 Net sales to non-U.S. customers $ 15,330 18,193 49,984 50,151 Net sales $ 253,796 $ 247,954 $ 751,762 $ 713,363 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
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 28, 2019: Shares Weighted Average Price Balance at December 29, 2018 170,737 $ 63.94 Granted 90,434 $ 82.10 Vested (38,764 ) $ 55.00 Cancelled (33,504 ) $ 52.08 Balance at September 28, 2019 188,903 $ 76.57 |
Summary of Stock Option Activity | The following table summarizes our stock option activity for the thirty-nine weeks ended September 28, 2019 : Shares Weighted Average Exercise Price Weighted Average Remaining Term (In years) Aggregate Intrinsic Value Balance at December 29, 2018 188,469 $ 66.14 Granted 38,670 $ 82.94 Exercised (35,401 ) $ 59.90 Forfeited (2,597 ) $ 76.03 Balance at September 28, 2019 189,141 $ 70.61 3.9 $ 1,815,121 Options exercisable at September 28, 2019 65,972 $ 61.51 2.4 $ 1,165,216 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
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 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Numerator Net income $ 21,308 $ 34,017 $ 66,213 $ 99,003 Denominator: Weighted average basic shares outstanding 32,522 32,985 32,656 33,177 Effect of stock-based compensation awards 72 110 82 90 Weighted average diluted shares outstanding 32,594 33,095 32,738 33,267 Earnings Per Share: Basic $ 0.66 $ 1.03 $ 2.03 $ 2.98 Diluted $ 0.65 $ 1.03 $ 2.02 $ 2.98 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Revision of Prior Period Financial Statements - Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 28, 2019 | Dec. 29, 2018 | Dec. 31, 2017 |
Assets | |||
Accounts receivable, net | $ 372,356 | $ 400,663 | $ 241,880 |
Total current assets | 724,850 | 720,277 | |
Total assets | 1,016,816 | 978,106 | |
Liabilities and shareholders’ equity | |||
Accrued customer rebates and returns | 88,575 | 96,888 | 6,522 |
Total current liabilities | 195,552 | 232,139 | |
Total liabilities and shareholders' equity | $ 1,016,816 | 978,106 | |
ASU 2014-09 [Member] | |||
Assets | |||
Accounts receivable, net | 337,417 | ||
Liabilities and shareholders’ equity | |||
Accrued customer rebates and returns | 102,059 | ||
As Previously Reported [Member] | ASU 2014-09 [Member] | |||
Assets | |||
Accounts receivable, net | 310,114 | ||
Total current assets | 629,728 | ||
Total assets | 887,557 | ||
Liabilities and shareholders’ equity | |||
Accrued customer rebates and returns | 6,339 | ||
Total current liabilities | 141,590 | ||
Total liabilities and shareholders' equity | 887,557 | ||
Adjustment [Member] | ASU 2014-09 [Member] | |||
Assets | |||
Accounts receivable, net | 90,549 | 95,537 | |
Total current assets | 90,549 | ||
Total assets | 90,549 | ||
Liabilities and shareholders’ equity | |||
Accrued customer rebates and returns | 90,549 | $ 95,537 | |
Total current liabilities | 90,549 | ||
Total liabilities and shareholders' equity | $ 90,549 |
Basis of Presentation - Sched_2
Basis of Presentation - Schedule of Revision of Prior Period Financial Statements - Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Accounts receivable | $ 28,276 | $ (59,806) | $ (61,413) |
Accrued compensation and other liabilities | (9,741) | 3,432 | (672) |
Net cash used in operating activities | $ 59,650 | 65,213 | 78,112 |
As Previously Reported [Member] | ASU 2014-09 [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Accounts receivable | (56,484) | (66,403) | |
Accrued compensation and other liabilities | 110 | 4,318 | |
Net cash used in operating activities | 65,213 | 78,112 | |
Adjustment [Member] | ASU 2014-09 [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Accounts receivable | (3,322) | 4,990 | |
Accrued compensation and other liabilities | $ 3,322 | $ (4,990) |
Business Acquisitions and Inv_3
Business Acquisitions and Investments - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 31, 2018 | Oct. 26, 2017 | Sep. 28, 2019 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 | Dec. 30, 2017 |
Business Acquisition [Line Items] | |||||||
Business acquisition, goodwill | $ 74,458 | $ 74,458 | $ 72,606 | $ 65,999 | |||
Business acquisition, measurement period adjustments, increase to goodwill | 1,852 | $ (193) | |||||
Flight Systems Automotive Group LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, percentage of outstanding stock acquired | 100.00% | ||||||
Business acquisition, cash paid | $ 27,500 | ||||||
Business acquisition, goodwill | 7,400 | ||||||
Business acquisition, identified intangibles | 4,100 | ||||||
Business acquisition, other assets, net | 16,000 | ||||||
Business acquisition, accounts receivables | 2,000 | ||||||
Business acquisition, inventory | 8,400 | ||||||
Business acquisition, fixed assets | 4,400 | ||||||
Business acquisition, other assets and liabilities net | $ 1,200 | ||||||
Business acquisition, measurement period adjustments, increase to goodwill | 1,900 | ||||||
Business acquisition, measurement period adjustments, decrease to inventory | 700 | ||||||
Business acquisition, measurement period adjustments, decrease to identified intangibles | 1,200 | ||||||
MAS Automotive Distribution Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, percentage of outstanding stock acquired | 100.00% | ||||||
Business acquisition, total purchase price consideration | $ 67,200 | ||||||
Business acquisition, cash acquired | $ 3,300 | ||||||
Estimated long-term liability contingent payments | $ 8,200 | $ 8,200 | |||||
Business combination sales thresholds achievement maturity date | 2020-12 | ||||||
Accretion expense | $ 200 | $ 200 |
Business Acquisitions and Inv_4
Business Acquisitions and Investments - Schedule of Valuation of Intangible Assets Acquired and Related Amortization Periods (Detail) - Flight Systems Automotive Group LLC [Member] $ in Thousands | Aug. 31, 2018USD ($) |
Business Acquisition [Line Items] | |
Valuation,Intangible assets | $ 4,100 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Valuation,Intangible assets | $ 3,400 |
Amortization Period (in years) | 8 years |
Tradenames [Member] | |
Business Acquisition [Line Items] | |
Valuation,Intangible assets | $ 460 |
Amortization Period (in years) | 5 years |
Other [Member] | |
Business Acquisition [Line Items] | |
Valuation,Intangible assets | $ 240 |
Amortization Period (in years) | 5 years |
Sales of Accounts Receivable -
Sales of Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 | |
Receivables [Abstract] | |||
Sale of accounts receivable | $ 530.7 | $ 438.6 | |
Additional receivables outstanding if receivables had not been sold | 458.4 | $ 378.5 | |
Factoring costs associated with the sales of accounts receivable | $ 13.6 | $ 10 | |
Maximum credit terms allow to customers | 1 year |
Inventories - Inventories (Deta
Inventories - Inventories (Detail) - USD ($) $ in Thousands | Sep. 28, 2019 | Dec. 29, 2018 |
Inventory Disclosure [Abstract] | ||
Bulk product | $ 107,816 | $ 122,111 |
Finished product | 169,868 | 144,897 |
Packaging materials | 4,403 | 3,496 |
Total | $ 282,087 | $ 270,504 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 28, 2019 | Dec. 29, 2018 | |
Lessee Lease Description [Line Items] | ||
Financing leases | $ 0 | |
Cash paid for operating leases | $ 4,300,000 | |
Rent expense for operating leases, including short-term equipment and storage rentals | $ 6,900,000 | |
Minimum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating lease remaining lease term | 1 year | |
Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating lease remaining lease term | 12 years |
Leases - Summary of Lease Expen
Leases - Summary of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 28, 2019 | Sep. 28, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 1,785 | $ 5,582 |
Short-term lease expense | 947 | 3,288 |
Total lease expense | $ 2,732 | $ 8,870 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Balance Sheet Information Related to Operating Leases (Detail) $ in Thousands | Sep. 28, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 33,870 |
Other accrued liabilities | $ 5,303 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent |
Long-term operating lease liabilities | $ 31,413 |
Total operating lease liabilities | $ 36,716 |
Weighted average remaining lease term (years) | 9 years 5 months 4 days |
Weighted average discount rate | 5.18% |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands | Sep. 28, 2019USD ($) |
Leases [Abstract] | |
2019 (Remainder of 2019) | $ 1,754 |
2020 | 7,040 |
2021 | 5,284 |
2022 | 4,909 |
2023 | 3,394 |
2024 and thereafter | 24,973 |
Total lease payments | 47,354 |
Less: Imputed interest | (10,638) |
Present value of lease liabilities | $ 36,716 |
Leases - Summary of Minimum Fut
Leases - Summary of Minimum Future Rental Payments under Operating Leases (Detail) $ in Thousands | Dec. 29, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 5,489 |
2020 | 5,416 |
2021 | 4,972 |
2022 | 4,599 |
2023 | 3,013 |
2024 and thereafter | 24,297 |
Total rental payments | $ 47,786 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 28, 2019 | Dec. 29, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Balance at beginning of period | $ 72,606 | $ 65,999 |
Goodwill acquired | 6,800 | |
Measurement period adjustments | 1,852 | (193) |
Balance at end of period | $ 74,458 | $ 72,606 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 28, 2019 | Dec. 29, 2018 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 27,117 | $ 28,327 |
Accumulated Amortization | 5,143 | 3,163 |
Net Carrying Value | $ 21,974 | 25,164 |
Tradenames [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 12 years 6 months | |
Gross Carrying Value | $ 6,060 | 7,590 |
Accumulated Amortization | 858 | 516 |
Net Carrying Value | $ 5,202 | 7,074 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 8 years 2 months 12 days | |
Gross Carrying Value | $ 20,450 | 20,130 |
Accumulated Amortization | 4,166 | 2,582 |
Net Carrying Value | $ 16,284 | 17,548 |
Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 12 years 3 months 18 days | |
Gross Carrying Value | $ 367 | 367 |
Accumulated Amortization | 67 | 49 |
Net Carrying Value | $ 300 | 318 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 3 years 10 months 24 days | |
Gross Carrying Value | $ 240 | 240 |
Accumulated Amortization | 52 | 16 |
Net Carrying Value | $ 188 | $ 224 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 2 | $ 1.6 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 28, 2019 | Dec. 29, 2018 | |
Revenue From Contract With Customer [Abstract] | ||
Maximum credit terms allow to customers | 1 year | |
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 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregated Net Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | $ 253,796 | $ 247,954 | $ 751,762 | $ 713,363 |
U.S. Customers [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 238,466 | 229,761 | 701,778 | 663,212 |
Non-U.S. Customers [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 15,330 | 18,193 | 49,984 | 50,151 |
Powertrain [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 104,756 | 100,994 | 299,730 | 295,363 |
Chassis [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 70,787 | 69,214 | 228,446 | 206,483 |
Automotive Body [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 65,468 | 67,000 | 189,174 | 179,539 |
Hardware [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | $ 12,785 | $ 10,746 | $ 34,412 | $ 31,978 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | May 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Authorized number of common stock shares for grant | 1,200,000 | ||
Date of plan approval | May 16, 2018 | ||
Maximum grant period from date of plan approval | 10 years | ||
Shares available for grant under the plan | 1,035,216 | ||
Compensation cost related to stock options | $ 500,000 | $ 400,000 | |
Stock options granted | 38,670 | ||
Stock options exercised | 35,401 | ||
Cash received from stock option exercises under the plan | $ 0 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Authorized number of common stock shares for grant | 1,000,000 | ||
Number of shares purchased | 13,669 | 7,382 | |
Compensation cost | $ 200,000 | $ 200,000 | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash received from stock option exercises under the plan | 100,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost related to restricted stock | 2,300,000 | 2,500,000 | |
Unrecognized compensation cost related to non-vested stock options | $ 7,500,000 | ||
Unrecognized compensation cost related to nonvested stock options, weighted-average period | 2 years 7 months 6 days | ||
Tax benefit generated from compensation cost and credited | $ 200,000 | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefit generated from compensation cost and credited | 100,000 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost related to non-vested stock options | $ 1,800,000 | ||
Unrecognized compensation cost related to nonvested stock options, weighted-average period | 2 years 9 months 18 days | ||
Tax benefit generated from compensation cost and credited | $ 0 | 0 | |
Capitalized compensation cost | $ 0 | $ 0 | |
Stock options granted | 38,670 | 69,014 | |
Stock options exercised | 35,401 | 4,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) | 9 Months Ended |
Sep. 28, 2019$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Beginning Balance, Shares | shares | 170,737 |
Granted, Shares | shares | 90,434 |
Vested, Shares | shares | (38,764) |
Cancelled, Shares | shares | (33,504) |
Ending Balance, Shares | shares | 188,903 |
Beginning Balance, Weighted Average Price | $ / shares | $ 63.94 |
Granted, Weighted Average Price | $ / shares | 82.10 |
Vested, Weighted Average Price | $ / shares | 55 |
Cancelled, Weighted Average Price | $ / shares | 52.08 |
Ending Balance, Weighted Average Price | $ / shares | $ 76.57 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Detail) | 9 Months Ended |
Sep. 28, 2019USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Beginning Balance, Shares | shares | 188,469 |
Granted, Shares | shares | 38,670 |
Exercised, Shares | shares | (35,401) |
Forfeited, Shares | shares | (2,597) |
Ending Balance, Shares | shares | 189,141 |
Options Exercisable, Shares | shares | 65,972 |
Beginning Balance, Weighted Average Exercise Price | $ / shares | $ 66.14 |
Granted, Weighted Average Exercise Price | $ / shares | 82.94 |
Exercised, Weighted Average Exercise Price | $ / shares | 59.90 |
Forfeited, Weighted Average Exercise Price | $ / shares | 76.03 |
Ending Balance, Weighted Average Exercise Price | $ / shares | 70.61 |
Options Exercisable, Weighted Average Exercise Price | $ / shares | $ 61.51 |
Ending Balance, Weighted Average Remaining Terms (years) | 3 years 10 months 24 days |
Options Exercisable, Weighted Average Remaining Terms (years) | 2 years 4 months 24 days |
Ending Balance, Aggregate Intrinsic Value | $ | $ 1,815,121 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 1,165,216 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 9 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Earnings Per Share [Abstract] | ||
Stock-based awards considered as anti-dilutive | 96,000 | 63,000 |
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 | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Numerator | ||||
Net income | $ 21,308 | $ 34,017 | $ 66,213 | $ 99,003 |
Denominator: | ||||
Weighted average basic shares outstanding | 32,522 | 32,985 | 32,656 | 33,177 |
Effect of stock-based compensation awards | 72 | 110 | 82 | 90 |
Weighted average diluted shares outstanding | 32,594 | 33,095 | 32,738 | 33,267 |
Earnings Per Share: | ||||
Basic | $ 0.66 | $ 1.03 | $ 2.03 | $ 2.98 |
Diluted | $ 0.65 | $ 1.03 | $ 2.02 | $ 2.98 |
Common Stock Repurchases - Addi
Common Stock Repurchases - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 28, 2019 | Dec. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Repurchased and cancelled shares | 17,710 | 26,280 |
Common stock repurchased, value | $ 1,600,000 | $ 2,000,000 |
Common stock repurchased, average price | $ 88.82 | $ 74.79 |
Share Repurchase Program [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Repurchased and cancelled shares | 272,564 | 622,223 |
Common stock repurchased, value | $ 22,800,000 | $ 43,400,000 |
Common stock repurchased, average price | $ 83.53 | $ 69.73 |
Share repurchase program shares authorized to be repurchased | $ 400,000,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 28, 2019USD ($)Supplier | Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) | |
Related Party Transaction [Line Items] | |||
Rental payments based upon the terms of the lease | $ 1,600 | ||
Right-of-use asset | $ 33,870 | ||
Lease liabilities | $ 36,716 | ||
Lease expiration date | Dec. 31, 2022 | ||
Canada [Member] | |||
Related Party Transaction [Line Items] | |||
Rental payments based upon the terms of the lease | $ 500 | ||
Lease expiration date | Apr. 30, 2019 | ||
Steven L. Berman and Other Family Members [Member] | |||
Related Party Transaction [Line Items] | |||
Right-of-use asset | $ 4,900 | ||
Lease liabilities | $ 4,900 | ||
Joint Venture [Member] | |||
Related Party Transaction [Line Items] | |||
Minority interests in number of suppliers | Supplier | 2 | ||
Scenario, Forecast [Member] | |||
Related Party Transaction [Line Items] | |||
Rental payments based upon the terms of the lease | $ 1,600 | ||
Scenario, Forecast [Member] | Canada [Member] | |||
Related Party Transaction [Line Items] | |||
Rental payments based upon the terms of the lease | $ 200 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | Sep. 28, 2019USD ($) |
Income Tax Disclosure [Abstract] | |
Net unrecognized tax benefits | $ 2.3 |
Unrecognized tax benefits which would impact effective tax rate if recognized | 2 |
Accrued interest and penalties related to uncertain tax positions | $ 0.3 |
New and Recently Adopted Acco_3
New and Recently Adopted Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 28, 2019 | Dec. 30, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use asset | $ 33,870 | |
Lease liabilities | $ 36,716 | |
ASU 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use asset | $ 36,300 | |
Lease liabilities | 37,900 | |
Reclassification of deferred rent and lease incentive liabilities to operating lease right-of-use assets | $ 1,600 |