Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
May. 30, 2015 | Jul. 20, 2015 | Nov. 28, 2014 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | May 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | recn | ||
Entity Registrant Name | RESOURCES CONNECTION INC | ||
Entity Central Index Key | 1,084,765 | ||
Current Fiscal Year End Date | --05-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 547,873,000 | ||
Entity Common Stock, Shares Outstanding | 37,390,189 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | May. 30, 2015 | May. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 87,250 | $ 80,291 |
Short-term investments | 24,988 | 33,986 |
Trade accounts receivable, net of allowance for doubtful accounts of $3,291 and $3,139 as of May 30, 2015 and May 31, 2014, respectively | 96,574 | 90,334 |
Prepaid expenses and other current assets | 4,066 | 4,876 |
Income taxes receivable | 257 | |
Deferred income taxes | 8,571 | 7,975 |
Total current assets | 221,706 | 217,462 |
Goodwill | 170,878 | 175,427 |
Intangible assets, net | 90 | 1,031 |
Property and equipment, net | 22,001 | 23,158 |
Deferred income taxes | 335 | 672 |
Other assets | 1,971 | 2,328 |
Total assets | 416,981 | 420,078 |
Current liabilities: | ||
Accounts payable and accrued expenses | 13,310 | 14,031 |
Accrued salaries and related obligations | 48,637 | 45,567 |
Other liabilities | 6,999 | 7,577 |
Total current liabilities | 68,946 | 67,175 |
Other long-term liabilities | 7,583 | 7,142 |
Total liabilities | $ 76,529 | $ 74,317 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, 5,000 shares authorized; zero shares issued and outstanding | ||
Common stock, $0.01 par value, 70,000 shares authorized; 57,488 and 56,738 shares issued, and 37,273 and 38,158 shares outstanding as of May 30, 2015 and May 31, 2014, respectively | $ 575 | $ 567 |
Additional paid-in capital | 374,285 | 360,445 |
Accumulated other comprehensive loss | (10,917) | (2,573) |
Retained earnings | 313,268 | 298,830 |
Treasury stock at cost, 20,215 and 18,580 shares at May 30, 2015 and May 31, 2014, respectively | (336,759) | (311,508) |
Total stockholders' equity | 340,452 | 345,761 |
Total liabilities and stockholders' equity | $ 416,981 | $ 420,078 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | May. 30, 2015 | May. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Trade accounts receivable, allowance for doubtful accounts | $ 3,291 | $ 3,139 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 70,000,000 | 70,000,000 |
Common stock, shares issued | 57,488,000 | 56,738,000 |
Common stock, shares outstanding | 37,273,000 | 38,158,000 |
Treasury stock at cost, shares | 20,215,000 | 18,580,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
Consolidated Statements Of Operations [Abstract] | |||
Revenue | $ 590,589 | $ 567,181 | $ 556,334 |
Direct cost of services, primarily payroll and related taxes for professional services employees | 362,227 | 351,359 | 342,040 |
Gross margin | 228,362 | 215,822 | 214,294 |
Selling, general and administrative expenses | 173,797 | 172,531 | 168,318 |
Amortization of intangible assets | 918 | 1,688 | 1,694 |
Depreciation expense | 3,389 | 3,628 | 4,580 |
Income from operations | 50,258 | 37,975 | 39,702 |
Interest income | (148) | (168) | (175) |
Income before provision for income taxes | 50,406 | 38,143 | 39,877 |
Provision for income taxes | 22,898 | 18,257 | 19,373 |
Net income | $ 27,508 | $ 19,886 | $ 20,504 |
Net income per common share: | |||
Basic | $ 0.73 | $ 0.51 | $ 0.50 |
Diluted | $ 0.72 | $ 0.51 | $ 0.50 |
Weighted average common shares outstanding: | |||
Basic | 37,825 | 39,216 | 41,108 |
Diluted | 38,248 | 39,307 | 41,151 |
Cash dividends declared per common share | $ 0.32 | $ 0.28 | $ 0.24 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
COMPREHENSIVE INCOME: | |||
Net income | $ 27,508 | $ 19,886 | $ 20,504 |
Foreign currency translation adjustment, net of tax | (8,344) | 1,385 | (2,068) |
Total comprehensive income | $ 19,164 | $ 21,271 | $ 18,436 |
Consolidated Statement Of Stock
Consolidated Statement Of Stockholders' Equity - USD ($) $ in Thousands | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | ACCUMULATED OTHER COMPREHENSIVE LOSS | RETAINED EARNINGS | TREASURY STOCK | Total |
Balance at May. 26, 2012 | $ 555 | $ 335,791 | $ (1,890) | $ 280,650 | $ (249,238) | |
Balance (in shares) at May. 26, 2012 | 55,476,000 | 13,503,000 | ||||
Exercise of stock options | $ 2 | 1,665 | ||||
Exercise of stock options (in shares) | 195,000 | |||||
Stock-based compensation expense related to share-based awards and employee stock purchases | 7,188 | |||||
Issuance of restricted stock | (815) | $ 815 | ||||
Issuance of restricted stock (in shares) | 35,000 | |||||
Tax shortfall from employee stock option plans | (762) | |||||
Issuance of common stock under Employee Stock Purchase Plan | $ 4 | 3,908 | ||||
Issuance of common stock under Employee Stock Purchase Plan (in shares) | 411,000 | |||||
Purchase of shares | $ (34,192) | |||||
Purchase of shares (in shares) | 2,909,000 | |||||
Cash dividends declared | (9,790) | |||||
Foreign currency translation adjustment, net of tax | (2,068) | $ (2,068) | ||||
Net income | 20,504 | 20,504 | ||||
Balance at May. 25, 2013 | $ 561 | 347,790 | (3,958) | 290,549 | $ (282,615) | |
Balance (in shares) at May. 25, 2013 | 56,082,000 | 16,377,000 | ||||
Exercise of stock options | $ 3 | 3,813 | ||||
Exercise of stock options (in shares) | 313,000 | |||||
Stock-based compensation expense related to share-based awards and employee stock purchases | 6,519 | |||||
Issuance of restricted stock | (694) | $ 694 | ||||
Issuance of restricted stock (in shares) | 5,000 | 29,000 | ||||
Cancellation of shares (in shares) | (10,000) | (10,000) | ||||
Tax shortfall from employee stock option plans | (1,125) | |||||
Issuance of common stock under Employee Stock Purchase Plan | $ 3 | 3,448 | ||||
Issuance of common stock under Employee Stock Purchase Plan (in shares) | 348,000 | |||||
Purchase of shares | $ (29,587) | |||||
Purchase of shares (in shares) | 2,242,000 | |||||
Cash dividends declared | (10,911) | |||||
Foreign currency translation adjustment, net of tax | 1,385 | 1,385 | ||||
Net income | 19,886 | 19,886 | ||||
Balance at May. 31, 2014 | $ 567 | 360,445 | (2,573) | 298,830 | $ (311,508) | $ 345,761 |
Balance (in shares) at May. 31, 2014 | 56,738,000 | 18,580,000 | 38,158,000 | |||
Exercise of stock options | $ 4 | 5,299 | ||||
Exercise of stock options (in shares) | 408,000 | 408,000 | ||||
Stock-based compensation expense related to share-based awards and employee stock purchases | 5,989 | |||||
Issuance of restricted stock | (1,026) | $ 1,026 | ||||
Issuance of restricted stock (in shares) | 6,000 | 44,000 | ||||
Cancellation of shares (in shares) | (1,000) | |||||
Tax shortfall from employee stock option plans | (1,216) | |||||
Issuance of common stock under Employee Stock Purchase Plan | $ 4 | 3,768 | ||||
Issuance of common stock under Employee Stock Purchase Plan (in shares) | 337,000 | |||||
Purchase of shares | $ (26,277) | |||||
Purchase of shares (in shares) | 1,679,000 | |||||
Cash dividends declared | (12,044) | |||||
Foreign currency translation adjustment, net of tax | (8,344) | $ (8,344) | ||||
Net income | 27,508 | 27,508 | ||||
Balance at May. 30, 2015 | $ 575 | $ 374,285 | $ (10,917) | $ 313,268 | $ (336,759) | $ 340,452 |
Balance (in shares) at May. 30, 2015 | 57,488,000 | 20,215,000 | 37,273,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 27,508 | $ 19,886 | $ 20,504 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 4,307 | 5,316 | 6,274 |
Stock-based compensation expense | 5,989 | 6,519 | 7,188 |
Excess tax benefits from stock-based compensation | (86) | (35) | (18) |
Loss on disposal of assets | 15 | 65 | 116 |
Bad debt expense | 212 | 300 | |
Deferred income taxes | 692 | 1,828 | 982 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | (10,052) | (5,747) | 37 |
Prepaid expenses and other current assets | 547 | (225) | 548 |
Income taxes | (2,187) | 845 | (600) |
Other assets | 254 | 110 | (64) |
Accounts payable and accrued expenses | 304 | (1,496) | (973) |
Accrued salaries and related obligations | 4,090 | 6,097 | 429 |
Other liabilities | 158 | (1,445) | 536 |
Net cash provided by operating activities | 31,751 | 32,018 | 34,959 |
Cash flows from investing activities: | |||
Redemption of short-term investments | 49,000 | 73,000 | 61,000 |
Purchase of short-term investments | (40,002) | (81,990) | (63,005) |
Purchase of property and equipment | (2,364) | (3,725) | (3,147) |
Net cash provided by (used in) investing activities | 6,634 | (12,715) | (5,152) |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 5,303 | 3,816 | 1,667 |
Proceeds from issuance of common stock under Employee Stock Purchase Plan | 3,772 | 3,451 | 3,912 |
Purchase of common stock | (26,277) | (29,587) | (34,192) |
Cash dividends paid | (11,748) | (10,625) | (9,497) |
Excess tax benefits from stock-based compensation | 86 | 35 | 18 |
Net cash used in financing activities | (28,864) | (32,910) | (38,092) |
Effect of exchange rate changes on cash | (2,562) | (118) | (2,823) |
Net increase (decrease) in cash | 6,959 | (13,725) | (11,108) |
Cash and cash equivalents at beginning of period | 80,291 | 94,016 | 105,124 |
Cash and cash equivalents at end of period | $ 87,250 | $ 80,291 | $ 94,016 |
Description Of The Company And
Description Of The Company And Its Business | 12 Months Ended |
May. 30, 2015 | |
Description Of The Company And Its Business [Abstract] | |
Description Of The Company And Its Business | 1. Description of the Company and its Business Resources Connection, Inc. (“Resources Connection”), a Delaware corporation, was incorporated on November 16, 1998. Resources Connection is a multinational professional services firm; its operating entities primarily provide services under the name Resources Global Professionals (“RGP” or the “Company”). The Company is organized around client service teams utilizing experienced professionals and provides consulting and business support services in the areas of accounting ; finance ; governance, risk and compliance; corporate advisory, strategic communications and restructuring ; information management ; human capital ; supply chain management ; healthcare solutions; and legal and regulatory. The Company has offices in the United States (“U.S.”), Asia, Australia, Canada, Europe and Mexico. The Company’s fiscal year consists of 52 or 53 weeks, ending on the Saturday in May closest to May 31. Fiscal years 2015 and 2013 consisted of four 13 week quarters and a total of 52 weeks of activity for the fiscal year. For fiscal years of 53 weeks, such as fiscal 2014, the first three quarters consisted of 13 weeks each and the fourth quarter consisted of 14 weeks. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
May. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Consolidated Financial Statements of the Company (“financial statements”) have been prepared in conformity with accounting principles generally accepted in the U.S. (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”). The financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Revenue Recognition Revenues are recognized and billed when the Company’s professionals deliver services. Conversion fees are recognized when one of the Company’s professionals accepts an offer of permanent employment from a client. Conversion fees were 0.5 % of revenue for each of the years ended May 30, 2015, May 31, 2014 and May 25, 2013. All costs of compensating the Company’s professionals are the responsibility of the Company and are included in direct cost of services. Client Reimbursements of “Out-of-Pocket” Expenses The Company recognizes all reimbursements receiv ed from clients for “out-of-pocket” expenses as revenue and all such expenses as direct cost of services. Reimbursements received from clients were $10.6 million, $8.9 million and $ 10.1 million for the years ended May 30, 2015, May 31, 2014 and May 25, 2013, respectively. Foreign Currency Translation The financial statements of subsidiaries outside the U.S. are measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at current exchange rates, income and expense items are translated at average exchange rates prevailing during the period and the related translation adjustments are recorded as a component of comprehensive income or loss within stockholders’ equity. Gains and losses from foreign currency transactions are included in selling, general and administrative expenses in the Consolidated Statements of Operations. Per Share Information The Company presents both basic and diluted earnings per share (“EPS”). Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is based upon the weighted average number of common and common equivalent shares outstanding during the period, calculated using the treasury stock method for stock options. Under the treasury stock method, exercise proceeds include the amount the employee must pay for exercising stock options, the amount of compensation cost for future services that the Company has not yet recognized and the amount of tax benefits that would be recorded in additional paid-in capital when the award becomes deductible. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and are excluded from the calculation. The following table summarizes the calculation of net income per share for the years ended May 30, 2015, May 31, 2014 and May 25, 2013 (in thousands, except per share amounts): 2015 2014 2013 Net income $ $ $ Basic: Weighted average shares Diluted: Weighted average shares Potentially dilutive shares Total dilutive shares Net income per common share: Basic $ $ $ Dilutive $ $ $ Anti-dilutive shares not included above Cash and Cash Equivalents The Company considers cash on hand, deposits in banks, and short-term investments purchased with an original maturity date of three months or less to be cash and cash equivalents. The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents approximate the fair values due to the short maturities of these instruments. Short-Term Investments As of May 30 , 201 5 and May 31 , 201 4 , $ 25.0 million and $ 34 .0 million, respectively, of the Company’s investments in debt securities had original contractual maturities of between three months and one year. The Company had no investments with a maturity in excess of one year as of the end of either fiscal year 201 5 or 201 4 . The Company carries debt securities that it has the ability and positive intent to hold to maturity at amortized cost. The fair value of the Company’s financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels: Level 1 – Quoted prices in active markets for identical assets and liabilities. Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets. Level 3 – Unobservable inputs. The Company’s investments in c ommercial paper and U.S. Government Agency securities are measured using quoted prices in markets that are not active (Level 2). There were no unrealized holding gains or losses as of May 30, 2015 and May 31, 2014. Short-term investments consist of the following (in thousands): As of May 30, 2015 As of May 31, 2014 Cost Fair Value Cost Fair Value Commercial paper $ $ $ $ U.S. Government Agency securities - - $ $ $ $ Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from its clients’ failure to make required payments for services rendered. Management estimates this allowance based upon knowledge of the financial condition of the Company’s clients (which may not include knowledge of all significant events), review of historical receivable and reserve trends and other pertinent information. If the financial condition of the Company’s clients deteriorates or there is an unfavorable trend in aggregate receivable collections, additional allowances may be required. The following table summarizes the activity in our allowance for doubtful accounts (in thousands): Currency Beginning Charged to Rate (Write-offs)/ Ending Balance Operations Changes Recoveries Balance Years Ended: May 25, 2013 $ $ - $ $ $ May 31, 2014 $ $ $ $ $ May 30, 2015 $ $ $ $ $ Property and Equipment Property and equipment is stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the following estimated useful lives: Building 30 years Furniture 5 to 10 years Leasehold improvements Lesser of useful life of asset or term of lease Computer, equipment and software 3 to 5 years Costs for normal repairs and maintenance are expensed to operations as incurred, while renewals and major refurbishments are capitalized. Assessments of whether there has been a permanent impairment in the value of property and equipment are periodically performed by considering factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Management believes no permanent impairment has occurred. Intangible Assets and Goodwill Goodwill and other intangible assets with indefinite lives are not subject to amortization but are tested for impairment annually or whenever events or changes in circumstances indicate that the asset might be impaired. The Company performed its annual goodwill impairment analysis as of May 30 , 201 5 and will continue to test for impairment at least annually. The Company performs its impairment analysis by comparing its market capitalization to its book value throughout the fiscal year. For application of this methodology the Company determined that it operates as a single reporting unit resulting from the combination of its practice offices. No impairment was indicated as of May 30 , 201 5 . Other intangible assets with finite lives are subject to amortization and impairment reviews. No impairment was indicated as of May 30 , 201 5 . See Note 4 — Intangible Assets and Goodwill for a further description of the Company’s intangible assets. Stock-Based Compensation The Company recognizes compensation expense for all share-based payment awards made to employees and directors, including employee stock options and employee stock purchases made via the Company’s Employee Stock Purchase Plan (the “ESPP”), based on estimated f air value at the date of grant . The Company estimates the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods. Stock options vest over four years and restricted stock award vesting is determined on an individual grant basis under the Company’s 20 1 4 Performance Incentive Plan (“2014 Plan”) . The Company determines the estimated value of stock options using the Black-Scholes valuation model. The Company recognizes stock-based compensation expense on a straight-line basis over the service period for options that are expected to vest and records adjustments to compensation expense at the end of the service period if actual forfeitures differ from original estimates. See Note 1 3 — Stock Based Compensation Plans for further information on the 2014 Plan and stock-based compensation. Income Taxes The Company recognizes deferred income taxes for the estimated tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established to reduce deferred tax assets to the amount expected to be realized when, in management’s opinion, it is more likely than not that some portion of the deferred tax assets will not be realized. The provision for income taxes represents current taxes payable net of the change during the period in deferred tax assets and liabilities. Recent Accounting Pronouncements Business Combinations: Pushdown Accounting. In November 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance which provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. If an acquired entity elects the option to apply pushdown accounting in its separate financial statements, it should disclose information that users need to evaluate the effects of pushdown accounting on its financial statements. This guidance was effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available for issuance, the application of this guidance would be a change in accounting principle. The Company will utilize this guidance for any future acquisitions. Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In August 2014, the FASB issued new guidance regarding management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. The guidance is effective for the Company for fiscal 2017 with early adoption permitted. The Company does not believe adoption of this guidance will have a material impact on its consolidated financial statements. Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. In June 2014, the FASB issued new guidance requiring that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. The guidance is effective for the Company for fiscal 2017 with early adoption permitted. The Company does not currently have performance based awards and thus does not believe adoption of this guidance will have a material impact on its consolidated financial statements. Revenue from Contracts with Customers. In May 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede most existing revenue recognition guidance and is intended to improve and converge revenue recognition and related financial reporting requirements. The standard will require companies to review contract arrangements with customers and ensure all separate performance obligations are properly recognized in compliance with the new guidance. In July 2015, the FASB delayed the required implementation date for the Company until fiscal 201 9, although the Company has the option to adopt beginning in fiscal 2018 . The standard allows for either “full retrospective” adoption, meaning the standard is applied to all periods presented, or “cumulative effect” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently assessing whether the adoption of the guidance will have a material impact on its consolidated financial statements. Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. In April 2014, the FASB issued new guidance regarding the criteria for reporting discontinued operations and enhancing disclosures in this area. Under the guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, the guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in the guidance are effective for the Company for fiscal 2015. The adoption of this guidance did not impact the Company’s consolidated financial statements. Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. In July 2013, the FASB issued new guidance which requires an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss, or a tax credit carryforward. To the extent the tax benefit is not available at the reporting date under the governing tax law or if the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability and not combined with deferred tax assets. The guidance is effective for annual periods, and interim periods within those years, beginning after December 15, 2013. The amendments are to be applied to all unrecognized tax benefits that exist as of the effective date and may be applied retrospectively to each prior reporting period presented. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries. In March 2013, the FASB issued new guidance on a parent’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants and the SEC did not, or are not expected to, have a material effect on the Company’s results of operations or financial position. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates and assumptions are adequate, actual results could differ from the estimates and assumptions used. |
Property And Equipment
Property And Equipment | 12 Months Ended |
May. 30, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | 3. Property and Equipment Property and equipment consist of the following (in thousands): As of As of May 30, 2015 May 31, 2014 Building and land $ $ Computers, equipment and software Leasehold improvements Furniture Less accumulated depreciation and amortization $ $ |
Intangible Assets And Goodwill
Intangible Assets And Goodwill | 12 Months Ended |
May. 30, 2015 | |
Intangible Assets And Goodwill [Abstract] | |
Intangible Assets And Goodwill | 4. Intangible Assets and Goodwill The following table presents details of our intangible assets, estimated lives and related accumulated amortization (in thousands): As of May 30, 2015 As of May 31, 2014 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Customer relationships (2 -7 years) $ $ $ - $ $ $ Non-compete agreements (1 -5 years) - Trade name and trademark (5 years) Total $ $ $ $ $ $ The following table summarizes amortization expense for the years ended May 30, 2015, May 31, 2014 and May 25, 2013 (in thousands): For the Years Ended 2015 2014 2013 Amortization expense $ $ $ The Company expects $90,000 of intangible asset amortization expense (based on existing intangible assets) for the year ending May 28, 2016. After fiscal 2016, absent an acquisition, there will be no remaining unamortized balance of intangible assets. These estimates do not incorporate the impact that currency fluctuations may cause when translating the financial results of the Company’s international operations that have amortizable intangible assets into U.S. dollars. The fluctuation in the gross balance of intangible assets primarily reflects the impact of currency fluctuations between fiscal 2015 and 2014 in translating the intangible balances recorded on the Company’s international operations financial statements. The following table summarizes the activity in the Company’s goodwill balance (in thousands): For the Years Ended May 30, May 31, 2015 2014 Goodwill, beginning of year $ $ Impact of foreign currency exchange rate changes Goodwill, end of period $ $ |
Income Taxes
Income Taxes | 12 Months Ended |
May. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 5. Income Taxes The following table represents the current and deferred income tax provision for federal and state income taxes attributable to operations (in thousands): For the Years Ended May 30, May 31, May 25, 2015 2014 2013 Current Federal $ $ $ State Foreign Deferred Federal State Foreign $ $ $ Income before provision for income taxes is as follows (in thousands): For the Years Ended May 30, May 31, May 25, 2015 2014 2013 Domestic $ $ $ Foreign $ $ $ The provision for income taxes differs from the amount that would result from applying the federal statutory rate as follows: For the Years Ended May 30, May 31, May 25, 2015 2014 2013 Statutory tax rate % % % State taxes, net of federal benefit Non-U.S. rate adjustments Stock-based compensation Valuation allowance Repatriation of foreign earnings - - Foreign tax credits, net of valuation allowance - - Permanent items, primarily meals and entertainment FIN 48 adjustments - Other, net Effective tax rate % % % The impact of state taxes, net of federal benefit, and foreign income taxed at other than U.S. rates fluctuates year over year due to the changes in the mix of operating income and losses amongst the various states and foreign jurisdictions in which the Company operates. The components of the net deferred tax asset consist of the following (in thousands): May 30, May 31, 2015 2014 Deferred tax assets: Allowance for doubtful accounts $ $ Accrued compensation Accrued expenses Stock options and restricted stock Foreign tax credit Net operating losses Property and equipment State taxes Gross deferred tax asset Valuation allowance Gross deferred tax asset, net of valuation allowance Deferred tax liabilities: Goodwill and intangibles Net deferred tax asset $ $ The Company had an income tax receivable of $ 257,000 and an income tax payable of $750,00 0 as of May 30, 2015 and May 31, 2014, respectively. The tax benefit associated with the exercise of nonqualified stock options and the disqualifying dispositions by employees of incentive stock options, restricted stock awards and shares issued under the Company’s ESPP reduced income taxes payable by $ 940,000 and $ 512,000 for the years ended May 30, 2015 and May 31, 2014, respectively. The Company has foreign net operating loss carryforwards of $ 57.1 million and foreign tax credit carryforwards of $ 3 7 0,000 . The foreign tax credits will expire beginning in fiscal 2023. Fluctuations in foreign currency exchange rates had a significant impact on the translated net operating loss carryforwards from fiscal year end May 31, 2014 to May 30, 2015. The following table summarizes the net operating loss expiration periods. Expiration Periods Amount of Net Operating Losses Fiscal Years Ending: (in thousands) 2016 $ 2017 2018 2019 2020 2021-2025 Unlimited $ The following table summarizes the activity in our valuation allowance accounts (in thousands): Currency Beginning Charged to Rate Ending Balance Operations Changes Balance Years Ended: May 25, 2013 $ $ $ $ May 31, 2014 $ $ $ $ May 30, 2015 $ $ $ $ Realization of the deferred tax assets is dependent upon generating sufficient future taxable income. Management believes that it is more likely than not that all other remaining deferred tax assets will be realized through future taxable earnings or alternative tax strategies. Deferred income taxes have not been provided on the undistributed earnings of approximately $13.0 million from the Company’s foreign subsidiaries as of May 30, 2015 since these amounts are intended to be indefinitely reinvested in foreign operations. If the earnings of the Company’s foreign subsidiaries were to be distributed, management estimates that the income tax impact would be immaterial as the federal taxes would be offset with foreign tax credits. Management determined during the fiscal year ended May 25, 2013 that it was a prudent time to make an exception to the indefinite reinvestment position and approved the payment of a one-time dividend from RGP Japan of $ 9.7 million and RGP Hong Kong of $ 3.9 million. The one-time exception is based upon opportunistic timing for a dividend distribution because of the favorable exchange rates between the U.S. and Japan for a tax beneficial result from both RGP Japan and RGP Hong Kong. After the one-time dividend, management’s intent and ability for indefinite reinvestment have and will continue for all entities, including RGP Japan and RGP Hong Kong. The following table summarizes the activity related to the gross unrecognized tax benefits (in thousands): For the Years Ended May 30, May 31, 2015 2014 Unrecognized tax benefits, beginning of year $ $ Gross increases-tax positions in prior period - Gross decreases-tax positions in prior period - - Gross increases-current period tax positions - - Settlements - - Lapse of statute of limitations Unrecognized tax benefits, end of year $ $ As of May 30, 2015 and May 31, 2014, the Company’s total liability for unrecognized gross tax benefits was $ 42,000 and $ 32,000 , respectively, which, if ultimately recognized would impact the effective tax rate in future periods. As of May 30, 2015 and May 31, 2014, the unrecognized tax benefit includes $42,000 and $0 , respectively, which are long-term liabilities and $0 and $32,000 , respectively, which are short-term liabilities due to closing statute of limitations. The Company’s major income tax jurisdiction is the U.S., with federal statute of limitations remaining open for fiscal 201 2 and thereafter. During the fiscal year ended May 30, 2015, the Company completed federal examinations of fiscal years 2012 and 2013 with an insignificant beneficial change. For states within the U.S. in which the Company does significant business, the Company remains subject to examination for fiscal 201 1 and thereafter. Major foreign jurisdictions in Europe remain open for fiscal years ended 20 10 and thereafter. The Company continues to recognize interest expense and penalties related to income tax as a part of its provision for income taxes. While the amount accrued during the current fiscal year is immaterial, the Company has provided $ 1,000 of accrued interest and penalties as a component of the liability for unrecognized tax benefits. |
Accrued Salaries And Related Ob
Accrued Salaries And Related Obligations | 12 Months Ended |
May. 30, 2015 | |
Accrued Salaries And Related Obligations [Abstract] | |
Accrued Salaries And Related Obligations | 6. Accrued Salaries and Related Obligations Accrued salaries and related obligations consist of the following (in thousands): May 30, May 31, 2015 2014 Accrued salaries and related obligations $ $ Accrued bonuses Accrued vacation $ $ |
Revolving Credit Agreement
Revolving Credit Agreement | 12 Months Ended |
May. 30, 2015 | |
Revolving Credit Agreement [Abstract] | |
Revolving Credit Agreement | 7. Revolving Credit Agreement The Company has a $ 3.0 million unsecured revolving credit facility with Bank of America (the “Credit Agreement”). The Credit Agreement allows the Company to choose the interest rate applicable to advances. The interest rate options are Bank of America’s prime rate and a London Inter-Bank Offered Rate plus 2.25 %. Interest, if any, is payable monthly. The Credit Agreement expires November 30, 2015, unless extended by the parties. As of May 30, 2015, the Company had approximate ly $1.9 million available under the terms of the Credit Agreement , as Bank of America has issued approximately $1.1 million of outstandin g letters of cred it for the benefit of third parties related to operating leases and guarantees. As of May 30, 2015, the Company was in compliance with all covenants included in the Credit Agreement. |
Concentrations Of Credit Risk
Concentrations Of Credit Risk | 12 Months Ended |
May. 30, 2015 | |
Concentrations Of Credit Risk [Abstract] | |
Concentrations Of Credit Risk | 8. Concentrations of Credit Risk The Company maintains cash and cash equivalent balances, short-term investments in commercial paper and U.S. government agency securities with high credit quality financial institutions. At times, such balances are in excess of federally insured limits. Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of trade receivables. However, concentrations of credit risk are limited due to the large number of customers comprising the Company’s customer base and their dispersion across different business and geographic areas. The Company monitors its exposure to credit losses and maintains an allowance for anticipated losses. A significant change in the liquidity or financial position of one or more of the Company’s customers could result in an increase in the allowance for anticipated losses. No single customer accounted for more than 10% of revenue for the years ended May 30, 2015, May 31, 2014 and May 25, 2013. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
May. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity The Company’s board of directors has periodically approved a stock repurchase program authorizing the repurchase, at the discretion of the Company’s senior executives, of the Company’s common stock for a designated aggregate dollar limit. The current program was authorized in April 2011 (the “April 2011 program”) and set an aggregate dollar limit not to exceed $150 million. During the years ended May 30, 2015 and May 31, 2014, the Company purchased approximately 1.7 million and 2.2 million shares of its common stock, respectively, at an average price of $15.65 and $ 13.19 per share, respectively, on the open market for approximately $26.3 million and $ 29.6 million, respectively. As of May 30, 2015, approximately $16.7 million remains available for future repurchases of our common stock under the April 2011 program. The Company has 70,000,000 authorized shares of common stock with a $ 0.01 par value. At May 30, 2015 and May 31, 2014, there were 37,273,000 and 38,158,000 shares of common stock outstanding, respectively, all of which provide the holders with voting rights. The Company has authorized for issuance 5,000,000 shares of preferred stock with a $0.01 par value per share. The board of directors has the authority to issue preferred stock in one or more series and to determine the related rights and preferences. No shares of preferred stock were outstanding as of May 30, 2015 and May 31, 2014. |
Benefit Plan
Benefit Plan | 12 Months Ended |
May. 30, 2015 | |
Benefit Plan [Abstract] | |
Benefit Plan | 10. Benefit Plan The Company has a defined contribution 401(k) plan (“the plan”) which covers all employees in the U.S. who have completed 90 days of service and are age 21 or older. Participants may contribute up to 50 % of their annual salary up to the maximum amount allowed by statute. As defined in the plan agreement, the Company may make matching contributions in such amount, if any, up to a maximum of 6 % of individual employees’ annual compensation. The Company, at its sole discretion, determines the matching contribution made from quarter to quarter. To receive matching contributions, the employee must be employed on the last business day of the fiscal quarter. For the years ended May 30, 2015, May 31, 2014 and May 25, 2013, the Company contributed approximately $4.8 million, $ 4.5 million and $ 4.2 million, respectively, to the plan as Company matching contributions. |
Supplemental Disclosure Of Cash
Supplemental Disclosure Of Cash Flow Information | 12 Months Ended |
May. 30, 2015 | |
Supplemental Disclosure Of Cash Flow Information [Abstract] | |
Supplemental Disclosure Of Cash Flow Information | 11. Supplemental Disclosure of Cash Flow Information Additional information regarding cash flows is as follows (in thousands): For the Years Ended May 30, May 31, May 25, 2015 2014 2013 Income taxes paid $ $ $ Non-cash investing and financing activities: Dividends declared, not paid $ $ $ Capitalized leasehold improvements paid directly by landlord $ $ $ - |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
May. 30, 2015 | |
Legal Proceedings [Abstract] | |
Commitments And Contingencies | 12. Commitments and Contingencies Lease Commitments and Purchase Obligations At May 30, 2015, the Company had operating leases, expiring at various dates through September 2025, primarily for office premises, and purchase obligations, primarily for fixed assets. At May 30, 2015, the Company had no capital leases. Future minimum rental commitments under operating leases and other known purchase obligations are as follows (in thousands): Operating Purchase Years Ending: Leases Obligations May 28, 2016 $ $ May 27, 2017 May 26, 2018 May 25, 2019 May 30, 2020 Thereafter - Total $ $ Rent expense for the years ended May 30, 2015, May 31, 2014 and May 25, 2013 totaled $13.1 million, $13.3 million and $14.9 million, respectively. Rent expense is recognized on a straight-line basis over the term of the lease, including during any rent holiday periods. The Company leases approximately 18,200 square feet of the approximately 56,200 square foot Company owned building located in Irvine, California to independent third parties and has operating lease agreements for sub-let space with independent third parties expiring through fiscal 20 24. Under the terms of these operating lease agreements, rental income from such third party leases is expected to be $505,000 , $372,000 , $193,000 , $187,000 and $189,000 i n f iscal 2016 through 2020 , respectively and $840,000 thereafter. Employment Agreements The Company entered into an employment agreement in April 2013 with its president and chief executive officer, Anthony Cherbak. This agreement is for three years and commenced on May 28, 2013. The agreement automatically renews for additional one -year periods commencing May 28, 2015 unless the Company or Mr. Cherbak provides the other party written notice within 60 days of the then-current expiration date that the agreement will not be extended. The employment agreement provides Mr. Cherbak with a specified severance amount depending on whether his separation from the Company is with or without good cause as defined in the agreement. The Company also has employment agreements with certain key members of management, including with its current executive chairman and former chief executive officer, Donald Murray, the respective terms of which extend through July 31, 2014 (with the exception of Chief Operating Officer Tracy Stephens’ employment agreement which extends through July 31, 2016) but automatically renew for additional one year periods unless the Company or the named executive provides the other party written notice no later than 60 days prior to the then-current expiration date that the agreement will not be extended. These agreements provide those employees with a specified severance amount depending on whether the employee is terminated with or without good cause as defined in the applicable agreement. On July 16, 2015, Mr. Murray announced that he will voluntarily retire from the Company’s employ as its Executive Chairman, effective August 31, 2015. Thereafter, at the Board’s request, Mr. Murray will continue to serve the Company in his capacity as Chairman of the Board of Directors. Legal Proceedings The Company is involved in certain legal matters in the ordinary course of business. In the opinion of management, all such matters, if disposed of unfavorably, would not have a material adverse effect on the Company’s financial position, cash flows or results of operations. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
May. 30, 2015 | |
Stock Based Compensation Plans [Abstract] | |
Stock Based Compensation Plans | 13. Stock Based Compensation Plans 2014 Performance Incentive Plan On October 23 , 20 1 4, the Company’s stockholders approved the 2014 Plan . Th e 2014 Plan replaced the Resources Connection, Inc. 2004 Performance Incentive Plan and the 1999 Long Term Incentive Plan (the “Prior Stock Plan s ”). The effective date of the 2014 Plan is September 3, 2014 and, unless terminated earlier by the Board of Directors, will terminate on September 2 , 20 2 4. Under the terms of the 2014 Plan, the Company’s board of directors or one or more committees appointed by the board of directors will administer the 2014 Plan. The board of directors has delegated general administrative authority for the 2014 Plan to the Compensation Committee of the board of directors. The administrator of the 2014 Plan has broad authority under the 2014 Plan to, among other things, select participants and determine the type(s) of award(s) that they are to receive, and determine the number of shares that are to be subject to awards and the terms and conditions of awards, including the price (if any) to be paid for the shares or the award. Persons eligible to receive awards under the 2014 Plan include officers or employees of the Company or any of its subsidiaries, directors of the Company, and certain consultants and advisors to the Company or any of its subsidiaries. The maximum number of shares of the Company’s common stock that may be issued or transferred pursuant to awards under the 2014 Plan equals the sum of: (1) 2,400,000 shares, plus (2) the number of shares subject to stock options granted under the Prior Stock Plans and outstanding as of September 3, 2014 (the date at which the Prior Stock Plans terminated), which expire, or for any reason are cancelled or terminated, after that date without being exercised, plus (3) the number of shares subject to restricted stock, restricted stock unit s and other full-value awards granted under the Prior Stock Plans that were outstanding and unvested as of September 3, 2014, which are forfeited, terminated, cancelled, or otherwise reacquired after that date without having become vested. As of May 3 0 , 201 5 , 3,449,000 shares were available for award grant purposes under the 2014 Plan, subject to future increases as described in (2) and (3) above and subject to increase as then-outstanding awards expire or terminate without having become vested or exercised, as applicable. The types of awards that may be granted under the 2014 Plan include stock options, restricted stock, stock bonuses, performance stock, stock units, phantom stock and other forms of awards granted or denominated in the Company’s common stock or units of the Company’s common stock, as well as certain cash bonus awards. Under the terms of the 2014 Plan, the option price for the incentive stock options (“ISOs”) and nonqualified stock options (“NQSO”) may not be less than the fair market value of the shares of the Company’s stock on the date of the grant. For ISOs, the exercise price per share may not be less than 110 % of the fair market value of a share of common stock on the grant date for any individual possessing more than 10 % of the total outstanding stock of the Company. Stock options granted under the 2014 Plan and the Prior Stock Plans generally become exercisable over periods of one to four years and expire not more than ten years from the date of grant. The Company predominantly grants NQSOs to employees in the U.S. The Company gran ted 49,840 and 34,632 shares of restricted stock during the fiscal years ended May 30, 2015 and May 31, 2014, respectively. A summary of the share-based award activity under the 2014 Plan and the Prior Stock Plans follows (amounts in thousands, except weighted average exercise price): Share-Based Number of Weighted Weighted Average Awards Shares Average Remaining Aggregate Available Under Exercise Contractual Life Intrinsic for Grant Option Price (in years) Value Options outstanding at May 31, 2014 $ $ Additional options available for grant - - Granted, at fair market value Restricted Stock (1) - - Exercised - Forfeited (2) Expired Options outstanding at May 30, 2015 $ $ Exercisable at May 30, 2015 $ $ Vested and expected to vest at May 30, 2015 (3) $ $ (1) Amounts represent restricted shares granted. Share-based awards available for grant are reduced by 2.5 shares for each share awarded as stock grants from the 2014 Plan. (2) Amounts represent both stock options and restricted share awards forfeited. (3) The expected to vest options are the result of applying the pre-vesting forfeiture rate assumptions to options not yet vested. The weighted average grant date fair values of all stock options granted in the years ended May 30, 2015, May 31, 2014 and May 25, 2013 were $12.50 , $11.41 and $12.53 per share, respectively. The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $15.69 as of May 29, 2015 (the last actual trading day of fiscal 2015), which would have been received by the option holders had all option holders exercised their options as of that date. The total pre-tax intrinsic value related to stock options exercised during the years ended May 30, 2015, May 31, 2014 and May 25, 2013 was $1.2 million , $ 347,000 and $ 697,000 , respectively. The total estimated fair value of stock options that vested during the years ended May 30, 2015, May 31, 2014 and May 25, 2013 was $3.8 m illion, $5.5 million and $5.8 million, respectively. Valuation and Expense Information for Stock Based Compensation Plans The following table summarizes the impact of the Company’s stock-based compensation plans. Stock-based compensation expense is included in selling, general and administrative expenses and consists of stock-based compensation expense related to employee stock options, ESPP stock purchase rights and restricted stock (in thousands, except per share amounts): For the Years Ended May 30, May 31, May 25, 2015 2014 2013 Income before income taxes $ $ $ Net income $ $ $ Net income per share: Basic $ $ $ Diluted $ $ $ The weighted average estimated fair value per share of employee stock options granted during the years ended May 30, 2015, May 31, 2014 and May 25, 2013 w as $3.93 , $3.82 and $4.31 , respectively, using the Black-Scholes model with the following assumptions: For the Years Ended May 30, 2015 May 31, 2014 May 25, 2013 Expected volatility 36.2% - 42.1% 38.4% - 44.1% 45.1% - 46.9% Risk-free interest rate 1.7% - 2.2% 1.1% - 1.8% 0.7% - 0.8% Expected dividends 1.9% - 2.1% 2.0% - 2.2% 1.9% - 2.2% Expected life 5.5 - 7.5 years 5.3 - 7.5 years 5.2 - 7.5 years As of May 30, 2015, there wa s $7.4 million of total unrecognized compensation cost related to non-vested employee stock options granted. That cost is expected to be recognized over a weighted-average period of 30 months. Stock-based compensation expense included in selling, general and administrative expenses for the years ended May 30, 2015, May 31 , 201 4 and May 2 5 , 201 3 was $ 6. 0 million , $ 6.5 million and $ 7. 2 million, respectively; this consisted of stock-based compensation expense related to employee stock options, employee stock purchases made via the Company’s ESPP and issuances of restricted stock. Stock-based compensation expense in the tables above includes compensation for restricted shares of $ 515,000 , $ 406,000 and $ 296,000 for the years ended May 30, 2015, May 31 , 201 4 and May 2 5 , 201 3 , respectively. The Company granted 49,840 , 34,632 and 34,622 shares of restricted stock for the years ended May 30, 2015, May 31 , 201 4 and May 2 5 , 20 1 3 , respectively. There were 35,390 and 23,441 restricted shares that vest ed in fiscal 2015 and 201 4, respectively . There were 97,938 , 84,379 and 73,708 unvested restricted shares as of May 30, 2015, May 31, 2014 and May 25, 2013, respectively. At May 30, 2015, there was approximately $1.2 million of total unrecognized compensation cost related to restricted shares, which is expected to be recognized over a weighted-average period of 34 m onths. Excess tax benefits related to stock-based compensation expense are recognized as an in crease to additional paid-in capital and tax shortfalls are recognized as income tax expense unless there are excess tax benefits from previous equity awards to which it can be offset. On the adoption date of the required accounting for stock-based compensation expense, the Company calculated the amount of eligible excess tax benefits available to offset future tax shortfalls in accordance with the long-form method. The Company recognizes compensation expense for only the portion of stock options and restricted stock units that are expected to vest, rather than recording forfeitures when they occur. If the actual number of forfeitures differs from that estimated by management, additional adjustments to compensation expense may be required in future periods. Employee Stock Purchase Plan On October 23, 2014, the Company’s stockholders approved an amendment to the ESPP to extend the term of the ESPP through October 16, 2024, and to increase the maximum number of shares of the Company’s common stock authorized for issuance under the ESPP by an additional 1.5 million shares. The Company’s ESPP allows qualified employees (as defined in the ESPP) to purchase designated shares of the Company’s common stock at a price equal to 85 % of the lesser of the fair market value of common stock at the beginning or end of each semi-annual stock purchase period. After approval of the amendment, a total of 5.9 million shares of common stock may be issued under the ESPP. The Company issued 337,000 , 348,000 and 411,000 shares of common stock pursuant to the ESPP for the years ended May 30, 2015, May 31 , 201 4 and May 2 5 , 201 3 , respectively. There are 1.6 million shares of common stock available for issuance under the ESPP as of May 30, 2015. |
Segment Information And Enterpr
Segment Information And Enterprise Reporting | 12 Months Ended |
May. 30, 2015 | |
Segment Information And Enterprise Reporting [Abstract] | |
Segment Information And Enterprise Reporting | 14. Segment Information and Enterprise Reporting The Company discloses information regarding operations outside of the U.S. The Company operates as one segment. The accounting policies for the domestic and international operations are the same as those described in Note 2 - Summary of Significant Accounting Policies . Summarized information regarding the Company’s domestic and international operations is shown in the following table. Amounts are stated in thousands: Revenue for the Years Ended Long-Lived Assets (1) as of May 30, May 31, May 25, May 30, May 31, 2015 2014 2013 2015 2014 United States $ $ $ $ $ The Netherlands Other Total $ $ $ $ $ (1) Long-lived assets are comprised of goodwill, intangible assets and property and equipment. |
Summary Of Significant Accoun22
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
May. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Principles Of Consolidation | Basis of Presentation and Principles of Consolidation The Consolidated Financial Statements of the Company (“financial statements”) have been prepared in conformity with accounting principles generally accepted in the U.S. (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”). The financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Revenue Recognition | Revenue Recognition Revenues are recognized and billed when the Company’s professionals deliver services. Conversion fees are recognized when one of the Company’s professionals accepts an offer of permanent employment from a client. Conversion fees were 0.5 % of revenue for each of the years ended May 30, 2015, May 31, 2014 and May 25, 2013. All costs of compensating the Company’s professionals are the responsibility of the Company and are included in direct cost of services. |
Client Reimbursements Of "Out-Of-Pocket" Expenses | Client Reimbursements of “Out-of-Pocket” Expenses The Company recognizes all reimbursements receiv ed from clients for “out-of-pocket” expenses as revenue and all such expenses as direct cost of services. Reimbursements received from clients were $10.6 million, $8.9 million and $ 10.1 million for the years ended May 30, 2015, May 31, 2014 and May 25, 2013, respectively. |
Foreign Currency Translation | Foreign Currency Translation The financial statements of subsidiaries outside the U.S. are measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at current exchange rates, income and expense items are translated at average exchange rates prevailing during the period and the related translation adjustments are recorded as a component of comprehensive income or loss within stockholders’ equity. Gains and losses from foreign currency transactions are included in selling, general and administrative expenses in the Consolidated Statements of Operations. |
Net Income Per Share Information | Per Share Information The Company presents both basic and diluted earnings per share (“EPS”). Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is based upon the weighted average number of common and common equivalent shares outstanding during the period, calculated using the treasury stock method for stock options. Under the treasury stock method, exercise proceeds include the amount the employee must pay for exercising stock options, the amount of compensation cost for future services that the Company has not yet recognized and the amount of tax benefits that would be recorded in additional paid-in capital when the award becomes deductible. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and are excluded from the calculation. The following table summarizes the calculation of net income per share for the years ended May 30, 2015, May 31, 2014 and May 25, 2013 (in thousands, except per share amounts): 2015 2014 2013 Net income $ $ $ Basic: Weighted average shares Diluted: Weighted average shares Potentially dilutive shares Total dilutive shares Net income per common share: Basic $ $ $ Dilutive $ $ $ Anti-dilutive shares not included above |
Cash And Cash Equivalents | Cash and Cash Equivalents The Company considers cash on hand, deposits in banks, and short-term investments purchased with an original maturity date of three months or less to be cash and cash equivalents. The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents approximate the fair values due to the short maturities of these instruments. |
Short-Term Investments | Short-Term Investments As of May 30 , 201 5 and May 31 , 201 4 , $ 25.0 million and $ 34 .0 million, respectively, of the Company’s investments in debt securities had original contractual maturities of between three months and one year. The Company had no investments with a maturity in excess of one year as of the end of either fiscal year 201 5 or 201 4 . The Company carries debt securities that it has the ability and positive intent to hold to maturity at amortized cost. The fair value of the Company’s financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels: Level 1 – Quoted prices in active markets for identical assets and liabilities. Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets. Level 3 – Unobservable inputs. The Company’s investments in c ommercial paper and U.S. Government Agency securities are measured using quoted prices in markets that are not active (Level 2). There were no unrealized holding gains or losses as of May 30, 2015 and May 31, 2014. Short-term investments consist of the following (in thousands): As of May 30, 2015 As of May 31, 2014 Cost Fair Value Cost Fair Value Commercial paper $ $ $ $ U.S. Government Agency securities - - $ $ $ $ |
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from its clients’ failure to make required payments for services rendered. Management estimates this allowance based upon knowledge of the financial condition of the Company’s clients (which may not include knowledge of all significant events), review of historical receivable and reserve trends and other pertinent information. If the financial condition of the Company’s clients deteriorates or there is an unfavorable trend in aggregate receivable collections, additional allowances may be required. The following table summarizes the activity in our allowance for doubtful accounts (in thousands): Currency Beginning Charged to Rate (Write-offs)/ Ending Balance Operations Changes Recoveries Balance Years Ended: May 25, 2013 $ $ - $ $ $ May 31, 2014 $ $ $ $ $ May 30, 2015 $ $ $ $ $ |
Property And Equipment | Property and Equipment Property and equipment is stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the following estimated useful lives: Building 30 years Furniture 5 to 10 years Leasehold improvements Lesser of useful life of asset or term of lease Computer, equipment and software 3 to 5 years Costs for normal repairs and maintenance are expensed to operations as incurred, while renewals and major refurbishments are capitalized. Assessments of whether there has been a permanent impairment in the value of property and equipment are periodically performed by considering factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Management believes no permanent impairment has occurred. |
Intangible Assets And Goodwill | Intangible Assets and Goodwill Goodwill and other intangible assets with indefinite lives are not subject to amortization but are tested for impairment annually or whenever events or changes in circumstances indicate that the asset might be impaired. The Company performed its annual goodwill impairment analysis as of May 30 , 201 5 and will continue to test for impairment at least annually. The Company performs its impairment analysis by comparing its market capitalization to its book value throughout the fiscal year. For application of this methodology the Company determined that it operates as a single reporting unit resulting from the combination of its practice offices. No impairment was indicated as of May 30 , 201 5 . Other intangible assets with finite lives are subject to amortization and impairment reviews. No impairment was indicated as of May 30 , 201 5 . See Note 4 — Intangible Assets and Goodwill for a further description of the Company’s intangible assets. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense for all share-based payment awards made to employees and directors, including employee stock options and employee stock purchases made via the Company’s Employee Stock Purchase Plan (the “ESPP”), based on estimated f air value at the date of grant . The Company estimates the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods. Stock options vest over four years and restricted stock award vesting is determined on an individual grant basis under the Company’s 20 1 4 Performance Incentive Plan (“2014 Plan”) . The Company determines the estimated value of stock options using the Black-Scholes valuation model. The Company recognizes stock-based compensation expense on a straight-line basis over the service period for options that are expected to vest and records adjustments to compensation expense at the end of the service period if actual forfeitures differ from original estimates. See Note 1 3 — Stock Based Compensation Plans for further information on the 2014 Plan and stock-based compensation. |
Income Taxes | Income Taxes The Company recognizes deferred income taxes for the estimated tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established to reduce deferred tax assets to the amount expected to be realized when, in management’s opinion, it is more likely than not that some portion of the deferred tax assets will not be realized. The provision for income taxes represents current taxes payable net of the change during the period in deferred tax assets and liabilities. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Business Combinations: Pushdown Accounting. In November 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance which provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. If an acquired entity elects the option to apply pushdown accounting in its separate financial statements, it should disclose information that users need to evaluate the effects of pushdown accounting on its financial statements. This guidance was effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available for issuance, the application of this guidance would be a change in accounting principle. The Company will utilize this guidance for any future acquisitions. Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In August 2014, the FASB issued new guidance regarding management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. The guidance is effective for the Company for fiscal 2017 with early adoption permitted. The Company does not believe adoption of this guidance will have a material impact on its consolidated financial statements. Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. In June 2014, the FASB issued new guidance requiring that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. The guidance is effective for the Company for fiscal 2017 with early adoption permitted. The Company does not currently have performance based awards and thus does not believe adoption of this guidance will have a material impact on its consolidated financial statements. Revenue from Contracts with Customers. In May 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede most existing revenue recognition guidance and is intended to improve and converge revenue recognition and related financial reporting requirements. The standard will require companies to review contract arrangements with customers and ensure all separate performance obligations are properly recognized in compliance with the new guidance. In July 2015, the FASB delayed the required implementation date for the Company until fiscal 201 9, although the Company has the option to adopt beginning in fiscal 2018 . The standard allows for either “full retrospective” adoption, meaning the standard is applied to all periods presented, or “cumulative effect” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently assessing whether the adoption of the guidance will have a material impact on its consolidated financial statements. Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. In April 2014, the FASB issued new guidance regarding the criteria for reporting discontinued operations and enhancing disclosures in this area. Under the guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, the guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in the guidance are effective for the Company for fiscal 2015. The adoption of this guidance did not impact the Company’s consolidated financial statements. Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. In July 2013, the FASB issued new guidance which requires an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss, or a tax credit carryforward. To the extent the tax benefit is not available at the reporting date under the governing tax law or if the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability and not combined with deferred tax assets. The guidance is effective for annual periods, and interim periods within those years, beginning after December 15, 2013. The amendments are to be applied to all unrecognized tax benefits that exist as of the effective date and may be applied retrospectively to each prior reporting period presented. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries. In March 2013, the FASB issued new guidance on a parent’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants and the SEC did not, or are not expected to, have a material effect on the Company’s results of operations or financial position. |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates and assumptions are adequate, actual results could differ from the estimates and assumptions used. |
Summary Of Significant Accoun23
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
May. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Calculation Of Net Income Per Share | 2015 2014 2013 Net income $ $ $ Basic: Weighted average shares Diluted: Weighted average shares Potentially dilutive shares Total dilutive shares Net income per common share: Basic $ $ $ Dilutive $ $ $ Anti-dilutive shares not included above |
Components Of Short-Term Investments | As of May 30, 2015 As of May 31, 2014 Cost Fair Value Cost Fair Value Commercial paper $ $ $ $ U.S. Government Agency securities - - $ $ $ $ |
Summary Of The Activity In Allowance For Doubtful Accounts | Currency Beginning Charged to Rate (Write-offs)/ Ending Balance Operations Changes Recoveries Balance Years Ended: May 25, 2013 $ $ - $ $ $ May 31, 2014 $ $ $ $ $ May 30, 2015 $ $ $ $ $ |
Schedule Of Estimated Useful Lives Of Property And Equipment | Building 30 years Furniture 5 to 10 years Leasehold improvements Lesser of useful life of asset or term of lease Computer, equipment and software 3 to 5 years |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
May. 30, 2015 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | As of As of May 30, 2015 May 31, 2014 Building and land $ $ Computers, equipment and software Leasehold improvements Furniture Less accumulated depreciation and amortization $ $ |
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables) | 12 Months Ended |
May. 30, 2015 | |
Intangible Assets And Goodwill [Abstract] | |
Schedule Of Details Of Intangible Assets | As of May 30, 2015 As of May 31, 2014 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Customer relationships (2 -7 years) $ $ $ - $ $ $ Non-compete agreements (1 -5 years) - Trade name and trademark (5 years) Total $ $ $ $ $ $ |
Schedule Of Intangible Assets Related Accumulated Amortization | For the Years Ended 2015 2014 2013 Amortization expense $ $ $ |
Summary Of Activity In Goodwill Balance | For the Years Ended May 30, May 31, 2015 2014 Goodwill, beginning of year $ $ Impact of foreign currency exchange rate changes Goodwill, end of period $ $ |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
May. 30, 2015 | |
Income Taxes [Abstract] | |
Schedule Of Current And Deferred Income Tax Provision For Federal And State Income Taxes Attributable To Operations | For the Years Ended May 30, May 31, May 25, 2015 2014 2013 Current Federal $ $ $ State Foreign Deferred Federal State Foreign $ $ $ |
Schedule Of Income Before Provision For Income Taxes | For the Years Ended May 30, May 31, May 25, 2015 2014 2013 Domestic $ $ $ Foreign $ $ $ |
Schedule Of Effective Income Tax Rate Reconciliation | For the Years Ended May 30, May 31, May 25, 2015 2014 2013 Statutory tax rate % % % State taxes, net of federal benefit Non-U.S. rate adjustments Stock-based compensation Valuation allowance Repatriation of foreign earnings - - Foreign tax credits, net of valuation allowance - - Permanent items, primarily meals and entertainment FIN 48 adjustments - Other, net Effective tax rate % % % |
Schedule Of The Components Of Net Deferred Tax Asset | May 30, May 31, 2015 2014 Deferred tax assets: Allowance for doubtful accounts $ $ Accrued compensation Accrued expenses Stock options and restricted stock Foreign tax credit Net operating losses Property and equipment State taxes Gross deferred tax asset Valuation allowance Gross deferred tax asset, net of valuation allowance Deferred tax liabilities: Goodwill and intangibles Net deferred tax asset $ $ |
Summary Of Net Operating Loss Expiration Periods | Expiration Periods Amount of Net Operating Losses Fiscal Years Ending: (in thousands) 2016 $ 2017 2018 2019 2020 2021-2025 Unlimited $ |
Summary Of Activity In Valuation Allowance | Currency Beginning Charged to Rate Ending Balance Operations Changes Balance Years Ended: May 25, 2013 $ $ $ $ May 31, 2014 $ $ $ $ May 30, 2015 $ $ $ $ |
Summary Of The Activity Related To Gross Unrecognized Tax Benefits | For the Years Ended May 30, May 31, 2015 2014 Unrecognized tax benefits, beginning of year $ $ Gross increases-tax positions in prior period - Gross decreases-tax positions in prior period - - Gross increases-current period tax positions - - Settlements - - Lapse of statute of limitations Unrecognized tax benefits, end of year $ $ |
Accrued Salaries And Related 27
Accrued Salaries And Related Obligations (Tables) | 12 Months Ended |
May. 30, 2015 | |
Accrued Salaries And Related Obligations [Abstract] | |
Schedule Of Accrued Salaries And Related Obligations | May 30, May 31, 2015 2014 Accrued salaries and related obligations $ $ Accrued bonuses Accrued vacation $ $ |
Supplemental Disclosure Of Ca28
Supplemental Disclosure Of Cash Flow Information (Tables) | 12 Months Ended |
May. 30, 2015 | |
Supplemental Disclosure Of Cash Flow Information [Abstract] | |
Schedule Of Additional Information Regarding Cash Flows | For the Years Ended May 30, May 31, May 25, 2015 2014 2013 Income taxes paid $ $ $ Non-cash investing and financing activities: Dividends declared, not paid $ $ $ Capitalized leasehold improvements paid directly by landlord $ $ $ - |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
May. 30, 2015 | |
Legal Proceedings [Abstract] | |
Schedule Of Lease Commitments And Purchase Obligations | Operating Purchase Years Ending: Leases Obligations May 28, 2016 $ $ May 27, 2017 May 26, 2018 May 25, 2019 May 30, 2020 Thereafter - Total $ $ |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
May. 30, 2015 | |
Stock Based Compensation Plans [Abstract] | |
Schedule Of Share-Based Award Activity | Share-Based Number of Weighted Weighted Average Awards Shares Average Remaining Aggregate Available Under Exercise Contractual Life Intrinsic for Grant Option Price (in years) Value Options outstanding at May 31, 2014 $ $ Additional options available for grant - - Granted, at fair market value Restricted Stock (1) - - Exercised - Forfeited (2) Expired Options outstanding at May 30, 2015 $ $ Exercisable at May 30, 2015 $ $ Vested and expected to vest at May 30, 2015 (3) $ $ (1) Amounts represent restricted shares granted. Share-based awards available for grant are reduced by 2.5 shares for each share awarded as stock grants from the 2014 Plan. (2) Amounts represent both stock options and restricted share awards forfeited. (3) The expected to vest options are the result of applying the pre-vesting forfeiture rate assumptions to options not yet vested. |
Summary Of Impact Of Stock Based Compensation Plans | For the Years Ended May 30, May 31, May 25, 2015 2014 2013 Income before income taxes $ $ $ Net income $ $ $ Net income per share: Basic $ $ $ Diluted $ $ $ |
Schedule Of Share-Based Payment Award, Valuation Assumptions | For the Years Ended May 30, 2015 May 31, 2014 May 25, 2013 Expected volatility 36.2% - 42.1% 38.4% - 44.1% 45.1% - 46.9% Risk-free interest rate 1.7% - 2.2% 1.1% - 1.8% 0.7% - 0.8% Expected dividends 1.9% - 2.1% 2.0% - 2.2% 1.9% - 2.2% Expected life 5.5 - 7.5 years 5.3 - 7.5 years 5.2 - 7.5 years |
Segment Information And Enter31
Segment Information And Enterprise Reporting (Tables) | 12 Months Ended |
May. 30, 2015 | |
Segment Information And Enterprise Reporting [Abstract] | |
Schedule Of Revenue From External Customers And Long-Lived Assets, By Geographical Areas | Revenue for the Years Ended Long-Lived Assets (1) as of May 30, May 31, May 25, May 30, May 31, 2015 2014 2013 2015 2014 United States $ $ $ $ $ The Netherlands Other Total $ $ $ $ $ (1) Long-lived assets are comprised of goodwill, intangible assets and property and equipment. |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
May. 30, 2015USD ($)item | May. 31, 2014USD ($)item | May. 25, 2013USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Conversion fees percentage | 0.50% | 0.50% | 0.50% |
Reimbursements received from clients for "out-of-pocket" expenses | $ 10,600,000 | $ 8,900,000 | $ 10,100,000 |
Investment in debt securities | $ 24,988,000 | $ 33,986,000 | |
Number of investments with maturity in excess of one year | item | 0 | 0 | |
Unrealized holding gains and losses | $ 0 | $ 0 | |
Property and equipment impairment | 0 | ||
Goodwill impairment | 0 | ||
Other intangible assets impairment | $ 0 | ||
Stock options vesting period | 4 years | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Debt securities contractual maturities period | 1 year | ||
Stock options vesting period | 4 years | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Debt securities contractual maturities period | 3 months | ||
Stock options vesting period | 1 year |
Summary Of Significant Accoun33
Summary Of Significant Accounting Policies (Calculation Of Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Net income | $ 27,508 | $ 19,886 | $ 20,504 |
Basic: | |||
Weighted average shares | 37,825 | 39,216 | 41,108 |
Diluted: | |||
Weighted average shares | 37,825 | 39,216 | 41,108 |
Potentially dilutive shares | 423 | 91 | 43 |
Total dilutive shares | 38,248 | 39,307 | 41,151 |
Net income per common share: | |||
Basic | $ 0.73 | $ 0.51 | $ 0.50 |
Diluted | $ 0.72 | $ 0.51 | $ 0.50 |
Anti-dilutive shares not included above | 5,746 | 7,828 | 8,084 |
Summary Of Significant Accoun34
Summary Of Significant Accounting Policies (Components Of Short-Term Investments) (Details) - USD ($) $ in Thousands | May. 30, 2015 | May. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 24,988 | $ 33,986 |
Fair Value | 24,988 | 33,986 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 14,986 | 33,986 |
Fair Value | 14,986 | $ 33,986 |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 10,002 | |
Fair Value | $ 10,002 |
Summary Of Significant Accoun35
Summary Of Significant Accounting Policies (Summary Of The Activity In Allowance For Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Beginning Balance | $ 3,139 | $ 3,428 | $ 3,992 |
Charged to Operations | 212 | 300 | |
Currency Rate Changes | (78) | 20 | (7) |
(Write-offs)/Recoveries | 18 | (609) | (557) |
Ending Balance | $ 3,291 | $ 3,139 | $ 3,428 |
Summary Of Significant Accoun36
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives Of Property And Equipment) (Details) | 12 Months Ended |
May. 30, 2015 | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 30 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | Lesser of useful life of asset or term of lease |
Minimum [Member] | Furniture And Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Minimum [Member] | Computer Equipment And Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Maximum [Member] | Furniture And Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Maximum [Member] | Computer Equipment And Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Property And Equipment (Details
Property And Equipment (Details) - USD ($) $ in Thousands | May. 30, 2015 | May. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 60,839 | $ 62,883 |
Less accumulated depreciation and amortization | (38,838) | (39,725) |
Property and equipment, net | 22,001 | 23,158 |
Land And Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 14,100 | 14,050 |
Computer Equipment And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 16,612 | 17,474 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 20,037 | 20,768 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 10,090 | $ 10,591 |
Intangible Assets And Goodwil38
Intangible Assets And Goodwill (Schedule Of Details Of Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
May. 30, 2015 | May. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 21,581 | $ 22,859 |
Accumulated Amortization | (21,491) | (21,828) |
Net | 90 | 1,031 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 17,052 | 18,286 |
Accumulated Amortization | (17,052) | (17,794) |
Net | 492 | |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 3,188 | 3,232 |
Accumulated Amortization | $ (3,188) | (2,937) |
Net | 295 | |
Trade Name And Trademark [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated lives | 5 years | |
Gross | $ 1,341 | 1,341 |
Accumulated Amortization | (1,251) | (1,097) |
Net | $ 90 | $ 244 |
Minimum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated lives | 2 years | |
Minimum [Member] | Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated lives | 1 year | |
Maximum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated lives | 7 years | |
Maximum [Member] | Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated lives | 5 years |
Intangible Assets And Goodwil39
Intangible Assets And Goodwill (Schedule Of Intangible Assets Related Accumulated Amortization) (Details) - USD ($) | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
Intangible Assets And Goodwill [Abstract] | |||
Amortization expense | $ 918,000 | $ 1,688,000 | $ 1,694,000 |
Expected amortization expense, 2016 | $ 90,000 |
Intangible Assets And Goodwil40
Intangible Assets And Goodwill (Summary Of Activity In Goodwill Balance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
May. 30, 2015 | May. 31, 2014 | |
Intangible Assets And Goodwill [Abstract] | ||
Goodwill, beginning of year | $ 175,427 | $ 174,275 |
Impact of foreign currency exchange rate changes | (4,549) | 1,152 |
Goodwill, end of period | $ 170,878 | $ 175,427 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
Income Tax Disclosure [Line Items] | |||
Income tax receivable | $ 257,000 | ||
Income taxes payable | $ 75,000 | ||
Tax benefit related to stock-based compensation for nonqualified stock options expensed and for eligible disqualifying ISO exercises and shares issued under ESPP | 940,000 | 512,000 | |
Foreign net operating loss carryforwards | 57,100,000 | ||
Foreign tax credit carryforwards | 370,000 | 354,000 | |
Undistributed earnings of foreign subsidiaries | 13,000,000 | ||
Unrecognized tax benefits | 42,000 | 32,000 | $ 722,000 |
Unrecognized tax benefit classified as long-term liability | 42,000 | 0 | |
Unrecognized tax benefit classified as short-term liability | 0 | $ 32,000 | |
Unrecognized tax benefit, accrued interest and penalties | $ 1,000 | ||
Japan [Member] | |||
Income Tax Disclosure [Line Items] | |||
Dividends paid | 9,700,000 | ||
Hong Kong [Member] | |||
Income Tax Disclosure [Line Items] | |||
Dividends paid | $ 3,900,000 |
Income Taxes (Schedule Of Curre
Income Taxes (Schedule Of Current And Deferred Income Tax Provision For Federal And State Income Taxes Attributable To Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
Income Taxes [Abstract] | |||
Current, Federal | $ 18,046 | $ 13,722 | $ 14,872 |
Current, State | 4,028 | 3,011 | 2,969 |
Current, Foreign | 1,101 | 740 | 1,484 |
Current, Total | 23,175 | 17,473 | 19,325 |
Deferred, Federal | (502) | 1,057 | 167 |
Deferred, State | (120) | 166 | 29 |
Deferred, Foreign | 345 | (439) | (148) |
Deferred, Total | (277) | 784 | 48 |
Income Tax Provision, Total | $ 22,898 | $ 18,257 | $ 19,373 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Before Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
Income Taxes [Abstract] | |||
Domestic | $ 51,997 | $ 43,843 | $ 43,828 |
Foreign | (1,591) | (5,700) | (3,951) |
Income before provision for income taxes | $ 50,406 | $ 38,143 | $ 39,877 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
Income Taxes [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 5.00% | 5.30% | 4.80% |
Non-U.S. rate adjustments | 1.10% | 2.50% | 1.60% |
Stock-based compensation | 0.50% | 0.80% | 1.20% |
Valuation allowance | 2.80% | 3.60% | 4.10% |
Repatriation of foreign earnings | 18.80% | ||
Foreign tax credits, net of valuation allowance | (19.40%) | ||
Permanent items, primarily meals and entertainment | 1.30% | 1.40% | 1.50% |
FIN 48 adjustments | (1.80%) | (0.10%) | |
Other, net | (0.30%) | 1.10% | 1.10% |
Effective tax rate | 45.40% | 47.90% | 48.60% |
Income Taxes (Schedule Of The C
Income Taxes (Schedule Of The Components Of Net Deferred Tax Asset) (Details) - USD ($) $ in Thousands | May. 30, 2015 | May. 31, 2014 |
Income Taxes [Abstract] | ||
Allowance for doubtful accounts | $ 1,665 | $ 1,654 |
Accrued compensation | 4,075 | 3,567 |
Accrued expenses | 3,561 | 3,858 |
Stock options and restricted stock | 15,670 | 15,668 |
Foreign tax credit | 370 | 354 |
Net operating losses | 14,258 | 16,043 |
Property and equipment | 1,369 | 1,222 |
State taxes | 311 | 212 |
Gross deferred tax assets | 41,279 | 42,578 |
Valuation allowance | (15,056) | (16,719) |
Gross deferred tax asset, net of valuation allowance | 26,223 | 25,859 |
Goodwill and intangibles | (20,750) | (19,554) |
Net deferred tax asset | $ 5,473 | $ 6,305 |
Income Taxes (Summary Of Net Op
Income Taxes (Summary Of Net Operating Loss Expiration Periods) (Details) $ in Thousands | May. 30, 2015USD ($) |
Income Taxes [Abstract] | |
2,016 | $ 850 |
2,017 | 200 |
2,018 | 600 |
2,019 | 650 |
2,020 | 1,550 |
2021-2025 | 7,250 |
Unlimited | 46,000 |
Net operating loss carryforwards | $ 57,100 |
Income Taxes (Summary Of Activi
Income Taxes (Summary Of Activity In Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
Income Taxes [Abstract] | |||
Valuation allowance, Beginning Balance | $ 16,719 | $ 14,779 | $ 12,648 |
Valuation allowance, Charged to Operations | 1,189 | 1,396 | 2,036 |
Valuation allowance, Currency Rate Changes | (2,852) | 544 | 95 |
Valuation allowance, Ending Balance | $ 15,056 | $ 16,719 | $ 14,779 |
Income Taxes (Summary Of The Ac
Income Taxes (Summary Of The Activity Related To Gross Unrecognized Tax Benefits) (Details) - USD ($) | 12 Months Ended | |
May. 30, 2015 | May. 31, 2014 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Unrecognized tax benefits, beginning of year | $ 32,000 | $ 722,000 |
Gross increases-tax positions in prior period | 42,000 | |
Lapse of statute of limitations | (32,000) | (690,000) |
Unrecognized tax benefits, end of year | $ 42,000 | $ 32,000 |
Accrued Salaries And Related 49
Accrued Salaries And Related Obligations (Details) - USD ($) $ in Thousands | May. 30, 2015 | May. 31, 2014 |
Accrued Salaries And Related Obligations [Abstract] | ||
Accrued salaries and related obligations | $ 17,716 | $ 17,241 |
Accrued bonuses | 16,611 | 14,196 |
Accrued vacation | 14,310 | 14,130 |
Total accrued salaries and related obligations | $ 48,637 | $ 45,567 |
Revolving Credit Agreement (Det
Revolving Credit Agreement (Details) - May. 30, 2015 - Credit Agreement [Member] - USD ($) $ in Millions | Total |
Line of Credit Facility [Line Items] | |
Unsecured revolving credit facility | $ 3 |
Interest spread on variable rate | 2.25% |
Remaining letters of credit | $ 1.9 |
Outstanding letters of credit | $ 1.1 |
Concentrations Of Credit Risk (
Concentrations Of Credit Risk (Details) - customer | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
Concentrations Of Credit Risk [Abstract] | |||
Number of major customers | 0 | 0 | 0 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
May. 30, 2015 | May. 31, 2014 | |
Stockholders' Equity Disclosure [Line Items] | ||
Common stock, shares authorized | 70,000,000 | 70,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares outstanding | 37,273,000 | 38,158,000 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares outstanding | 0 | 0 |
Stock Repurchase Program 2011 [Member] | ||
Stockholders' Equity Disclosure [Line Items] | ||
Amount authorized under a stock repurchase program | $ 150 | |
Purchase of common stock | 1,700,000 | 2,200,000 |
Common stock shares repurchased, average price per share | $ 15.65 | $ 13.19 |
Cost of shares repurchased | $ 26.3 | $ 29.6 |
Stock repurchase plan, remaining amount | $ 16.7 |
Benefit Plan (Details)
Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
Benefit Plan [Abstract] | |||
Maximum annual contribution per participant by employee | 50.00% | ||
Maximum annual matching contributions per participant by employer | 6.00% | ||
Contributions to the plan as Company matching contributions | $ 4.8 | $ 4.5 | $ 4.2 |
Supplemental Disclosure Of Ca54
Supplemental Disclosure Of Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
Supplemental Disclosure Of Cash Flow Information [Abstract] | |||
Income taxes paid | $ 24,326 | $ 16,187 | $ 19,785 |
Dividends declared, not paid | 2,982 | 2,677 | $ 2,391 |
Capitalized leasehold improvements paid directly by landlord | $ 144 | $ 1,934 |
Commitments And Contingencies55
Commitments And Contingencies (Narrative) (Details) | 12 Months Ended | ||
May. 30, 2015USD ($)ft² | May. 31, 2014USD ($) | May. 25, 2013USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Rent expense | $ 13,100,000 | $ 13,300,000 | $ 14,900,000 |
Area of real estate property | ft² | 56,200 | ||
Expected rental income from third party leases in 2016 | $ 505,000 | ||
Expected rental income from third party leases in 2017 | 372,000 | ||
Expected rental income from third party leases in 2018 | 193,000 | ||
Expected rental income from third party leases in 2019 | 187,000 | ||
Expected rental income from third party leases in 2020 | 189,000 | ||
Expected rental income from third party leases after 2020 | $ 840,000 | ||
Agreement renewal period | 1 year | ||
Period to provide written notice | 60 days | ||
Leases To Independent Third Parties [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Area of real estate property | ft² | 18,200 |
Commitments And Contingencies56
Commitments And Contingencies (Schedule Of Lease Commitments And Purchase Obligations) (Details) $ in Thousands | May. 30, 2015USD ($) |
Legal Proceedings [Abstract] | |
Operating Leases, May 28, 2016 | $ 10,549 |
Operating Leases, May 27, 2017 | 8,459 |
Operating Leases, May 26, 2018 | 5,972 |
Operating Leases, May 25, 2019 | 4,743 |
Operating Leases, May 301, 2020 | 2,662 |
Operating Leases, Thereafter | 7,662 |
Total Operating Leases | 40,047 |
Purchase Obligations, May 28, 2016 | 492 |
Purchase Obligations, May 27, 2017 | 342 |
Purchase Obligations, May 26, 2018 | 213 |
Purchase Obligations, May 25, 2019 | 85 |
Purchase Obligations, May 30, 2020 | 15 |
Total Purchase Obligations | $ 1,147 |
Stock-Based Compensation Plan57
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) | 12 Months Ended | |||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | May. 29, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Increase in shares available for issuance | 2,400,000 | |||
Shares available for grant | 3,449,000 | 1,530,000 | ||
Stock options vesting period | 4 years | |||
Stock options termination period | 10 years | |||
Stock awards granted, exercise price | $ 12.50 | $ 11.41 | $ 12.53 | |
Share price | $ 15.69 | |||
Stock options exercise, intrinsic value | $ 1,200,000 | $ 347,000 | $ 697,000 | |
Stock options vested, total fair value | 3,800,000 | 5,500,000 | 5,800,000 | |
Unrecognized compensation cost related to stock-based compensation | $ 7,400,000 | |||
Weighted-average period of cost to be recognized | 30 months | |||
Stock-based compensation expense | $ 5,989,000 | $ 6,519,000 | $ 7,188,000 | |
Weighted average estimated value per share of employee stock options granted | $ 3.93 | $ 3.82 | $ 4.31 | |
Share based compensation expense for restricted shares | $ 515,000 | $ 406,000 | $ 296,000 | |
Restricted stock, shares granted | 49,840 | 34,632 | 34,622 | |
Restricted stock, shares vested | 35,390 | 23,441 | ||
Unvested restricted shares | 97,938 | 84,379 | 73,708 | |
Excess tax benefits from stock-based compensation | $ 86,000 | $ 35,000 | $ 18,000 | |
Percentage of ownership threshold for minimum exercise price | 10.00% | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Increase in shares available for issuance | 1,500,000 | |||
Shares available for grant | 1,600,000 | |||
Shares of common stock made available for awards | 5,900,000 | |||
Percentage of exercise price per share out of fair market value | 85.00% | |||
Common stock issued | 337,000 | 348,000 | 411,000 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average period of cost to be recognized | 34 months | |||
Total unrecognized compensation cost | $ 1,200,000 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options vesting period | 1 year | |||
Percentage of exercise price per share out of fair market value | 110.00% | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options vesting period | 4 years |
Stock-Based Compensation Plan58
Stock-Based Compensation Plans (Summary Of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
May. 30, 2015USD ($)$ / sharesshares | May. 31, 2014USD ($)$ / sharesshares | May. 25, 2013$ / shares | ||
Stock Based Compensation Plans [Abstract] | ||||
Options outstanding, Beginning balance, Share-Based Awards Available for Grant | 1,530,000 | |||
Additional options available for grant, Share-Based Awards Available for Grant | 2,400,000 | |||
Granted, at fair market value, Share-Based Awards Available for Grant | (1,496,000) | |||
Restricted Stock, Share-Based Awards Available for Grant | [1] | 125,000 | ||
Forfeited, Share-Based Awards Available For Grant | [2] | 264,000 | ||
Expired, Share-Based Awards Available for Grant | 876,000 | |||
Options outstanding, Ending balance, Share-Based Awards Available for Grant | 3,449,000 | 1,530,000 | ||
Options outstanding, Beginning balance, Number of Shares Under Option | 7,696,000 | |||
Granted, at fair market value, Number of Shares Under Option | 1,496,000 | |||
Exercised, Number of Shares Under Option | (408,000) | |||
Forfeited, Number of Shares Under Option | [2] | (261,000) | ||
Expired, Number of Shares Under Option | (876,000) | |||
Options outstanding, Ending balance, Number of Shares Under Option | 7,647,000 | 7,696,000 | ||
Exercisable at May 30, 2015, Number of Shares Under Option | 5,428,000 | |||
Vested and expected to vest at May 30, 2015, Number of Shares Under Option | [3] | 7,413,000 | ||
Options outstanding, Beginning balance, Weighted Average Exercise Price | $ / shares | $ 18.93 | |||
Granted, at fair market value, Weighted Average Exercise Price | $ / shares | 12.50 | $ 11.41 | $ 12.53 | |
Exercised, Weighted Average Exercise Price | $ / shares | 13 | |||
Forfeited, Weighted Average Exercise Price | $ / shares | [2] | 12.54 | ||
Expired, Weighted Average Exercise Price | $ / shares | 23.92 | |||
Options outstanding, Ending balance, Weighted Average Exercise Price | $ / shares | 17.64 | $ 18.93 | ||
Exercisable at May 30, 2015, Weighted Average Exercise Price | $ / shares | 19.84 | |||
Vested and expected to vest at M, 2015, Weighted Average Exercise Price | $ / shares | [3] | $ 17.80 | ||
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 5 years 3 months 29 days | 5 years 2 months 16 days | ||
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 5 years 3 months 29 days | 5 years 2 months 16 days | ||
Exercisable at May 30, 2015, Weighted Average Remaining Contractual Life (Years) | 4 years 4 days | |||
Vested and expected to vest at May 30, 2015, Weighted Average Remaining Contractual Life (in years) | [3] | 5 years 2 months 19 days | ||
Options outstanding, Beginning balance, Aggregate Intrinsic Value | $ | $ 1,611 | |||
Options outstanding, Ending balance, Aggregate Intrinsic Value | $ | 12,414 | $ 1,611 | ||
Exercisable at May 30, 2015, Aggregate Intrinsic Value | $ | 4,733 | |||
Vested and expected to vest at May 30, 2015, Aggregate Intrinsic Value | $ | [3] | $ 11,652 | ||
Number of share-based awards required for each share granted | 2.5 | |||
[1] | Amounts represent restricted shares granted. Share-based awards available for grant are reduced by 2.5 shares for each share awarded as stock grants from the 2014 Plan. | |||
[2] | Amounts represent both stock options and restricted share awards forfeited. | |||
[3] | The expected to vest options are the result of applying the pre-vesting forfeiture rate assumptions to options not yet vested. |
Stock Based Compensation Plans
Stock Based Compensation Plans (Summary Of Impact Of Stock-Based Compensation Plans) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
Stock Based Compensation Plans [Abstract] | |||
Income before income taxes | $ (5,989) | $ (6,519) | $ (7,188) |
Net income | $ (3,823) | $ (4,424) | $ (4,914) |
Net income per share, Basic | $ (0.10) | $ (0.11) | $ (0.12) |
Net income per share, Diluted | $ (0.10) | $ (0.11) | $ (0.12) |
Stock-Based Compensation Plan60
Stock-Based Compensation Plans (Schedule Of Share-Based Payment Award, Valuation Assumptions) (Details) | 12 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, minimum | 36.20% | 38.40% | 45.10% |
Expected volatility, maximum | 42.10% | 44.10% | 46.90% |
Risk-free interest rate, minimum | 1.70% | 1.10% | 0.70% |
Risk-free interest rate, maximum | 2.20% | 1.80% | 0.80% |
Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected dividends | 1.90% | 2.00% | 1.90% |
Expected life | 5 years 6 months | 5 years 3 months 18 days | 5 years 2 months 12 days |
Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected dividends | 2.10% | 2.20% | 2.20% |
Expected life | 7 years 6 months | 7 years 6 months | 7 years 6 months |
Segment Information And Enter61
Segment Information And Enterprise Reporting (Narrative) (Details) | 12 Months Ended |
May. 30, 2015segment | |
Segment Information And Enterprise Reporting [Abstract] | |
Number of operating segments | 1 |
Segment Information And Enter62
Segment Information And Enterprise Reporting (Schedule Of Revenue From External Customers And Long-Lived Assets, By Geographical Areas) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
May. 30, 2015 | May. 31, 2014 | May. 25, 2013 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 590,589 | $ 567,181 | $ 556,334 | |
Long-Lived Assets | [1] | 192,969 | 199,616 | |
UNITED STATES [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 479,972 | 442,784 | 424,862 | |
Long-Lived Assets | [1] | 172,637 | 173,656 | |
The Netherlands [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 15,777 | 22,304 | 24,395 | |
Long-Lived Assets | [1] | 17,582 | 22,541 | |
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 94,840 | 102,093 | $ 107,077 | |
Long-Lived Assets | [1] | $ 2,750 | $ 3,419 | |
[1] | Long-lived assets are comprised of goodwill, intangible assets and property and equipment. |