Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 28, 2013 | Oct. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'GK | ' |
Entity Registrant Name | 'G&K SERVICES INC | ' |
Entity Central Index Key | '0000039648 | ' |
Current Fiscal Year End Date | '--06-28 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 19,808,601 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 28, 2013 | Jun. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $35,587 | $38,590 |
Accounts receivable, less allowance for doubtful accounts of $3,538 and $3,135 | 95,681 | 90,989 |
Inventories, net | 170,795 | 165,006 |
Other current assets | 13,774 | 13,810 |
Total current assets | 315,837 | 308,395 |
Property, Plant and Equipment, net | 194,060 | 194,156 |
Goodwill | 335,633 | 334,393 |
Other Assets | 62,712 | 60,342 |
Total assets | 908,242 | 897,286 |
Current Liabilities | ' | ' |
Accounts payable | 43,271 | 41,655 |
Accrued expenses | 69,441 | 81,902 |
Deferred income taxes | 6,800 | 6,729 |
Current maturities of long-term debt | 0 | 18 |
Total current liabilities | 119,512 | 130,304 |
Long-Term Debt, net of Current Maturities | 181,600 | 175,000 |
Deferred Income Taxes | 17,899 | 19,894 |
Accrued Income Taxes | 10,083 | 9,726 |
Pension Withdrawal Liability | 24,236 | 22,059 |
Other Noncurrent Liabilities | 74,486 | 73,295 |
Total liabilities | 427,816 | 430,278 |
Stockholders' Equity | ' | ' |
Common stock, $0.50 par value | 9,886 | 9,842 |
Additional paid-in capital | 48,964 | 44,872 |
Retained earnings | 409,248 | 402,905 |
Accumulated other comprehensive income | 12,328 | 9,389 |
Total stockholders' equity | 480,426 | 467,008 |
Total liabilities and stockholders' equity | $908,242 | $897,286 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 28, 2013 | Jun. 29, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $3,538 | $3,135 |
Common stock, par value | $0.50 | $0.50 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Revenues | ' | ' |
Rental operations | $213,040 | $203,459 |
Direct sales | 16,253 | 18,969 |
Total revenues | 229,293 | 222,428 |
Operating Expenses | ' | ' |
Cost of rental operations | 139,746 | 138,672 |
Cost of direct sales | 11,695 | 14,333 |
Selling and administrative | 53,920 | 49,875 |
Total operating expenses | 205,361 | 202,880 |
Income from Operations | 23,932 | 19,548 |
Interest Expense | 1,581 | 1,036 |
Income before Income Taxes | 22,351 | 18,512 |
Provision for income taxes | 8,530 | 6,618 |
Net Income | $13,821 | $11,894 |
Basic Earnings per Common Share (in dollars per share) | $0.70 | $0.63 |
Diluted Earnings per Common Share (in dollars per share) | $0.69 | $0.62 |
Weighted average number of shares outstanding, basic (in shares) | 19,429 | 18,681 |
Weighted average number of shares outstanding, diluted (in shares) | 19,836 | 18,949 |
Dividends declared per share | $0.27 | $0.20 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Net income | $13,821 | $11,894 |
Other comprehensive income (loss), net of tax | ' | ' |
Foreign currency translation adjustments, net of tax $126 and $0, respectively | 2,684 | 1,183 |
Pension benefit liabilities, net of tax $170 and $363, respectively | 283 | 581 |
Derivative financial instruments loss recognized, net of tax $(65) and $(146), respectively | -109 | -273 |
Derivative financial instruments loss reclassified, net of tax $48 and $49, respectively | 81 | 80 |
Total other comprehensive income, net of tax | 2,939 | 1,571 |
Total comprehensive income | $16,760 | $13,465 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Foreign currency translation adjustments, tax | $126 | $0 |
Pension benefit liabilities, tax | 170 | 363 |
Derivative financial instruments loss recognized, tax | -65 | -146 |
Derivative financial instruments loss reclassified, tax | $48 | $49 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Operating Activities: | ' | ' |
Net income | $13,821 | $11,894 |
Adjustments to reconcile net income to net cash provided by operating activities - | ' | ' |
Depreciation and amortization | 7,631 | 8,056 |
Deferred income taxes | -2,022 | -187 |
Share-based compensation | 1,851 | 1,554 |
Changes in current operating items, exclusive of acquisitions | ' | ' |
Accounts receivable and prepaid expenses | -4,112 | 246 |
Inventories | -5,249 | 4,152 |
Accounts payable and other accrued expenses | -11,259 | -1,568 |
Other | 793 | -4,367 |
Net cash provided by operating activities | 1,454 | 19,780 |
Investing Activities: | ' | ' |
Property, plant and equipment additions, net | -6,390 | -10,200 |
Acquisition of business, net of cash | 0 | -101 |
Net cash used for investing activities | -6,390 | -10,301 |
Financing Activities: | ' | ' |
Repayments of long-term debt | -18 | -133 |
Proceeds from (Repayments of) revolving credit facilities, net | 6,600 | -12,400 |
Cash dividends paid | -5,312 | 0 |
Net issuance of common stock, under stock option plans | 2,453 | 3,999 |
Repurchase of common stock | -2,183 | 0 |
Shares associated with tax withholdings under our equity incentive plans | -1,287 | -730 |
Excess tax benefit from share-based compensation | 1,141 | 0 |
Net cash provided by (used for) financing activities | 1,394 | -9,264 |
(Decrease) Increase in Cash and Cash Equivalents | -3,542 | 215 |
Effect of Exchange Rates on Cash | 539 | 411 |
Cash and Cash Equivalents: | ' | ' |
Beginning of period | 38,590 | 19,604 |
End of period | $35,587 | $20,230 |
Basis_of_Presentation_for_Inte
Basis of Presentation for Interim Financial Statements | 3 Months Ended |
Sep. 28, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation for Interim Financial Statements | ' |
Basis of Presentation for Interim Financial Statements | |
The Condensed Consolidated Financial Statements of G&K Services, Inc. (the "Company" or "G&K") as set forth in this quarterly report have been prepared pursuant to the rules and regulations of the U. S. Securities and Exchange Commission for interim reporting. As permitted under those rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States can be condensed or omitted. Our accounting policies are described in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended June 29, 2013 ("fiscal 2013"). Management is responsible for the unaudited Condensed Consolidated Financial Statements included in this document. The Condensed Consolidated Financial Statements included in this document are unaudited but, in the opinion of management, include all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of our financial position as of September 28, 2013, and the results of our operations for the three months ended September 28, 2013 and September 29, 2012 and our cash flows for the three months ended September 28, 2013 and September 29, 2012. | |
The results of operations for the three month periods ended September 28, 2013 and September 29, 2012 are not necessarily indicative of the results to be expected for the full year. We have evaluated subsequent events and have found none that require recognition or disclosure. | |
This Quarterly Report on Form 10-Q should be read in conjunction with our Consolidated Financial Statements and notes included in our fiscal 2013 Annual Report on Form 10-K. |
Contingent_Liabilities
Contingent Liabilities | 3 Months Ended |
Sep. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingent Liabilities | ' |
Contingent Liabilities | |
Environmental Matters | |
We are currently involved in several environmental-related proceedings by certain governmental agencies, which relate primarily to allegedly operating certain facilities in noncompliance with required permits. In addition to these proceedings, in the normal course of our business, we are subject to, among other things, periodic inspections by regulatory agencies, and we are involved in the remediation of various properties which we own. As of September 28, 2013 and June 29, 2013, we had reserves of approximately $1,800 and $1,700, respectively, related to these matters. There was $283 of expense for these matters for the three months ended September 28, 2013. There was no expense for these matters for the three month period ended September 29, 2012. | |
Legal Matters | |
The United States Office of Federal Contract Compliance Programs, or OFCCP, is, as part of routine audits, conducting a review of certain of our employment practices. The OFCCP has issued a Notice of Violations to one of our facilities and audits of nine other facilities, where the OFCCP may claim there are similar alleged violations, are ongoing. We have been engaged in conversations with the OFCCP and believe that our practices are lawful and without bias. We have signed a Conciliation Agreement resolving the Notice of Violations mentioned above. Beyond that, no proceedings with respect to these matters have been commenced. While we cannot predict the ultimate outcome of these matters with certainty and it is possible that we may incur additional losses in excess of established reserves, we believe the possibility of a material adverse effect on our results of operations or financial position is remote. | |
See Note 13, "Employee Benefit Plans" of the Notes to the Consolidated Condensed Financial Statements for information regarding disputed amounts related to our withdrawal from the Central States Southeast and Southwest Areas Pension Fund. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Sep. 28, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In February 2013, the FASB issued updated guidance to improve the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to present, either on the face of the statement of income or in the notes, separately for each component of comprehensive income, the current period reclassifications out of accumulated other comprehensive income by the respective line items of net income affected by the reclassification. The updated guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company's adoption of this guidance in the first quarter of fiscal 2014 resulted in a change in the presentation of the Notes to the Consolidated Condensed Financial Statements and did not have any effect on the Company's results of operations or financial position. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair Value Measurements | ' | |||||||||||
Fair Value Measurements | ||||||||||||
Generally accepted accounting principles (GAAP) defines fair value, establishes a framework for measuring fair value and establishes disclosure requirements about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We considered non-performance risk when determining fair value of our derivative financial instruments. The fair value hierarchy prescribed under GAAP contains the following three levels: | ||||||||||||
Level 1 — unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date. | ||||||||||||
Level 2 — other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: | ||||||||||||
-quoted prices for similar assets or liabilities in active markets; | ||||||||||||
-quoted prices for identical or similar assets in non-active markets; | ||||||||||||
-inputs other than quoted prices that are observable for the asset or liability; and | ||||||||||||
-inputs that are derived principally from or corroborated by other observable market data. | ||||||||||||
Level 3 — unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. | ||||||||||||
We do not have any level 3 assets or liabilities and we have not transferred any items between fair value levels during the first quarter of fiscal years 2013 or 2014. | ||||||||||||
The following tables summarize the assets and liabilities measured at fair value on a recurring basis as of September 28, 2013 and June 29, 2013: | ||||||||||||
As of September 28, 2013 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Other assets: | ||||||||||||
Money market mutual funds | $ | 3,283 | $ | — | $ | 3,283 | ||||||
Equity and fixed income mutual funds | 26,247 | — | 26,247 | |||||||||
Cash surrender value of life insurance policies | — | 13,660 | 13,660 | |||||||||
Total assets | $ | 29,530 | $ | 13,660 | $ | 43,190 | ||||||
Accrued expenses: | ||||||||||||
Derivative financial instruments | $ | — | $ | 1,310 | $ | 1,310 | ||||||
Total liabilities | $ | — | $ | 1,310 | $ | 1,310 | ||||||
As of June 29, 2013 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Other assets: | ||||||||||||
Money market mutual funds | $ | 2,964 | $ | — | $ | 2,964 | ||||||
Equity and fixed income mutual funds | 23,811 | — | 23,811 | |||||||||
Cash surrender value of life insurance policies | — | 13,377 | 13,377 | |||||||||
Total assets | $ | 26,775 | $ | 13,377 | $ | 40,152 | ||||||
Accrued expenses: | ||||||||||||
Derivative financial instruments | $ | — | $ | 1,136 | $ | 1,136 | ||||||
Total liabilities | $ | — | $ | 1,136 | $ | 1,136 | ||||||
The cash surrender value of life insurance policies are primarily investments established to fund the obligations of the company's non-qualified, non-contributory supplemental executive retirement plan (SERP). The money market, equity and fixed income mutual funds are investments established to fund the obligations of the company’s non-qualified deferred compensation plan. | ||||||||||||
The following tables summarize the fair values of assets and liabilities that are recorded at historical cost as of September 28, 2013 and June 29, 2013: | ||||||||||||
As of September 28, 2013 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Cash and cash equivalents | $ | 35,587 | $ | — | $ | 35,587 | ||||||
Total assets | $ | 35,587 | $ | — | $ | 35,587 | ||||||
Current maturities of long-term debt | $ | — | $ | — | $ | — | ||||||
Long-term debt, net of current maturities | — | 181,600 | 181,600 | |||||||||
Total liabilities | $ | — | $ | 181,600 | $ | 181,600 | ||||||
As of June 29, 2013 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Cash and cash equivalents | $ | 38,590 | $ | — | $ | 38,590 | ||||||
Total assets | $ | 38,590 | $ | — | $ | 38,590 | ||||||
Current maturities of long-term debt | $ | — | $ | 18 | $ | 18 | ||||||
Long-term debt, net of current maturities | — | 175,000 | 175,000 | |||||||||
Total liabilities | $ | — | $ | 175,018 | $ | 175,018 | ||||||
The fair value of our long-term debt approximates its book value and is based on the amount that would be paid to transfer the liability to a credit-equivalent market participant at the measurement date. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended |
Sep. 28, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
In the ordinary course of business, we are exposed to market risks. We utilize derivative financial instruments to manage interest rate risk and manage the total debt that is subject to variable and fixed interest rates. These interest rate swap contracts modify our exposure to interest rate risk by converting variable rate debt to a fixed rate or by locking in the benchmark interest rate on forecasted issuances of fixed rate debt. | |
For derivative financial instruments that are designated and qualify as cash flow hedges, the effective portion of the change in fair value on the derivative financial instrument is reported as a component of "Accumulated other comprehensive income" and reclassified into the "Interest expense" line item in the Condensed Consolidated Statements of Operations in the same period as the expenses from the cash flows of the interest expense is recognized. Cash payments or receipts are included in "Net cash provided by operating activities" in the Condensed Consolidated Statements of Cash Flows in the same period as the cash is settled. We perform an assessment at the inception of the hedge and on a quarterly basis thereafter, to determine whether our derivatives are highly effective in offsetting changes in the value of the hedged items. Any change in the fair value resulting from hedge ineffectiveness is immediately recognized as income or expense. | |
We do not have any derivative financial instruments that have been designated as either a fair value hedge, a hedge of a net investment in a foreign operation, or that are held for trading or speculative purposes. Cash flows associated with derivative financial instruments are classified in the same category as the cash flows hedged in the Condensed Consolidated Statements of Cash Flows. | |
Approximately 91.9% of our outstanding variable rate debt had its interest payments modified using interest rate swap contracts at September 28, 2013. | |
As of September 28, 2013 and June 29, 2013, we had $1,310 and $1,136, respectively, of liabilities on interest rate swap contracts that are classified as "Accrued expenses" in the Condensed Consolidated Balance Sheets. Of the $918 net gain deferred in accumulated other comprehensive income as of September 28, 2013, a $308 loss is expected to be reclassified to interest expense in the next twelve months. | |
As of September 28, 2013 and June 29, 2013, all derivative financial instruments were designated as hedging instruments. | |
As of September 28, 2013, we had interest rate swap contracts to pay fixed rates of interest and to receive variable rates of interest based on the three-month London Interbank Offered Rate ("LIBOR"), all of which mature in 13-24 months. The average rate on the $75,000 of interest rate swap contracts was 1.25% as of September 28, 2013. These interest rate swap contracts are highly effective cash flow hedges and accordingly, gains or losses on any ineffectiveness were not material to any period. |
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Our effective tax rate increased to 38.2% in the three months ended September 28, 2013 from 35.7% in the three months ended September 29, 2012. The tax rate for the prior period is lower than the current quarter due to a decrease of approximately $400 in reserves for uncertain tax positions due to resolution of a tax contingency during the prior year quarter. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
Earnings Per Share | ||||||||
Accounting Standards Codification (ASC) 260-10-45, Participating Securities and the Two-Class Method ("ASC 260-10-45"), addresses whether awards granted in unvested share-based payment transactions that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and therefore are included in computing earnings per share under the two-class method. Participating securities are securities that may participate in dividends with common stock and the two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that would otherwise have been available to common shareholders. Under the two-class method, earnings for the period are allocated between common shareholders and other shareholders, based on their respective rights to receive dividends. Certain restricted stock awards granted under our Equity Plans are considered participating securities as these awards receive non-forfeitable dividends at the same rate as common stock. | ||||||||
The computations of our basic and diluted earnings per share are set forth below: | ||||||||
Three Months Ended | ||||||||
September 28, | September 29, | |||||||
2013 | 2012 | |||||||
Basic earnings per share (shares in thousands): | ||||||||
Net income | $ | 13,821 | $ | 11,894 | ||||
Less: Income allocable to participating securities | (181 | ) | (175 | ) | ||||
Net income available to common stockholders | $ | 13,640 | $ | 11,719 | ||||
Weighted average shares outstanding, basic | 19,429 | 18,681 | ||||||
Basic earnings per common share | $ | 0.7 | $ | 0.63 | ||||
Diluted earnings per share (shares in thousands): | ||||||||
Net income available to common stockholders | $ | 13,640 | $ | 11,719 | ||||
Weighted average shares outstanding, basic | 19,429 | 18,681 | ||||||
Weighted average effect of non-vested restricted stock grants and assumed exercise of stock options | 407 | 268 | ||||||
Weighted average shares outstanding, diluted | 19,836 | 18,949 | ||||||
Diluted earnings per common share | $ | 0.69 | $ | 0.62 | ||||
We excluded potential common shares related to our outstanding equity compensation grants of 94,000 and 537,000 for the three months ended September 28, 2013 and September 29, 2012, respectively, from the computation of diluted earnings per share. Inclusion of these shares would have been anti-dilutive. |
Inventories
Inventories | 3 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
The components of inventory as of September 28, 2013 and June 29, 2013 are as follows: | ||||||||
September 28, | June 29, | |||||||
2013 | 2013 | |||||||
Raw Materials | $ | 12,292 | $ | 11,583 | ||||
Work in Process | 2,129 | 1,846 | ||||||
Finished Goods | 44,906 | 44,156 | ||||||
New Inventories | 59,327 | 57,585 | ||||||
Merchandise In Service | 111,468 | 107,421 | ||||||
Total Inventories | $ | 170,795 | $ | 165,006 | ||||
We review the estimated useful lives of our in-service inventory assets on a periodic basis or when trends in our business indicate that the useful lives for certain products might have changed. During the fourth quarter of fiscal year 2013, we completed an analysis of certain in-service inventory assets which resulted in the estimated useful lives for these assets being extended to better reflect the estimated periods in which the assets will remain in service. The effect of the change in estimate increased income from operations by $2,273, net income by $1,435 and basic and diluted earnings per common share by $0.07 for the three months ended September 28, 2013. In addition, the "Inventories, net" line item of the Consolidated Condensed Balance Sheets increased by approximately $2,273 during the three months ended September 28, 2013 and $4,878 on a cumulative basis. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill and Intangible Assets | ' | |||||||||||
Goodwill and Intangible Assets | ||||||||||||
Goodwill by segment is as follows: | ||||||||||||
United States | Canada | Total | ||||||||||
Balance as of June 29, 2013 | $ | 270,306 | $ | 64,087 | $ | 334,393 | ||||||
Acquisitions | — | — | — | |||||||||
Foreign currency translation and other | 6 | 1,234 | 1,240 | |||||||||
Balance as of September 28, 2013 | $ | 270,312 | $ | 65,321 | $ | 335,633 | ||||||
There were no impairment losses recorded in the three month periods ended September 28, 2013 and September 29, 2012. | ||||||||||||
Other intangible assets, which are included in "Other assets" on the Condensed Consolidated Balance Sheets, are as follows: | ||||||||||||
September 28, | June 29, | |||||||||||
2013 | 2013 | |||||||||||
Customer contracts and non-competition agreements | $ | 126,331 | $ | 125,996 | ||||||||
Accumulated amortization | (118,240 | ) | (117,149 | ) | ||||||||
Net | $ | 8,091 | $ | 8,847 | ||||||||
The customer contracts include the combined value of the written service agreements and the related customer relationship. Customer contracts are amortized over a weighted average life of approximately 11 years. | ||||||||||||
Amortization expense was $772 and $1,181 for the three months ended September 28, 2013 and September 29, 2012, respectively. Estimated amortization expense for each of the next five fiscal years based on the intangible assets as of September 28, 2013 is as follows: | ||||||||||||
2014 remaining | $ | 1,866 | ||||||||||
2015 | 1,926 | |||||||||||
2016 | 1,368 | |||||||||||
2017 | 1,166 | |||||||||||
2018 | 383 | |||||||||||
2019 | 149 | |||||||||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Debt as of September 28, 2013 and June 29, 2013 includes the following: | ||||||||
September 28, 2013 | June 29, 2013 | |||||||
Borrowings under $250M Revolver | $ | 6,600 | $ | — | ||||
Borrowings under $75M Variable Rate Notes | 75,000 | 75,000 | ||||||
Borrowings under $100M Fixed Rate Notes | 100,000 | 100,000 | ||||||
Capital leases and other | — | 18 | ||||||
181,600 | 175,018 | |||||||
Less current maturities | — | (18 | ) | |||||
Total long-term debt | $ | 181,600 | $ | 175,000 | ||||
We have a $250,000, unsecured revolving credit facility ("$250M Revolver") with a syndicate of banks, which expires on March 7, 2017. Borrowings in U.S. dollars under this credit facility generally bear interest at the adjusted London Interbank Offered Rate ("LIBOR") for specified interest periods plus a margin, which can range from 1.00% to 2.00%, depending on our consolidated leverage ratio. Additionally, we have access to a swingline facility under this line of credit as well as alternative base rate borrowings that are priced based on an agreed upon baseline rate plus a spread determined by the same consolidated leverage ratio. | ||||||||
As of September 28, 2013, borrowings outstanding under the revolving credit facility were $6,600 at a rate of LIBOR plus a margin of 1.25%. The unused portion of the revolver may be used for general corporate purposes, acquisitions, share repurchases, dividends, working capital needs and to provide up to $50,000 in letters of credit. As of September 28, 2013, letters of credit outstanding under this facility totaled $636 and primarily related to our property and casualty insurance programs. No amounts have been drawn upon these letters of credit. We pay a fee on the unused daily balance of the revolving credit facility based on a leverage ratio calculated on a quarterly basis. At September 28, 2013 this fee was 0.20% of the unused daily balance. | ||||||||
Availability of credit under this facility requires that we maintain compliance with certain covenants. | ||||||||
The covenants under this agreement are the most restrictive when compared to our other credit facilities. The following table illustrates compliance with regard to the material covenants required by the terms of this facility as of September 28, 2013: | ||||||||
Required | Actual | |||||||
Maximum Leverage Ratio (Debt/EBITDA) | 3.5 | 1.58 | ||||||
Minimum Interest Coverage Ratio (EBITDA/Interest Expense) | 3 | 24.4 | ||||||
Minimum Net Worth | $ | 379,836 | $ | 480,426 | ||||
Our maximum leverage ratio and minimum interest coverage ratio covenants are calculated by adding back certain non-cash charges, as defined in our debt agreement. | ||||||||
Borrowings outstanding as of September 28, 2013 under this facility bear interest at a weighted average all-in rate of 2.12%. | ||||||||
On April 12, 2013, we amended this facility to remove the minimum net worth covenant. However, this change is not effective until the earlier of June 30, 2015 or the date of full repayment of the $75,000 variable rate unsecured private placement notes. | ||||||||
We have $75,000 of variable rate unsecured private placement notes ("$75M Variable Rate Notes") bearing interest at 0.60% over LIBOR and are scheduled to mature on June 30, 2015. The notes do not require principal payments until maturity. Interest payments are reset and paid on a quarterly basis. As of September 28, 2013, the outstanding balance of the notes was $75,000 at an all-in rate of 0.87%. | ||||||||
On September 27, 2013 we amended and restated our $50,000 accounts receivable securitization facility ("$50M A/R Line"), which expires on September 27, 2016. Under the terms of the facility, we pay interest at a rate per annum equal to LIBOR plus a margin of 0.75%. The facility is subject to customary fees, including a rate per annum equal to 0.80%, for the issuance of letters of credit and 0.26% for any unused portion of the facility. As is customary with transactions of this nature, our eligible accounts receivable are sold to a consolidated subsidiary. As of September 28, 2013, there were no borrowings outstanding under this securitization and $26,225 of letters of credit were outstanding, primarily related to our property and casualty insurance programs. | ||||||||
We have $100,000 of fixed rate unsecured senior notes ("$100M Fixed Rate Notes") with $50,000 of the notes bearing interest at a fixed interest rate of 3.73% per annum maturing April 15, 2023 and $50,000 of the notes bearing interest at a fixed interest rate of 3.88% per annum maturing April 15, 2025. Interest on the notes is payable semiannually. As of September 28, 2013 the outstanding balance of the notes was $100,000 at an all-in rate of 3.81%. | ||||||||
See Note 5, "Derivative Financial Instruments" of the Notes to the Condensed Consolidated Financial Statements for details of our interest rate swap and hedging activities related to our outstanding debt. |
Other_Noncurrent_Liabilities
Other Noncurrent Liabilities | 3 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||||
Other Noncurrent Liabilities | ' | |||||||
Other Noncurrent Liabilities | ||||||||
Other noncurrent liabilities as of September 28, 2013 and June 29, 2013 included the following: | ||||||||
September 28, 2013 | June 29, 2013 | |||||||
Pension plan liability | $ | 11,233 | $ | 12,159 | ||||
Executive deferred compensation plan liability | 29,625 | 26,775 | ||||||
Supplemental executive retirement plan liability | 14,717 | 14,826 | ||||||
Workers' compensation liability | 14,990 | 15,374 | ||||||
Other liabilities | 3,921 | 4,161 | ||||||
Total other noncurrent liabilities | $ | 74,486 | $ | 73,295 | ||||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended |
Sep. 28, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Share-Based Compensation | ' |
Share-Based Compensation | |
We grant share-based awards, including restricted stock and options to purchase our common stock. Stock options are granted to employees and directors for a fixed number of shares with an exercise price equal to the fair value of the shares at the date of grant. Share-based compensation is recognized in the Condensed Consolidated Statements of Operations on a straight-line basis over the requisite service period. The amortization of share-based compensation reflects estimated forfeitures adjusted for actual forfeiture experience. Forfeiture rates are reviewed on an annual basis. As share-based compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from the exercise of stock options or release of restrictions on the restricted stock. At the time share-based awards are exercised, cancelled, expire or restrictions lapse, we recognize adjustments to income tax expense. Total compensation expense related to share-based awards was $1,851 and $1,554 for the three months ended September 28, 2013 and September 29, 2012, respectively. The number of options exercised and restricted stock vested since June 29, 2013, was 169,000 shares. | |
On August 23, 2012, our Chief Executive Officer was granted a performance based restricted stock award (the "Performance Award"). The Performance Award has both a financial performance component and a service component. The Performance Award has a target level of 100,000 restricted shares, a maximum award of 150,000 restricted shares and a minimum award of 50,000 restricted shares, subject to attainment of financial performance goals and service conditions. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||
Employee Benefit Plans | ||||||||||||||||
Defined Benefit Pension Plan | ||||||||||||||||
On December 31, 2006, we froze our pension and supplemental executive retirement plans. | ||||||||||||||||
The components of net periodic pension cost for these plans for the three months ended September 28, 2013 and September 29, 2012 are as follows: | ||||||||||||||||
Pension Plan | Supplemental Executive | |||||||||||||||
Retirement Plan | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest cost | $ | 992 | $ | 935 | $ | 189 | $ | 172 | ||||||||
Expected return on assets | (1,159 | ) | (1,057 | ) | — | — | ||||||||||
Amortization of net loss | 409 | 828 | 36 | 100 | ||||||||||||
Net periodic pension cost | $ | 242 | $ | 706 | $ | 225 | $ | 272 | ||||||||
During the first quarter of fiscal year 2014, we contributed approximately $975 to the pension plan. | ||||||||||||||||
Multi-Employer Pension Plans | ||||||||||||||||
We participate in a number of union sponsored, collectively bargained multi-employer pension plans ("MEPPs"). We record the required cash contributions to the MEPPs as an expense in the period incurred and a liability is recognized for any contributions due and unpaid, consistent with the accounting for defined contribution plans. In addition, we are responsible for our proportional share of any unfunded vested benefits related to the MEPPs. | ||||||||||||||||
Employer's accounting for MEPPs (ASC 715-80) provides that a withdrawal liability should be recorded if circumstances that give rise to an obligation become probable and estimable. The amount of the withdrawal liability recorded is based on the best information available and is subject to change based on revised MEPP information received periodically from the union sponsors and other factors. These potential changes could have a material impact on our results of operations and financial condition. | ||||||||||||||||
Central States Southeast and Southwest Areas Pension Fund - | ||||||||||||||||
Beginning in fiscal year 2012, we commenced negotiations with several of our union locals to discontinue our participation in the Central States Southeast and Southwest Areas Pension Fund ("Central States Fund"). We were ultimately successful and withdrew our participation in the Central States Fund in stages as various union contracts expired. Specifically, we partially withdrew from the Central States Fund in calendar year 2012 and finalized our withdrawal in calendar year 2013. As of June 29, 2013 we recorded an aggregate discounted estimated withdrawal liability of $21,700. We intended to make total payments of $32,400 over a 20 year period. | ||||||||||||||||
Subsequently, on September 19, 2013 we received two demands for payment of withdrawal liability, or payment demands, from the Central States Fund relating to our partial and complete withdrawals. The payment demands calculate the aggregate withdrawal liability to be $56,000 payable over 20 years, or $35,100 on an estimated discounted present value basis. | ||||||||||||||||
We do not agree with the Central States Fund's payment demands and plan to vigorously contest this matter. Most importantly, we believe that, in calculating our withdrawal amount, the Central States Fund has not given us appropriate credit for our partial withdrawal payments as required by applicable law and regulations. We plan to contest the payment demands in accordance with the Central States Fund's rules and applicable law, which require that we file a request for review of the payment demands with the Central States Fund followed by arbitration, all of which can be later contested by either us or the Central States Fund in federal court. We cannot offer any assurance that we will be successful, and ultimate resolution of this matter may have a material effect on our results of operations in the period of resolution, however it is not expected to have a material effect on our financial condition or liquidity. | ||||||||||||||||
Separately, based on information received, as of September 28, 2013, we updated our previously recorded estimated withdrawal liability, using the same methodology previously used by us. Specifically, we have assumed aggregate payments of $34,500 over 20 years, using a discount rate of 5.25%, resulting in an estimated discounted present value of $23,500. This amount represents our current best estimate of our aggregate withdrawal liability. We consider this appropriate based on our interpretation of the plan document and the related statutory requirements. As a result, in addition to $113 of accretion expense related to the previously recorded liability, we recorded an additional discounted estimated withdrawal liability of $1,687 in the three months ended September 28, 2013. Moving forward, we do not anticipate that our estimated discounted withdrawal liability will change, except, depending on the outcome, in connection with resolution of the payment demands received from the Central States Fund and reductions in the outstanding withdrawal liability as payments are made. In addition, except in the case of a mass withdrawal or failure of the Central States Plan, we are no longer subject to fluctuations in the unfunded status of the plan caused by such things as investment returns, discount or mortality rates and various other assumptions. | ||||||||||||||||
Other MEPPs - | ||||||||||||||||
We continue to actively participate in several other MEPPs, for which we have not recorded a withdrawal liability. Based upon the most recent plan data available from the trustees managing these MEPPs, our aggregate share of the undiscounted, unfunded vested benefits for these MEPPs is estimated to be $4,000 to $5,500 as of September 28, 2013. | ||||||||||||||||
A partial or full withdrawal from a MEPP may be triggered by circumstances beyond our control or could be triggered by successfully negotiating with a union to discontinue participation in the MEPP. If a future withdrawal from a plan occurs, we will record our estimated discounted share of any unfunded vested benefits in the period in which the withdrawal occurs. | ||||||||||||||||
The ultimate amount of the withdrawal liability assessed by the MEPPs is impacted by a number of factors, including, among other things, investment returns, benefit levels, interest rates, financial difficulty of other participating employers in the plan and our continued participation with other employers in the MEPPs, each of which could impact the ultimate withdrawal liability. |
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
We have two operating segments, United States (includes the Dominican Republic and Ireland operations) and Canada, which have been identified as components of our organization that are reviewed by our Chief Executive Officer to determine resource allocation and evaluate performance. Each operating segment derives revenues from the branded uniform and facility services programs. During the three months ended September 28, 2013, and for the same period of the prior fiscal year, no single customer's transactions accounted for more than 2.0% of our total revenues. Substantially all of our customers are in the United States and Canada. | ||||||||||||||||
The income from operations for each segment includes the impact of an intercompany management fee assessed by the United States segment to the Canada segment and is self-eliminated in the total income from operations below. This intercompany management fee was approximately $2,000 and $1,875 for the three months ended September 28, 2013 and September 29, 2012. | ||||||||||||||||
We evaluate performance based on income from operations. Financial information by segment for the three month periods ended September 28, 2013 and September 29, 2012 is as follows: | ||||||||||||||||
For the Three Months Ended | United | Canada | Elimination | Total | ||||||||||||
States | ||||||||||||||||
First Quarter Fiscal Year 2014: | ||||||||||||||||
Revenues | $ | 193,272 | $ | 36,021 | $ | — | $ | 229,293 | ||||||||
Income from operations | 21,003 | 2,929 | — | 23,932 | ||||||||||||
Total assets | 842,207 | 164,095 | (98,060 | ) | 908,242 | |||||||||||
Depreciation and amortization expense | 6,529 | 1,102 | — | 7,631 | ||||||||||||
First Quarter Fiscal Year 2013: | ||||||||||||||||
Revenues | $ | 185,454 | $ | 36,974 | $ | — | $ | 222,428 | ||||||||
Income from operations | 16,207 | 3,341 | — | 19,548 | ||||||||||||
Total assets | 808,314 | 157,378 | (85,310 | ) | 880,382 | |||||||||||
Depreciation and amortization expense | 6,738 | 1,318 | — | 8,056 | ||||||||||||
Share_Repurchase
Share Repurchase | 3 Months Ended |
Sep. 28, 2013 | |
Disclosure Share Repurchase Additional Information [Abstract] | ' |
Share Repurchase | ' |
Share Repurchase | |
As of September 28, 2013, we have a $175,000 share repurchase program which was originally authorized by our Board of Directors in May 2007 for $100,000 and increased to $175,000 in May 2008. We repurchased 40,219 shares totaling $2,183 for the three months ended September 28, 2013. There were no repurchases for the three months ended September 29, 2012. As of September 28, 2013, we had $55,654 remaining under this authorization. |
Other_Comprehensive_Income
Other Comprehensive Income | 3 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Other Comprehensive Income [Abstract] | ' | |||||||||||||||
Other Comprehensive Income | ' | |||||||||||||||
Other Comprehensive Income | ||||||||||||||||
Changes in accumulated other comprehensive income, net of tax, for three months ended September 28, 2013 were as follows: | ||||||||||||||||
Three Months Ended September 28, 2013 | ||||||||||||||||
Foreign currency translation adjustment | Pension benefit liabilities | Losses on derivative financial instruments | Total | |||||||||||||
Accumulated other comprehensive income (loss) as of June 29, 2013 | $ | 24,093 | $ | (15,650 | ) | $ | 946 | $ | 9,389 | |||||||
Other comprehensive income (loss) before reclassifications | 2,684 | — | (109 | ) | 2,575 | |||||||||||
Reclassifications from net accumulated other comprehensive income | — | 283 | 81 | 364 | ||||||||||||
Net current period other comprehensive income (loss) | 2,684 | 283 | (28 | ) | 2,939 | |||||||||||
Accumulated other comprehensive income at September 28, 2013 | $ | 26,777 | $ | (15,367 | ) | $ | 918 | $ | 12,328 | |||||||
Amounts reclassified from accumulated other comprehensive income for the three months ended September 28, 2013 were as follows: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
28-Sep-13 | ||||||||||||||||
Losses on derivative financial instruments: | ||||||||||||||||
Interest rate swap contracts | $ | 129 | (a) | |||||||||||||
Total, pre-tax | 129 | |||||||||||||||
Tax benefit | (48 | ) | ||||||||||||||
Total, net of tax | 81 | |||||||||||||||
Pension benefit liabilities: | ||||||||||||||||
Amortization of net loss | 453 | (b) | ||||||||||||||
Total, pre-tax | 453 | |||||||||||||||
Tax benefit | (170 | ) | ||||||||||||||
Total, net of tax | 283 | |||||||||||||||
Total amounts reclassified, net of tax | $ | 364 | ||||||||||||||
(a) Included in interest expense. | ||||||||||||||||
(b) Included in the computation of net periodic pension cost, which is included in cost of rental operations, cost of direct sales and selling and administrative. This amount includes a pension plan which is not included in the net periodic pension cost in Note 13 because it is individually immaterial. See Note 13 for details regarding the pension plans. |
Acquisitions
Acquisitions | 3 Months Ended |
Sep. 28, 2013 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisitions | |
In the second quarter of fiscal year 2013, we completed an acquisition in our rental operations business. The results of the acquired business have been included in our Consolidated Financial Statements since the date of acquisition. The acquisition extends our rental operations footprint into five of the top 100 North American markets which we did not previously serve. The acquisition date fair value of the consideration transferred totaled $18,488, which consisted entirely of cash. | |
The proforma effects of this acquisition, had it been acquired at the beginning of fiscal year 2013, was not material. The amount of revenue related to the acquired business that has been included in our Condensed Consolidated Statements of Operations for the three months ended September 28, 2013 was approximately $2,500 and the impact to net income was immaterial. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | |||||||||||
The following tables summarize the assets and liabilities measured at fair value on a recurring basis as of September 28, 2013 and June 29, 2013: | ||||||||||||
As of September 28, 2013 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Other assets: | ||||||||||||
Money market mutual funds | $ | 3,283 | $ | — | $ | 3,283 | ||||||
Equity and fixed income mutual funds | 26,247 | — | 26,247 | |||||||||
Cash surrender value of life insurance policies | — | 13,660 | 13,660 | |||||||||
Total assets | $ | 29,530 | $ | 13,660 | $ | 43,190 | ||||||
Accrued expenses: | ||||||||||||
Derivative financial instruments | $ | — | $ | 1,310 | $ | 1,310 | ||||||
Total liabilities | $ | — | $ | 1,310 | $ | 1,310 | ||||||
As of June 29, 2013 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Other assets: | ||||||||||||
Money market mutual funds | $ | 2,964 | $ | — | $ | 2,964 | ||||||
Equity and fixed income mutual funds | 23,811 | — | 23,811 | |||||||||
Cash surrender value of life insurance policies | — | 13,377 | 13,377 | |||||||||
Total assets | $ | 26,775 | $ | 13,377 | $ | 40,152 | ||||||
Accrued expenses: | ||||||||||||
Derivative financial instruments | $ | — | $ | 1,136 | $ | 1,136 | ||||||
Total liabilities | $ | — | $ | 1,136 | $ | 1,136 | ||||||
Summary of Assets and Liabilities at Fair Value | ' | |||||||||||
The following tables summarize the fair values of assets and liabilities that are recorded at historical cost as of September 28, 2013 and June 29, 2013: | ||||||||||||
As of September 28, 2013 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Cash and cash equivalents | $ | 35,587 | $ | — | $ | 35,587 | ||||||
Total assets | $ | 35,587 | $ | — | $ | 35,587 | ||||||
Current maturities of long-term debt | $ | — | $ | — | $ | — | ||||||
Long-term debt, net of current maturities | — | 181,600 | 181,600 | |||||||||
Total liabilities | $ | — | $ | 181,600 | $ | 181,600 | ||||||
As of June 29, 2013 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Cash and cash equivalents | $ | 38,590 | $ | — | $ | 38,590 | ||||||
Total assets | $ | 38,590 | $ | — | $ | 38,590 | ||||||
Current maturities of long-term debt | $ | — | $ | 18 | $ | 18 | ||||||
Long-term debt, net of current maturities | — | 175,000 | 175,000 | |||||||||
Total liabilities | $ | — | $ | 175,018 | $ | 175,018 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computations of Basic and Diluted Earnings Per Share | ' | |||||||
The computations of our basic and diluted earnings per share are set forth below: | ||||||||
Three Months Ended | ||||||||
September 28, | September 29, | |||||||
2013 | 2012 | |||||||
Basic earnings per share (shares in thousands): | ||||||||
Net income | $ | 13,821 | $ | 11,894 | ||||
Less: Income allocable to participating securities | (181 | ) | (175 | ) | ||||
Net income available to common stockholders | $ | 13,640 | $ | 11,719 | ||||
Weighted average shares outstanding, basic | 19,429 | 18,681 | ||||||
Basic earnings per common share | $ | 0.7 | $ | 0.63 | ||||
Diluted earnings per share (shares in thousands): | ||||||||
Net income available to common stockholders | $ | 13,640 | $ | 11,719 | ||||
Weighted average shares outstanding, basic | 19,429 | 18,681 | ||||||
Weighted average effect of non-vested restricted stock grants and assumed exercise of stock options | 407 | 268 | ||||||
Weighted average shares outstanding, diluted | 19,836 | 18,949 | ||||||
Diluted earnings per common share | $ | 0.69 | $ | 0.62 | ||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Components of Inventory | ' | |||||||
The components of inventory as of September 28, 2013 and June 29, 2013 are as follows: | ||||||||
September 28, | June 29, | |||||||
2013 | 2013 | |||||||
Raw Materials | $ | 12,292 | $ | 11,583 | ||||
Work in Process | 2,129 | 1,846 | ||||||
Finished Goods | 44,906 | 44,156 | ||||||
New Inventories | 59,327 | 57,585 | ||||||
Merchandise In Service | 111,468 | 107,421 | ||||||
Total Inventories | $ | 170,795 | $ | 165,006 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Schedule of Goodwill by Segment | ' | |||||||||||
Goodwill by segment is as follows: | ||||||||||||
United States | Canada | Total | ||||||||||
Balance as of June 29, 2013 | $ | 270,306 | $ | 64,087 | $ | 334,393 | ||||||
Acquisitions | — | — | — | |||||||||
Foreign currency translation and other | 6 | 1,234 | 1,240 | |||||||||
Balance as of September 28, 2013 | $ | 270,312 | $ | 65,321 | $ | 335,633 | ||||||
Schedule of Other Intangible Assets | ' | |||||||||||
Other intangible assets, which are included in "Other assets" on the Condensed Consolidated Balance Sheets, are as follows: | ||||||||||||
September 28, | June 29, | |||||||||||
2013 | 2013 | |||||||||||
Customer contracts and non-competition agreements | $ | 126,331 | $ | 125,996 | ||||||||
Accumulated amortization | (118,240 | ) | (117,149 | ) | ||||||||
Net | $ | 8,091 | $ | 8,847 | ||||||||
Estimated Amortization Expenses of Intangible Assets | ' | |||||||||||
Estimated amortization expense for each of the next five fiscal years based on the intangible assets as of September 28, 2013 is as follows: | ||||||||||||
2014 remaining | $ | 1,866 | ||||||||||
2015 | 1,926 | |||||||||||
2016 | 1,368 | |||||||||||
2017 | 1,166 | |||||||||||
2018 | 383 | |||||||||||
2019 | 149 | |||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Amount of Long-Term Debt | ' | |||||||
Debt as of September 28, 2013 and June 29, 2013 includes the following: | ||||||||
September 28, 2013 | June 29, 2013 | |||||||
Borrowings under $250M Revolver | $ | 6,600 | $ | — | ||||
Borrowings under $75M Variable Rate Notes | 75,000 | 75,000 | ||||||
Borrowings under $100M Fixed Rate Notes | 100,000 | 100,000 | ||||||
Capital leases and other | — | 18 | ||||||
181,600 | 175,018 | |||||||
Less current maturities | — | (18 | ) | |||||
Total long-term debt | $ | 181,600 | $ | 175,000 | ||||
Material Covenants Required by Terms of This Facility | ' | |||||||
The following table illustrates compliance with regard to the material covenants required by the terms of this facility as of September 28, 2013: | ||||||||
Required | Actual | |||||||
Maximum Leverage Ratio (Debt/EBITDA) | 3.5 | 1.58 | ||||||
Minimum Interest Coverage Ratio (EBITDA/Interest Expense) | 3 | 24.4 | ||||||
Minimum Net Worth | $ | 379,836 | $ | 480,426 | ||||
Other_Noncurrent_Liabilities_T
Other Noncurrent Liabilities (Tables) | 3 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||||
Schedule of Other Noncurrent Liabilities | ' | |||||||
Other noncurrent liabilities as of September 28, 2013 and June 29, 2013 included the following: | ||||||||
September 28, 2013 | June 29, 2013 | |||||||
Pension plan liability | $ | 11,233 | $ | 12,159 | ||||
Executive deferred compensation plan liability | 29,625 | 26,775 | ||||||
Supplemental executive retirement plan liability | 14,717 | 14,826 | ||||||
Workers' compensation liability | 14,990 | 15,374 | ||||||
Other liabilities | 3,921 | 4,161 | ||||||
Total other noncurrent liabilities | $ | 74,486 | $ | 73,295 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||||
The components of net periodic pension cost for these plans for the three months ended September 28, 2013 and September 29, 2012 are as follows: | ||||||||||||||||
Pension Plan | Supplemental Executive | |||||||||||||||
Retirement Plan | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest cost | $ | 992 | $ | 935 | $ | 189 | $ | 172 | ||||||||
Expected return on assets | (1,159 | ) | (1,057 | ) | — | — | ||||||||||
Amortization of net loss | 409 | 828 | 36 | 100 | ||||||||||||
Net periodic pension cost | $ | 242 | $ | 706 | $ | 225 | $ | 272 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||
Financial Information by Segment | ' | |||||||||||||||
Financial information by segment for the three month periods ended September 28, 2013 and September 29, 2012 is as follows: | ||||||||||||||||
For the Three Months Ended | United | Canada | Elimination | Total | ||||||||||||
States | ||||||||||||||||
First Quarter Fiscal Year 2014: | ||||||||||||||||
Revenues | $ | 193,272 | $ | 36,021 | $ | — | $ | 229,293 | ||||||||
Income from operations | 21,003 | 2,929 | — | 23,932 | ||||||||||||
Total assets | 842,207 | 164,095 | (98,060 | ) | 908,242 | |||||||||||
Depreciation and amortization expense | 6,529 | 1,102 | — | 7,631 | ||||||||||||
First Quarter Fiscal Year 2013: | ||||||||||||||||
Revenues | $ | 185,454 | $ | 36,974 | $ | — | $ | 222,428 | ||||||||
Income from operations | 16,207 | 3,341 | — | 19,548 | ||||||||||||
Total assets | 808,314 | 157,378 | (85,310 | ) | 880,382 | |||||||||||
Depreciation and amortization expense | 6,738 | 1,318 | — | 8,056 | ||||||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Other Comprehensive Income [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income | ' | |||||||||||||||
Changes in accumulated other comprehensive income, net of tax, for three months ended September 28, 2013 were as follows: | ||||||||||||||||
Three Months Ended September 28, 2013 | ||||||||||||||||
Foreign currency translation adjustment | Pension benefit liabilities | Losses on derivative financial instruments | Total | |||||||||||||
Accumulated other comprehensive income (loss) as of June 29, 2013 | $ | 24,093 | $ | (15,650 | ) | $ | 946 | $ | 9,389 | |||||||
Other comprehensive income (loss) before reclassifications | 2,684 | — | (109 | ) | 2,575 | |||||||||||
Reclassifications from net accumulated other comprehensive income | — | 283 | 81 | 364 | ||||||||||||
Net current period other comprehensive income (loss) | 2,684 | 283 | (28 | ) | 2,939 | |||||||||||
Accumulated other comprehensive income at September 28, 2013 | $ | 26,777 | $ | (15,367 | ) | $ | 918 | $ | 12,328 | |||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income for the three months ended September 28, 2013 were as follows: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
28-Sep-13 | ||||||||||||||||
Losses on derivative financial instruments: | ||||||||||||||||
Interest rate swap contracts | $ | 129 | (a) | |||||||||||||
Total, pre-tax | 129 | |||||||||||||||
Tax benefit | (48 | ) | ||||||||||||||
Total, net of tax | 81 | |||||||||||||||
Pension benefit liabilities: | ||||||||||||||||
Amortization of net loss | 453 | (b) | ||||||||||||||
Total, pre-tax | 453 | |||||||||||||||
Tax benefit | (170 | ) | ||||||||||||||
Total, net of tax | 283 | |||||||||||||||
Total amounts reclassified, net of tax | $ | 364 | ||||||||||||||
(a) Included in interest expense. | ||||||||||||||||
(b) Included in the computation of net periodic pension cost, which is included in cost of rental operations, cost of direct sales and selling and administrative. This amount includes a pension plan which is not included in the net periodic pension cost in Note 13 because it is individually immaterial. See Note 13 for details regarding the pension plans. |
Contingent_Liabilities_Additio
Contingent Liabilities - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Jun. 29, 2013 |
Location | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Locations with alleged violations | 1 | ' | ' |
Locations under audit | 9 | ' | ' |
Reserves related to environmental matters | $1,800 | ' | $1,700 |
Expenses related to environmental matters | $283 | $0 | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 28, 2013 | Jun. 29, 2013 |
In Thousands, unless otherwise specified | ||
Other assets: | ' | ' |
Total assets | $35,587 | $38,590 |
Accrued expenses: | ' | ' |
Total liabilities | 181,600 | 175,018 |
Fair Value, Measurements, Recurring | ' | ' |
Other assets: | ' | ' |
Money market mutual funds | 3,283 | 2,964 |
Equity and fixed income mutual funds | 26,247 | 23,811 |
Cash surrender value of life insurance policies | 13,660 | 13,377 |
Total assets | 43,190 | 40,152 |
Accrued expenses: | ' | ' |
Derivative financial instruments | 1,310 | 1,136 |
Total liabilities | 1,310 | 1,136 |
Level 1 | ' | ' |
Other assets: | ' | ' |
Total assets | 35,587 | 38,590 |
Accrued expenses: | ' | ' |
Total liabilities | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Other assets: | ' | ' |
Money market mutual funds | 3,283 | 2,964 |
Equity and fixed income mutual funds | 26,247 | 23,811 |
Cash surrender value of life insurance policies | 0 | 0 |
Total assets | 29,530 | 26,775 |
Accrued expenses: | ' | ' |
Derivative financial instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 | ' | ' |
Other assets: | ' | ' |
Total assets | 0 | 0 |
Accrued expenses: | ' | ' |
Total liabilities | 181,600 | 175,018 |
Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Other assets: | ' | ' |
Money market mutual funds | 0 | 0 |
Equity and fixed income mutual funds | 0 | 0 |
Cash surrender value of life insurance policies | 13,660 | 13,377 |
Total assets | 13,660 | 13,377 |
Accrued expenses: | ' | ' |
Derivative financial instruments | 1,310 | 1,136 |
Total liabilities | $1,310 | $1,136 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Assets and Liabilities at Fair Value (Detail) (USD $) | Sep. 28, 2013 | Jun. 29, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' |
Cash and cash equivalents | $35,587 | $38,590 |
Total assets | 35,587 | 38,590 |
Current maturities of long-term debt | 0 | 18 |
Long-term debt, net of current maturities | 181,600 | 175,000 |
Total liabilities | 181,600 | 175,018 |
Level 1 | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' |
Cash and cash equivalents | 35,587 | 38,590 |
Total assets | 35,587 | 38,590 |
Current maturities of long-term debt | 0 | 0 |
Long-term debt, net of current maturities | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Total assets | 0 | 0 |
Current maturities of long-term debt | 0 | 18 |
Long-term debt, net of current maturities | 181,600 | 175,000 |
Total liabilities | $181,600 | $175,018 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Sep. 28, 2013 |
Maximum | Minimum | Accrued expenses | Accrued expenses | Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of outstanding variable rate debt modified (in percent) | 91.90% | ' | ' | ' | ' | ' |
Accrued expenses on interest rate swap contracts | ' | ' | ' | $1,310 | $1,136 | ' |
Net gain deferred in accumulated other comprehensive income | 918 | ' | ' | ' | ' | ' |
Loss expected to be reclassified to interest expense | 308 | ' | ' | ' | ' | ' |
Notional amount of interest rate swap contracts to pay fixed rates of interest and to receive variable rates of interest | ' | ' | ' | ' | ' | $75,000 |
Average rate on interest rate swap contracts | 1.25% | ' | ' | ' | ' | ' |
Maturity period of notional amount of interest rate swaps (in months) | ' | '24 months | '13 months | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Effective tax rate (in percent) | 38.20% | 35.70% |
Decrease in reserves for uncertain tax positions | ' | $400 |
Earnings_Per_Share_Computation
Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Basic earnings per share: | ' | ' |
Net income | $13,821 | $11,894 |
Less: Income allocable to participating securities | -181 | -175 |
Net income available to common stockholders | 13,640 | 11,719 |
Weighted average shares outstanding, basic (in shares) | 19,429,000 | 18,681,000 |
Basic earnings per common share (in dollars per share) | $0.70 | $0.63 |
Diluted earnings per share: | ' | ' |
Net income available to common stockholders | $13,640 | $11,719 |
Weighted average shares outstanding, basic (in shares) | 19,429,000 | 18,681,000 |
Weighted average effect of non-vested restricted stock grants and assumed exercise of stock options (in shares) | 407,000 | 268,000 |
Weighted average shares outstanding, diluted (In shares) | 19,836,000 | 18,949,000 |
Diluted earnings per common share (in dollars per share) | $0.69 | $0.62 |
Shares excluded from computation of diluted earnings per share (in shares) | 94,000 | 537,000 |
Inventories_Components_of_Inve
Inventories - Components of Inventory (Detail) (USD $) | Sep. 28, 2013 | Jun. 29, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw Materials | $12,292 | $11,583 |
Work in Process | 2,129 | 1,846 |
Finished Goods | 44,906 | 44,156 |
New Goods | 59,327 | 57,585 |
Merchandise in Service | 111,468 | 107,421 |
Total Inventories | $170,795 | $165,006 |
Inventories_Inventories_Additi
Inventories Inventories - Additional Information (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 28, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Effect of change in inventory lives on income from operations | $2,273 | ' |
Effect of change in inventory lives on net income | 1,435 | ' |
Effect of Change in Inventory Lives on Earnings Per Share | $0.07 | ' |
Effect of change in inventory lives on Consolidated Balance Sheet | $2,273 | $4,878 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Schedule of Goodwill by Segment (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Goodwill [Roll Forward] | ' |
Beginning Balance | $334,393 |
Acquisitions | 0 |
Foreign currency translation and other | 1,240 |
Ending Balance | 335,633 |
United States | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 270,306 |
Acquisitions | 0 |
Foreign currency translation and other | 6 |
Ending Balance | 270,312 |
Canada | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 64,087 |
Acquisitions | 0 |
Foreign currency translation and other | 1,234 |
Ending Balance | $65,321 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Impairment losses recorded | $0 | $0 |
Weighted average life of amortized intangible assets (in years) | '11 years | ' |
Amortization expense | $772,000 | $1,181,000 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Schedule of Other Intangible Assets (Detail) (USD $) | Sep. 28, 2013 | Jun. 29, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Customer contracts and non-competition agreements | $126,331 | $125,996 |
Accumulated amortization | -118,240 | -117,149 |
Net Customer Contracts | $8,091 | $8,847 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Estimated Amortization Expenses of Intangible Assets (Detail) (USD $) | Sep. 28, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2013 remaining | $1,866 |
2014 | 1,926 |
2015 | 1,368 |
2016 | 1,166 |
2017 | 383 |
2018 | $149 |
LongTerm_Debt_Amount_of_LongTe
Long-Term Debt - Amount of Long-Term Debt (Detail) (USD $) | Sep. 28, 2013 | Jun. 29, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Borrowings under $250M Revolver | $6,600 | $0 |
Capital leases and other | 0 | 18 |
Long-term Debt including current maturities | 181,600 | 175,018 |
Less current maturities | 0 | -18 |
Total long-term debt | 181,600 | 175,000 |
Variable interest rate [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings under Notes | 75,000 | 75,000 |
Fixed interest rate [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings under Notes | $100,000 | $100,000 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | 2-May-13 | Sep. 28, 2013 |
Unsecured private placement notes | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest rate spread on notes (in percent) | ' | 0.60% |
Long-term debt, notes | ' | $75,000 |
Long-term debt maturities | ' | 30-Jun-15 |
Outstanding balance, notes | ' | 75,000 |
Interest rate on notes (in percent) | ' | 0.87% |
Debt Instrument, description of variable rate basis | ' | 'The notes bear interest at 0.60% over LIBOR |
Debt instrument, frequency of periodic payment | ' | 'The notes do not require principal payments until maturity |
Unsecured Debt [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Long-term debt, notes | ' | 100,000 |
Outstanding balance, notes | ' | 100,000 |
Interest rate on notes (in percent) | ' | 3.81% |
Unsecured revolving credit facility | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Revolving credit facility | ' | 250,000 |
Debt facility expiration date | ' | 7-Mar-17 |
Interest rate spread on notes (in percent) | ' | 1.25% |
Borrowings outstanding under the revolving credit facility | ' | 6,600 |
Letters of credit sub-limit | ' | 50,000 |
Outstanding letters of credit | ' | 636 |
Interest rate (in percent) | ' | 2.12% |
Fee payment on unused daily balances (in percent) | ' | 0.20% |
Debt amendment date | 12-Apr-13 | ' |
Effective date of debt amendment, latest | 30-Jun-15 | ' |
Line of credit facility, interest rate description | ' | 'Borrowings in U.S. dollars under this credit facility generally bear interest at the adjusted London Interbank Offered Rate ("LIBOR") for specified interest periods plus a margin, which can range from 1.00% to 2.00%, depending on our consolidated leverage ratio. Additionally, we have access to a swingline facility under this line of credit as well as alternative base rate borrowings that are priced based on an agreed upon baseline rate plus a spread determined by the same consolidated leverage ratio. |
Secured Revolving Credit Facility | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Revolving credit facility | ' | 50,000 |
Debt facility expiration date | ' | 27-Sep-16 |
Interest rate spread on notes (in percent) | ' | 0.75% |
Interest rate on letters of credit outstanding (in percent) | ' | 0.80% |
Borrowings outstanding under the revolving credit facility | ' | 0 |
Outstanding letters of credit | ' | 26,225 |
Fee payment on unused daily balances (in percent) | ' | 0.26% |
Line of credit facility, interest rate description | ' | 'We pay interest at a rate per annum equal to a margin of 0.75%, plus LIBOR. |
Minimum | Unsecured revolving credit facility | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest rate spread on notes (in percent) | ' | 1.00% |
Maximum | Unsecured revolving credit facility | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest rate spread on notes (in percent) | ' | 2.00% |
Unsecured Senior Notes 1 [Member] | Unsecured Debt [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Long-term debt, notes | ' | 50,000 |
Interest rate on fixed rate notes (in percent) | ' | 3.73% |
Long-term debt maturities | ' | 15-Apr-23 |
Unsecured Senior Notes 2 [Member] | Unsecured Debt [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Long-term debt, notes | ' | $50,000 |
Interest rate on fixed rate notes (in percent) | ' | 3.88% |
Long-term debt maturities | ' | 15-Apr-25 |
LongTerm_Debt_Material_Covenan
Long-Term Debt - Material Covenants Required by Terms of This Facility (Detail) (Revolving Credit Facility, USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Revolving Credit Facility | ' |
Debt Instrument [Line Items] | ' |
Maximum Leverage Ratio (Debt/EBITDA), Required (ratio) | 3.5 |
Maximum Leverage Ratio (Debt/EBITADA), Actual (ratio) | 1.58 |
Minimum Interest Coverage Ratio (EBITDA/Interest Expense), Required (ratio) | 3 |
Minimum Interest Coverage Ratio (EBITDA/Interest Expense), Actual (ratio) | 24.4 |
Minimum Net Worth, Required | $379,836 |
Minimum Net Worth, Actual | $480,426 |
Other_Noncurrent_Liabilities_D
Other Noncurrent Liabilities (Details) (USD $) | Sep. 28, 2013 | Jun. 29, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Noncurrent [Abstract] | ' | ' |
Pension plan liability | $11,233 | $12,159 |
Executive deferred compensation plan liability | 29,625 | 26,775 |
Supplemental executive retirement plan liability | 14,717 | 14,826 |
Workers' compensation liability | 14,990 | 15,374 |
Other liabilities | 3,921 | 4,161 |
Total other noncurrent liabilities | $74,486 | $73,295 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Aug. 23, 2012 | Aug. 23, 2012 | Aug. 23, 2012 |
Target | Maximum | Minimum | |||
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ' | ' |
Total compensation expense related to share-based awards | $1,851 | $1,554 | ' | ' | ' |
Number of options exercised and restricted stock vested (in shares) | 169,000 | ' | ' | ' | ' |
Number of shares of performance based restricted stock award (in shares) | ' | ' | 100,000 | 150,000 | 50,000 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Pension Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Interest cost | $992 | $935 |
Expected return on assets | -1,159 | -1,057 |
Amortization of net loss | 409 | 828 |
Net periodic pension cost | 242 | 706 |
Supplemental Executive Retirement Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Interest cost | 189 | 172 |
Expected return on assets | 0 | 0 |
Amortization of net loss | 36 | 100 |
Net periodic pension cost | $225 | $272 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Jun. 29, 2013 |
Multiemployer Plans [Line Items] | ' | ' |
Employer contribution for pension plan | $975 | ' |
Multiemployer plan withdrawal liability | 23,500 | 21,700 |
Accretion Expense | 113 | ' |
Multiemployer plan withdrawal liability, period increase | 1,687 | ' |
Period of payment of withdrawal liability (in years) | '20 years | ' |
Discount rate (in percent) | 5.25% | ' |
Demand notice multiemployer plan withdrawal liability | 35,100 | ' |
Demand notice aggregate payments of multiemployer plan withdrawal liability | 56,000 | ' |
Aggregate payments of multiemployer plan withdrawal liability | 34,500 | 32,400 |
Multi-Employer Pension Plans | Minimum | ' | ' |
Multiemployer Plans [Line Items] | ' | ' |
Estimated share of undiscounted, unfunded vested benefits under all the MEPPs | 4,000 | ' |
Multi-Employer Pension Plans | Maximum | ' | ' |
Multiemployer Plans [Line Items] | ' | ' |
Estimated share of undiscounted, unfunded vested benefits under all the MEPPs | $5,500 | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Segment | ||
Segment Reporting, Measurement Disclosures [Abstract] | ' | ' |
Number of operating segments (in numbers) | 2 | ' |
Maximum percentage of revenue from one single customer (in percent) | 2.00% | 2.00% |
Intercompany management fee | $2,000 | $1,875 |
Segment_Information_Financial_
Segment Information - Financial Information by Segment (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Jun. 29, 2013 |
Schedule Of Geographical Segments [Line Items] | ' | ' | ' |
Revenues | $229,293 | $222,428 | ' |
Income from operations | 23,932 | 19,548 | ' |
Total assets | 908,242 | ' | 897,286 |
Depreciation and amortization expense | 7,631 | 8,056 | ' |
United States | ' | ' | ' |
Schedule Of Geographical Segments [Line Items] | ' | ' | ' |
Revenues | 193,272 | 185,454 | ' |
Income from operations | 21,003 | 16,207 | ' |
Total assets | 842,207 | 808,314 | ' |
Depreciation and amortization expense | 6,529 | 6,738 | ' |
Canada | ' | ' | ' |
Schedule Of Geographical Segments [Line Items] | ' | ' | ' |
Revenues | 36,021 | 36,974 | ' |
Income from operations | 2,929 | 3,341 | ' |
Total assets | 164,095 | 157,378 | ' |
Depreciation and amortization expense | 1,102 | 1,318 | ' |
Elimination | ' | ' | ' |
Schedule Of Geographical Segments [Line Items] | ' | ' | ' |
Revenues | 0 | 0 | ' |
Income from operations | 0 | 0 | ' |
Total assets | -98,060 | -85,310 | ' |
Depreciation and amortization expense | $0 | $0 | ' |
Share_Repurchase_Additional_In
Share Repurchase - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | 31-May-08 | 31-May-07 | Sep. 28, 2013 | Sep. 29, 2012 |
Disclosure Share Repurchase Additional Information [Abstract] | ' | ' | ' | ' |
Stock repurchase program, authorized amount | $175,000 | $100,000 | $175,000 | ' |
Stock repurchase program, shares repurchased (in shares) | ' | ' | 40,219 | 0 |
Stock repurchase program, remaining authorized repurchase amount | ' | ' | 55,654 | ' |
Stock repurchase program, repurchased amount | ' | ' | $2,183 | ' |
Changes_in_accumulated_other_c
Changes in accumulated other comprehensive income, net of tax (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Jun. 29, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive income | $12,328 | $9,389 |
Other comprehensive income before reclassifications | 2,575 | ' |
Losses reclassified from net accumulated other comprehensive income | 364 | ' |
Net current period other comprehensive income (loss) | 2,939 | ' |
Accumulated Translation Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive income | 26,777 | 24,093 |
Other comprehensive income before reclassifications | 2,684 | ' |
Losses reclassified from net accumulated other comprehensive income | 0 | ' |
Net current period other comprehensive income (loss) | 2,684 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive income | -15,367 | -15,650 |
Other comprehensive income before reclassifications | 0 | ' |
Losses reclassified from net accumulated other comprehensive income | 283 | ' |
Net current period other comprehensive income (loss) | 283 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive income | 918 | 946 |
Other comprehensive income before reclassifications | -109 | ' |
Losses reclassified from net accumulated other comprehensive income | 81 | ' |
Net current period other comprehensive income (loss) | ($28) | ' |
Reclassification_from_accumula
Reclassification from accumulated other comprehensive income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Interest rate swap contracts | $1,581 | $1,036 |
Tax benefit | 8,530 | 6,618 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Total, net of tax | 364 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Total, pre-tax | 453 | ' |
Tax benefit | -170 | ' |
Total, net of tax | 283 | ' |
Amortization of net loss | 453 | ' |
Interest Rate Swap [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Interest rate swap contracts | 129 | ' |
Total, pre-tax | 129 | ' |
Tax benefit | -48 | ' |
Total, net of tax | $81 | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Jun. 29, 2013 |
Markets | ||
Business Combinations [Abstract] | ' | ' |
Acquisition North American Markets | ' | 5 |
Top North American Markets | ' | 100 |
Payments to Acquire Businesses, Gross | ' | $18,488 |
Business Acquisitions Revenue In Period | $2,500 | ' |