Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 24, 2016 | Oct. 24, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 24, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | DORM | |
Entity Registrant Name | Dorman Products, Inc. | |
Entity Central Index Key | 868,780 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 34,613,547 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 24, 2016 | Sep. 26, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 212,786 | $ 210,928 | $ 630,507 | $ 598,123 |
Cost of goods sold | 129,641 | 130,134 | 384,604 | 367,866 |
Gross profit | 83,145 | 80,794 | 245,903 | 230,257 |
Selling, general and administrative expenses | 41,512 | 39,554 | 124,350 | 118,470 |
Income from operations | 41,633 | 41,240 | 121,553 | 111,787 |
Interest expense, net | 61 | 48 | 180 | 152 |
Income before income taxes | 41,572 | 41,192 | 121,373 | 111,635 |
Provision for income taxes | 14,877 | 15,132 | 44,025 | 41,093 |
Net income | $ 26,695 | $ 26,060 | $ 77,348 | $ 70,542 |
Earnings Per Share: | ||||
Basic | $ 0.77 | $ 0.73 | $ 2.24 | $ 1.99 |
Diluted | $ 0.77 | $ 0.73 | $ 2.23 | $ 1.98 |
Weighted Average Shares Outstanding: | ||||
Basic | 34,572 | 35,514 | 34,560 | 35,535 |
Diluted | 34,672 | 35,575 | 34,626 | 35,611 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 24, 2016 | Dec. 26, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 95,142 | $ 78,659 |
Accounts receivable, less allowance for doubtful accounts and customer credits of $85,797 and $86,986 | 245,006 | 203,923 |
Inventories | 168,245 | 193,725 |
Prepaids and other current assets | 4,259 | 2,326 |
Total current assets | 512,652 | 478,633 |
Property, plant and equipment, net | 88,384 | 87,046 |
Goodwill and intangible assets, net | 29,814 | 29,889 |
Deferred tax asset, net | 7,581 | 7,557 |
Other assets | 29,574 | 18,740 |
Total | 668,005 | 621,865 |
Current liabilities: | ||
Accounts payable | 52,481 | 63,967 |
Accrued compensation | 8,668 | 10,970 |
Other accrued liabilities | 22,156 | 23,633 |
Total current liabilities | 83,305 | 98,570 |
Other long-term liabilities | 5,536 | 5,259 |
Commitments and contingencies | ||
Shareholders' Equity: | ||
Common stock, par value $0.01; authorized 50,000,000 shares; issued and outstanding 34,613,547 and 34,863,396 in 2016 and 2015, respectively | 346 | 349 |
Additional paid-in capital | 43,756 | 42,799 |
Retained earnings | 535,062 | 474,888 |
Total shareholders' equity | 579,164 | 518,036 |
Total | $ 668,005 | $ 621,865 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 24, 2016 | Dec. 26, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts and customer credits | $ 85,797 | $ 86,986 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 34,613,547 | 34,863,396 |
Common stock, shares outstanding | 34,613,547 | 34,863,396 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 24, 2016 | Sep. 26, 2015 | |
Cash Flows from Operating Activities: | ||
Net income | $ 77,348 | $ 70,542 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation, amortization and accretion | 13,890 | 11,739 |
Provision for doubtful accounts | 1,146 | 85 |
Benefit for deferred income taxes | (24) | (2,462) |
Provision for non-cash stock compensation | 1,718 | 752 |
Changes in assets and liabilities: | ||
Accounts receivable | (42,229) | 6,693 |
Inventories | 24,480 | (21,727) |
Prepaids and other current assets | (911) | (397) |
Other assets | (4,639) | (4,652) |
Accounts payable | (11,646) | 377 |
Accrued compensation and other liabilities | (4,627) | (3,467) |
Cash provided by operating activities | 55,506 | 57,483 |
Cash Flows from Investing Activities: | ||
Property, plant and equipment additions | (14,890) | (16,534) |
Purchase of equity investment | (6,195) | (2,000) |
Cash used in investing activities | (21,085) | (18,534) |
Cash Flows from Financing Activities: | ||
Proceeds from exercise of stock options | 16 | |
Other stock related activity | (109) | 34 |
Purchase and cancellation of common stock | (17,829) | (7,334) |
Cash used in financing activities | (17,938) | (7,284) |
Net Increase in Cash and Cash Equivalents | 16,483 | 31,665 |
Cash and Cash Equivalents, Beginning of Period | 78,659 | 47,656 |
Cash and Cash Equivalents, End of Period | 95,142 | 79,321 |
Supplemental Cash Flow Information | ||
Cash paid for interest expense | 200 | 211 |
Cash paid for income taxes | $ 46,121 | $ 41,709 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 24, 2016 | |
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 24, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016. We may experience significant fluctuations from quarter to quarter in our results of operations due to the timing of orders placed by our customers. Generally, the second and third quarters have the highest level of net sales. 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 26, 2015. |
Sales of Accounts Receivable
Sales of Accounts Receivable | 9 Months Ended |
Sep. 24, 2016 | |
Receivables [Abstract] | |
Sales of Accounts Receivable | 2. 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 $366.6 million and $391.9 million of accounts receivable during the thirty-nine weeks ended September 24, 2016 and September 26, 2015, respectively. If receivables had not been sold, $337.3 million and $335.9 million of additional accounts receivable would have been outstanding at September 24, 2016 and December 26, 2015, respectively, based on standard payment terms. Selling, general and administrative expenses for the thirty-nine weeks ended September 24, 2016 and September 26, 2015 included $6.3 million and $5.4 million, respectively, in financing costs associated with these accounts receivable sales programs. |
Inventories
Inventories | 9 Months Ended |
Sep. 24, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. 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 market. Inventories were as follows: (in thousands) September 24, December 26, Bulk product $ 62,445 $ 78,533 Finished product 102,331 112,012 Packaging materials 3,469 3,180 Total $ 168,245 $ 193,725 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 24, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 4. Stock-Based Compensation Our 2008 Stock Option and Stock Incentive Plan (the “Plan”) was approved by our shareholders on May 20, 2009. Under the terms of the Plan, our Board of Directors may grant up to 2,000,000 shares of common stock in the form of shares of restricted stock, incentive stock options and non-qualified stock options or combinations thereof to officers, directors, employees, consultants and advisors. Grants under the Plan must be made within ten years of the date the Plan was approved and stock options are exercisable upon the terms set forth in the grant agreement approved by the Board of Directors, but in no event more than ten years from the date of grant. Restricted stock vests in accordance with the terms set forth in each restricted stock agreement. At September 24, 2016, 1,532,856 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 recognized over the vesting period if it is probable that the financial goals will be attained. Compensation cost related to restricted stock was $1.6 million and $0.7 million for the thirty-nine weeks ended September 24, 2016 and September 26, 2015, respectively. The compensation costs were classified as selling, general and administrative expense in the Consolidated Statements of Income. No cost was capitalized during the thirty-nine weeks ended September 24, 2016 or the thirty-nine weeks ended September 26, 2015. The following table summarizes our restricted stock activity for the thirty-nine weeks ended September 24, 2016: Shares Weighted Balance at December 26, 2015 43,242 $ 34.49 Granted 117,144 $ 45.63 Vested (23,822 ) $ 30.27 Cancelled (240 ) $ 18.94 Balance at September 24, 2016 136,324 $ 44.83 As of September 24, 2016, there was approximately $4.5 million of unrecognized compensation cost related to nonvested restricted stock, which is expected to be recognized over a weighted-average period of 2.9 years. Cash flows resulting from tax deductions in excess of the tax effect of compensation cost recognized in the financial statements are classified as financing cash flows. The excess tax benefit generated from restricted shares which vested was $0.2 million and $0.3 million in the thirty-nine weeks ended September 24, 2016 and September 26, 2015, respectively, and was credited to additional paid-in capital. We grant stock options to certain employees and members of the Board of Directors. We expense the grant-date fair value of stock options. Compensation cost is recognized on a straight-line basis over the vesting period for which related services are performed. The compensation cost charged against income for the thirty-nine weeks ended September 24, 2016 and September 26, 2015 was less than $0.1 million in each period. The compensation costs were classified as selling, general and administrative expense in the Consolidated Statements of Income. No cost was capitalized during the thirty-nine weeks ended September 24, 2016 or the thirty-nine weeks ended September 26, 2015. We included a forfeiture assumption of 5.4% in the calculation of expense in each of the thirty-nine weeks ended September 24, 2016 and September 26, 2015. 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 24, 2016, we granted 61,084 stock options. There were no stock options granted in the thirty-nine weeks ended September 26, 2015. The following table summarizes our stock option activity for the thirty-nine weeks ended September 24, 2016: Shares Weighted Weighted Aggregate Balance at December 26, 2015 40,000 $ 6.86 Granted 61,084 $ 44.36 Balance at September 24, 2016 101,084 $ 29.52 3.3 $ 3,737,400 Options exercisable at September 24, 2016 40,000 $ 6.86 1.5 $ 2,385,320 No stock options were exercised during the thirty-nine weeks ended September 24, 2016. As of September 24, 2016, there was $0.5 million of unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of 3.5 years. There was no cash received or excess tax benefit generated from stock option exercises in the thirty-nine weeks ended September 24, 2016 or September 26, 2015. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 24, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5. 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 approximately 16,000 shares and 7,000 shares were excluded from the calculation of diluted earnings per share as of September 24, 2016 and September 26, 2015, 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 24, September 26, September 24, September 26, Numerator Net income $ 26,695 $ 26,060 $ 77,348 $ 70,542 Denominator: Weighted average basic shares outstanding 34,572 35,514 34,560 35,535 Effect of stock-based compensation awards 100 61 66 76 Weighted average diluted shares outstanding 34,672 35,575 34,626 35,611 Earnings Per Share: Basic $ 0.77 $ 0.73 $ 2.24 $ 1.99 Diluted $ 0.77 $ 0.73 $ 2.23 $ 1.98 |
Common Stock Repurchases
Common Stock Repurchases | 9 Months Ended |
Sep. 24, 2016 | |
Text Block [Abstract] | |
Common Stock Repurchases | 6. Common Stock Repurchases We periodically repurchase, at the then current market price, and cancel common stock issued to the Dorman Products, Inc. 401(k) Retirement Plan and Trust (the “401(k) Plan”). Shares are generally purchased from the 401(k) Plan when participants sell units as permitted by the 401(k) Plan or elect to leave the 401(k) Plan upon retirement, termination or other reasons. For the thirty-nine weeks ended September 24, 2016, we repurchased and cancelled 31,690 shares of common stock for $1.7 million at an average price of $54.85 per share. During the fifty-two weeks ended December 26, 2015, we repurchased and cancelled 33,430 shares of common stock for $1.46 million at an average price of $48.14 per share. Our Board of Directors authorized a share repurchase program of up to $150 million through December 31, 2016. 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 24, 2016, we repurchased and cancelled 329,666 shares of common stock for $16.1 million at an average price of $48.81 per share under this program. For the fifty-two weeks ended December 26, 2015, we repurchased and cancelled 747,700 shares of common stock for $35.7 million at an average price of $47.77 per share under this program. As of September 24, 2016, we have $57.8 million remaining under this program to repurchase shares. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 24, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 7. 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 2016 and were $1.6 million in fiscal 2015. The lease with the partnership expires December 31, 2017. In the opinion of our Audit Committee, the terms and rates of this lease are no less favorable than those which could have been obtained from an unaffiliated party when the lease was renewed in fiscal 2012. We are a partner in a joint venture with one of our suppliers and own a minority interest in two other suppliers, including Powertrain Industries, Inc. (“PTI”) whom we acquired a 40% minority equity interest on July 19, 2016 for $6.2 million. PTI is a leading manufacturer of driveshafts and driveline related products and is headquartered in Garden Grove, CA with four driveshaft manufacturing facilities located regionally throughout the United States. At any time, we can elect to purchase all of remaining capital stock of PTI. Also, between July 2019 and July 2021, the majority shareholders may require us to purchase all of the remaining capital stock of PTI. In either case, the purchase price of the shares will be determined using an earnings multiple specified in the PTI purchase agreement. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 24, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes At September 24, 2016, we had $1.9 million of net unrecognized tax benefits, $1.4 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 24, 2016, we had approximately $0.2 million of accrued interest related to uncertain tax positions. We file income tax returns in the United States, China and Mexico. All years before 2013 are closed for federal tax purposes. We are currently under examination by one state tax authority for years 2011-2012. Tax years before 2011 are closed for the remaining states in which we file. We filed tax returns in Sweden through 2012 and all years prior to 2009 are closed. It is reasonably possible that audit settlements, the conclusion of current examinations or the expiration of the statute of limitations could impact the Company’s unrecognized tax benefits. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 24, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 9. 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. 24, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New and Recently Adopted Accounting Pronouncements | 10. New and Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, In July 2015, the FASB issued ASU No. 2015-11, Inventory: Simplifying the Measurement of Inventory In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Compensation – Improvement to Employee Share-Based Payment Accounting In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments |
New and Recently Adopted Acco16
New and Recently Adopted Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 24, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New and Recently Adopted Accounting Pronouncements | In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, In July 2015, the FASB issued ASU No. 2015-11, Inventory: Simplifying the Measurement of Inventory In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Compensation – Improvement to Employee Share-Based Payment Accounting In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 24, 2016 | |
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 market. Inventories were as follows: (in thousands) September 24, December 26, Bulk product $ 62,445 $ 78,533 Finished product 102,331 112,012 Packaging materials 3,469 3,180 Total $ 168,245 $ 193,725 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 24, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Stock Activity | The following table summarizes our restricted stock activity for the thirty-nine weeks ended September 24, 2016: Shares Weighted Balance at December 26, 2015 43,242 $ 34.49 Granted 117,144 $ 45.63 Vested (23,822 ) $ 30.27 Cancelled (240 ) $ 18.94 Balance at September 24, 2016 136,324 $ 44.83 |
Summary of Stock Option Activity | The following table summarizes our stock option activity for the thirty-nine weeks ended September 24, 2016: Shares Weighted Weighted Aggregate Balance at December 26, 2015 40,000 $ 6.86 Granted 61,084 $ 44.36 Balance at September 24, 2016 101,084 $ 29.52 3.3 $ 3,737,400 Options exercisable at September 24, 2016 40,000 $ 6.86 1.5 $ 2,385,320 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 24, 2016 | |
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 24, September 26, September 24, September 26, Numerator Net income $ 26,695 $ 26,060 $ 77,348 $ 70,542 Denominator: Weighted average basic shares outstanding 34,572 35,514 34,560 35,535 Effect of stock-based compensation awards 100 61 66 76 Weighted average diluted shares outstanding 34,672 35,575 34,626 35,611 Earnings Per Share: Basic $ 0.77 $ 0.73 $ 2.24 $ 1.99 Diluted $ 0.77 $ 0.73 $ 2.23 $ 1.98 |
Sales of Accounts Receivable -
Sales of Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Dec. 26, 2015 | |
Receivables [Abstract] | |||
Sale of accounts receivable | $ 366.6 | $ 391.9 | |
Additional accounts receivable outstanding if receivables had not been sold | 337.3 | $ 335.9 | |
Factoring costs associated with the sales of accounts receivable | $ 6.3 | $ 5.4 |
Inventories - Inventories (Deta
Inventories - Inventories (Detail) - USD ($) $ in Thousands | Sep. 24, 2016 | Dec. 26, 2015 |
Inventory Disclosure [Abstract] | ||
Bulk product | $ 62,445 | $ 78,533 |
Finished product | 102,331 | 112,012 |
Packaging materials | 3,469 | 3,180 |
Total | $ 168,245 | $ 193,725 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 24, 2016 | Sep. 26, 2015 | |
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 | |
Compensation cost related to restricted stock | $ 1,600,000 | $ 700,000 |
Cash received or excess tax benefit from stock option exercise | 0 | 0 |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost related to stock options | $ 100,000 | 100,000 |
2008 Stock Option and Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum grant period from date of plan approval | 10 years | |
Shares available for grant under the plan | 1,532,856 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Capitalized compensation cost | $ 0 | 0 |
Unrecognized compensation cost related to non-vested stock options | $ 4,500,000 | |
Unrecognized compensation cost related to non-vested stock options, weighted-average period | 2 years 10 months 24 days | |
Tax benefit generated from compensation cost and credited to additional paid-in capital | $ 200,000 | 300,000 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Capitalized compensation cost | 0 | $ 0 |
Unrecognized compensation cost related to non-vested stock options | $ 500,000 | |
Unrecognized compensation cost related to non-vested stock options, weighted-average period | 3 years 6 months | |
Percentage of forfeiture assumption in calculation of compensation cost | 5.40% | 5.40% |
Stock options granted | 61,084 | 0 |
Stock options exercised | 0 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) | 9 Months Ended |
Sep. 24, 2016$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Beginning Balance, Shares | shares | 43,242 |
Granted, Shares | shares | 117,144 |
Vested, Shares | shares | (23,822) |
Cancelled, Shares | shares | (240) |
Ending Balance, Shares | shares | 136,324 |
Beginning Balance, Weighted Average Price | $ / shares | $ 34.49 |
Granted, Weighted Average Price | $ / shares | 45.63 |
Vested, Weighted Average Price | $ / shares | 30.27 |
Cancelled, Weighted Average Price | $ / shares | 18.94 |
Ending Balance, Weighted Average Price | $ / shares | $ 44.83 |
Stock-Based Compensation - Su24
Stock-Based Compensation - Summary of Stock Option Activity (Detail) | 9 Months Ended |
Sep. 24, 2016USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Beginning Balance, Shares | shares | 40,000 |
Granted, Shares | shares | 61,084 |
Ending Balance, Shares | shares | 101,084 |
Options Exercisable, Shares | shares | 40,000 |
Beginning Balance, Weighted Average Price | $ / shares | $ 6.86 |
Granted, Weighted Average Price | $ / shares | 44.36 |
Ending Balance, Weighted Average Price | $ / shares | 29.52 |
Options Exercisable, Weighted Average Price | $ / shares | $ 6.86 |
Ending Balance, Weighted Average Remaining Term (In years) | 3 years 3 months 18 days |
Options Exercisable, Weighted Average Remaining Term (In years) | 1 year 6 months |
Ending Balance, Aggregate Intrinsic Value | $ | $ 3,737,400 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 2,385,320 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 9 Months Ended | |
Sep. 24, 2016 | Sep. 26, 2015 | |
Earnings Per Share [Abstract] | ||
Stock-based awards considered as anti-dilutive | 16,000 | 7,000 |
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. 24, 2016 | Sep. 26, 2015 | Sep. 24, 2016 | Sep. 26, 2015 | |
Numerator | ||||
Net income | $ 26,695 | $ 26,060 | $ 77,348 | $ 70,542 |
Denominator: | ||||
Weighted average basic shares outstanding | 34,572 | 35,514 | 34,560 | 35,535 |
Effect of stock-based compensation awards | 100 | 61 | 66 | 76 |
Weighted average diluted shares outstanding | 34,672 | 35,575 | 34,626 | 35,611 |
Earnings Per Share: | ||||
Basic | $ 0.77 | $ 0.73 | $ 2.24 | $ 1.99 |
Diluted | $ 0.77 | $ 0.73 | $ 2.23 | $ 1.98 |
Common Stock Repurchases - Addi
Common Stock Repurchases - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 24, 2016 | Dec. 26, 2015 | |
Four Zero One K Plan [Member] | ||
Shares Repurchases [Line Items] | ||
Repurchase and cancellation of shares | 31,690 | 33,430 |
Common stock repurchased, average price | $ 54.85 | $ 48.14 |
Repurchase and cancellation of shares, value | $ 1,700,000 | $ 1,460,000 |
Share Repurchase Program [Member] | ||
Shares Repurchases [Line Items] | ||
Repurchase and cancellation of shares | 329,666 | 747,700 |
Common stock repurchased, average price | $ 48.81 | $ 47.77 |
Repurchase and cancellation of shares, value | $ 16,100,000 | $ 35,700,000 |
Share repurchase program shares authorized to be repurchased | $ 150,000,000 | |
Share repurchase program expiration date | Dec. 31, 2016 | |
Share repurchase program, remaining authorized amount | $ 57,800,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 24, 2016 | Dec. 31, 2016 | Dec. 26, 2015 | Jul. 19, 2016 | |
Related Party Transaction [Line Items] | ||||
Total annual rental payments to the partnership under the lease arrangement | $ 1.6 | |||
Lease expiration date | Dec. 31, 2017 | |||
Powertrain Industries, Inc. [Member] | Equity Method Investee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment, ownership percentage | 40.00% | |||
Equity method investment, cost | $ 6.2 | |||
Scenario, Forecast [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total annual rental payments to the partnership under the lease arrangement | $ 1.6 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 24, 2016USD ($) | |
Income Tax Contingency [Line Items] | |
Net unrecognized tax benefits | $ 1.9 |
Unrecognized tax benefits which would impact effective tax rate if recognized | 1.4 |
Accrued interest related to uncertain tax positions | $ 0.2 |
Earliest Tax Year [Member] | State Tax Authority [Member] | |
Income Tax Contingency [Line Items] | |
Income tax years under examination | 2,011 |
Latest Tax Year [Member] | State Tax Authority [Member] | |
Income Tax Contingency [Line Items] | |
Income tax years under examination | 2,012 |