Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 29, 2013 | Jan. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'HAWKINS INC | ' |
Entity Central Index Key | '0000046250 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 29-Dec-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--03-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 10,620,560 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $27,860 | $28,715 |
Investments available-for-sale | 13,951 | 15,625 |
Trade receivables - less allowance for doubtful accounts: $412 as of December 29, 2013 and $469 as of March 31, 2013 | 34,318 | 35,920 |
Inventories | 30,724 | 28,208 |
Prepaid expenses and other current assets | 3,398 | 2,613 |
Total current assets | 110,251 | 111,081 |
PROPERTY, PLANT, AND EQUIPMENT: | ' | ' |
Property, plant and equipment | 159,464 | 153,055 |
Less accumulated depreciation and amortization | -68,115 | -62,081 |
Net property, plant, and equipment | 91,349 | 90,974 |
Goodwill | 7,392 | 6,495 |
Intangible assets — less accumulated amortization: $2,886 as of December 29, 2013 and $2,398 as of March 31, 2013 | 8,692 | 7,678 |
Long-term investments | 12,941 | 5,597 |
Other | 322 | 323 |
Total other assets | 29,347 | 20,093 |
Total assets | 230,947 | 222,148 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable — trade | 17,500 | 18,516 |
Dividends payable | 0 | 3,592 |
Accrued payroll and employee benefits | 5,600 | 5,391 |
Deferred income taxes | 2,175 | 2,554 |
Income tax payable | 1,849 | 1,446 |
Other current liabilities | 4,278 | 3,626 |
Total current liabilities | 31,402 | 35,125 |
PENSION WITHDRAWAL LIABILITY | 6,961 | 7,136 |
OTHER LONG-TERM LIABILITIES | 1,786 | 1,653 |
DEFERRED INCOME TAXES | 9,870 | 8,062 |
Total liabilities | 50,019 | 51,976 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
SHAREHOLDERS’ EQUITY: | ' | ' |
Common stock; authorized: 30,000,000 shares of $0.05 par value; 10,547,822 and 10,495,427 shares issued and outstanding as of December 29, 2013 and March 31, 2013, respectively | 528 | 525 |
Additional paid-in capital | 49,651 | 48,779 |
Retained earnings | 130,954 | 120,974 |
Accumulated other comprehensive loss | -205 | -106 |
Total shareholders’ equity | 180,928 | 170,172 |
Total liabilities and shareholders’ equity | $230,947 | $222,148 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts, trade receivables | $412 | $469 |
Intangible assets accumulated amortization | $2,886 | $2,398 |
Shares authorized (shares) | 30,000,000 | 30,000,000 |
Common stock, par value (usd per share) | $0.05 | $0.05 |
Common stock, shares issued (shares) | 10,547,882 | 10,495,427 |
Common stock, shares outstanding (shares) | 10,547,882 | 10,495,427 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Sales | $81,697 | $85,527 | $263,040 | $262,786 |
Cost of sales | -68,147 | -70,191 | -215,689 | -212,947 |
Multiemployer Pension Plan Withdrawal Charge | 0 | 7,210 | 0 | 7,210 |
Gross profit | 13,550 | 8,126 | 47,351 | 42,629 |
Selling, general and administrative expenses | -8,167 | -7,617 | -25,430 | -23,299 |
Operating income | 5,383 | 509 | 21,921 | 19,330 |
Interest (expense) income | 9 | 35 | -18 | 99 |
Income from continuing operations before income taxes | 5,392 | 544 | 21,903 | 19,429 |
Income tax provision | -1,912 | 804 | -8,104 | -6,486 |
Income from continuing operations | 3,480 | 1,348 | 13,799 | 12,943 |
Income from discontinued operations, net of tax | 0 | 0 | 0 | 18 |
Net income | $3,480 | $1,348 | $13,799 | $12,961 |
Weighted average number of shares outstanding - basic | 10,547,882 | 10,474,214 | 10,538,595 | 10,454,669 |
Weighted average number of shares outstanding - diluted | 10,595,935 | 10,535,549 | 10,590,880 | 10,528,150 |
Basic earnings per share | ' | ' | ' | ' |
Earnings per share from continuing operations (usd per share) | $0.33 | $0.13 | $1.31 | $1.24 |
Earnings per share from discontinued operations (usd per share) | $0 | $0 | $0 | $0 |
Basic earnings per share (usd per share) | $0.33 | $0.13 | $1.31 | $1.24 |
Diluted earnings per share | ' | ' | ' | ' |
Earnings per share from continuing operations (usd per share) | $0.33 | $0.13 | $1.30 | $1.23 |
Earnings per share from discontinued operations (usd per share) | $0 | $0 | $0 | $0 |
Diluted earnings per share (usd per share) | $0.33 | $0.13 | $1.30 | $1.23 |
Cash dividends declared per common share (usd per share) | $0 | $0 | $0.36 | $0.34 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $3,480 | $1,348 | $13,799 | $12,961 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Unrealized gain (loss) on available-for-sale investments | -17 | 1 | -61 | 7 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | -38 | 0 | -38 | 78 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -55 | 1 | -99 | 85 |
Total comprehensive income | $3,425 | $1,349 | $13,700 | $13,046 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $13,799 | $12,961 |
Reconciliation to cash flows: | ' | ' |
Depreciation and amortization | 9,678 | 7,224 |
Deferred income taxes | 1,216 | 80 |
Stock compensation expense | 946 | 1,235 |
Multiemployer Pension Plan Withdrawal | 0 | 7,210 |
Loss (gain) from property disposals | 35 | 140 |
Changes in operating accounts providing (using) cash: | ' | ' |
Trade receivables | 1,708 | 2,803 |
Inventories | -2,188 | -1,281 |
Accounts payable | -301 | 1,711 |
Accrued liabilities | 402 | -1,987 |
Income taxes | 403 | 1,070 |
Other | -786 | -1,162 |
Net cash provided by operating activities | 24,912 | 30,004 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Additions to property, plant, and equipment | -10,489 | -20,083 |
Purchases of investments | -17,956 | -16,795 |
Sale and maturities of investments | 12,185 | 8,530 |
Payments to Acquire Businesses, Net of Cash Acquired | -2,416 | -100 |
Proceeds from property disposals | 114 | 160 |
Net cash used in investing activities | -18,562 | -28,288 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Cash dividends paid | -7,410 | -6,936 |
Stock Issued | 459 | 500 |
Shares surrendered for payroll taxes | -485 | 0 |
Proceeds from the exercise of stock options | 186 | 515 |
Excess tax benefit from share-based compensation | 45 | 222 |
Net cash used in financing activities | -7,205 | -5,699 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -855 | -3,983 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 28,715 | 28,566 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 27,860 | 24,583 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ' | ' |
Cash paid for income taxes | 6,426 | 5,124 |
Noncash investing activities - Capital expenditures in accounts payable | $529 | $516 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Dec. 29, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, accordingly, do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. These statements should be read in conjunction with the consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013, previously filed with the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly our financial position and the results of our operations and cash flows for the periods presented. All adjustments made to the interim condensed consolidated financial statements were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
The accounting policies we follow are set forth in “Item 8. Financial Statements and Supplementary Data, Note 1 – Nature of Business and Significant Accounting Policies” to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013 filed with the SEC on May 30, 2013. There has been no significant change in our accounting policies since the end of fiscal 2013. | |
The results of operations for the nine months ended December 29, 2013 are not necessarily indicative of the results that may be expected for the full year. | |
References to fiscal 2013 refer to the fiscal year ended March 31, 2013 and references to fiscal 2014 refer to the fiscal year ending March 30, 2014. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings per Share | ' | ||||||||||||
Earnings per Share | |||||||||||||
Basic earnings per share (“EPS”) are computed by dividing net earnings by the weighted-average number of common shares outstanding. Diluted EPS includes the incremental shares assumed to be issued upon the exercise of stock options and the incremental shares assumed to be issued as performance units and restricted stock. Basic and diluted EPS were calculated using the following: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
December 29, | December 30, | December 29, | December 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Weighted-average common shares outstanding—basic | 10,547,882 | 10,474,214 | 10,538,595 | 10,454,669 | |||||||||
Dilutive impact of stock options, performance units, and restricted stock | 48,053 | 61,335 | 52,285 | 73,481 | |||||||||
Weighted-average common shares outstanding—diluted | 10,595,935 | 10,535,549 | 10,590,880 | 10,528,150 | |||||||||
For the three and nine months ended December 29, 2013 and December 30, 2012, there were no shares or stock options excluded from the calculation of weighted-average common shares for diluted EPS. |
Business_Combinations_Notes
Business Combinations (Notes) | 9 Months Ended |
Dec. 29, 2013 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
Note 3 – Business Combinations | |
Acquisition of Advance Chemical Solutions, Inc.: On October 1, 2013, we acquired substantially all of the assets of Advance Chemical Solutions, Inc. (“ACS”), under the terms of an asset purchase agreement with ACS and its shareholders. We paid $2.4 million in cash, and may be obligated to pay an aggregate of $0.5 million in additional consideration to ACS over the next three years. The amount of such additional payments will be based on the achievement of certain financial performance targets for each of the next three years. Costs associated with this transaction were immaterial. | |
The acquisition has been accounted for under the acquisition method of accounting, under which the total estimated purchase price is allocated to the net tangible and intangible assets of ACS acquired in connection with the acquisition, based on their estimated fair values. | |
In connection with this acquisition, we estimated the fair value of the future consideration payable and recorded $0.4 million for such consideration on our balance sheet. We have determined that this liability is a Level 3 fair value measurement within the FASB’s fair value hierarchy, and such liability is adjusted to fair value at each reporting date, with the adjustment reflected in selling, general and administrative expenses. The fair value adjustments recorded during the three months ended December 29, 2013 were immaterial. | |
We estimated the fair value of the assets acquired and liabilities assumed to be $2.8 million using a discounted cash flow analysis (income approach). Fair values of acquired assets and liabilities include: $0.4 million of net working capital and fixed assets; $1.5 million to intangible assets; and $0.9 million to goodwill. The goodwill recognized as a result of the ACS acquisition is primarily attributable to expected synergies. Such goodwill is deductible for tax purposes. | |
ACS had revenues of approximately $4 million for the 12 months ended September 30, 2013. The results of its operations since the acquisition date, and the goodwill associated with this acquisition, are included in our Water Treatment segment. |
Cash_and_Cash_Equivalents_and_
Cash and Cash Equivalents and Investments | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Cash and Cash Equivalents [Abstract] | ' | ||||||||||||||||
Cash and Cash Equivalents and Investments | ' | ||||||||||||||||
Cash and Cash Equivalents and Investments | |||||||||||||||||
The following table presents information about our financial assets that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. | |||||||||||||||||
December 29, | |||||||||||||||||
(In thousands) | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Cash | $ | 27,860 | $ | 27,860 | $ | — | $ | — | |||||||||
Certificates of deposit | 23,209 | — | 23,209 | — | |||||||||||||
Municipal bonds | 3,684 | — | 3,684 | — | |||||||||||||
March 31, | |||||||||||||||||
(In thousands) | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Cash | $ | 28,715 | $ | 28,715 | $ | — | $ | — | |||||||||
Certificates of deposit | 21,222 | — | 21,222 | — | |||||||||||||
Our financial assets that are measured at fair value on a recurring basis are certificates of deposit (“CD’s”) and municipal bonds, with original maturities ranging from three months to three years that fall within valuation technique Level 2. The CD’s and municipal bonds are classified as investments in current assets and noncurrent assets on the condensed consolidated balance sheets. As of December 29, 2013, the combined CD’s and municipal bonds had a fair value of $14.0 million in current assets and $12.9 million in noncurrent assets. | |||||||||||||||||
The carrying value of cash and cash equivalents accounts approximates fair value, as original maturities are three months or less. |
Inventories
Inventories | 9 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories at December 29, 2013 and March 31, 2013 consisted of the following: | |||||||||
December 29, | March 31, | ||||||||
(In thousands) | 2013 | 2013 | |||||||
Inventory (FIFO basis) | $ | 37,640 | $ | 35,281 | |||||
LIFO reserve | (6,916 | ) | (7,073 | ) | |||||
Net inventory | $ | 30,724 | $ | 28,208 | |||||
The first in, first out (“FIFO”) value of inventories accounted for under the last in, first out (“LIFO”) method was $32.8 million at December 29, 2013 and $30.3 million at March 31, 2013. The remainder of the inventory was valued and accounted for under the FIFO method. | |||||||||
The LIFO reserve changed nominally during the three months ended December 29, 2013, and increased $0.1 million during the three months ended December 30, 2012. During the nine months ended December 29, 2013 the LIFO reserve decreased $0.2 million, and for the nine months ended December 30, 2012 the LIFO reserve increased $0.2 million. The valuation of LIFO inventory for interim periods is based on our estimates of year-end inventory levels and costs. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||||||||||
Goodwill. The carrying amount of goodwill as of December 29, 2013 and March 31, 2013 was $7.4 million and $6.5 million, respectively. The increase in goodwill is related to goodwill recorded in conjunction with the acquisition of ACS as discussed in Note 3. | |||||||||||||||||||||||||
Intangible assets. Intangible assets consist primarily of customer lists, trademarks, trade secrets and non-compete agreements classified as finite life and trade names classified as indefinite life, related to business acquisitions. A summary of our intangible assets as of December 29, 2013 and March 31, 2013 were as follows: | |||||||||||||||||||||||||
29-Dec-13 | 31-Mar-13 | ||||||||||||||||||||||||
(In thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||||||
Finite-life intangible assets | |||||||||||||||||||||||||
Customer relationships | $ | 6,913 | $ | (1,205 | ) | $ | 5,708 | $ | 5,508 | $ | (981 | ) | $ | 4,527 | |||||||||||
Trademark | 1,335 | (379 | ) | 956 | 1,240 | (274 | ) | 966 | |||||||||||||||||
Trade secrets | 962 | (736 | ) | 226 | 962 | (640 | ) | 322 | |||||||||||||||||
Carrier relationships | 800 | (237 | ) | 563 | 800 | (177 | ) | 623 | |||||||||||||||||
Other finite-life intangible assets | 341 | (329 | ) | 12 | 339 | (326 | ) | 13 | |||||||||||||||||
Total finite-life intangible assets | 10,351 | (2,886 | ) | 7,465 | 8,849 | (2,398 | ) | 6,451 | |||||||||||||||||
Indefinite-life intangible assets | 1,227 | — | 1,227 | 1,227 | — | 1,227 | |||||||||||||||||||
Total intangible assets | $ | 11,578 | $ | (2,886 | ) | $ | 8,692 | $ | 10,076 | $ | (2,398 | ) | $ | 7,678 | |||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Dec. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
In the preparation of our condensed consolidated financial statements, management calculates income taxes based upon the estimated effective rate applicable to operating results for the full fiscal year. This includes estimating the current tax liability as well as assessing differences resulting from different treatment of items for tax and book accounting purposes. These differences result in deferred tax assets and liabilities, which are recorded on the condensed consolidated balance sheet. These assets and liabilities are analyzed regularly and management assesses the likelihood that deferred tax assets will be recovered from future taxable income. We record any interest and penalties related to income taxes as income tax expense in the condensed consolidated statements of income. | |
We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. | |
We file income tax returns in the U.S. federal jurisdiction and numerous state and local jurisdictions. The tax years beginning with our fiscal year ended March 29, 2009 remain open to examination by the Internal Revenue Service, and with few exceptions, state and local income tax jurisdictions. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||
Accumulated Other Comprehensive Loss | |||||||||
Components of accumulated other comprehensive loss on our balance sheet, net of tax, were as follows: | |||||||||
(In thousands) | December 29, | March 31, | |||||||
2013 | 2013 | ||||||||
Unrealized gain (loss) on: | |||||||||
Available-for-sale investments | $ | (50 | ) | $ | 11 | ||||
Post-retirement plan liability | (155 | ) | (117 | ) | |||||
Accumulated other comprehensive loss | $ | (205 | ) | $ | (106 | ) |
Share_Based_Compensation
Share Based Compensation | 9 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Share-Based Compensation | ' | |||||||
Share-Based Compensation | ||||||||
Stock Option Awards. Although no stock options have been granted since the fiscal year ended March 28, 2010, our Board of Directors (the "Board") previously approved a long-term incentive equity compensation arrangement for our executive officers that provided for the grant of non-qualified stock options that vested at the end of a three-year period. As of December 29, 2013, we had 9,333 stock options outstanding and exercisable at a weighted average exercise price of $19.90. No compensation expense was recorded related to stock options for the three and nine months ended December 29, 2013. Compensation expense related to stock options for the three and nine month periods ended December 30, 2012 was nominal. | ||||||||
Performance-Based Restricted Stock Units. The Board approved a performance-based equity compensation arrangement for our executive officers during the first quarters of each of fiscal 2014 and 2013. These performance-based arrangements provide for the grant of performance-based restricted stock units that represent a possible future issuance of restricted shares of our common stock based on a pre-tax income target for the applicable fiscal year. The actual number of restricted shares to be issued to each executive officer is determined when our final financial information becomes available after the applicable fiscal year and will be between zero shares and 39,833 shares in the aggregate for fiscal 2014. The restricted shares issued will fully vest two years after the last day of the fiscal year on which the performance is based. We are recording the compensation expense for the outstanding performance share units and the converted restricted stock over the life of the awards. | ||||||||
The following table represents the restricted stock activity for the nine months ended December 29, 2013: | ||||||||
Shares | Weighted- | |||||||
Average Grant | ||||||||
Date Fair Value | ||||||||
Outstanding at beginning of period | 63,244 | $ | 34.26 | |||||
Granted | 28,648 | 40.25 | ||||||
Vested | (36,182 | ) | 35.2 | |||||
Forfeited or expired | (3,606 | ) | 33.01 | |||||
Outstanding at end of period | 52,104 | $ | 36.99 | |||||
We recorded compensation expense of $0.2 million and $0.6 million related to performance share units and restricted stock for the three and nine months ended December 29, 2013, respectively. We recorded compensation expense of $0.3 million and $0.8 million related to performance share units and restricted stock for the three and nine months ended December 30, 2012, respectively. Substantially all of the compensation expense was recorded in selling, general and administrative expenses in the condensed consolidated statements of income. | ||||||||
Restricted Stock Awards. As part of their retainer, each non-employee director receives an annual grant of restricted stock for their Board services. The restricted stock awards are expensed over the requisite vesting period, which is one year from the date of issuance, based on the market value on the date of grant. As of December 29, 2013, there were 6,055 shares of restricted stock with a weighted averaged grant date fair value of $40.42 outstanding under this program. Compensation expense for each of the the three and nine months ended December 29, 2013 and December 30, 2012 related to restricted stock awards to the Board was $0.1 million and $0.2 million, respectively. |
Employee_Pension_Plans
Employee Pension Plans | 9 Months Ended |
Dec. 29, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Pension Plans | ' |
Employee Pension Plans | |
Multiemployer pension plan. In fiscal 2013, we concluded negotiations with two collective bargaining units to discontinue our participation in the Central States, Southeast and Southwest Areas Pension Fund (“CSS” or “the plan”), a collectively bargained multiemployer pension plan. As a result, we recorded a pre-tax charge of $7.2 million (approximately $4.5 million after tax, or $0.43 per share, fully diluted) in the third quarter of fiscal 2013. This charge represents the discounted value of our withdrawal payment obligation and was recorded as a charge to cost of sales in our Industrial segment. | |
Payment of our share of the unfunded vested benefit liability will be made over 20 years and is subject to a cap. At the end of the 20-year period we will have no further liability, even if our share of the unfunded vested benefit liability has not yet been paid in full. The aggregate cash payments to be made will total approximately $9.3 million, or $467,000 per year. Our payments began in the third quarter of fiscal 2014. | |
Effective March 1, 2013, we established defined-contribution retirement benefits to our union employees that are similar to those benefits currently offered to our non-union employees. |
Litigation_Commitments_and_Con
Litigation, Commitments and Contingencies | 9 Months Ended |
Dec. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Litigation, Commitments and Contingencies | ' |
Litigation, Commitments and Contingencies | |
Litigation — There are no material pending legal proceedings, other than ordinary routine litigation incidental to the business, to which we or any of our subsidiaries are a party or of which any of our property is the subject. Legal fees associated with such matters are expensed as incurred. | |
In the first quarter of fiscal 2013, we entered into a settlement agreement with a chemical supplier to us, pursuant to which we mutually resolved the previously disclosed litigation and all disputes among us. The settlement provided for a cash payment by us to the supplier and provided that both parties enter into new contracts for the supply by the supplier of certain chemicals to us. Our obligations under the settlement agreement resulted in a $3.2 million charge to pre-tax income recorded in cost of sales in our Industrial segment (approximately $2.0 million after tax, or $0.19 per share, fully diluted) in the first quarter of fiscal 2013. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
Segment Information | |||||||||||||
We have two reportable segments: Industrial and Water Treatment. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as disclosed in our fiscal 2013 Annual Report on Form 10-K. Product costs and expenses for each segment are based on actual costs incurred along with cost allocation of shared and centralized functions. We evaluate performance based on profit or loss from operations before income taxes not including nonrecurring gains and losses. Reportable segments are defined by product and type of customer. Segments are responsible for the sales, marketing and development of their products and services. The segments do not have separate accounting, administration, customer service or purchasing functions. There are no intersegment sales and no operating segments have been aggregated. Given our nature, it is not practical to disclose revenues from external customers for each product or each group of similar products. No single customer's revenues amounted to 10% or more of our total revenue. Sales are primarily within the United States and all assets are located within the United States. | |||||||||||||
(In thousands) | Industrial | Water | Total | ||||||||||
Treatment | |||||||||||||
Three months ended December 29, 2013: | |||||||||||||
Sales | $ | 58,510 | $ | 23,187 | $ | 81,697 | |||||||
Gross profit | 7,351 | 6,199 | 13,550 | ||||||||||
Selling, general, and administrative expenses | 4,799 | 3,368 | 8,167 | ||||||||||
Operating income | 2,552 | 2,831 | 5,383 | ||||||||||
Three months ended December 30, 2012: | |||||||||||||
Sales | $ | 63,109 | $ | 22,418 | $ | 85,527 | |||||||
Gross profit | 2,627 | 5,499 | 8,126 | ||||||||||
Selling, general, and administrative expenses | 4,731 | 2,886 | 7,617 | ||||||||||
Operating income | (2,104 | ) | 2,613 | 509 | |||||||||
Nine months ended December 29, 2013: | |||||||||||||
Sales | $ | 182,224 | $ | 80,816 | $ | 263,040 | |||||||
Gross profit | 23,855 | 23,496 | 47,351 | ||||||||||
Selling, general, and administrative expenses | 15,114 | 10,316 | 25,430 | ||||||||||
Operating income | 8,741 | 13,180 | 21,921 | ||||||||||
Nine months ended December 30, 2012: | |||||||||||||
Sales | $ | 182,474 | $ | 80,312 | $ | 262,786 | |||||||
Gross profit | 19,992 | 22,637 | 42,629 | ||||||||||
Selling, general, and administrative expenses | 14,261 | 9,038 | 23,299 | ||||||||||
Operating income | 5,731 | 13,599 | 19,330 | ||||||||||
Gross profit for our Industrial segment was negatively impacted by the $7.2 million (pre-tax) charge in the third quarter of fiscal 2013 related to our withdrawal from a multiemployer pension plan as discussed in Note 10, and was negatively impacted by the $3.2 million (pre-tax) charge in the first quarter of fiscal 2013 related to the legal settlement discussed in Note 11. The cumulative impact of these pre-tax charges to the industrial gross profit for the nine months ended December 30, 2012 was $10.4 million. |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Summary of basic and diluted EPS | ' | ||||||||||||
Basic earnings per share (“EPS”) are computed by dividing net earnings by the weighted-average number of common shares outstanding. Diluted EPS includes the incremental shares assumed to be issued upon the exercise of stock options and the incremental shares assumed to be issued as performance units and restricted stock. Basic and diluted EPS were calculated using the following: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
December 29, | December 30, | December 29, | December 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Weighted-average common shares outstanding—basic | 10,547,882 | 10,474,214 | 10,538,595 | 10,454,669 | |||||||||
Dilutive impact of stock options, performance units, and restricted stock | 48,053 | 61,335 | 52,285 | 73,481 | |||||||||
Weighted-average common shares outstanding—diluted | 10,595,935 | 10,535,549 | 10,590,880 | 10,528,150 | |||||||||
Cash_and_Cash_Equivalents_and_1
Cash and Cash Equivalents and Investments (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Cash and Cash Equivalents [Abstract] | ' | ||||||||||||||||
Summary of financial assets and liabilities measured at fair value | ' | ||||||||||||||||
The following table presents information about our financial assets that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. | |||||||||||||||||
December 29, | |||||||||||||||||
(In thousands) | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Cash | $ | 27,860 | $ | 27,860 | $ | — | $ | — | |||||||||
Certificates of deposit | 23,209 | — | 23,209 | — | |||||||||||||
Municipal bonds | 3,684 | — | 3,684 | — | |||||||||||||
March 31, | |||||||||||||||||
(In thousands) | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Cash | $ | 28,715 | $ | 28,715 | $ | — | $ | — | |||||||||
Certificates of deposit | 21,222 | — | 21,222 | — | |||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
Inventories at December 29, 2013 and March 31, 2013 consisted of the following: | |||||||||
December 29, | March 31, | ||||||||
(In thousands) | 2013 | 2013 | |||||||
Inventory (FIFO basis) | $ | 37,640 | $ | 35,281 | |||||
LIFO reserve | (6,916 | ) | (7,073 | ) | |||||
Net inventory | $ | 30,724 | $ | 28,208 | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of intangible assets and goodwill | ' | ||||||||||||||||||||||||
A summary of our intangible assets as of December 29, 2013 and March 31, 2013 were as follows: | |||||||||||||||||||||||||
29-Dec-13 | 31-Mar-13 | ||||||||||||||||||||||||
(In thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||||||
Finite-life intangible assets | |||||||||||||||||||||||||
Customer relationships | $ | 6,913 | $ | (1,205 | ) | $ | 5,708 | $ | 5,508 | $ | (981 | ) | $ | 4,527 | |||||||||||
Trademark | 1,335 | (379 | ) | 956 | 1,240 | (274 | ) | 966 | |||||||||||||||||
Trade secrets | 962 | (736 | ) | 226 | 962 | (640 | ) | 322 | |||||||||||||||||
Carrier relationships | 800 | (237 | ) | 563 | 800 | (177 | ) | 623 | |||||||||||||||||
Other finite-life intangible assets | 341 | (329 | ) | 12 | 339 | (326 | ) | 13 | |||||||||||||||||
Total finite-life intangible assets | 10,351 | (2,886 | ) | 7,465 | 8,849 | (2,398 | ) | 6,451 | |||||||||||||||||
Indefinite-life intangible assets | 1,227 | — | 1,227 | 1,227 | — | 1,227 | |||||||||||||||||||
Total intangible assets | $ | 11,578 | $ | (2,886 | ) | $ | 8,692 | $ | 10,076 | $ | (2,398 | ) | $ | 7,678 | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Summary of Accumulated other comprehensive loss | ' | ||||||||
Components of accumulated other comprehensive loss on our balance sheet, net of tax, were as follows: | |||||||||
(In thousands) | December 29, | March 31, | |||||||
2013 | 2013 | ||||||||
Unrealized gain (loss) on: | |||||||||
Available-for-sale investments | $ | (50 | ) | $ | 11 | ||||
Post-retirement plan liability | (155 | ) | (117 | ) | |||||
Accumulated other comprehensive loss | $ | (205 | ) | $ | (106 | ) |
Share_Based_Compensation_Table
Share Based Compensation (Tables) (Performance-Based Restricted Stock [Member]) | 9 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Performance-Based Restricted Stock [Member] | ' | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||
Summary of performance-based restricted stock units | ' | |||||||
The following table represents the restricted stock activity for the nine months ended December 29, 2013: | ||||||||
Shares | Weighted- | |||||||
Average Grant | ||||||||
Date Fair Value | ||||||||
Outstanding at beginning of period | 63,244 | $ | 34.26 | |||||
Granted | 28,648 | 40.25 | ||||||
Vested | (36,182 | ) | 35.2 | |||||
Forfeited or expired | (3,606 | ) | 33.01 | |||||
Outstanding at end of period | 52,104 | $ | 36.99 | |||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Summary of Segment Information | ' | ||||||||||||
(In thousands) | Industrial | Water | Total | ||||||||||
Treatment | |||||||||||||
Three months ended December 29, 2013: | |||||||||||||
Sales | $ | 58,510 | $ | 23,187 | $ | 81,697 | |||||||
Gross profit | 7,351 | 6,199 | 13,550 | ||||||||||
Selling, general, and administrative expenses | 4,799 | 3,368 | 8,167 | ||||||||||
Operating income | 2,552 | 2,831 | 5,383 | ||||||||||
Three months ended December 30, 2012: | |||||||||||||
Sales | $ | 63,109 | $ | 22,418 | $ | 85,527 | |||||||
Gross profit | 2,627 | 5,499 | 8,126 | ||||||||||
Selling, general, and administrative expenses | 4,731 | 2,886 | 7,617 | ||||||||||
Operating income | (2,104 | ) | 2,613 | 509 | |||||||||
Nine months ended December 29, 2013: | |||||||||||||
Sales | $ | 182,224 | $ | 80,816 | $ | 263,040 | |||||||
Gross profit | 23,855 | 23,496 | 47,351 | ||||||||||
Selling, general, and administrative expenses | 15,114 | 10,316 | 25,430 | ||||||||||
Operating income | 8,741 | 13,180 | 21,921 | ||||||||||
Nine months ended December 30, 2012: | |||||||||||||
Sales | $ | 182,474 | $ | 80,312 | $ | 262,786 | |||||||
Gross profit | 19,992 | 22,637 | 42,629 | ||||||||||
Selling, general, and administrative expenses | 14,261 | 9,038 | 23,299 | ||||||||||
Operating income | 5,731 | 13,599 | 19,330 | ||||||||||
Earning_per_Share_Details
Earning per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | |
Summary of basic and diluted EPS | ' | ' | ' | ' |
Weighted-average common shares outstanding-basic (shares) | 10,547,882 | 10,474,214 | 10,538,595 | 10,454,669 |
Dilutive impact of stock options, performance units, and restricted stock (shares) | 48,053 | 61,335 | 52,285 | 73,481 |
Weighted-average common shares outstanding-diluted (shares) | 10,595,935 | 10,535,549 | 10,590,880 | 10,528,150 |
Earnings_per_Share_Details_Tex
Earnings per Share (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Shares or stock options excluded from the calculation of diluted EPS | 0 | 0 | 0 | 0 |
Business_Combinations_Details
Business Combinations (Details) (Advance Chemical Solutions, Inc. [Member], USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Oct. 01, 2013 |
Advance Chemical Solutions, Inc. [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | $2.40 |
Business Acquisition, Contingent Consideration, Potential Cash Payment | ' | ' | 0.5 |
Contingent Consideration Measurement Period | '3 years | ' | ' |
Business Acquisition, Contingent Consideration, at Fair Value | ' | ' | 0.4 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | ' | ' | 2.8 |
Business Acquisition, Purchase Price Allocation, Working Capital and Fixed Assets | ' | ' | 0.4 |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | ' | ' | 1.5 |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | ' | ' | 0.9 |
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | ' | $4 | ' |
Cash_and_Cash_Equivalents_and_2
Cash and Cash Equivalents and Investments (Details) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total [Member] | Cash [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | $27,860 | $28,715 |
Total [Member] | Certificates of deposit [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 23,209 | 21,222 |
Total [Member] | Municipal bonds [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 3,684 | ' |
Level 1 [Member] | Cash [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 27,860 | 28,715 |
Level 1 [Member] | Certificates of deposit [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Level 2 [Member] | Certificates of deposit [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 23,209 | 21,222 |
Level 2 [Member] | Municipal bonds [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 3,684 | ' |
Level 3 [Member] | Cash [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Level 3 [Member] | Certificates of deposit [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Level 3 [Member] | Municipal bonds [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | $0 | ' |
Cash_and_Cash_Equivalents_and_3
Cash and Cash Equivalents and Investments (Details Textual) (USD $) | 9 Months Ended |
Dec. 29, 2013 | |
Cash and Cash Equivalents [Line Items] | ' |
Available-for-sale Securities, Fair Value Disclosure | $14,000,000 |
Long Term Investments Fair Value Disclosure | $12,941,000 |
Maturities period of cash and cash equivalents | 'three months or less |
Level 2 [Member] | ' |
Cash and Cash Equivalents [Line Items] | ' |
Maturities period of certificates of deposit minimum | '3 months |
Maturities period of certificates of deposit maximum | '3 years |
Inventories_Details
Inventories (Details) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Inventories | ' | ' |
Inventory (FIFO basis) | $37,640 | $35,281 |
LIFO reserve | -6,916 | -7,073 |
Net inventory | $30,724 | $28,208 |
Inventories_Details_Textual
Inventories (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' | ' | ' |
Finished goods (LIFO basis) | ' | $32.80 | ' | $30.30 |
Decrease (Increase) in LIFO reserve | $0.10 | ($0.20) | $0.20 | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-life intangible assets, Gross Carrying Amount | $10,351 | $8,849 |
Finite-life intangible assets, Accumulated Amortization | -2,886 | -2,398 |
Total finite-life intangible assets, Net | 7,465 | 6,451 |
Indefinite-life intangible assets gross | 1,227 | 1,227 |
Indefinite-life intangible assets, Accumulated Amortization | 0 | 0 |
Indefinite-life intangible assets | 1,227 | 1,227 |
Intangible assets, Gross Carrying Amount | 11,578 | 10,076 |
Intangible assets, Accumulated Amortization | -2,886 | -2,398 |
Total intangible assets, net | 8,692 | 7,678 |
Customer relationships [Member] | ' | ' |
Summary of Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-life intangible assets, Gross Carrying Amount | 6,913 | 5,508 |
Finite-life intangible assets, Accumulated Amortization | -1,205 | -981 |
Total finite-life intangible assets, Net | 5,708 | 4,527 |
Trademarks [Member] | ' | ' |
Summary of Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-life intangible assets, Gross Carrying Amount | 1,335 | 1,240 |
Finite-life intangible assets, Accumulated Amortization | -379 | -274 |
Total finite-life intangible assets, Net | 956 | 966 |
Trade secrets [Member] | ' | ' |
Summary of Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-life intangible assets, Gross Carrying Amount | 962 | 962 |
Finite-life intangible assets, Accumulated Amortization | -736 | -640 |
Total finite-life intangible assets, Net | 226 | 322 |
Carrier relationships [Member] | ' | ' |
Summary of Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-life intangible assets, Gross Carrying Amount | 800 | 800 |
Finite-life intangible assets, Accumulated Amortization | -237 | -177 |
Total finite-life intangible assets, Net | 563 | 623 |
Other finite-life intangible assets [Member] | ' | ' |
Summary of Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-life intangible assets, Gross Carrying Amount | 341 | 339 |
Finite-life intangible assets, Accumulated Amortization | -329 | -326 |
Total finite-life intangible assets, Net | $12 | $13 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Details Textual) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Goodwill | $7,392 | $6,495 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Unrealized gain (loss) on: | ' | ' |
Available-for-sale investments | ($50) | $11 |
Post-retirement plan liability | -155 | -117 |
Accumulated other comprehensive loss | ($205) | ($106) |
Share_Based_Compensation_Detai
Share Based Compensation (Details 1) (Performance-Based Restricted Stock [Member], USD $) | 9 Months Ended |
Dec. 29, 2013 | |
Performance-Based Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Beginning Balance (shares) | 63,244 |
Granted (shares) | 28,648 |
Vested (shares) | -36,182 |
Forfeited or expired (shares) | -3,606 |
Ending Balance (shares) | 52,104 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Beginning Balance, Weighted average grant date fair value (usd per share) | $34.26 |
Granted, Weighted average grant date fair value (usd per share) | $40.25 |
Vested, Weighted average grant date fair value (usd per share) | $35.20 |
Forfeited or expired, Weighted average grant date fair value (usd per share) | $33.01 |
Ending Balance, Weighted average grant date fair value (usd per share) | $36.99 |
Share_Based_Compensation_Detai1
Share Based Compensation (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock options outstanding and exercisable | 9,333 | ' | 9,333 | ' |
Weighted average exercise price (usd per share) | $19.90 | ' | $19.90 | ' |
Compensation expense | $0 | $0 | $0 | $0 |
Restricted Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Range of restricted stock to be issued minimum (shares) | ' | ' | 0 | ' |
Range of restricted stock to be issued maximum (shares) | ' | ' | 39,833 | ' |
Performance-Based Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense | 0.2 | 0.3 | 0.6 | 0.8 |
Vesting period | ' | ' | '2 years | ' |
Restricted Stock Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense | $0.10 | $0.10 | $0.20 | $0.20 |
Vesting period | ' | ' | '1 year | ' |
Restricted stock awards outstanding (shares) | 6,055 | ' | 6,055 | ' |
Restricted stock awards, weighted average exercise price (usd per share) | $40.42 | ' | $40.42 | ' |
Employee_Pension_Plans_Details
Employee Pension Plans (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Dec. 29, 2013 | Mar. 31, 2013 | |
collective_barganing_units | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Number of collective bargaining agreements (agreements) | ' | 2 |
Multiemployer pension plan withdrawal pre-tax charge | ' | $7,200,000 |
Multiemployer pension plan withdrawal post tax charge | ' | 4,500,000 |
Multiemployer pension plan withdrawal post tax charge per share (usd per share) | ' | $0.43 |
Withdrawal liability payment term | '20 years | ' |
Multiemployer pension plan withdrawal aggregate cash payment | 9,300,000 | ' |
Multiemployer pension plan withdrawal aggregate cash payment per year | $467,000 | ' |
Litigation_Commitments_and_Con1
Litigation, Commitments and Contingencies (Details) (USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Jul. 01, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Pretax settlement obligation | $3.20 |
Income recorded cost of sales after tax | $2 |
Income recorded cost of sales per share value (usd per share) | $0.19 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, Net | $81,697 | $85,527 | $263,040 | $262,786 |
Gross profit | 13,550 | 8,126 | 47,351 | 42,629 |
Selling, General and Administrative Expense | 8,167 | 7,617 | 25,430 | 23,299 |
Operating income | 5,383 | 509 | 21,921 | 19,330 |
Industrial [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, Net | 58,510 | 63,109 | 182,224 | 182,474 |
Gross profit | 7,351 | 2,627 | 23,855 | 19,992 |
Selling, General and Administrative Expense | 4,799 | 4,731 | 15,114 | 14,261 |
Operating income | 2,552 | -2,104 | 8,741 | 5,731 |
Water Treatment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, Net | 23,187 | 22,418 | 80,816 | 80,312 |
Gross profit | 6,199 | 5,499 | 23,496 | 22,637 |
Selling, General and Administrative Expense | 3,368 | 2,886 | 10,316 | 9,038 |
Operating income | $2,831 | $2,613 | $13,180 | $13,599 |
Segment_Information_Details_Te
Segment Information (Details Textual) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 31, 2013 | Jul. 01, 2012 |
Customer | ||||
Segment | ||||
Segment Reporting [Abstract] | ' | ' | ' | ' |
Multiemployer Pension Plan Withdrawal Pre Tax Charge | ' | ' | $7.20 | ' |
Number of reportable segments (segments) | 2 | ' | ' | ' |
Intersegment sales | 0 | ' | ' | ' |
Number of operating segments aggregated (segments) | 0 | ' | ' | ' |
Number of customer representing 10 percent or more of revenue (customers) | 0 | ' | ' | ' |
Pretax settlement obligation | ' | ' | ' | 3.2 |
Cumulative impact of pre-tax charges | ' | $10.40 | ' | ' |