QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
x | Accelerated filer | o | |||||||||
Non-accelerated filer | o | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
Three Months Ended | |||||||||||
(in thousands, except per share data) | March 30, 2024 | April 1, 2023 | |||||||||
Net sales | $ | $ | |||||||||
Cost of goods sold | |||||||||||
Gross profit | |||||||||||
Selling, general and administrative expenses | |||||||||||
Income from operations | |||||||||||
Interest expense, net | |||||||||||
Other expense (income), net | ( | ||||||||||
Income before income taxes | |||||||||||
Provision for income taxes | |||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income: | |||||||||||
Change in foreign currency translation adjustment | $ | ( | $ | ||||||||
Comprehensive Income | $ | $ | |||||||||
Earnings per share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Weighted average shares outstanding: | |||||||||||
Basic | |||||||||||
Diluted |
(in thousands, except for share data) | March 30, 2024 | December 31, 2023 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, less allowance for doubtful accounts of $ | |||||||||||
Inventories | |||||||||||
Prepaids and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and shareholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued compensation | |||||||||||
Accrued customer rebates and returns | |||||||||||
Revolving credit facility | |||||||||||
Current portion of long-term debt | |||||||||||
Other accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term operating lease liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Deferred tax liabilities, net | |||||||||||
Commitments and contingencies (Note 7) | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders' equity | $ | $ |
Three Months Ended March 30, 2024 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||||
(in thousands, except share data) | Shares Issued | Par Value | |||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Compensation expense under Incentive Stock Plan | — | — | — | — | |||||||||||||||||||||||||||||||
Purchase and cancellation of common stock | ( | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||
Issuance of non-vested stock, net of cancellations | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other stock-related activity, net of tax | ( | — | ( | ( | — | ( | |||||||||||||||||||||||||||||
Change in foreign currency translation adjustment | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at March 30, 2024 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Three Months Ended April 1, 2023 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||||
(in thousands, except share data) | Shares Issued | Par Value | |||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Compensation expense under Incentive Stock Plan | — | — | — | — | |||||||||||||||||||||||||||||||
Purchase and cancellation of common stock | ( | — | ( | ( | — | ( | |||||||||||||||||||||||||||||
Issuance of non-vested stock, net of cancellations | ( | — | — | ||||||||||||||||||||||||||||||||
Other stock-related activity, net of tax | ( | — | ( | ( | — | ( | |||||||||||||||||||||||||||||
Change in foreign currency translation adjustment | — | — | — | — | |||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at April 1, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Three Months Ended | |||||||||||
(in thousands) | March 30, 2024 | April 1, 2023 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | |||||||||||
Provision for doubtful accounts | |||||||||||
Provision for deferred income taxes | |||||||||||
Provision for stock-based compensation | |||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Inventories | |||||||||||
Prepaids and other current assets | ( | ||||||||||
Other assets | ( | ( | |||||||||
Accounts payable | ( | ( | |||||||||
Accrued customer rebates and returns | ( | ( | |||||||||
Accrued compensation and other liabilities | ( | ||||||||||
Cash provided by operating activities | |||||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisition, net of cash acquired | |||||||||||
Property, plant and equipment additions | ( | ( | |||||||||
Cash used in investing activities | ( | ( | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Payments of revolving credit line | ( | ( | |||||||||
Payments of long-term debt | ( | ( | |||||||||
Proceeds from exercise of stock options | |||||||||||
Purchase and cancellation of common stock | ( | ( | |||||||||
Other stock-related activity | ( | ( | |||||||||
Cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on Cash and Cash Equivalents | ( | ( | |||||||||
Net Decrease in Cash and Cash Equivalents | ( | ( | |||||||||
Cash and Cash Equivalents, Beginning of Period | |||||||||||
Cash and Cash Equivalents, End of Period | $ | $ | |||||||||
Supplemental Cash Flow Information | |||||||||||
Cash paid for interest expense | $ | $ | |||||||||
Cash paid for income taxes | $ | $ |
Three Months Ended | |||||||||||
(in thousands) | March 30, 2024 | April 1, 2023 | |||||||||
Sales of accounts receivable | $ | $ | |||||||||
Factoring costs |
(in thousands) | March 30, 2024 | December 31, 2023 | |||||||||
Raw materials | $ | $ | |||||||||
Bulk product | |||||||||||
Finished product | |||||||||||
Packaging materials | |||||||||||
Total | $ | $ |
(in thousands) | Light Duty | Heavy Duty | Specialty Vehicle | Consolidated | |||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency translation | ( | ( | |||||||||||||||||||||
Balance at March 30, 2024 | $ | $ | $ | $ |
March 30, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||
Intangible assets subject to amortization | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Trade names | ||||||||||||||||||||||||||||||||||||||
Product portfolio | ||||||||||||||||||||||||||||||||||||||
Technology | ||||||||||||||||||||||||||||||||||||||
Patents and other | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
For the Three Months Ended | |||||||||||
(in thousands) | March 30, 2024 | April 1, 2023 | |||||||||
Net Sales: | |||||||||||
Light Duty | $ | $ | |||||||||
Heavy Duty | |||||||||||
Specialty Vehicle | |||||||||||
Total | $ | $ | |||||||||
Segment profit: | |||||||||||
Light Duty | $ | $ | |||||||||
Heavy Duty | |||||||||||
Specialty Vehicle | |||||||||||
Total | $ | $ |
For the Three Months Ended | |||||||||||
(in thousands) | March 30, 2024 | April 1, 2023 | |||||||||
Segment profit | $ | $ | |||||||||
Acquisition-related intangible assets amortization | ( | ( | |||||||||
Acquisition-related transaction and other costs | ( | ( | |||||||||
Executive transaction services expenses | ( | ||||||||||
Pretax reduction in workforce costs | ( | ||||||||||
Interest expense, net | ( | ( | |||||||||
Other (expense) income, net | ( | ||||||||||
Income before income taxes | $ | $ |
Three Months Ended | |||||||||||
(in thousands) | March 30, 2024 | April 1, 2023 | |||||||||
Net sales to U.S. customers | $ | $ | |||||||||
Net sales to non-U.S. customers | |||||||||||
Total | $ | $ |
Shares | Weighted Average Fair Value | ||||||||||
Balance at December 31, 2023 | $ | ||||||||||
Granted | $ | ||||||||||
Vested | ( | $ | |||||||||
Canceled | ( | $ | |||||||||
Balance at March 30, 2024 | $ |
Shares | Weighted Average Price | Weighted Average Remaining Term (years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||
Balance at December 31, 2023 | $ | ||||||||||||||||||||||
Exercised | ( | $ | |||||||||||||||||||||
Balance at March 30, 2024 | $ | $ | |||||||||||||||||||||
Exercisable at March 30, 2024 | $ | $ |
Three Months Ended | |||||||||||
(in thousands, except per share data) | March 30, 2024 | April 1, 2023 | |||||||||
Net income | $ | $ | |||||||||
Denominator: | |||||||||||
Weighted average basic shares outstanding | |||||||||||
Effect of stock-based compensation awards | |||||||||||
Weighted average diluted shares outstanding | |||||||||||
Earnings Per Share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ |
Three Months Ended | |||||||||||
March 30, 2024 | April 1, 2023 | ||||||||||
Shares repurchased and canceled | |||||||||||
Total cost of shares repurchased and canceled (in thousands) | $ | $ | |||||||||
Average price per share | $ | $ |
Three Months Ended | |||||||||||
March 30, 2024 | April 1, 2023 | ||||||||||
Shares repurchased and canceled | |||||||||||
Total cost of shares repurchased and canceled (in thousands) | $ | $ | |||||||||
Average price per share | $ | $ |
Year Ending | Year Ended | ||||||||||
(in thousands) | December 31, 2024 | December 31, 2023 | |||||||||
Facility lease with Steven Berman related entities | $ | $ | |||||||||
Facility lease with Lindsay Hunt related entities | $ | $ | |||||||||
Service agreements with Lindsay Hunt related entities | $ | $ |
Three Months Ended* | |||||||||||||||||||||||
(in thousands, except percentage data) | March 30, 2024 | April 1, 2023 | |||||||||||||||||||||
Net sales | $ | 468,701 | 100.0 | % | $ | 466,738 | 100.0 | % | |||||||||||||||
Cost of goods sold | 287,255 | 61.3 | % | 322,261 | 69.0 | % | |||||||||||||||||
Gross profit | 181,446 | 38.7 | % | 144,477 | 31.0 | % | |||||||||||||||||
Selling, general and administrative expenses | 127,008 | 27.1 | % | 126,363 | 27.1 | % | |||||||||||||||||
Income from operations | 54,438 | 11.6 | % | 18,114 | 3.9 | % | |||||||||||||||||
Interest expense, net | 10,605 | 2.3 | % | 11,953 | 2.6 | % | |||||||||||||||||
Other expense (income), net | 40 | 0.0 | % | (357) | (0.1) | % | |||||||||||||||||
Income before income taxes | 43,793 | 9.3 | % | 6,518 | 1.4 | % | |||||||||||||||||
Provision for income taxes | 10,965 | 2.3 | % | 835 | 0.2 | % | |||||||||||||||||
Net income | $ | 32,828 | 7.0 | % | $ | 5,683 | 1.2 | % |
For the Three Months Ended | |||||||||||
(in thousands) | March 30, 2024 | April 1, 2023 | |||||||||
Net Sales: | |||||||||||
Light Duty | $ | 359,293 | $ | 348,083 | |||||||
Heavy Duty | 57,809 | 67,647 | |||||||||
Specialty Vehicle | 51,599 | 51,008 | |||||||||
Total | $ | 468,701 | $ | 466,738 | |||||||
Segment profit: | |||||||||||
Light Duty | $ | 57,795 | $ | 21,447 | |||||||
Heavy Duty | 9 | 5,348 | |||||||||
Specialty Vehicle | 7,169 | 7,080 | |||||||||
Total | $ | 64,973 | $ | 33,875 |
(in thousands) | March 30, 2024 | April 1, 2023 | |||||||||
Cash and cash equivalents | $ | 34,433 | $ | 36,814 | |||||||
Working Capital | $ | 697,199 | $ | 686,558 | |||||||
Shareholders' equity | $ | 1,174,495 | $ | 1,168,203 |
Three Months Ended | |||||||||||
(in thousands) | March 30, 2024 | April 1, 2023 | |||||||||
Sales of accounts receivable | $ | 285,218 | $ | 237,739 | |||||||
Factoring costs | 13,610 | 13,524 |
Three Months Ended | |||||||||||
(in thousands) | March 30, 2024 | April 1, 2023 | |||||||||
Cash provided by operating activities | $ | 51,980 | $ | 26,210 | |||||||
Cash used in investing activities | (10,755) | (10,270) | |||||||||
Cash used in financing activities | (43,567) | (28,663) | |||||||||
Effect of foreign exchange on cash and cash equivalents | (39) | (4) | |||||||||
Net decrease in cash and cash equivalents | $ | (2,381) | $ | (12,727) |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3) | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (4) | |||||||||||||||||||
January 1, 2024 through January 27, 2024 (1) | 103,624 | $ | 82.12 | 98,573 | $ | 204,577,352 | |||||||||||||||||
January 28, 2024 through February 24, 2024 (2) | 104,885 | $ | 82.76 | 103,800 | $ | 195,986,974 | |||||||||||||||||
February 25, 2024 through March 30, 2024 (3) | 110,743 | $ | 90.90 | 107,800 | $ | 186,193,115 | |||||||||||||||||
Total | 319,252 | 310,173 | $ | 186,193,115 |
31.1 | |||||
31.2 | |||||
32 | |||||
101 | The following financial statements from the Dorman Products, Inc. Quarterly Report on Form 10-Q as of and for the quarter ended March 30, 2024, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Operations; (ii) the Condensed Consolidated Balance Sheets; (iii) Condensed Consolidated Statements of Shareholders’ Equity; (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements. | ||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q as of and for the quarter ended March 30, 2024, formatted in Inline XBRL (included as Exhibit 101). |
/s/ Kevin M. Olsen | |||||
Kevin M. Olsen | |||||
President, Chief Executive Officer | |||||
(principal executive officer) |
/s/ David M. Hession | |||||
David M. Hession | |||||
Senior Vice President and | |||||
Chief Financial Officer | |||||
(principal financial and accounting officer) |
/s/ Kevin M. Olsen | |||||
Kevin M. Olsen | |||||
President, Chief Executive Officer |
/s/ David M. Hession | |||||
David M. Hession | |||||
Senior Vice President and Chief Financial Officer |
/s/ Kevin M. Olsen | |||||
Kevin M. Olsen | |||||
President, Chief Executive Officer | |||||
Date: May 7, 2024 |
/s/ David M. Hession | |||||
David M. Hession | |||||
Senior Vice President and Chief Financial Officer | |||||
Date: May 7, 2024 |
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts and customer credits | $ 3,513 | $ 3,518 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 31,011,870 | 31,299,770 |
Common stock, shares outstanding (in shares) | 31,011,870 | 31,299,770 |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation As used herein, unless the context requires otherwise, “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 condensed consolidated financial statements have been prepared under U.S. generally accepted accounting principles (“GAAP”) for interim financial information and under the rules and regulations of the U.S. Securities and Exchange Commission. However, they do not include all the information and footnotes required by GAAP 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 three months ended March 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024 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 and the introduction of new products and product lines to customers. These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
|
Sales of Accounts Receivable |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales of Accounts Receivable | Sales of Accounts Receivable We have entered several customer-sponsored programs administered by unrelated financial institutions that permit us to sell (factor) 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 Condensed Consolidated Balance Sheets at the times of the sales transactions. Sales of accounts receivable under these agreements, and related factoring costs, which were included in selling, general and administrative expenses, were as follows:
|
Inventories |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 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:
|
Goodwill and Intangible Assets |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Goodwill included the following:
Intangible Assets Intangible assets included the following:
Amortization expense was $5.6 million and $5.5 million during the three months ended March 30, 2024 and April 1, 2023, respectively.
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Debt |
3 Months Ended |
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Mar. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | DebtAs of March 30, 2024 and December 31, 2023, the interest rate on the outstanding borrowings under our credit facility was 6.93% and 6.96%, respectively. |
Segment Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Segment results are as follows:
A reconciliation of segment profit to income before income taxes is as follows:
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Commitments and Contingencies |
3 Months Ended |
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Mar. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Acquisitions We have contingent consideration related to acquisitions due to the uncertainty of the ultimate amount of any payments that will become due as earnout payments if performance targets are achieved. If the remaining performance targets for the acquisitions are fully achieved, the maximum additional contingent payments to be made under the transaction documents would be $52.0 million in aggregate. As of March 30, 2024 and December 31, 2023, we estimated that no payments are expected to become due in connection with the acquisitions, and therefore accrued no liability. The contingent consideration liability is measured each reporting period and recorded at fair value. The inputs used to calculate the fair value of the contingent consideration liability are considered to be Level 3 inputs due to the lack of relevant observable market activity and significant management judgment. The approach to valuing the contingent consideration uses unobservable factors such as projected revenues and cost of goods sold over the term of the earnout period, discounted for the period over which the contingent consideration is measured, and volatility rates. Based upon these assumptions, the contingent consideration is then valued using a Monte Carlo simulation. An increase in future revenue and gross profit may result in a higher estimated fair value, while a decrease in future revenue and gross profit may result in a lower estimated fair value of the contingent consideration liability. 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 or results of operations in the period in which any such effects are recorded.
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Revenue Recognition |
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition The following tables present our disaggregated revenue by geography.
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Stock-Based Compensation |
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation Restricted Stock Awards (“RSAs”) and Restricted Stock Units (“RSUs”) We issue RSUs, and, prior to January 2020 we issued RSAs, to participants in our equity plans. Performance-based RSUs granted in the three months ended March 30, 2024 included certain grants that vest based on our total shareholder return ranking relative to the Nasdaq US Benchmark Auto Parts Index over a three-year performance period (market condition), and other grants that vest based upon achievement of return on invested capital targets over a three-year performance period (performance condition). Compensation cost related to RSA and RSU grants was $2.5 million and $1.7 million for the three months ended March 30, 2024 and April 1, 2023, respectively, and was included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. The following table summarizes our RSA and RSU activity for the three months ended March 30, 2024:
For the three months ended March 30, 2024, we granted 32,109 performance-based RSUs containing a market condition with a grant date fair value of $138.58 per share. For the three months ended April 1, 2023, we granted 29,399 performance-based RSUs containing a market condition with a grant date fair value of $113.15 per share. As of March 30, 2024, there was $27.4 million of unrecognized compensation cost related to unvested RSA and RSU grants that is expected to be recognized over a weighted average period of 2.4 years. Stock Options From time to time, we grant stock options to participants in our equity plans. Compensation cost related to stock option grants was $0.4 million for both the three months ended March 30, 2024 and April 1, 2023, and was included as selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. The following table summarizes our stock option activity for the three months ended March 30, 2024:
As of March 30, 2024, there was $3.3 million of unrecognized compensation cost related to unvested stock options that is expected to be recognized over a weighted average period of 2.3 years.
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Earnings Per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share was calculated by dividing our net income by the weighted average number of common shares outstanding during the period, excluding unvested RSAs 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. For the three months ended March 30, 2024 and April 1, 2023, there were approximately 319,000 shares and 237,000 shares, respectively, that were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive. The following table sets forth the computation of basic earnings per share and diluted earnings per share:
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Common Stock Repurchases |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Repurchases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Repurchases | 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”). 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 by the Company 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. The following table summarizes the repurchase and cancellation of common stock by the Company for the periods indicated:
Separately, our Board of Directors has authorized the repurchase of up to $600 million of our common stock through December 31, 2024 under a previously announced share repurchase program and subsequent authorizations. 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. At March 30, 2024, $186.2 million was available for repurchase under this share repurchase program. The following table summarizes the repurchase and cancellation of common stock under the share repurchase program:
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Income Taxes |
3 Months Ended |
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Mar. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rate was 25.0% and 12.8% for the three months ended March 30, 2024 and April 1, 2023, respectively. The increase in the effective tax rate was primarily due to favorable discrete items applied to a lower income before income taxes in the three months ended April 1, 2023. At March 30, 2024, we had $4.6 million of net unrecognized tax benefits, $4.3 million of which would lower our effective tax rate if recognized. We recognize interest and penalties related to uncertain tax positions in income tax expense. As of March 30, 2024, accrued interest and penalties related to uncertain tax positions were not material. We file income tax returns in the United States, Canada, China, India, and Mexico. The statute of limitations for tax years before 2020 is closed for U.S. federal income tax purposes. The statute of limitations for tax years before 2017 is closed for the states in which we filed. The statute of limitations for tax years before 2020 is closed for income tax purposes in Canada, China and India. The statute of limitations for tax years before 2018 is closed for income tax purposes in Mexico.
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Related-Party Transactions |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related-Party Transactions | Related-Party Transactions Prior to December 1, 2023, we leased our Colmar, PA facility from an entity in which Steven Berman, our Non-Executive Chairman, and certain of his family members are owners. On December 1, 2023, the Colmar facility was sold to a third party, subject to our lease. We also lease a portion of our Lewisberry, PA facility from an entity in which Mr. Berman, and certain of his family members are owners. Each lease is a non-cancelable operating lease and expires December 31, 2027. We also lease our facilities in Madison, IN and Shreveport, LA, from entities in which Lindsay Hunt, our President and Chief Executive Officer, Specialty Vehicle, and certain of her family members are owners. Each lease is a non-cancelable operating lease. The leases for our operating facilities in Madison, IN and Shreveport, LA were renewed in October 2022 in connection with the acquisition of SuperATV, LLC, a leading supplier to the powersports aftermarket ("SuperATV"), and will expire on October 31, 2027. We have service agreements with counterparties that are majority-owned by a family member of Lindsay Hunt, our President and Chief Executive Officer, Specialty Vehicle. These agreements provide for various warehouse and facility-related services at agreed-upon rates. The following table represents the estimated payments for the year ending December 31, 2024 and actual payments for the year ended December 31, 2023 under the related party agreements described above:
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Fair Value Disclosures |
3 Months Ended |
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Mar. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The carrying value of financial instruments such as cash and cash equivalents, accounts receivable, accounts payable, and other current assets and liabilities approximate their fair value based on the short-term nature of these instruments. The carrying value of borrowings under our credit facility approximates fair value because these borrowings bear interest at rates indexed to a market rate (Term SOFR).
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New and Recently Adopted Accounting Pronouncements |
3 Months Ended |
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Mar. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New and Recently Adopted Accounting Pronouncements | New and Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures. The ASU requires additional disclosures about reportable segments’ significant expenses on an interim and annual basis. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU expands disclosures in the income tax rate reconciliations table and cash taxes paid and is effective for annual periods beginning after December 15, 2024. We expect to implement these new standards by their effective dates, and do not expect their adoption to have an impact on our results of operations, financial condition or cash flows.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 30, 2024 |
Apr. 01, 2023 |
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Pay vs Performance Disclosure | ||
Net income | $ 32,828 | $ 5,683 |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 30, 2024
shares
| |
Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Mr. Jeffrey L. Darby [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On March 13, 2024, Mr. Jeffrey L. Darby, our Senior Vice President, Sales & Marketing, adopted a Rule 10b5-1 plan (“Rule 10b5-1 Plan”) intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Mr. Darby’s Rule 10b5-1 Plan provides for the sale of up to 9,000 shares of the Company's common stock, pursuant to the terms of the Rule 10b5-1 Plan. The Rule 10b5-1 Plan expires on March 28, 2025, or upon the earlier completion of all authorized transactions under such Rule 10b5-1 Plan.
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Name | Mr. Jeffrey L. Darby |
Title | Senior Vice President, Sales & Marketing |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 13, 2024 |
Arrangement Duration | 380 days |
Aggregate Available | 9,000 |
New and Recently Adopted Accounting Pronouncements (Policies) |
3 Months Ended |
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Mar. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New and Recently Adopted Accounting Pronouncements | New and Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures. The ASU requires additional disclosures about reportable segments’ significant expenses on an interim and annual basis. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU expands disclosures in the income tax rate reconciliations table and cash taxes paid and is effective for annual periods beginning after December 15, 2024. We expect to implement these new standards by their effective dates, and do not expect their adoption to have an impact on our results of operations, financial condition or cash flows.
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Sale of Accounts Receivable (Tables) |
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Sale of Accounts Receivable | Sales of accounts receivable under these agreements, and related factoring costs, which were included in selling, general and administrative expenses, were as follows:
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Inventories (Tables) |
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of 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:
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Goodwill and Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Goodwill included the following:
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Schedule of Intangible Assets | Intangible assets included the following:
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Segment results are as follows:
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Reconciliation of Operating Income from Segments to Consolidated | A reconciliation of segment profit to income before income taxes is as follows:
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Revenue Recognition (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Disaggregated Revenue | The following tables present our disaggregated revenue by geography.
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Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of RSA and RSU Activity | The following table summarizes our RSA and RSU activity for the three months ended March 30, 2024:
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Summary of Stock Option Activity | The following table summarizes our stock option activity for the three months ended March 30, 2024:
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Common Stock Repurchases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Repurchases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Shares Repurchase and Cancellation | The following table summarizes the repurchase and cancellation of common stock by the Company for the periods indicated:
The following table summarizes the repurchase and cancellation of common stock under the share repurchase program:
|
Related-Party Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Agreements | The following table represents the estimated payments for the year ending December 31, 2024 and actual payments for the year ended December 31, 2023 under the related party agreements described above:
|
Sales of Accounts Receivable - Summary of Sale of Accounts Receivable (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Sale Of Accounts Receivable [Line Items] | ||
Sales of accounts receivable | $ 285,218 | $ 237,739 |
Factoring costs | 127,008 | 126,363 |
Accounts Receivable Sales Programs | ||
Sale Of Accounts Receivable [Line Items] | ||
Factoring costs | $ 13,610 | $ 13,524 |
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands |
Mar. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 26,431 | $ 29,750 |
Bulk product | 172,200 | 211,805 |
Finished product | 412,547 | 387,668 |
Packaging materials | 8,794 | 8,152 |
Total | $ 619,972 | $ 637,375 |
Goodwill and Intangible Assets - Schedule of Goodwill (Detail) $ in Thousands |
3 Months Ended |
---|---|
Mar. 30, 2024
USD ($)
| |
Goodwill [Roll Forward] | |
Balance at beginning of period | $ 443,889 |
Foreign currency translation | (593) |
Balance at end of period | 443,296 |
Light Duty | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 313,704 |
Foreign currency translation | 0 |
Balance at end of period | 313,704 |
Heavy Duty | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 57,876 |
Foreign currency translation | (593) |
Balance at end of period | 57,283 |
Specialty Vehicle | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 72,309 |
Foreign currency translation | 0 |
Balance at end of period | $ 72,309 |
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 5.6 | $ 5.5 |
Debt - Additional Information (Detail) |
Mar. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit facility, outstanding borrowing interest rate | 6.93% | 6.96% |
Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Segment Reporting Information [Line Items] | ||
Net Sales: | $ 468,701 | $ 466,738 |
Segment profit: | 54,438 | 18,114 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net Sales: | 468,701 | 466,738 |
Segment profit: | 64,973 | 33,875 |
Light Duty | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net Sales: | 359,293 | 348,083 |
Segment profit: | 57,795 | 21,447 |
Heavy Duty | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net Sales: | 57,809 | 67,647 |
Segment profit: | 9 | 5,348 |
Specialty Vehicle | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net Sales: | 51,599 | 51,008 |
Segment profit: | $ 7,169 | $ 7,080 |
Segment Information - Reconciliation of Operating Income from Segments to Consolidated (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Segment Reporting Information [Line Items] | ||
Segment profit | $ 54,438 | $ 18,114 |
Acquisition-related intangible assets amortization | (5,600) | (5,500) |
Interest expense, net | (10,605) | (11,953) |
Other (expense) income, net | (40) | 357 |
Income before income taxes | 43,793 | 6,518 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Segment profit | 64,973 | 33,875 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Acquisition-related intangible assets amortization | (5,484) | (5,433) |
Acquisition-related transaction and other costs | (483) | (8,549) |
Executive transaction services expenses | 0 | (1,779) |
Pretax reduction in workforce costs | (4,568) | 0 |
Interest expense, net | (10,605) | (11,953) |
Other (expense) income, net | $ (40) | $ 357 |
Commitments and Contingencies - Additional Information (Detail) $ in Millions |
3 Months Ended |
---|---|
Mar. 30, 2024
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Maximum contingency payable | $ 52.0 |
Revenue Recognition - Summary of Disaggregated Revenue (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 468,701 | $ 466,738 |
Net sales to U.S. customers | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 428,855 | 430,693 |
Net sales to non-U.S. customers | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 39,846 | $ 36,045 |
Stock-Based Compensation - Summary of RSA and RSU Activity (Detail) |
3 Months Ended |
---|---|
Mar. 30, 2024
$ / shares
shares
| |
Shares | |
Beginning balance (in shares) | shares | 257,554 |
Granted (in shares) | shares | 171,940 |
Vested (in shares) | shares | (44,435) |
Canceled (in shares) | shares | (16,085) |
Ending balance (in shares) | shares | 368,974 |
Weighted Average Fair Value | |
Beginning balance, weighted average fair value (in dollars per share) | $ / shares | $ 97.33 |
Granted (in dollars per share) | $ / shares | 99.45 |
Vested (in dollars per share) | $ / shares | 89.84 |
Canceled (in dollars per share) | $ / shares | 128.96 |
Ending balance, weighted average fair value (in dollars per share) | $ / shares | $ 97.83 |
Stock-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands |
3 Months Ended |
---|---|
Mar. 30, 2024
USD ($)
$ / shares
shares
| |
Shares | |
Beginning balance (in shares) | shares | 311,217 |
Exercised (in shares) | shares | (6,046) |
Ending balance (in shares) | shares | 305,171 |
Exercisable (in shares) | shares | 195,683 |
Weighted Average Price | |
Beginning balance, weighted average exercise price (in dollars per share) | $ / shares | $ 86.52 |
Exercised (in dollars per share) | $ / shares | 62.75 |
Ending balance, weighted average exercise price (in dollars per share) | $ / shares | 86.99 |
Exercisable (in dollars per share) | $ / shares | $ 82.99 |
Weighted average remaining term | 5 years 2 months 12 days |
Weighted average remaining term, exercisable | 4 years 7 months 6 days |
Aggregate intrinsic value | $ | $ 3,193 |
Aggregate intrinsic value, exercisable | $ | $ 2,844 |
Earnings Per Share - Additional Information (Detail) - shares |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Earnings Per Share [Abstract] | ||
Stock-based awards considered as anti-dilutive | 319,000 | 237,000 |
Earnings Per Share - Schedule of Computation of Basic Earnings per Share and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Earnings Per Share [Abstract] | ||
Net income | $ 32,828 | $ 5,683 |
Denominator: | ||
Weighted average basic shares outstanding (in shares) | 31,140 | 31,436 |
Effect of stock-based compensation awards (in shares) | 110 | 101 |
Weighted average diluted shares outstanding (in shares) | 31,250 | 31,537 |
Earnings Per Share: | ||
Earning per share, basic (in dollars per share) | $ 1.05 | $ 0.18 |
Earning per share, diluted (in dollars per share) | $ 1.05 | $ 0.18 |
Common Stock Repurchases - Summary of Shares Repurchase and Cancellation (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Common Stock Repurchases | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares repurchased and canceled (in shares) | 7,759 | 5,125 |
Total cost of shares repurchased and canceled | $ 673 | $ 434 |
Average price per share (in dollars per share) | $ 86.77 | $ 84.62 |
Share Repurchase Program | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares repurchased and canceled (in shares) | 310,173 | 0 |
Total cost of shares repurchased and canceled | $ 26,463 | $ 0 |
Average price per share (in dollars per share) | $ 85.32 | $ 0 |
Common Stock Repurchases - Additional Information (Detail) - Share Repurchase Program |
Mar. 30, 2024
USD ($)
|
---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share repurchase program shares authorized to be repurchased | $ 600,000,000 |
Shares available for repurchase under share repurchase program amount | $ 186,200,000 |
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 30, 2024 |
Apr. 01, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 25.00% | 12.80% |
Net unrecognized tax benefits | $ 4.6 | |
Unrecognized tax benefits which could lower tax rate | $ 4.3 |
Related-Party Transactions - Schedule of Related Party Agreements (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 30, 2024 |
Dec. 31, 2023 |
|
Steven Berman | ||
Related Party Transaction [Line Items] | ||
Related party agreements | $ 715 | $ 2,918 |
Lindsay Hunt | ||
Related Party Transaction [Line Items] | ||
Related party agreements | 2,757 | 2,603 |
Lindsay Hunt | Service Agreements | ||
Related Party Transaction [Line Items] | ||
Related party agreements | $ 54 | $ 200 |
Related-Party Transactions - Additional Information (Detail) - Related Party |
3 Months Ended |
---|---|
Mar. 30, 2024
Investment
Supplier
| |
Related Party Transaction [Line Items] | |
Number of suppliers with company partners joint venture | Supplier | 1 |
Minority interest investments in number of suppliers | Supplier | 2 |
Number of investments accounted for under equity method | Investment | 2 |
Number of investments accounted for under cost method | Investment | 1 |
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