Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 28, 2015 | Apr. 27, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | GK | |
Entity Registrant Name | G&K SERVICES INC | |
Entity Central Index Key | 39648 | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 19,992,070 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 28, 2015 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $13,328 | $37,118 |
Accounts receivable, less allowance for doubtful accounts of $3,745 and $3,697 | 96,934 | 100,193 |
Inventory | 40,102 | 38,423 |
Merchandise in service | 129,643 | 124,111 |
Other current assets | 18,671 | 27,250 |
Total current assets | 298,678 | 327,095 |
Property, plant and equipment, less accumulated depreciation of $377,138 and $368,672 | 213,239 | 201,382 |
Goodwill | 324,289 | 333,214 |
Other assets | 63,026 | 61,828 |
Total assets | 899,232 | 923,519 |
Current Liabilities | ||
Accounts payable | 49,775 | 44,600 |
Accrued expenses and other current liabilities | 69,275 | 72,640 |
Deferred income taxes | 26,088 | 26,306 |
Current maturities of long-term debt | 337 | 792 |
Total current liabilities | 145,475 | 144,338 |
Long-term debt, net of current maturities | 229,000 | 266,230 |
Deferred income taxes | 16,824 | 17,214 |
Other noncurrent liabilities | 121,321 | 121,693 |
Total liabilities | 512,620 | 549,475 |
Stockholders' Equity | ||
Common stock, $0.50 par value | 9,985 | 9,956 |
Additional paid-in capital | 74,251 | 62,864 |
Retained earnings | 313,219 | 297,237 |
Accumulated other comprehensive income (loss) | -10,843 | 3,987 |
Total stockholders' equity | 386,612 | 374,044 |
Total liabilities and stockholders' equity | $899,232 | $923,519 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 28, 2015 | Jun. 28, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $3,745 | $3,697 |
Accumulated depreciation | $377,138 | $368,672 |
Common stock, par value | $0.50 | $0.50 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Revenues | ||||
Rental and direct sale revenue | $233,514 | $225,046 | $701,065 | $671,188 |
Operating Expenses | ||||
Cost of rental and direct sale revenue | 154,573 | 150,284 | 463,018 | 443,109 |
Pension withdrawal and associated expenses | 6,500 | 8,167 | 6,500 | 9,854 |
Selling and administrative | 50,840 | 48,521 | 154,472 | 148,886 |
Total operating expenses | 211,913 | 206,972 | 623,990 | 601,849 |
Income from Continuing Operations | 21,601 | 18,074 | 77,075 | 69,339 |
Interest expense | 1,745 | 1,560 | 5,463 | 4,707 |
Income from Continuing Operations before Income Taxes | 19,856 | 16,514 | 71,612 | 64,632 |
Provision for income taxes | 7,427 | 6,123 | 25,862 | 24,288 |
Net Income from Continuing Operations | 12,429 | 10,391 | 45,750 | 40,344 |
Net loss from discontinued operations | 0 | -181 | 0 | -8,393 |
Net Income | $12,429 | $10,210 | $45,750 | $31,951 |
Basic Earnings (Loss) per Common Share: | ||||
From continuing operations | $0.62 | $0.52 | $2.29 | $2.04 |
From discontinued operations | $0 | ($0.01) | $0 | ($0.43) |
Basic earnings per share | $0.62 | $0.51 | $2.29 | $1.61 |
Diluted Earnings (Loss) per Common Share: | ||||
From continuing operations | $0.61 | $0.51 | $2.24 | $2 |
From discontinued operations | $0 | ($0.01) | $0 | ($0.42) |
Diluted earnings per share | $0.61 | $0.50 | $2.24 | $1.58 |
Weighted average number of shares outstanding, basic (in shares) | 19,679 | 19,657 | 19,653 | 19,545 |
Weighted average number of shares outstanding, diluted (in shares) | 20,074 | 19,996 | 20,037 | 19,924 |
Dividends Declared per Share | $0.31 | $0.27 | $0.93 | $0.81 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $12,429 | $10,210 | $45,750 | $31,951 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | -8,427 | -4,453 | -20,475 | -6,632 |
Amortization of actuarial loss on pension benefit obligations | 608 | 453 | 1,825 | 1,359 |
Derivative financial instruments loss recognized | -6 | -78 | -27 | -324 |
Derivative financial instruments loss reclassified | 132 | 134 | 405 | 397 |
Other comprehensive loss before income taxes | -7,693 | -3,944 | -18,272 | -5,200 |
Income tax benefit | -1,006 | -767 | -3,442 | -576 |
Other comprehensive loss, net of taxes | -6,687 | -3,177 | -14,830 | -4,624 |
Total comprehensive income | $5,742 | $7,033 | $30,920 | $27,327 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Class A Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data, unless otherwise specified | |||||
Beginning balance at Jun. 28, 2014 | $374,044 | $9,956 | $62,864 | $297,237 | $3,987 |
Beginning balance (shares) at Jun. 28, 2014 | 19,912,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Total comprehensive income (loss) | 30,920 | 45,750 | -14,830 | ||
Stock options exercised, net of shares surrendered (shares) | 206,000 | ||||
Stock options exercised, net of shares surrendered | 4,107 | 103 | 4,004 | ||
Issuance of restricted stock, net (shares) | 54,000 | ||||
Issuance of restricted stock, net | 0 | 27 | -27 | ||
Share-based compensation | 5,320 | 5,320 | |||
Shares withheld for taxes under our equity compensation plans (shares) | -29,000 | ||||
Shares withheld for taxes under our equity compensation plans | 1,600 | 14 | 1,586 | ||
Repurchase of common stock (shares) | -174,698 | -175,000 | |||
Repurchase of common stock | -11,158 | -87 | -11,071 | ||
Excess tax benefit from share-based compensation | 3,676 | 3,676 | |||
Cash dividends ($0.93 per share) | -18,697 | -18,697 | |||
Ending balance at Mar. 28, 2015 | $386,612 | $9,985 | $74,251 | $313,219 | ($10,843) |
Ending balance (shares) at Mar. 28, 2015 | 19,968,000 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (PARENTHETICAL) (USD $) | 9 Months Ended |
Mar. 28, 2015 | |
Cash dividends ($0.93 per share) | $0.93 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Operating Activities: | ||
Net income | $45,750 | $31,951 |
Adjustments to reconcile net income to net cash provided by operating activities - | ||
Depreciation and amortization | 23,873 | 23,152 |
Loss on sale of businesses | 0 | 12,837 |
Pension withdrawal and associated expenses | 6,500 | 9,854 |
Deferred income taxes | 3,624 | 16,457 |
Share-based compensation | 5,320 | 4,575 |
Changes in operating items, exclusive of acquisitions and divestitures - | ||
Accounts receivable | 268 | -8,565 |
Inventory and merchandise in service | -9,518 | -7,478 |
Accounts payable | 6,224 | -4,154 |
Other | -1,175 | -36,087 |
Net cash provided by operating activities | 80,866 | 42,542 |
Investing Activities: | ||
Capital expenditures | -40,022 | -23,172 |
Divestiture of businesses | 0 | 6,641 |
Net cash used for investing activities | -40,022 | -16,531 |
Financing Activities: | ||
Repayments of long-term debt | -675 | -18 |
Repayments of revolving credit facilities, net | -36,962 | 0 |
Cash dividends paid | -18,542 | -16,057 |
Net issuance of common stock, under stock option plans | 4,107 | 8,582 |
Repurchase of common stock | -11,158 | -8,619 |
Shares withheld for taxes under our equity compensation plans | -1,600 | -1,329 |
Excess tax benefit from share-based compensation | 3,676 | 3,801 |
Net cash used for financing activities | -61,154 | -13,640 |
Effect of Exchange Rates on Cash | -3,480 | -1,426 |
(Decrease) Increase in Cash and Cash Equivalents | -23,790 | 10,945 |
Cash and Cash Equivalents: | ||
Beginning of period | 37,118 | 38,590 |
End of period | 13,328 | 49,535 |
Supplemental Cash Flow Information: | ||
Interest | 4,123 | 3,405 |
Income taxes | 13,187 | 25,465 |
Supplemental Non-cash Investing Information: | ||
Capital expenditures included in accounts payable | $2,862 | $0 |
Basis_of_Presentation_for_Inte
Basis of Presentation for Interim Financial Statements | 9 Months Ended |
Mar. 28, 2015 | |
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," "we," "our," "us" 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 28, 2014 ("fiscal 2014"). 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 March 28, 2015, and the results of our operations for the three and nine months ended March 28, 2015 and March 29, 2014 and our cash flows for the nine months ended March 28, 2015 and March 29, 2014. | |
The results of operations for the three and nine month periods ended March 28, 2015 and March 29, 2014 are not necessarily indicative of the results to be expected for the full year. | |
This Quarterly Report on Form 10-Q should be read in conjunction with our Consolidated Financial Statements and notes included in our fiscal 2014 Annual Report on Form 10-K. |
Contingent_Liabilities
Contingent Liabilities | 9 Months Ended |
Mar. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent Liabilities |
Environmental Matters | |
From time-to-time, we are involved in 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. As of March 28, 2015 and June 28, 2014, we had reserves of approximately $1,100 and $900, respectively, related to these matters. There was $174 and $70 of expense for these matters for the three months ended March 28, 2015 and March 29, 2014, respectively, and, $529 and $353 for the nine months ended March 28, 2015 and March 29, 2014, respectively. | |
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 Notices of Violations to four of our facilities. Audits of eight other facilities, where the OFCCP may claim there are similar alleged violations, are ongoing. We have been engaged in discussions with the OFCCP and believe that our practices are lawful and without bias. We are negotiating, on a global basis, to settle with the OFCCP all previously issued Notices of Violations and to resolve all open audits. 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 Condensed Consolidated Financial Statements for information regarding disputed amounts related to our withdrawal from the Central States Southeast and Southwest Areas Pension Fund and other multi-employer pension plans. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Mar. 28, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements |
In July 2013, the FASB issued updated guidance to address the presentation of an unrecognized tax benefit when a net operating loss carry-forward, a similar tax loss, or a tax credit carry-forward exists. Specifically, the new guidance requires entities to present an unrecognized tax benefit netted against certain deferred tax assets when specific requirements are met. Our adoption of this guidance in the first quarter of fiscal year 2015 did not have a material impact on our results of operations, financial position or cash flows. | |
In May 2014, the FASB issued updated guidance to clarify revenue recognition principles. This guidance is intended to improve disclosure requirements and enhance the comparability of revenue recognition practices. Improved disclosures under the amended guidance relate to the nature, amount, timing and uncertainty of revenue that is recognized from contracts with customers. This guidance will be effective for us beginning in the first quarter of fiscal 2018. We are currently evaluating the impact this new guidance will have on our Consolidated Financial Statements. | |
In April 2015, the FASB issued updated guidance which changes the presentation of debt issuance costs in financial statements to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. This guidance will be effective for us beginning in the first quarter of fiscal 2017. We anticipate the implementation of this guidance will not have a material impact on the presentation of our financial position and no impact on our results of operations or cash flows. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
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 did not transfer any items between fair value levels during the first three quarters of fiscal years 2014 or 2015. | ||||||||||||
The following tables summarize the assets and liabilities measured at fair value on a recurring basis as of March 28, 2015 and June 28, 2014: | ||||||||||||
As of March 28, 2015 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Other assets: | ||||||||||||
Money market mutual funds | $ | 3,916 | $ | — | $ | 3,916 | ||||||
Equity and fixed income mutual funds | 30,106 | — | 30,106 | |||||||||
Cash surrender value of life insurance policies | — | 14,678 | 14,678 | |||||||||
Total assets | $ | 34,022 | $ | 14,678 | $ | 48,700 | ||||||
Accrued expenses: | ||||||||||||
Derivative financial instruments | $ | — | $ | 374 | $ | 374 | ||||||
Total liabilities | $ | — | $ | 374 | $ | 374 | ||||||
As of June 28, 2014 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Other assets: | ||||||||||||
Money market mutual funds | $ | 3,309 | $ | — | $ | 3,309 | ||||||
Equity and fixed income mutual funds | 29,358 | — | 29,358 | |||||||||
Cash surrender value of life insurance policies | — | 14,287 | 14,287 | |||||||||
Total assets | $ | 32,667 | $ | 14,287 | $ | 46,954 | ||||||
Accrued expenses: | ||||||||||||
Derivative financial instruments | $ | — | $ | 930 | $ | 930 | ||||||
Total liabilities | $ | — | $ | 930 | $ | 930 | ||||||
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 March 28, 2015 and June 28, 2014: | ||||||||||||
As of March 28, 2015 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Cash and cash equivalents | $ | 13,328 | $ | — | $ | 13,328 | ||||||
Total assets | $ | 13,328 | $ | — | $ | 13,328 | ||||||
Current maturities of long-term debt | $ | — | $ | 337 | $ | 337 | ||||||
Long-term debt, net of current maturities | $ | — | $ | 230,673 | $ | 230,673 | ||||||
Total liabilities | $ | — | $ | 231,010 | $ | 231,010 | ||||||
As of June 28, 2014 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Cash and cash equivalents | $ | 37,118 | $ | — | $ | 37,118 | ||||||
Total assets | $ | 37,118 | $ | — | $ | 37,118 | ||||||
Current maturities of long-term debt | $ | — | $ | 792 | $ | 792 | ||||||
Long-term debt, net of current maturities | — | 263,191 | 263,191 | |||||||||
Total liabilities | $ | — | $ | 263,983 | $ | 263,983 | ||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended |
Mar. 28, 2015 | |
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 58% of our outstanding variable rate debt had its interest payments modified using interest rate swap contracts at March 28, 2015. | |
As of March 28, 2015 and June 28, 2014, we had $374 and $930, respectively, of liabilities on interest rate swap contracts that are classified as "Accrued expenses and other current liabilities" in the Condensed Consolidated Balance Sheets. Of the $1,290 net gain deferred in accumulated other comprehensive income as of March 28, 2015, a $91 loss is expected to be reclassified to interest expense in the next 12 months. | |
As of March 28, 2015 and June 28, 2014, all derivative financial instruments were designated as hedging instruments. | |
As of March 28, 2015, 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 the next 12 months. The average rate on the $75,000 of interest rate swap contracts was 1.25% as of March 28, 2015. 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. | |
See Note 18, "Subsequent Events," of the Notes to the Condensed Consolidated Financial Statements for an interest rate swap transaction executed subsequent to March 28, 2015. |
Income_Taxes
Income Taxes | 9 Months Ended |
Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
Our effective tax rate decreased to 36.1% in the nine months ended March 28, 2015 from 37.6% in the nine months ended March 29, 2014. The decrease in the effective tax rate was driven primarily by the release of uncertain tax position accruals in the current year as a result of the expiration of certain tax statutes and the resolution of an uncertain tax position related to fiscal years 2005 to 2007. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
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:Â | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 28, | March 29, | March 28, | March 29, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income from continuing operations | $ | 12,429 | $ | 10,391 | $ | 45,750 | $ | 40,344 | ||||||||
Less: Income allocable to participating securities | (235 | ) | (142 | ) | (771 | ) | (560 | ) | ||||||||
Net income from continuing operations available to common stockholders | $ | 12,194 | $ | 10,249 | $ | 44,979 | $ | 39,784 | ||||||||
Net loss from discontinued operations | — | (181 | ) | — | (8,393 | ) | ||||||||||
Net income available to common stockholders | $ | 12,194 | $ | 10,068 | $ | 44,979 | $ | 31,391 | ||||||||
Basic earnings per share (shares in thousands): | ||||||||||||||||
Weighted average shares outstanding, basic | 19,679 | 19,657 | 19,653 | 19,545 | ||||||||||||
Basic earnings (loss) per common share: | ||||||||||||||||
From continuing operations | $ | 0.62 | $ | 0.52 | $ | 2.29 | $ | 2.04 | ||||||||
From discontinued operations | $ | — | $ | (0.01 | ) | $ | — | $ | (0.43 | ) | ||||||
Basic earnings per share | $ | 0.62 | $ | 0.51 | $ | 2.29 | $ | 1.61 | ||||||||
Diluted earnings per share (shares in thousands): | ||||||||||||||||
Weighted average shares outstanding, basic | 19,679 | 19,657 | 19,653 | 19,545 | ||||||||||||
Weighted average effect of non-vested restricted stock grants and assumed exercise of stock options | 395 | 339 | 384 | 379 | ||||||||||||
Weighted average shares outstanding, diluted | 20,074 | 19,996 | 20,037 | 19,924 | ||||||||||||
Diluted earnings (loss) per common share: | ||||||||||||||||
From continuing operations | $ | 0.61 | $ | 0.51 | $ | 2.24 | $ | 2 | ||||||||
From discontinued operations | $ | — | $ | (0.01 | ) | $ | — | $ | (0.42 | ) | ||||||
Diluted earnings per share | $ | 0.61 | $ | 0.5 | $ | 2.24 | $ | 1.58 | ||||||||
We excluded potential common shares related to certain of our outstanding equity compensation grants of 4,000 and 109,000 for the three months ended March 28, 2015 and March 29, 2014, respectively, and 80,000 and 128,000 for the nine months ended March 28, 2015 and March 29, 2014, respectively, from the computation of diluted earnings per share. Inclusion of these shares would have been anti-dilutive. |
Inventory_and_Merchandise_In_S
Inventory and Merchandise In Service | 9 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory and Merchandise In Service | Inventory and Merchandise In Service | |||||||
The components of inventory as of March 28, 2015 and June 28, 2014 are as follows: | ||||||||
March 28, | June 28, | |||||||
2015 | 2014 | |||||||
Raw materials | $ | 9,677 | $ | 7,952 | ||||
Work in process | 1,868 | 1,279 | ||||||
Finished goods | 28,557 | 29,192 | ||||||
Total inventory | $ | 40,102 | $ | 38,423 | ||||
We review the estimated useful lives of our merchandise in service 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 merchandise in service 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 $1,270 and $5,346, net income by $806 and $3,366 and basic and diluted earnings per common share by $0.04 and $0.17 for the three and nine months ended March 29, 2014, respectively. The effect of the change in estimate is not material for the three and nine months ended March 28, 2015. |
Goodwill
Goodwill | 9 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Goodwill | Goodwill | |||||||||||
Goodwill by segment is as follows: | ||||||||||||
United States | Canada | Total | ||||||||||
Balance as of June 28, 2014 | $ | 270,045 | $ | 63,169 | $ | 333,214 | ||||||
Foreign currency translation and other | — | (8,925 | ) | (8,925 | ) | |||||||
Balance as of March 28, 2015 | $ | 270,045 | $ | 54,244 | $ | 324,289 | ||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | Long-Term Debt | |||||||
Long-term debt as of March 28, 2015 and June 28, 2014 consists of the following: | ||||||||
March 28, 2015 | June 28, 2014 | |||||||
Borrowings under $250 million Revolver | $ | 25,900 | $ | 65,925 | ||||
Borrowings under $75 million Variable Rate Notes | 75,000 | 75,000 | ||||||
Borrowings under $50 million A/R Line | 28,100 | 25,075 | ||||||
Borrowings under $100 million Fixed Rate Notes | 100,000 | 100,000 | ||||||
Capital leases and other | 337 | 1,022 | ||||||
229,337 | 267,022 | |||||||
Less current maturities | (337 | ) | (792 | ) | ||||
Total long-term debt | $ | 229,000 | $ | 266,230 | ||||
We have a $250,000 unsecured revolving credit facility 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. | ||||||||
As of March 28, 2015, there was $25,900 outstanding under this facility and $636 in letters of credit outstanding under this facility primarily related to our property and casualty insurance programs. No amounts have been drawn upon these letters of credit. As of March 28, 2015, there is a fee of 0.20% of the unused daily balance of this facility. | ||||||||
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 March 28, 2015: | ||||||||
Required | Actual | |||||||
Maximum Leverage Ratio (Debt/EBITDA) | 3.5 | 1.7 | ||||||
Minimum Interest Coverage Ratio (EBITDA/Interest Expense) | 3 | 20.99 | ||||||
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 March 28, 2015 under this facility bear interest at a weighted average effective rate of 1.56%. | ||||||||
Amounts outstanding under this facility were refinanced on April 15, 2015. See Note 18, "Subsequent Events," of the Notes to the Condensed Consolidated Financial Statements. | ||||||||
We have $75,000 of variable rate unsecured private placement 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 March 28, 2015, the outstanding balance of the notes was $75,000 at an effective interest rate of 0.86%. The notes require that we maintain a minimum net worth of $358,999 as of March 28, 2015. We currently plan to repay these notes on their maturity date using borrowings from our new revolving credit facility, so we continue to classify the $75,000 as long-term debt in the Condensed Consolidated Balance Sheets. | ||||||||
We maintain a $50,000 accounts receivable securitization facility, 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 March 28, 2015, there was $28,100 outstanding under this securitization facility and there were $21,900 of letters of credit outstanding, primarily related to our property and casualty insurance programs. Borrowings outstanding as of March 28, 2015 under this facility bear interest at an average effective interest rate of 0.92%. | ||||||||
We have $100,000 of fixed rate unsecured senior 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 March 28, 2015, the outstanding balance of the notes was $100,000 at an effective interest 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_Assets_and_Other_Noncurr
Other Assets and Other Noncurrent Liabilities | 9 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ||||||||
Other Liabilities Disclosure | Other Assets and Other Noncurrent Liabilities | |||||||
Other assets as of March 28, 2015 and June 28, 2014 included the following: | ||||||||
March 28, 2015 | June 28, 2014 | |||||||
Executive deferred compensation plan assets | $ | 34,022 | $ | 32,667 | ||||
Cash surrender value of life insurance policies | 14,678 | 14,287 | ||||||
Customer contracts, net | 4,923 | 6,448 | ||||||
Other assets | 10,991 | 10,603 | ||||||
Less portion classified as current assets | (1,588 | ) | (2,177 | ) | ||||
Total other assets | $ | 63,026 | $ | 61,828 | ||||
Customer contracts are as follows: | ||||||||
March 28, 2015 | June 28, 2014 | |||||||
Customer contracts | $ | 20,219 | $ | 23,838 | ||||
Accumulated amortization | (15,296 | ) | (17,390 | ) | ||||
Net | $ | 4,923 | $ | 6,448 | ||||
The customer contracts associated with business combinations 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 $1,560 and $2,083 for the nine months ended March 28, 2015 and March 29, 2014, respectively. Estimated amortization expense for each of the next five fiscal years based on the intangible assets as of March 28, 2015 is as follows: | ||||||||
2015 remaining | $ | 364 | ||||||
2016 | 1,393 | |||||||
2017 | 1,198 | |||||||
2018 | 416 | |||||||
2019 | 183 | |||||||
2020 | 171 | |||||||
Other noncurrent liabilities as of March 28, 2015 and June 28, 2014 included the following: | ||||||||
March 28, 2015 | June 28, 2014 | |||||||
Multi-employer pension withdrawal liability | $ | 30,265 | $ | 28,516 | ||||
Pension plan liability | 14,679 | 15,422 | ||||||
Executive deferred compensation plan liability | 32,534 | 30,584 | ||||||
Supplemental executive retirement plan liability | 16,731 | 16,814 | ||||||
Accrued income taxes | 8,700 | 12,043 | ||||||
Workers' compensation liability | 14,376 | 14,837 | ||||||
Other liabilities | 4,036 | 3,477 | ||||||
Total other noncurrent liabilities | $ | 121,321 | $ | 121,693 | ||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended |
Mar. 28, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation |
We grant share-based awards, primarily consisting of 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. 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, canceled, expire or restrictions lapse, we recognize adjustments to income tax expense or additional paid-in capital. Total compensation expense related to share-based awards was $1,894 and $1,370 for the three months ended March 28, 2015 and March 29, 2014, respectively, and $5,208 and $4,575 for the nine months ended March 28, 2015 and March 29, 2014, respectively. The number of options exercised and restricted stock vested since June 28, 2014, was 330,000 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 | 9 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
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 defined benefit pension plan and related SERP plans for all participants. | ||||||||||||||||
The components of net periodic pension cost for these plans for the three months ended March 28, 2015 and March 29, 2014 are as follows: | ||||||||||||||||
Pension Plan | SERP | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 28, | March 29, | March 28, | March 29, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Interest cost | $ | 1,012 | $ | 992 | $ | 185 | $ | 189 | ||||||||
Expected return on assets | (1,226 | ) | (1,159 | ) | — | — | ||||||||||
Amortization of net loss | 504 | 409 | 98 | 36 | ||||||||||||
Net periodic pension cost | $ | 290 | $ | 242 | $ | 283 | $ | 225 | ||||||||
The components of net periodic pension cost for these plans for the nine months ended March 28, 2015 and March 29, 2014 are as follows: | ||||||||||||||||
Pension Plan | SERP | |||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||
March 28, | March 29, | March 28, | March 29, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Interest cost | $ | 3,036 | $ | 2,976 | $ | 555 | $ | 567 | ||||||||
Expected return on assets | (3,678 | ) | (3,478 | ) | — | — | ||||||||||
Amortization of net loss | 1,512 | 1,227 | 294 | 108 | ||||||||||||
Net periodic pension cost | $ | 870 | $ | 725 | $ | 849 | $ | 675 | ||||||||
During the first nine-months of fiscal year 2015, we contributed approximately $145 to the pension plan. | ||||||||||||||||
Multi-Employer Pension Plans | ||||||||||||||||
Historically, we participated in five collectively bargained, union sponsored multi-employer pension plans ("MEPPs"). Consistent with the accounting for defined contribution plans, we previously recorded the required cash contributions to the MEPPs as an expense in the period incurred and recognized a liability for any contributions due and unpaid. In addition, we are responsible for our proportional share of any unfunded vested benefits related to the MEPPs. An 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. | ||||||||||||||||
We no longer participate in any MEPPs in the United States. | ||||||||||||||||
As previously disclosed in our Form 10-Q for the quarterly period ended December 27, 2014, we have received formal demand notices from four of the MEPPs to which we previously contributed and do not expect to receive a demand from the fifth as it is believed to be fully funded. Internally and with outside experts, we evaluated each of the demand notices to determine the appropriateness thereof. We have determined that the demanded amounts are appropriate for two of the MEPPs. With respect to these MEPPs, the withdrawal liabilities are within previously established reserves. However, in the case of the other two MEPPs, we either do not agree with the payment demands or are unable to ascertain the validity and accuracy of the assumptions used. Specifically, in the case of Central States Southeast and Southwest Areas Pension Fund ("Central States Fund"), we believe that, in calculating our withdrawal amount, the Central States Fund has not extended appropriate credit for our partial withdrawal payments as required by applicable law and regulations. | ||||||||||||||||
During the third quarter of fiscal year 2015, we entered into settlement discussions and/or requested additional information from the two MEPPs with whose demands we disagree. While we believe our positions are strong, we did so for various reasons, including the costs associated with arbitration and litigation proceedings and future interest expense. In accordance with accounting guidance for contingencies (ASC 450), in the quarter ended March 28, 2015, we increased our reserves by $6,500 to reflect the impact of these offers and other information received. While we cannot offer any assurance that we will be successful in our negotiations, we do not expect the final resolution of these matters to have a material adverse effect on our results of operations in the period of resolution. However, the ultimate resolution may result in the payment of the entire withdrawal liability or liabilities in the period of resolution, which would be material to our cash flow from operations for that period. | ||||||||||||||||
Total pretax charges related to the exit from these MEPPs were $6,500 for the three and nine month periods ended March 28, 2015, respectively, and $8,167 and $9,854 for the three and nine month periods ended March 29, 2014, respectively. Total remaining reserves for all MEPPs as of March 28, 2015 are $34,546. | ||||||||||||||||
During the nine months ended March 28, 2015 and March 29, 2014, we made total payments related to our withdrawal liabilities of $2,922 and $1,693 respectively. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||||||
Segment Information | Segment Information | |||||||||||||||
We have two operating segments, United States (includes our Dominican Republic 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. No single customer's transactions accounted for more than 2.0% of our total revenues. | ||||||||||||||||
We evaluate performance based on income from operations. Financial information by segment for the three and nine month periods ended March 28, 2015 and March 29, 2014 is as follows: | ||||||||||||||||
For the Three Months Ended | United | Canada | Elimination | Total | ||||||||||||
States | ||||||||||||||||
28-Mar-15 | ||||||||||||||||
Revenues | $ | 200,005 | $ | 33,509 | $ | — | $ | 233,514 | ||||||||
Income from continuing operations | 17,880 | 3,721 | — | 21,601 | ||||||||||||
Total assets | 858,611 | 128,893 | (88,272 | ) | 899,232 | |||||||||||
Depreciation and amortization expense | 7,181 | 855 | — | 8,036 | ||||||||||||
29-Mar-14 | ||||||||||||||||
Revenues | $ | 188,058 | $ | 36,988 | $ | — | $ | 225,046 | ||||||||
Income from continuing operations | 12,987 | 5,087 | — | 18,074 | ||||||||||||
Total assets | 864,349 | 161,761 | (103,569 | ) | 922,541 | |||||||||||
Depreciation and amortization expense | 6,730 | 995 | — | 7,725 | ||||||||||||
For the Nine Months Ended | United | Canada | Elimination | Total | ||||||||||||
States | ||||||||||||||||
28-Mar-15 | ||||||||||||||||
Revenues | $ | 594,803 | $ | 106,262 | $ | — | $ | 701,065 | ||||||||
Income from continuing operations | 64,660 | 12,415 | — | 77,075 | ||||||||||||
Total assets | 858,611 | 128,893 | (88,272 | ) | 899,232 | |||||||||||
Depreciation and amortization expense | 21,089 | 2,784 | — | 23,873 | ||||||||||||
29-Mar-14 | ||||||||||||||||
Revenues | $ | 559,821 | $ | 111,367 | $ | — | $ | 671,188 | ||||||||
Income from continuing operations | 56,716 | 12,623 | — | 69,339 | ||||||||||||
Total assets | 864,349 | 161,761 | (103,569 | ) | 922,541 | |||||||||||
Depreciation and amortization expense | 20,015 | 3,137 | — | 23,152 | ||||||||||||
Share_Repurchase
Share Repurchase | 9 Months Ended |
Mar. 28, 2015 | |
Equity [Abstract] | |
Share Repurchase | Share Repurchase |
As of March 28, 2015, 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. Under this repurchase program, we repurchased 56,597 shares in open market transactions totaling $4,064 for the three months ended March 28, 2015 and 52,800 shares totaling $3,213 for the three months ended March 29, 2014. We repurchased 174,698 shares totaling $11,158 for the nine months ended March 28, 2015 and 146,819 shares totaling $8,619 for the nine months ended March 29, 2014. As of March 28, 2015, we had $35,006 remaining under this authorization. |
Other_Comprehensive_Income
Other Comprehensive Income | 9 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income | ||||||||||||||||
Changes in accumulated other comprehensive income, net of tax, for the three and nine months ended March 28, 2015 and March 29, 2014 were as follows: | |||||||||||||||||
Three Months Ended March 28, 2015 | |||||||||||||||||
Foreign currency translation adjustment | Pension benefit liabilities | Derivative financial instruments | Total | ||||||||||||||
Accumulated other comprehensive income (loss) at December 27, 2014 | $ | 13,621 | $ | (18,988 | ) | $ | 1,211 | $ | (4,156 | ) | |||||||
Other comprehensive loss before reclassifications | (7,146 | ) | — | (3 | ) | (7,149 | ) | ||||||||||
Reclassifications from net accumulated other comprehensive income | — | 379 | 83 | 462 | |||||||||||||
Net current period other comprehensive income (loss) | (7,146 | ) | 379 | 80 | (6,687 | ) | |||||||||||
Accumulated other comprehensive income (loss) at March 28, 2015 | $ | 6,475 | $ | (18,609 | ) | $ | 1,291 | $ | (10,843 | ) | |||||||
Nine Months Ended March 28, 2015 | |||||||||||||||||
Foreign currency translation adjustment | Pension benefit liabilities | Derivative financial instruments | Total | ||||||||||||||
Accumulated other comprehensive income (loss) at June 28, 2014 | $ | 22,682 | $ | (19,748 | ) | $ | 1,053 | $ | 3,987 | ||||||||
Other comprehensive loss before reclassifications | (16,207 | ) | — | (16 | ) | (16,223 | ) | ||||||||||
Reclassifications from net accumulated other comprehensive income | — | 1,139 | 254 | 1,393 | |||||||||||||
Net current period other comprehensive income (loss) | (16,207 | ) | 1,139 | 238 | (14,830 | ) | |||||||||||
Accumulated other comprehensive income (loss) at March 28, 2015 | $ | 6,475 | $ | (18,609 | ) | $ | 1,291 | $ | (10,843 | ) | |||||||
Three Months Ended March 29, 2014 | |||||||||||||||||
Foreign currency translation adjustment | Pension benefit liabilities | Derivative financial instruments | Total | ||||||||||||||
Accumulated other comprehensive income (loss) at December 28, 2013 | $ | 22,072 | $ | (15,084 | ) | $ | 954 | $ | 7,942 | ||||||||
Other comprehensive loss before reclassifications | (3,497 | ) | — | (50 | ) | (3,547 | ) | ||||||||||
Reclassifications from net accumulated other comprehensive income | — | 283 | 87 | 370 | |||||||||||||
Net current period other comprehensive income (loss) | (3,497 | ) | 283 | 37 | (3,177 | ) | |||||||||||
Accumulated other comprehensive income (loss) at March 29, 2014 | $ | 18,575 | $ | (14,801 | ) | $ | 991 | $ | 4,765 | ||||||||
Nine Months Ended March 29, 2014 | |||||||||||||||||
Foreign currency translation adjustment | Pension benefit liabilities | Derivative financial instruments | Total | ||||||||||||||
Accumulated other comprehensive income (loss) at June 29, 2013 | $ | 24,093 | $ | (15,650 | ) | $ | 946 | $ | 9,389 | ||||||||
Other comprehensive loss before reclassifications | (5,518 | ) | — | (204 | ) | (5,722 | ) | ||||||||||
Reclassifications from net accumulated other comprehensive income | — | 849 | 249 | 1,098 | |||||||||||||
Net current period other comprehensive income (loss) | (5,518 | ) | 849 | 45 | (4,624 | ) | |||||||||||
Accumulated other comprehensive income (loss) at March 29, 2014 | $ | 18,575 | $ | (14,801 | ) | $ | 991 | $ | 4,765 | ||||||||
Amounts reclassified from accumulated other comprehensive income for the three and nine months ended March 28, 2015 and March 29, 2014 were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
28-Mar-15 | March 29, 2014 | 28-Mar-15 | March 29, 2014 | ||||||||||||||
Losses on derivative financial instruments: | |||||||||||||||||
Interest rate swap contracts | $ | 132 | $ | 134 | $ | 405 | $ | 397 | (a) | ||||||||
Tax benefit | (49 | ) | (47 | ) | (151 | ) | (148 | ) | |||||||||
Total, net of tax | 83 | 87 | 254 | 249 | |||||||||||||
Pension benefit liabilities: | |||||||||||||||||
Amortization of net loss | 608 | 453 | 1,825 | 1,359 | (b) | ||||||||||||
Tax benefit | (229 | ) | (170 | ) | (686 | ) | (510 | ) | |||||||||
Total, net of tax | 379 | 283 | 1,139 | 849 | |||||||||||||
Total amounts reclassified, net of tax | $ | 462 | $ | 370 | $ | 1,393 | $ | 1,098 | |||||||||
(a) Included in interest expense. | |||||||||||||||||
(b) Included in the computation of net periodic pension cost, which is included in cost of rental and direct sale 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. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||
Discontinued Operations | Discontinued Operations | |||||||
In fiscal year 2014, we sold our Direct Sale Program business ("Program Business") and Ireland business ("Ireland Business"), which met the requirements to be presented as discontinued operations and accordingly, the results of these operations have been reclassified to discontinued operations for all periods presented in the Condensed Consolidated Statements of Operations. Both of these businesses were previously included in our United States operating segment. | ||||||||
Total aggregate gross proceeds from the sales were $6,641. Summarized financial information for discontinued operations is shown below: | ||||||||
Three Months Ended | Nine Months Ended | |||||||
March 29, 2014 | March 29, 2014 | |||||||
Rental and direct sale revenue from discontinued operations | $ | 208 | $ | 17,844 | ||||
Loss before income taxes | (418 | ) | (279 | ) | ||||
Loss, net of tax | (227 | ) | (141 | ) | ||||
Income (Loss) on sale and other adjustments, net of tax | 46 | (8,252 | ) | |||||
Net loss from discontinued operations | $ | (181 | ) | $ | (8,393 | ) | ||
Nine Months Ended | ||||||||
29-Mar-14 | ||||||||
Loss in excess of carrying value of Program Business | $ | (11,559 | ) | |||||
Transaction and related costs | (675 | ) | ||||||
Loss on sale of Program Business | (12,234 | ) | ||||||
Loss on sale of Ireland Business | (603 | ) | ||||||
Pretax loss on sale of businesses | (12,837 | ) | ||||||
Income tax benefit | 4,585 | |||||||
Loss on sale and other adjustments, net of tax | $ | (8,252 | ) |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Mar. 28, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On April 15, 2015, we refinanced our existing $250,000 unsecured revolving credit facility, which was scheduled to expire on March 7, 2017, with a new five-year $350,000 revolving credit facility maturing on April 15, 2020. Domestic U.S. Dollar borrowings under the new facility bears interest between 1.00% to 1.75% over LIBOR, depending on our leverage ratio and can be expanded by $200,000, to a total of $550,000. As of April 15, 2015, there was $30,000 outstanding under this facility at a weighted average effective rate of 1.44%. 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 $45,000 in letters of credit. We intend to use this facility to repay our $75,000 of variable rate unsecured private placement notes which mature on June 30, 2015. | |
The material covenants required under the new credit facility are the same as those set forth in our existing credit facility as of March 28, 2015, which are described in Note 10, "Long-Term Debt," of the Notes to the Condensed Consolidated Financial Statements. | |
In addition, on April 1, 2015, we entered into a long-term interest rate swap for $75,000 which will limit our exposure to interest rate risk where we will pay fixed rates of interest and receive variable rates of interest based on the one-month LIBOR. We will have an effective interest rate of 2.35%. The 15-year swap contract has a forward start date of July 1, 2016 and is a highly effective cash flow hedge. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
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 March 28, 2015 and June 28, 2014: | |||||||||||
As of March 28, 2015 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Other assets: | ||||||||||||
Money market mutual funds | $ | 3,916 | $ | — | $ | 3,916 | ||||||
Equity and fixed income mutual funds | 30,106 | — | 30,106 | |||||||||
Cash surrender value of life insurance policies | — | 14,678 | 14,678 | |||||||||
Total assets | $ | 34,022 | $ | 14,678 | $ | 48,700 | ||||||
Accrued expenses: | ||||||||||||
Derivative financial instruments | $ | — | $ | 374 | $ | 374 | ||||||
Total liabilities | $ | — | $ | 374 | $ | 374 | ||||||
As of June 28, 2014 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Other assets: | ||||||||||||
Money market mutual funds | $ | 3,309 | $ | — | $ | 3,309 | ||||||
Equity and fixed income mutual funds | 29,358 | — | 29,358 | |||||||||
Cash surrender value of life insurance policies | — | 14,287 | 14,287 | |||||||||
Total assets | $ | 32,667 | $ | 14,287 | $ | 46,954 | ||||||
Accrued expenses: | ||||||||||||
Derivative financial instruments | $ | — | $ | 930 | $ | 930 | ||||||
Total liabilities | $ | — | $ | 930 | $ | 930 | ||||||
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 March 28, 2015 and June 28, 2014: | |||||||||||
As of March 28, 2015 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Cash and cash equivalents | $ | 13,328 | $ | — | $ | 13,328 | ||||||
Total assets | $ | 13,328 | $ | — | $ | 13,328 | ||||||
Current maturities of long-term debt | $ | — | $ | 337 | $ | 337 | ||||||
Long-term debt, net of current maturities | $ | — | $ | 230,673 | $ | 230,673 | ||||||
Total liabilities | $ | — | $ | 231,010 | $ | 231,010 | ||||||
As of June 28, 2014 | ||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Cash and cash equivalents | $ | 37,118 | $ | — | $ | 37,118 | ||||||
Total assets | $ | 37,118 | $ | — | $ | 37,118 | ||||||
Current maturities of long-term debt | $ | — | $ | 792 | $ | 792 | ||||||
Long-term debt, net of current maturities | — | 263,191 | 263,191 | |||||||||
Total liabilities | $ | — | $ | 263,983 | $ | 263,983 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
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:Â | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 28, | March 29, | March 28, | March 29, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income from continuing operations | $ | 12,429 | $ | 10,391 | $ | 45,750 | $ | 40,344 | ||||||||
Less: Income allocable to participating securities | (235 | ) | (142 | ) | (771 | ) | (560 | ) | ||||||||
Net income from continuing operations available to common stockholders | $ | 12,194 | $ | 10,249 | $ | 44,979 | $ | 39,784 | ||||||||
Net loss from discontinued operations | — | (181 | ) | — | (8,393 | ) | ||||||||||
Net income available to common stockholders | $ | 12,194 | $ | 10,068 | $ | 44,979 | $ | 31,391 | ||||||||
Basic earnings per share (shares in thousands): | ||||||||||||||||
Weighted average shares outstanding, basic | 19,679 | 19,657 | 19,653 | 19,545 | ||||||||||||
Basic earnings (loss) per common share: | ||||||||||||||||
From continuing operations | $ | 0.62 | $ | 0.52 | $ | 2.29 | $ | 2.04 | ||||||||
From discontinued operations | $ | — | $ | (0.01 | ) | $ | — | $ | (0.43 | ) | ||||||
Basic earnings per share | $ | 0.62 | $ | 0.51 | $ | 2.29 | $ | 1.61 | ||||||||
Diluted earnings per share (shares in thousands): | ||||||||||||||||
Weighted average shares outstanding, basic | 19,679 | 19,657 | 19,653 | 19,545 | ||||||||||||
Weighted average effect of non-vested restricted stock grants and assumed exercise of stock options | 395 | 339 | 384 | 379 | ||||||||||||
Weighted average shares outstanding, diluted | 20,074 | 19,996 | 20,037 | 19,924 | ||||||||||||
Diluted earnings (loss) per common share: | ||||||||||||||||
From continuing operations | $ | 0.61 | $ | 0.51 | $ | 2.24 | $ | 2 | ||||||||
From discontinued operations | $ | — | $ | (0.01 | ) | $ | — | $ | (0.42 | ) | ||||||
Diluted earnings per share | $ | 0.61 | $ | 0.5 | $ | 2.24 | $ | 1.58 | ||||||||
We excluded potential common shares related to certain of our outstanding equity compensation grants of 4,000 and 109,000 for the three months ended March 28, 2015 and March 29, 2014, respectively, and 80,000 and 128,000 for the nine months ended March 28, 2015 and March 29, 2014, respectively, from the computation of diluted earnings per share. Inclusion of these shares would have been anti-dilutive. |
Inventory_and_Merchandise_In_S1
Inventory and Merchandise In Service (Tables) | 9 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Components of Inventory | The components of inventory as of March 28, 2015 and June 28, 2014 are as follows: | |||||||
March 28, | June 28, | |||||||
2015 | 2014 | |||||||
Raw materials | $ | 9,677 | $ | 7,952 | ||||
Work in process | 1,868 | 1,279 | ||||||
Finished goods | 28,557 | 29,192 | ||||||
Total inventory | $ | 40,102 | $ | 38,423 | ||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
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 28, 2014 | $ | 270,045 | $ | 63,169 | $ | 333,214 | ||||||
Foreign currency translation and other | — | (8,925 | ) | (8,925 | ) | |||||||
Balance as of March 28, 2015 | $ | 270,045 | $ | 54,244 | $ | 324,289 | ||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Amount of Long-Term Debt | Long-term debt as of March 28, 2015 and June 28, 2014 consists of the following: | |||||||
March 28, 2015 | June 28, 2014 | |||||||
Borrowings under $250 million Revolver | $ | 25,900 | $ | 65,925 | ||||
Borrowings under $75 million Variable Rate Notes | 75,000 | 75,000 | ||||||
Borrowings under $50 million A/R Line | 28,100 | 25,075 | ||||||
Borrowings under $100 million Fixed Rate Notes | 100,000 | 100,000 | ||||||
Capital leases and other | 337 | 1,022 | ||||||
229,337 | 267,022 | |||||||
Less current maturities | (337 | ) | (792 | ) | ||||
Total long-term debt | $ | 229,000 | $ | 266,230 | ||||
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 March 28, 2015: | |||||||
Required | Actual | |||||||
Maximum Leverage Ratio (Debt/EBITDA) | 3.5 | 1.7 | ||||||
Minimum Interest Coverage Ratio (EBITDA/Interest Expense) | 3 | 20.99 | ||||||
Other_Assets_and_Other_Noncurr1
Other Assets and Other Noncurrent Liabilities (Tables) | 9 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ||||||||
Schedule of other assets | Other assets as of March 28, 2015 and June 28, 2014 included the following: | |||||||
March 28, 2015 | June 28, 2014 | |||||||
Executive deferred compensation plan assets | $ | 34,022 | $ | 32,667 | ||||
Cash surrender value of life insurance policies | 14,678 | 14,287 | ||||||
Customer contracts, net | 4,923 | 6,448 | ||||||
Other assets | 10,991 | 10,603 | ||||||
Less portion classified as current assets | (1,588 | ) | (2,177 | ) | ||||
Total other assets | $ | 63,026 | $ | 61,828 | ||||
Schedule of Finite-Lived Intangible Assets | Customer contracts are as follows: | |||||||
March 28, 2015 | June 28, 2014 | |||||||
Customer contracts | $ | 20,219 | $ | 23,838 | ||||
Accumulated amortization | (15,296 | ) | (17,390 | ) | ||||
Net | $ | 4,923 | $ | 6,448 | ||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense for each of the next five fiscal years based on the intangible assets as of March 28, 2015 is as follows: | |||||||
2015 remaining | $ | 364 | ||||||
2016 | 1,393 | |||||||
2017 | 1,198 | |||||||
2018 | 416 | |||||||
2019 | 183 | |||||||
2020 | 171 | |||||||
Schedule of Other Noncurrent Liabilities | Other noncurrent liabilities as of March 28, 2015 and June 28, 2014 included the following: | |||||||
March 28, 2015 | June 28, 2014 | |||||||
Multi-employer pension withdrawal liability | $ | 30,265 | $ | 28,516 | ||||
Pension plan liability | 14,679 | 15,422 | ||||||
Executive deferred compensation plan liability | 32,534 | 30,584 | ||||||
Supplemental executive retirement plan liability | 16,731 | 16,814 | ||||||
Accrued income taxes | 8,700 | 12,043 | ||||||
Workers' compensation liability | 14,376 | 14,837 | ||||||
Other liabilities | 4,036 | 3,477 | ||||||
Total other noncurrent liabilities | $ | 121,321 | $ | 121,693 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
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 March 28, 2015 and March 29, 2014 are as follows: | |||||||||||||||
Pension Plan | SERP | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 28, | March 29, | March 28, | March 29, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Interest cost | $ | 1,012 | $ | 992 | $ | 185 | $ | 189 | ||||||||
Expected return on assets | (1,226 | ) | (1,159 | ) | — | — | ||||||||||
Amortization of net loss | 504 | 409 | 98 | 36 | ||||||||||||
Net periodic pension cost | $ | 290 | $ | 242 | $ | 283 | $ | 225 | ||||||||
The components of net periodic pension cost for these plans for the nine months ended March 28, 2015 and March 29, 2014 are as follows: | ||||||||||||||||
Pension Plan | SERP | |||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||
March 28, | March 29, | March 28, | March 29, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Interest cost | $ | 3,036 | $ | 2,976 | $ | 555 | $ | 567 | ||||||||
Expected return on assets | (3,678 | ) | (3,478 | ) | — | — | ||||||||||
Amortization of net loss | 1,512 | 1,227 | 294 | 108 | ||||||||||||
Net periodic pension cost | $ | 870 | $ | 725 | $ | 849 | $ | 675 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||||||
Financial Information by Segment | Financial information by segment for the three and nine month periods ended March 28, 2015 and March 29, 2014 is as follows: | |||||||||||||||
For the Three Months Ended | United | Canada | Elimination | Total | ||||||||||||
States | ||||||||||||||||
28-Mar-15 | ||||||||||||||||
Revenues | $ | 200,005 | $ | 33,509 | $ | — | $ | 233,514 | ||||||||
Income from continuing operations | 17,880 | 3,721 | — | 21,601 | ||||||||||||
Total assets | 858,611 | 128,893 | (88,272 | ) | 899,232 | |||||||||||
Depreciation and amortization expense | 7,181 | 855 | — | 8,036 | ||||||||||||
29-Mar-14 | ||||||||||||||||
Revenues | $ | 188,058 | $ | 36,988 | $ | — | $ | 225,046 | ||||||||
Income from continuing operations | 12,987 | 5,087 | — | 18,074 | ||||||||||||
Total assets | 864,349 | 161,761 | (103,569 | ) | 922,541 | |||||||||||
Depreciation and amortization expense | 6,730 | 995 | — | 7,725 | ||||||||||||
For the Nine Months Ended | United | Canada | Elimination | Total | ||||||||||||
States | ||||||||||||||||
28-Mar-15 | ||||||||||||||||
Revenues | $ | 594,803 | $ | 106,262 | $ | — | $ | 701,065 | ||||||||
Income from continuing operations | 64,660 | 12,415 | — | 77,075 | ||||||||||||
Total assets | 858,611 | 128,893 | (88,272 | ) | 899,232 | |||||||||||
Depreciation and amortization expense | 21,089 | 2,784 | — | 23,873 | ||||||||||||
29-Mar-14 | ||||||||||||||||
Revenues | $ | 559,821 | $ | 111,367 | $ | — | $ | 671,188 | ||||||||
Income from continuing operations | 56,716 | 12,623 | — | 69,339 | ||||||||||||
Total assets | 864,349 | 161,761 | (103,569 | ) | 922,541 | |||||||||||
Depreciation and amortization expense | 20,015 | 3,137 | — | 23,152 | ||||||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Schedule of changes in accumulated other comprehensive income | Changes in accumulated other comprehensive income, net of tax, for the three and nine months ended March 28, 2015 and March 29, 2014 were as follows: | ||||||||||||||||
Three Months Ended March 28, 2015 | |||||||||||||||||
Foreign currency translation adjustment | Pension benefit liabilities | Derivative financial instruments | Total | ||||||||||||||
Accumulated other comprehensive income (loss) at December 27, 2014 | $ | 13,621 | $ | (18,988 | ) | $ | 1,211 | $ | (4,156 | ) | |||||||
Other comprehensive loss before reclassifications | (7,146 | ) | — | (3 | ) | (7,149 | ) | ||||||||||
Reclassifications from net accumulated other comprehensive income | — | 379 | 83 | 462 | |||||||||||||
Net current period other comprehensive income (loss) | (7,146 | ) | 379 | 80 | (6,687 | ) | |||||||||||
Accumulated other comprehensive income (loss) at March 28, 2015 | $ | 6,475 | $ | (18,609 | ) | $ | 1,291 | $ | (10,843 | ) | |||||||
Nine Months Ended March 28, 2015 | |||||||||||||||||
Foreign currency translation adjustment | Pension benefit liabilities | Derivative financial instruments | Total | ||||||||||||||
Accumulated other comprehensive income (loss) at June 28, 2014 | $ | 22,682 | $ | (19,748 | ) | $ | 1,053 | $ | 3,987 | ||||||||
Other comprehensive loss before reclassifications | (16,207 | ) | — | (16 | ) | (16,223 | ) | ||||||||||
Reclassifications from net accumulated other comprehensive income | — | 1,139 | 254 | 1,393 | |||||||||||||
Net current period other comprehensive income (loss) | (16,207 | ) | 1,139 | 238 | (14,830 | ) | |||||||||||
Accumulated other comprehensive income (loss) at March 28, 2015 | $ | 6,475 | $ | (18,609 | ) | $ | 1,291 | $ | (10,843 | ) | |||||||
Three Months Ended March 29, 2014 | |||||||||||||||||
Foreign currency translation adjustment | Pension benefit liabilities | Derivative financial instruments | Total | ||||||||||||||
Accumulated other comprehensive income (loss) at December 28, 2013 | $ | 22,072 | $ | (15,084 | ) | $ | 954 | $ | 7,942 | ||||||||
Other comprehensive loss before reclassifications | (3,497 | ) | — | (50 | ) | (3,547 | ) | ||||||||||
Reclassifications from net accumulated other comprehensive income | — | 283 | 87 | 370 | |||||||||||||
Net current period other comprehensive income (loss) | (3,497 | ) | 283 | 37 | (3,177 | ) | |||||||||||
Accumulated other comprehensive income (loss) at March 29, 2014 | $ | 18,575 | $ | (14,801 | ) | $ | 991 | $ | 4,765 | ||||||||
Nine Months Ended March 29, 2014 | |||||||||||||||||
Foreign currency translation adjustment | Pension benefit liabilities | Derivative financial instruments | Total | ||||||||||||||
Accumulated other comprehensive income (loss) at June 29, 2013 | $ | 24,093 | $ | (15,650 | ) | $ | 946 | $ | 9,389 | ||||||||
Other comprehensive loss before reclassifications | (5,518 | ) | — | (204 | ) | (5,722 | ) | ||||||||||
Reclassifications from net accumulated other comprehensive income | — | 849 | 249 | 1,098 | |||||||||||||
Net current period other comprehensive income (loss) | (5,518 | ) | 849 | 45 | (4,624 | ) | |||||||||||
Accumulated other comprehensive income (loss) at March 29, 2014 | $ | 18,575 | $ | (14,801 | ) | $ | 991 | $ | 4,765 | ||||||||
Schedule of reclassification of accumulated other comprehensive income | Amounts reclassified from accumulated other comprehensive income for the three and nine months ended March 28, 2015 and March 29, 2014 were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
28-Mar-15 | March 29, 2014 | 28-Mar-15 | March 29, 2014 | ||||||||||||||
Losses on derivative financial instruments: | |||||||||||||||||
Interest rate swap contracts | $ | 132 | $ | 134 | $ | 405 | $ | 397 | (a) | ||||||||
Tax benefit | (49 | ) | (47 | ) | (151 | ) | (148 | ) | |||||||||
Total, net of tax | 83 | 87 | 254 | 249 | |||||||||||||
Pension benefit liabilities: | |||||||||||||||||
Amortization of net loss | 608 | 453 | 1,825 | 1,359 | (b) | ||||||||||||
Tax benefit | (229 | ) | (170 | ) | (686 | ) | (510 | ) | |||||||||
Total, net of tax | 379 | 283 | 1,139 | 849 | |||||||||||||
Total amounts reclassified, net of tax | $ | 462 | $ | 370 | $ | 1,393 | $ | 1,098 | |||||||||
(a) Included in interest expense. | |||||||||||||||||
(b) Included in the computation of net periodic pension cost, which is included in cost of rental and direct sale 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. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Summarized financial information for discontinued operations is shown below: | |||||||
Three Months Ended | Nine Months Ended | |||||||
March 29, 2014 | March 29, 2014 | |||||||
Rental and direct sale revenue from discontinued operations | $ | 208 | $ | 17,844 | ||||
Loss before income taxes | (418 | ) | (279 | ) | ||||
Loss, net of tax | (227 | ) | (141 | ) | ||||
Income (Loss) on sale and other adjustments, net of tax | 46 | (8,252 | ) | |||||
Net loss from discontinued operations | $ | (181 | ) | $ | (8,393 | ) | ||
Nine Months Ended | ||||||||
29-Mar-14 | ||||||||
Loss in excess of carrying value of Program Business | $ | (11,559 | ) | |||||
Transaction and related costs | (675 | ) | ||||||
Loss on sale of Program Business | (12,234 | ) | ||||||
Loss on sale of Ireland Business | (603 | ) | ||||||
Pretax loss on sale of businesses | (12,837 | ) | ||||||
Income tax benefit | 4,585 | |||||||
Loss on sale and other adjustments, net of tax | $ | (8,252 | ) |
Contingent_Liabilities_Additio
Contingent Liabilities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Jun. 28, 2014 |
Location | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Reserves related to environmental matters | $1,100 | $1,100 | $900 | ||
Expenses related to environmental matters | $174 | $70 | $529 | $353 | |
Locations with alleged violations | 4 | ||||
Locations under audit | 8 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 28, 2015 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Other assets: | ||
Total assets | $13,328 | $37,118 |
Accrued expenses: | ||
Total liabilities | 231,010 | 263,983 |
Fair value, measurements, recurring | ||
Other assets: | ||
Money market mutual funds | 3,916 | 3,309 |
Equity and fixed income mutual funds | 30,106 | 29,358 |
Cash surrender value of life insurance policies | 14,678 | 14,287 |
Total assets | 48,700 | 46,954 |
Accrued expenses: | ||
Derivative financial instruments | 374 | 930 |
Total liabilities | 374 | 930 |
Level 1 | ||
Other assets: | ||
Total assets | 13,328 | 37,118 |
Accrued expenses: | ||
Total liabilities | 0 | 0 |
Level 1 | Fair value, measurements, recurring | ||
Other assets: | ||
Money market mutual funds | 3,916 | 3,309 |
Equity and fixed income mutual funds | 30,106 | 29,358 |
Cash surrender value of life insurance policies | 0 | 0 |
Total assets | 34,022 | 32,667 |
Accrued expenses: | ||
Derivative financial instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 | ||
Other assets: | ||
Total assets | 0 | 0 |
Accrued expenses: | ||
Total liabilities | 231,010 | 263,983 |
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 | 14,678 | 14,287 |
Total assets | 14,678 | 14,287 |
Accrued expenses: | ||
Derivative financial instruments | 374 | 930 |
Total liabilities | $374 | $930 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Assets and Liabilities at Fair Value (Detail) (USD $) | Mar. 28, 2015 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ||
Cash and cash equivalents | $13,328 | $37,118 |
Total assets | 13,328 | 37,118 |
Current maturities of long-term debt | 337 | 792 |
Long-term debt, net of current maturities | 230,673 | 263,191 |
Total liabilities | 231,010 | 263,983 |
Level 1 | ||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ||
Cash and cash equivalents | 13,328 | 37,118 |
Total assets | 13,328 | 37,118 |
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 | 337 | 792 |
Long-term debt, net of current maturities | 230,673 | 263,191 |
Total liabilities | $231,010 | $263,983 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 9 Months Ended | |
Mar. 28, 2015 | Jun. 28, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Percentage of outstanding variable rate debt modified | 58.00% | |
Net gain deferred in accumulated other comprehensive income | $1,290,000 | |
Loss expected to be reclassified to interest expense | 91,000 | |
Accrued expenses | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liabilities on interest rate swap contracts | 374,000 | 930,000 |
Interest rate swap contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Average rate on interest rate swap contracts | 1.25% | |
Maturity period of notional amount of interest rate swaps (in months) | 12 months | |
Notional amount of interest rate swap contracts | $75,000,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 9 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate (in percent) | 36.10% | 37.60% |
Earnings_Per_Share_Computation
Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Earnings Per Share [Abstract] | ||||
Net income from continuing operations | $12,429 | $10,391 | $45,750 | $40,344 |
Less: Income allocable to participating securities | -235 | -142 | -771 | -560 |
Net income from continuing operations available to common stockholders | 12,194 | 10,249 | 44,979 | 39,784 |
Net loss from discontinued operations | 0 | -181 | 0 | -8,393 |
Net income available to common stockholders | $12,194 | $10,068 | $44,979 | $31,391 |
Basic earnings per share (shares in thousands): | ||||
Weighted average shares outstanding, basic | 19,679,000 | 19,657,000 | 19,653,000 | 19,545,000 |
Basic earnings per common share from continuing operations (in dollars per share) | $0.62 | $0.52 | $2.29 | $2.04 |
Basic earnings per common share from discontinued operations (in dollars per share) | $0 | ($0.01) | $0 | ($0.43) |
Basic earnings per share | $0.62 | $0.51 | $2.29 | $1.61 |
Diluted earnings per share (shares in thousands): | ||||
Weighted average shares outstanding, basic | 19,679,000 | 19,657,000 | 19,653,000 | 19,545,000 |
Weighted average effect of non-vested restricted stock grants and assumed exercise of stock options | 395,000 | 339,000 | 384,000 | 379,000 |
Weighted average shares outstanding, diluted | 20,074,000 | 19,996,000 | 20,037,000 | 19,924,000 |
Diluted earnings per common share from continuing operations (in dollars per share) | $0.61 | $0.51 | $2.24 | $2 |
Diluted earnings per common share from discontinued operations (in dollars per share) | $0 | ($0.01) | $0 | ($0.42) |
Diluted earnings per share | $0.61 | $0.50 | $2.24 | $1.58 |
Shares excluded from computation of diluted earnings per share (in shares) | 4,000 | 109,000 | 80,000 | 128,000 |
Inventory_and_Merchandise_In_S2
Inventory and Merchandise In Service - Components of Inventory (Detail) (USD $) | Mar. 28, 2015 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $9,677 | $7,952 |
Work in process | 1,868 | 1,279 |
Finished goods | 28,557 | 29,192 |
Total inventory | $40,102 | $38,423 |
Inventory_and_Merchandise_In_S3
Inventory and Merchandise In Service - Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 29, 2014 |
Inventory Disclosure [Abstract] | ||
Effect of change in inventory lives on income from operations | $1,270 | $5,346 |
Effect of change in inventory lives on net income | $806 | $3,366 |
Effect of change in inventory lives on earnings per share (in dollars per share) | $0.04 | $0.17 |
Goodwill_Schedule_of_Goodwill_
Goodwill - Schedule of Goodwill by Segment (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 28, 2015 |
Goodwill [Roll Forward] | |
Balance as of June 28, 2014 | $333,214 |
Foreign currency translation and other | -8,925 |
Balance as of March 28, 2015 | 324,289 |
United States | |
Goodwill [Roll Forward] | |
Balance as of June 28, 2014 | 270,045 |
Foreign currency translation and other | 0 |
Balance as of March 28, 2015 | 270,045 |
Canada | |
Goodwill [Roll Forward] | |
Balance as of June 28, 2014 | 63,169 |
Foreign currency translation and other | -8,925 |
Balance as of March 28, 2015 | $54,244 |
LongTerm_Debt_Amount_of_LongTe
Long-Term Debt - Amount of Long-Term Debt (Detail) (USD $) | Mar. 28, 2015 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Borrowings under $250M revolver | $25,900 | $65,925 |
Borrowings under $50M A/R Line | 28,100 | 25,075 |
Capital leases and other | 337 | 1,022 |
Long-term debt including current maturities | 229,337 | 267,022 |
Less current maturities | -337 | -792 |
Total long-term debt | 229,000 | 266,230 |
Variable interest rate | ||
Debt Instrument [Line Items] | ||
Borrowings under $75M Variable Rate Notes and $100M Fixed Rate Notes | 75,000 | 75,000 |
Fixed interest rate | ||
Debt Instrument [Line Items] | ||
Borrowings under $75M Variable Rate Notes and $100M Fixed Rate Notes | $100,000 | $100,000 |
LongTerm_Debt_Material_Covenan
Long-Term Debt - Material Covenants Required by Terms of This Facility (Detail) (Revolving credit facility) | 9 Months Ended |
Mar. 28, 2015 | |
Revolving credit facility | |
Debt Instrument [Line Items] | |
Maximum Leverage Ratio (Debt/EBITDA), Required (ratio) | 3.5 |
Maximum Leverage Ratio (Debt/EBITDA), Actual | 1.7 |
Minimum Interest Coverage Ratio (EBITDA/Interest Expense), Required (ratio) | 3 |
Minimum Interest Coverage Ratio (EBITDA/Interest Expense), Actual | 20.99 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | 3 Months Ended | |||
Mar. 28, 2015 | Apr. 15, 2020 | Mar. 07, 2017 | Jun. 27, 2015 | Jun. 28, 2014 | Apr. 15, 2015 | |
Line of Credit Facility [Line Items] | ||||||
Borrowings under $250M revolver | $25,900,000 | $65,925,000 | ||||
Unsecured private placement notes | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt maturities | 30-Jun-15 | |||||
Outstanding balance, notes | 75,000,000 | |||||
Effective interest rate (in percent) | 0.86% | |||||
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 | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt, notes | 100,000,000 | |||||
Outstanding balance, notes | 100,000,000 | |||||
Effective interest rate (in percent) | 3.81% | |||||
Unsecured revolving credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Refinanced Borrowings | 250,000,000 | |||||
Borrowings under $250M revolver | 25,900,000 | |||||
Letters of credit outstanding | 636,000 | |||||
Fee payment on unused credit balances, percentage | 0.20% | |||||
Effective interest rate (in percent) | 1.56% | |||||
Minimum Net Worth Required for Compliance | 358,999,000 | |||||
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. | |||||
Secured revolving credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 50,000,000 | |||||
Interest rate spread on notes (in percent) | 0.75% | |||||
Interest rate on letters of credit outstanding | 0.80% | |||||
Borrowings under $250M revolver | 28,100,000 | |||||
Letters of credit outstanding | 21,900,000 | |||||
Fee payment on unused credit balances, percentage | 0.26% | |||||
Effective interest rate (in percent) | 0.92% | |||||
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 | Unsecured debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt, notes | 50,000,000 | |||||
Debt instrument, interest rate, stated percentage | 3.73% | |||||
Unsecured senior notes 2 | Unsecured debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt, notes | 50,000,000 | |||||
Debt instrument, interest rate, stated percentage | 3.88% | |||||
London Interbank Offered Rate (LIBOR) | Unsecured private placement notes | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate spread on notes (in percent) | 0.60% | |||||
Scenario, forecast | Unsecured revolving credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt facility expiration date | 15-Apr-20 | 7-Mar-17 | ||||
Borrowings under $250M revolver | $30,000,000 | |||||
Effective interest rate (in percent) | 1.44% | |||||
Scenario, forecast | London Interbank Offered Rate (LIBOR) | Minimum | Unsecured revolving credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate spread on notes (in percent) | 1.00% | |||||
Scenario, forecast | London Interbank Offered Rate (LIBOR) | Maximum | Unsecured revolving credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate spread on notes (in percent) | 1.75% |
Other_Assets_and_Other_Noncurr2
Other Assets and Other Noncurrent Liabilities - Other Assets (Details) (USD $) | Mar. 28, 2015 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ||
Executive deferred compensation plan assets | $34,022 | $32,667 |
Cash surrender value of life insurance policies | 14,678 | 14,287 |
Customer contracts, net | 4,923 | 6,448 |
Other assets | 10,991 | 10,603 |
Less portion classified as current assets | -1,588 | -2,177 |
Total other assets | $63,026 | $61,828 |
Other_Assets_and_Other_Noncurr3
Other Assets and Other Noncurrent Liabilities - Other Intangible Assets (Details) (USD $) | Mar. 28, 2015 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Customer contracts | $20,219 | $23,838 |
Accumulated amortization | -15,296 | -17,390 |
Net | $4,923 | $6,448 |
Other_Assets_and_Other_Noncurr4
Other Assets and Other Noncurrent Liabilities - Estimated Amortization Expense (Details) (USD $) | Mar. 28, 2015 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2015 remaining | $364 |
2016 | 1,393 |
2017 | 1,198 |
2018 | 416 |
2019 | 183 |
2020 | $171 |
Other_Assets_and_Other_Noncurr5
Other Assets and Other Noncurrent Liabilities - Other Noncurrent Liabilities (Details) (USD $) | Mar. 28, 2015 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Noncurrent [Abstract] | ||
Multi-employer pension withdrawal liability | $30,265 | $28,516 |
Pension plan liability | 14,679 | 15,422 |
Executive deferred compensation plan liability | 32,534 | 30,584 |
Supplemental executive retirement plan liability | 16,731 | 16,814 |
Accrued income taxes | 8,700 | 12,043 |
Workers' compensation liability | 14,376 | 14,837 |
Other liabilities | 4,036 | 3,477 |
Total other noncurrent liabilities | $121,321 | $121,693 |
Other_Assets_and_Other_Noncurr6
Other Assets and Other Noncurrent Liabilities - Additional Information (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Weighted average life of customer contracts | 11 years | |
Amortization Expense | $1,560 | $2,083 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Aug. 23, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total compensation expense related to share-based awards | $1,894 | $1,370 | $5,208 | $4,575 | |
Number of options exercised and restricted stock vested (in shares) | 330,000 | ||||
Share Based Compensation Arrangement By Share Based Payment Performance Award Number Of Shares Authorized, Target Level | 100,000 | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of performance based restricted stock award (in shares) | 150,000 | ||||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of performance based restricted stock award (in shares) | 50,000 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $1,012 | $992 | $3,036 | $2,976 |
Expected return on assets | -1,226 | -1,159 | -3,678 | -3,478 |
Amortization of net loss | 504 | 409 | 1,512 | 1,227 |
Net periodic pension cost | 290 | 242 | 870 | 725 |
SERP | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 185 | 189 | 555 | 567 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of net loss | 98 | 36 | 294 | 108 |
Net periodic pension cost | $283 | $225 | $849 | $675 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Multiemployer_pension_plans | Multiemployer_pension_plans | ||||
Multiemployer Plans [Line Items] | |||||
Employer contribution for pension plan | $145 | ||||
Multi-employer plan withdrawal liability | 34,546 | 34,546 | |||
Pension withdrawal and associated expenses | 6,500 | 8,167 | 6,500 | 9,854 | |
Number of remaining other MEPPs | 5 | ||||
Number of MEPPs we have received a formal demand notice | 4 | ||||
Number of MEPPs determined reasonable | 2 | ||||
Number of MEPPs with disagreements or uncertainties | 2 | ||||
Total MEPP payments | $2,922 | $1,693 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | |
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% | 2.00% | 2.00% |
Segment_Information_Financial_
Segment Information - Financial Information by Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Jun. 28, 2014 |
Segment Reporting Information [Line Items] | |||||
Revenues | $233,514 | $225,046 | $701,065 | $671,188 | |
Income from continuing operations | 21,601 | 18,074 | 77,075 | 69,339 | |
Total assets | 899,232 | 922,541 | 899,232 | 922,541 | 923,519 |
Depreciation and amortization expense | 8,036 | 7,725 | 23,873 | 23,152 | |
United States | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 200,005 | 188,058 | 594,803 | 559,821 | |
Income from continuing operations | 17,880 | 12,987 | 64,660 | 56,716 | |
Total assets | 858,611 | 864,349 | 858,611 | 864,349 | |
Depreciation and amortization expense | 7,181 | 6,730 | 21,089 | 20,015 | |
Canada | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 33,509 | 36,988 | 106,262 | 111,367 | |
Income from continuing operations | 3,721 | 5,087 | 12,415 | 12,623 | |
Total assets | 128,893 | 161,761 | 128,893 | 161,761 | |
Depreciation and amortization expense | 855 | 995 | 2,784 | 3,137 | |
Elimination | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Income from continuing operations | 0 | 0 | 0 | 0 | |
Total assets | -88,272 | -103,569 | -88,272 | -103,569 | |
Depreciation and amortization expense | $0 | $0 | $0 | $0 |
Share_Repurchase_Additional_In
Share Repurchase - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | 31-May-08 | 31-May-07 |
Equity [Abstract] | ||||||
Stock repurchase program, authorized amount | $175,000 | $175,000 | $175,000 | $100,000 | ||
Stock repurchase program, shares repurchased | 56,597 | 52,800 | 174,698 | 146,819 | ||
Stock repurchase program, repurchased amount | 4,064 | 3,213 | 11,158 | 8,619 | ||
Stock repurchase program, remaining authorized repurchase amount | $35,006 | $35,006 |
Other_Comprehensive_Income_Cha
Other Comprehensive Income - Changes in accumulated other comprehensive income, net of tax (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Accumulated other comprehensive income (loss) beginning balance | ($4,156) | $7,942 | $3,987 | $9,389 |
Other comprehensive loss before reclassifications | -7,149 | -3,547 | -16,223 | -5,722 |
Reclassifications from net accumulated other comprehensive income | 462 | 370 | 1,393 | 1,098 |
Net current period other comprehensive income (loss) | -6,687 | -3,177 | -14,830 | -4,624 |
Accumulated other comprehensive income (loss) ending balance | -10,843 | 4,765 | -10,843 | 4,765 |
Foreign currency translation adjustment | ||||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Accumulated other comprehensive income (loss) beginning balance | 13,621 | 22,072 | 22,682 | 24,093 |
Other comprehensive loss before reclassifications | -7,146 | -3,497 | -16,207 | -5,518 |
Reclassifications from net accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | -7,146 | -3,497 | -16,207 | -5,518 |
Accumulated other comprehensive income (loss) ending balance | 6,475 | 18,575 | 6,475 | 18,575 |
Pension benefit liabilities | ||||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Accumulated other comprehensive income (loss) beginning balance | -18,988 | -15,084 | -19,748 | -15,650 |
Other comprehensive loss before reclassifications | 0 | 0 | 0 | 0 |
Reclassifications from net accumulated other comprehensive income | 379 | 283 | 1,139 | 849 |
Net current period other comprehensive income (loss) | 379 | 283 | 1,139 | 849 |
Accumulated other comprehensive income (loss) ending balance | -18,609 | -14,801 | -18,609 | -14,801 |
Derivative financial instruments | ||||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Accumulated other comprehensive income (loss) beginning balance | 1,211 | 954 | 1,053 | 946 |
Other comprehensive loss before reclassifications | -3 | -50 | -16 | -204 |
Reclassifications from net accumulated other comprehensive income | 83 | 87 | 254 | 249 |
Net current period other comprehensive income (loss) | 80 | 37 | 238 | 45 |
Accumulated other comprehensive income (loss) ending balance | $1,291 | $991 | $1,291 | $991 |
Other_Comprehensive_Income_Rec
Other Comprehensive Income - Reclassification from accumulated other comprehensive income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest rate swap contracts | $1,745 | $1,560 | $5,463 | $4,707 |
Tax benefit | 7,427 | 6,123 | 25,862 | 24,288 |
Net income from continuing operations | 12,429 | 10,391 | 45,750 | 40,344 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income from continuing operations | 462 | 370 | 1,393 | 1,098 |
Pension benefit liabilities | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of net loss | 608 | 453 | 1,825 | 1,359 |
Tax benefit | -229 | -170 | -686 | -510 |
Net income from continuing operations | 379 | 283 | 1,139 | 849 |
Interest rate swap | Derivative financial instruments | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest rate swap contracts | 132 | 134 | 405 | 397 |
Tax benefit | -49 | -47 | -151 | -148 |
Net income from continuing operations | $83 | $87 | $254 | $249 |
Discontinued_Operations_Financ
Discontinued Operations - Financial Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Rental and direct sale revenue from discontinued operations | $208 | $17,844 | ||
Loss before income taxes | -418 | -279 | ||
Loss, net of tax | -227 | -141 | ||
Income (Loss) on sale and other adjustments, net of tax | 46 | -8,252 | -8,252 | |
Net income (Loss) from discontinued operations | 0 | -181 | 0 | -8,393 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 12,837 | |||
Income tax benefit | 4,585 | |||
Program business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss in excess of carrying value of Program Business | -11,559 | |||
Transaction and related costs | -675 | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 12,234 | |||
Ireland business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $603 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||
Jun. 27, 2015 | Mar. 28, 2015 | Apr. 15, 2025 | Apr. 15, 2020 | Mar. 07, 2017 | Jun. 28, 2014 | Apr. 15, 2015 | Apr. 01, 2015 | |
Subsequent Event [Line Items] | ||||||||
Long-term line of credit | 25,900,000 | $65,925,000 | ||||||
Subsequent event | ||||||||
Subsequent Event [Line Items] | ||||||||
Line of credit facility, Potential additional borrowing capacity | 200,000 | |||||||
Revolving credit facility | ||||||||
Subsequent Event [Line Items] | ||||||||
Line of Credit Facility, Refinanced Borrowings | 250,000,000 | |||||||
Long-term line of credit | 25,900,000 | |||||||
Debt instrument, interest rate, effective percentage | 1.56% | |||||||
Revolving credit facility | Subsequent event | ||||||||
Subsequent Event [Line Items] | ||||||||
Line of Credit Facility, Refinanced Borrowings | 250,000,000 | |||||||
Line of credit facility, maximum borrowing capacity | 550,000 | |||||||
Minimum | Revolving credit facility | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate spread on notes (in percent) | 1.00% | |||||||
Maximum | Revolving credit facility | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate spread on notes (in percent) | 2.00% | |||||||
Unsecured private placement notes | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt instrument, interest rate, effective percentage | 0.86% | |||||||
Debt Instrument, maturity date | 30-Jun-15 | |||||||
Unsecured private placement notes | Subsequent event | ||||||||
Subsequent Event [Line Items] | ||||||||
Repayments of unsecured debt | 75,000,000 | |||||||
Interest rate swap | ||||||||
Subsequent Event [Line Items] | ||||||||
Derivative, notional amount | 75,000,000 | |||||||
Interest rate swap | Subsequent event | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt instrument, interest rate, effective percentage | 2.35% | |||||||
Derivative, notional amount | 75,000 | |||||||
London Interbank Offered Rate (LIBOR) | Unsecured private placement notes | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate spread on notes (in percent) | 0.60% | |||||||
Scenario, forecast | Revolving credit facility | ||||||||
Subsequent Event [Line Items] | ||||||||
Line of credit facility, expiration date | 15-Apr-20 | 7-Mar-17 | ||||||
Line of Credit Facility, Current Borrowing Capacity | 350,000 | |||||||
Long-term line of credit | 30,000,000 | |||||||
Debt instrument, interest rate, effective percentage | 1.44% | |||||||
Scenario, forecast | Secured revolving credit facility | ||||||||
Subsequent Event [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $45,000 | |||||||
Scenario, forecast | London Interbank Offered Rate (LIBOR) | Minimum | Revolving credit facility | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate spread on notes (in percent) | 1.00% | |||||||
Scenario, forecast | London Interbank Offered Rate (LIBOR) | Maximum | Revolving credit facility | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate spread on notes (in percent) | 1.75% |