Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 28, 2014 | Jan. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HAWKINS INC | |
Entity Central Index Key | 46250 | |
Document Type | 10-Q | |
Document Period End Date | 28-Dec-14 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | -26 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 10,645,189 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Dec. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $18,994 | $33,486 |
Investments available-for-sale | 16,072 | 13,843 |
Trade receivables — less allowance for doubtful accounts: $375 as of December 28, 2014 and $477 as of March 30, 2014 | 34,626 | 37,946 |
Inventories | 37,016 | 26,192 |
Income Taxes Receivable, Current | 340 | 0 |
Prepaid expenses and other current assets | 3,203 | 3,160 |
Total current assets | 110,251 | 114,627 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Property, plant and equipment | 168,027 | 158,875 |
Less accumulated depreciation and amortization | -75,813 | -68,406 |
Net property, plant, and equipment | 92,214 | 90,469 |
Goodwill | 11,750 | 7,392 |
Intangible assets — less accumulated amortization: $3,671 as of December 28, 2014 and $3,069 as of March 30, 2014 | 11,416 | 8,509 |
Long-term investments | 16,268 | 15,852 |
Other | 203 | 344 |
Total other assets | 39,637 | 32,097 |
Total assets | 242,102 | 237,193 |
CURRENT LIABILITIES: | ||
Accounts payable | 18,205 | 18,306 |
Dividends payable | 0 | 3,823 |
Accrued payroll and employee benefits | 5,933 | 5,555 |
Deferred income taxes | 2,743 | 2,900 |
Income tax payable | 0 | 1,444 |
Other current liabilities | 3,500 | 3,801 |
Total current liabilities | 30,381 | 35,829 |
PENSION WITHDRAWAL LIABILITY | 6,664 | 6,887 |
OTHER LONG-TERM LIABILITIES | 752 | 1,878 |
DEFERRED INCOME TAXES | 10,395 | 10,186 |
Total liabilities | 48,192 | 54,780 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
SHAREHOLDERS’ EQUITY: | ||
Common stock; authorized: 30,000,000 shares of $0.05 par value; 10,569,026 and 10,562,400 shares issued and outstanding as of December 28, 2014 and March 30, 2014, respectively | 528 | 528 |
Additional paid-in capital | 50,716 | 50,502 |
Retained earnings | 142,705 | 131,427 |
Accumulated other comprehensive loss | -39 | -44 |
Total shareholders’ equity | 193,910 | 182,413 |
Total liabilities and shareholders’ equity | $242,102 | $237,193 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Dec. 28, 2014 | Mar. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts, trade receivables | $375 | $477 |
Intangible assets accumulated amortization | $3,671 | $3,069 |
Shares authorized (shares) | 30,000,000 | 30,000,000 |
Common stock, par value (usd per share) | $0.05 | $0.05 |
Common Stock, Shares, Issued | 10,569,026 | 10,562,400 |
Common Stock, Shares, Outstanding | 10,569,026 | 10,562,400 |
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. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Income Statement [Abstract] | ||||
Sales | $83,825 | $81,697 | $270,742 | $263,040 |
Cost of sales | -70,183 | -68,147 | -220,482 | -215,689 |
Gross profit | 13,642 | 13,550 | 50,260 | 47,351 |
Selling, general and administrative expenses | -8,697 | -8,167 | -25,843 | -25,430 |
Operating income | 4,945 | 5,383 | 24,417 | 21,921 |
Interest income (expense), net | 15 | 9 | 11 | -18 |
Income before income taxes | 4,960 | 5,392 | 24,428 | 21,903 |
Income tax provision | -1,814 | -1,912 | -9,114 | -8,104 |
Net income | $3,146 | $3,480 | $15,314 | $13,799 |
Weighted average number of shares outstanding - basic | 10,564,990 | 10,547,882 | 10,564,401 | 10,538,595 |
Weighted average number of shares outstanding - diluted | 10,614,740 | 10,595,935 | 10,623,148 | 10,590,880 |
Basic earnings per share | ||||
Basic earnings per share (usd per share) | $0.30 | $0.33 | $1.45 | $1.31 |
Diluted earnings per share | ||||
Diluted earnings per share (usd per share) | $0.30 | $0.33 | $1.44 | $1.30 |
Cash dividends declared per common share (usd per share) | $0 | $0 | $0.38 | $0.36 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $3,146 | $3,480 | $15,314 | $13,799 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gain (loss) on available-for-sale investments | -8 | -17 | 5 | -61 |
Unrealized gain (loss) on post-retirement liability | 0 | -38 | 0 | -38 |
Total other comprehensive income (loss) | -8 | -55 | 5 | -99 |
Total comprehensive income | $3,138 | $3,425 | $15,319 | $13,700 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $15,314 | $13,799 |
Reconciliation to cash flows: | ||
Depreciation and amortization | 9,250 | 9,678 |
Deferred income taxes | 49 | 1,216 |
Stock compensation expense | 1,233 | 946 |
Loss from property disposals | 7 | 35 |
Changes in operating accounts providing (using) cash: | ||
Trade receivables | 4,679 | 1,708 |
Inventories | -9,965 | -2,188 |
Accounts payable | -638 | -301 |
Accrued liabilities | -1,361 | 402 |
Income tax payable | -1,784 | 403 |
Other | 257 | -786 |
Net Cash Provided by (Used in) Operating Activities | 17,041 | 24,912 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to property, plant, and equipment | -10,086 | -10,489 |
Purchases of investments | -12,394 | -17,956 |
Sale and maturities of investments | 9,755 | 12,185 |
Acquisitions | -10,068 | -2,416 |
Proceeds from property disposals | 137 | 114 |
Net cash used in investing activities | -22,656 | -18,562 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends paid | -7,859 | -7,410 |
New Shares Issued | 491 | 459 |
Shares Surrendered for payroll taxes | -295 | -485 |
Proceeds from the exercise of stock options | 186 | 186 |
Excess tax benefit from share-based compensation | 64 | 45 |
Shares repurchased | -1,464 | 0 |
Net cash used in financing activities | -8,877 | -7,205 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -14,492 | -855 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 33,486 | 28,715 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 18,994 | 27,860 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for income taxes | 10,816 | 6,426 |
Noncash investing activities - Capital expenditures in accounts payable | $449 | $529 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Dec. 28, 2014 | |
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 financial 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 30, 2014, 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 30, 2014 filed with the SEC on May 29, 2014. There has been no significant change in our accounting policies since the end of fiscal 2014. | |
The results of operations for the nine months ended December 28, 2014 are not necessarily indicative of the results that may be expected for the full year. | |
References to fiscal 2014 refer to the fiscal year ended March 30, 2014 and references to fiscal 2015 refer to the fiscal year ending March 29, 2015. | |
Recently Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board issued new accounting requirements for recognition of revenue from contracts with customers. The requirements of the new standard will be effective for annual reporting periods beginning after December 15, 2016 (our fiscal year ending April 1, 2018), and interim periods within those annual periods. We are currently evaluating the impact of this accounting pronouncement on our results of operations and financial position. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
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 28, | December 29, | December 28, | December 29, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Weighted-average common shares outstanding—basic | 10,564,990 | 10,547,882 | 10,564,401 | 10,538,595 | |||||||||
Dilutive impact of stock options, performance units, and restricted stock | 49,750 | 48,053 | 58,747 | 52,285 | |||||||||
Weighted-average common shares outstanding—diluted | 10,614,740 | 10,595,935 | 10,623,148 | 10,590,880 | |||||||||
For the three and nine months ended December 28, 2014 and December 29, 2013, 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. 28, 2014 | |||||
Business Combinations [Abstract] | |||||
Business Combination Disclosure [Text Block] | Business Combinations | ||||
Acquisition of The Dumont Company, Inc.: On October 20, 2014, we acquired substantially all of the assets of The Dumont Company, Inc. (“Dumont”) under the terms of an asset purchase agreement with Dumont and its shareholders. We paid $10.1 million in cash including a working capital adjustment in the third quarter of fiscal 2015, using available cash on hand to fund the acquisition. Dumont was a water treatment chemical distribution company with revenues of approximately $14.0 million in calendar year 2013. Through this acquisition we added seven operating locations across Florida. The results of operations since the acquisition date, and the assets, including the goodwill associated with this acquisition, are included in our Water Treatment segment. Costs associated with this transaction were not material to our company and were expensed as incurred. | |||||
The acquisition has been accounted for under the acquisition method of accounting, under which the total purchase price is allocated to the net tangible and intangible assets of Dumont acquired in connection with the acquisition based on their estimated fair values. We estimated the fair values of the assets acquired and liabilities assumed using a discounted cash flow analysis (income approach). The following table summarizes the preliminary allocation of the purchase price to the fair values assigned to the assets acquired and liabilities assumed at the date of the Dumont acquisition: | |||||
(In thousands) | Amount | ||||
Accounts receivable | $ | 1,358 | |||
Inventory | 859 | ||||
Other assets | 159 | ||||
Property, plant, and equipment | 702 | ||||
Intangible assets | 3,509 | ||||
Current liabilities | (877 | ) | |||
Net assets acquired | 5,710 | ||||
Goodwill | 4,358 | ||||
Total purchase price | $ | 10,068 | |||
The goodwill recognized as a result of this acquisition is primarily attributable to strategic and synergistic benefits, as well as the assembled workforce. Such goodwill is expected to be deductible for tax purposes. | |||||
The preliminary allocation of the purchase price to the assets acquired and liabilities assumed resulted in the recognition of the following intangible assets: | |||||
(In thousands) | Amount | Life (in years) | |||
Customer relationships | $ | 2,810 | 20 | ||
Trade Name | 699 | 4 | |||
$ | 3,509 | ||||
Acquisition of Advance Chemical Solutions, Inc.: On October 1, 2013, we acquired substantially all of the assets of Advance Chemical Solutions, Inc. (“ACS”). We paid $2.4 million in cash at closing, and have paid an additional $0.4 million of a potential $0.5 million earnout through the third quarter of fiscal 2015. We may be obligated to pay the remainder of the earnout over the next two years based on the achievement of certain financial performance targets. | |||||
The ACS acquisition was accounted for under the acquisition method of accounting, under which the total estimated purchase price is allocated to the net tangible and intangible assets acquired based on their estimated fair values. We estimated the fair values of the assets acquired and liabilities assumed to be $2.8 million using a discounted cash flow analysis (income approach). | |||||
ACS had revenues of approximately $4.0 million for the 12 months ended September 30, 2013. The results of its operations since the acquisition date, and the assets, are included in our Water Treatment segment. |
Cash_and_Cash_Equivalents_and_
Cash and Cash Equivalents and Investments | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
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 28, | |||||||||||||||||
(In thousands) | 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 18,994 | $ | 18,994 | $ | — | $ | — | |||||||||
Certificates of deposit | 28,398 | — | 28,398 | — | |||||||||||||
Municipal bonds | 3,942 | — | 3,942 | — | |||||||||||||
March 30, | |||||||||||||||||
(In thousands) | 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 33,486 | $ | 33,486 | $ | — | $ | — | |||||||||
Certificates of deposit | 24,437 | — | 24,437 | — | |||||||||||||
Municipal bonds | 5,258 | — | 5,258 | — | |||||||||||||
Our financial assets that are measured at fair value on a recurring basis and fall within valuation technique Level 2 are certificates of deposit (“CDs”) and municipal bonds, with original maturities ranging from three months to three years. The CDs and municipal bonds are classified as investments in current assets and noncurrent assets on the condensed consolidated balance sheets. As of December 28, 2014, the combined CDs and municipal bonds had a fair value of $16.1 million in current assets and $16.2 million in noncurrent assets compared to CDs and municipal bonds with a fair value of $13.8 million in current assets and $15.9 million in noncurrent assets as of March 30, 2014. |
Inventories
Inventories | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventories | ||||||||
Inventories at December 28, 2014 and March 30, 2014 consist of the following: | |||||||||
December 28, | March 30, | ||||||||
(In thousands) | 2014 | 2014 | |||||||
Inventory (FIFO basis) | $ | 43,112 | $ | 31,344 | |||||
LIFO reserve | (6,096 | ) | (5,152 | ) | |||||
Net inventory | $ | 37,016 | $ | 26,192 | |||||
The first in, first out (“FIFO”) value of inventories accounted for under the last in, first out (“LIFO”) method was $38.8 million at December 28, 2014 and $28.5 million at March 30, 2014. The remainder of the inventory was valued and accounted for under the FIFO method. | |||||||||
The LIFO reserve increased $0.3 million during the three months ended December 28, 2014, and changed nominally during the three months ended December 29, 2013. During the nine months ended December 28, 2014, the LIFO reserve increased | |||||||||
$0.9 million, and for the nine months ended December 29, 2013 the LIFO reserve decreased $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. 28, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | ||||||||||||||||||||||||
Goodwill. The carrying amount of goodwill was $11.7 million as of December 28, 2014 and $7.4 million as of March 30, 2014. The increase in goodwill is related to goodwill recorded in conjunction with the acquisition of Dumont as discussed in Note 3. | |||||||||||||||||||||||||
Intangible assets. A summary of our intangible assets as of December 28, 2014 and March 30, 2014 is as follows: | |||||||||||||||||||||||||
28-Dec-14 | 30-Mar-14 | ||||||||||||||||||||||||
(In thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||||||
Finite-life intangible assets | |||||||||||||||||||||||||
Customer relationships | $ | 9,723 | $ | (1,575 | ) | $ | 8,148 | $ | 6,913 | $ | (1,292 | ) | $ | 5,621 | |||||||||||
Trademark | 2,034 | (580 | ) | 1,454 | 1,335 | (421 | ) | 914 | |||||||||||||||||
Trade secrets | 962 | (864 | ) | 98 | 962 | (768 | ) | 194 | |||||||||||||||||
Carrier relationships | 800 | (317 | ) | 483 | 800 | (257 | ) | 543 | |||||||||||||||||
Other finite-life intangible assets | 341 | (335 | ) | 6 | 341 | (331 | ) | 10 | |||||||||||||||||
Total finite-life intangible assets | 13,860 | (3,671 | ) | 10,189 | 10,351 | (3,069 | ) | 7,282 | |||||||||||||||||
Indefinite-life intangible assets | 1,227 | — | 1,227 | 1,227 | — | 1,227 | |||||||||||||||||||
Total intangible assets | $ | 15,087 | $ | (3,671 | ) | $ | 11,416 | $ | 11,578 | $ | (3,069 | ) | $ | 8,509 | |||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Equity [Abstract] | |||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | ||||||||
Components of accumulated other comprehensive loss on our consolidated balance sheet, net of tax, are as follows: | |||||||||
(In thousands) | December 28, | March 30, | |||||||
2014 | 2014 | ||||||||
Unrealized loss on: | |||||||||
Available-for-sale investments | $ | (31 | ) | $ | (36 | ) | |||
Post-retirement plan liability | (8 | ) | (8 | ) | |||||
Accumulated other comprehensive loss | $ | (39 | ) | $ | (44 | ) |
Share_Based_Compensation
Share Based Compensation | 9 Months Ended | |||||||
Dec. 28, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Share-Based Compensation | Share-Based Compensation | |||||||
Performance-Based Restricted Stock Units. Our Board of Directors (the “Board”) approved a performance-based equity compensation arrangement for our executive officers during the first quarters of each of fiscal 2015 and 2014. 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 50,874 shares in the aggregate for fiscal 2015. 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 28, 2014: | ||||||||
Shares | Weighted- | |||||||
Average Grant | ||||||||
Date Fair Value | ||||||||
Outstanding at beginning of period | 52,104 | $ | 36.99 | |||||
Granted | 24,932 | 34.45 | ||||||
Vested | (23,300 | ) | 33.01 | |||||
Forfeited or expired | (156 | ) | 33.01 | |||||
Outstanding at end of period | 53,580 | $ | 37.55 | |||||
We recorded compensation expense of $0.3 million and $0.9 million related to performance share units and restricted stock for the three and nine months ended December 28, 2014. 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. 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 28, 2014, there were 7,077 shares of restricted stock with a weighted averaged grant date fair value of $34.61 outstanding under this program. Compensation expense for the three and nine months ended December 28, 2014 and December 29, 2013 related to restricted stock awards to the Board was $0.1 million and $0.2 million, respectively. | ||||||||
Stock Option Awards. 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. No stock options have been granted since our fiscal year ended March 28, 2010 and as of December 28, 2014, we had no stock options outstanding. During the nine months ended December 28, 2014, 9,333 options were exercised with an exercise price of $19.90. No expense was recorded for the three and nine months ended December 28, 2014 and December 29, 2013 related to the value of stock options. |
Share_Repurchase_Program
Share Repurchase Program | 9 Months Ended |
Dec. 28, 2014 | |
Share Repurchase Program [Abstract] | |
Share Repurchase Program | Share Repurchase Program |
On May 29, 2014, our Board authorized a share repurchase program of up to 300,000 shares of our outstanding common shares. Under the program, we are authorized to repurchase shares for cash on the open market or in privately negotiated transactions subject to applicable securities laws and regulations. Upon repurchase of the shares, we reduced our common stock for the par value of the shares with the excess applied against additional paid-in capital. | |
During the first nine months of fiscal 2015 we repurchased 40,020 shares of common stock with an aggregate purchase price of $1.5 million. |
Litigation_Commitments_and_Con
Litigation, Commitments and Contingencies | 9 Months Ended |
Dec. 28, 2014 | |
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. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
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 2014 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 primarily 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 the nature of our business, 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 28, 2014: | |||||||||||||
Sales | $ | 57,811 | $ | 26,014 | $ | 83,825 | |||||||
Gross profit | 7,011 | 6,631 | 13,642 | ||||||||||
Selling, general and administrative expenses | 4,715 | 3,982 | 8,697 | ||||||||||
Operating income | 2,296 | 2,649 | 4,945 | ||||||||||
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 | ||||||||||
Nine months ended December 28, 2014: | |||||||||||||
Sales | $ | 183,292 | $ | 87,450 | $ | 270,742 | |||||||
Gross profit | 24,735 | 25,525 | 50,260 | ||||||||||
Selling, general and administrative expenses | 14,531 | 11,312 | 25,843 | ||||||||||
Operating income | 10,204 | 14,213 | 24,417 | ||||||||||
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 | ||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
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 28, | December 29, | December 28, | December 29, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Weighted-average common shares outstanding—basic | 10,564,990 | 10,547,882 | 10,564,401 | 10,538,595 | |||||||||
Dilutive impact of stock options, performance units, and restricted stock | 49,750 | 48,053 | 58,747 | 52,285 | |||||||||
Weighted-average common shares outstanding—diluted | 10,614,740 | 10,595,935 | 10,623,148 | 10,590,880 | |||||||||
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | ||||
Dec. 28, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the preliminary allocation of the purchase price to the fair values assigned to the assets acquired and liabilities assumed at the date of the Dumont acquisition: | ||||
(In thousands) | Amount | ||||
Accounts receivable | $ | 1,358 | |||
Inventory | 859 | ||||
Other assets | 159 | ||||
Property, plant, and equipment | 702 | ||||
Intangible assets | 3,509 | ||||
Current liabilities | (877 | ) | |||
Net assets acquired | 5,710 | ||||
Goodwill | 4,358 | ||||
Total purchase price | $ | 10,068 | |||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The preliminary allocation of the purchase price to the assets acquired and liabilities assumed resulted in the recognition of the following intangible assets: | ||||
(In thousands) | Amount | Life (in years) | |||
Customer relationships | $ | 2,810 | 20 | ||
Trade Name | 699 | 4 | |||
$ | 3,509 | ||||
Cash_and_Cash_Equivalents_and_1
Cash and Cash Equivalents and Investments (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
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 28, | |||||||||||||||||
(In thousands) | 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 18,994 | $ | 18,994 | $ | — | $ | — | |||||||||
Certificates of deposit | 28,398 | — | 28,398 | — | |||||||||||||
Municipal bonds | 3,942 | — | 3,942 | — | |||||||||||||
March 30, | |||||||||||||||||
(In thousands) | 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 33,486 | $ | 33,486 | $ | — | $ | — | |||||||||
Certificates of deposit | 24,437 | — | 24,437 | — | |||||||||||||
Municipal bonds | 5,258 | — | 5,258 | — | |||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Summary of Inventories | Inventories at December 28, 2014 and March 30, 2014 consist of the following: | ||||||||
December 28, | March 30, | ||||||||
(In thousands) | 2014 | 2014 | |||||||
Inventory (FIFO basis) | $ | 43,112 | $ | 31,344 | |||||
LIFO reserve | (6,096 | ) | (5,152 | ) | |||||
Net inventory | $ | 37,016 | $ | 26,192 | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of intangible assets and goodwill | A summary of our intangible assets as of December 28, 2014 and March 30, 2014 is as follows: | ||||||||||||||||||||||||
28-Dec-14 | 30-Mar-14 | ||||||||||||||||||||||||
(In thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||||||
Finite-life intangible assets | |||||||||||||||||||||||||
Customer relationships | $ | 9,723 | $ | (1,575 | ) | $ | 8,148 | $ | 6,913 | $ | (1,292 | ) | $ | 5,621 | |||||||||||
Trademark | 2,034 | (580 | ) | 1,454 | 1,335 | (421 | ) | 914 | |||||||||||||||||
Trade secrets | 962 | (864 | ) | 98 | 962 | (768 | ) | 194 | |||||||||||||||||
Carrier relationships | 800 | (317 | ) | 483 | 800 | (257 | ) | 543 | |||||||||||||||||
Other finite-life intangible assets | 341 | (335 | ) | 6 | 341 | (331 | ) | 10 | |||||||||||||||||
Total finite-life intangible assets | 13,860 | (3,671 | ) | 10,189 | 10,351 | (3,069 | ) | 7,282 | |||||||||||||||||
Indefinite-life intangible assets | 1,227 | — | 1,227 | 1,227 | — | 1,227 | |||||||||||||||||||
Total intangible assets | $ | 15,087 | $ | (3,671 | ) | $ | 11,416 | $ | 11,578 | $ | (3,069 | ) | $ | 8,509 | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Equity [Abstract] | |||||||||
Summary of Accumulated other comprehensive loss | Components of accumulated other comprehensive loss on our consolidated balance sheet, net of tax, are as follows: | ||||||||
(In thousands) | December 28, | March 30, | |||||||
2014 | 2014 | ||||||||
Unrealized loss on: | |||||||||
Available-for-sale investments | $ | (31 | ) | $ | (36 | ) | |||
Post-retirement plan liability | (8 | ) | (8 | ) | |||||
Accumulated other comprehensive loss | $ | (39 | ) | $ | (44 | ) |
Share_Based_Compensation_Table
Share Based Compensation (Tables) (Performance-Based Restricted Stock [Member]) | 9 Months Ended | |||||||
Dec. 28, 2014 | ||||||||
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 28, 2014: | |||||||
Shares | Weighted- | |||||||
Average Grant | ||||||||
Date Fair Value | ||||||||
Outstanding at beginning of period | 52,104 | $ | 36.99 | |||||
Granted | 24,932 | 34.45 | ||||||
Vested | (23,300 | ) | 33.01 | |||||
Forfeited or expired | (156 | ) | 33.01 | |||||
Outstanding at end of period | 53,580 | $ | 37.55 | |||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Summary of Segment Information | |||||||||||||
(In thousands) | Industrial | Water | Total | ||||||||||
Treatment | |||||||||||||
Three months ended December 28, 2014: | |||||||||||||
Sales | $ | 57,811 | $ | 26,014 | $ | 83,825 | |||||||
Gross profit | 7,011 | 6,631 | 13,642 | ||||||||||
Selling, general and administrative expenses | 4,715 | 3,982 | 8,697 | ||||||||||
Operating income | 2,296 | 2,649 | 4,945 | ||||||||||
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 | ||||||||||
Nine months ended December 28, 2014: | |||||||||||||
Sales | $ | 183,292 | $ | 87,450 | $ | 270,742 | |||||||
Gross profit | 24,735 | 25,525 | 50,260 | ||||||||||
Selling, general and administrative expenses | 14,531 | 11,312 | 25,843 | ||||||||||
Operating income | 10,204 | 14,213 | 24,417 | ||||||||||
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 | ||||||||||
Earning_per_Share_Details
Earning per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | |
Summary of basic and diluted EPS | ||||
Weighted-average common shares outstanding-basic (shares) | 10,564,990 | 10,547,882 | 10,564,401 | 10,538,595 |
Dilutive impact of stock options, performance units, and restricted stock (shares) | 49,750 | 48,053 | 58,747 | 52,285 |
Weighted-average common shares outstanding-diluted (shares) | 10,614,740 | 10,595,935 | 10,623,148 | 10,590,880 |
Earnings_per_Share_Details_Tex
Earnings per Share (Details Textual) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
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) (USD $) | 9 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Oct. 20, 2014 | Dec. 31, 2013 | Oct. 01, 2013 | Sep. 29, 2013 | Mar. 30, 2014 | |
Business Acquisition [Line Items] | |||||||
Goodwill | $11,750,000 | $7,392,000 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 10,068,000 | 2,416,000 | |||||
The Dumont Company, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 1,358,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 859,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 159,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 702,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,509,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | -877,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 5,710,000 | ||||||
Goodwill | 4,358,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 10,068,000 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 10,100,000 | ||||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 14,000,000 | ||||||
Advance Chemical Solutions, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 400,000 | 2,400,000 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 500,000 | ||||||
Contingent Consideration Measurement Period | 2 years | ||||||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 2,800,000 | ||||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 4,000,000 | ||||||
Customer Relationships [Member] | The Dumont Company, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2,810,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||||
Trade Names [Member] | The Dumont Company, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $699,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years |
Cash_and_Cash_Equivalents_and_2
Cash and Cash Equivalents and Investments (Details) (USD $) | Dec. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Cash [Member] | Total [Member] | ||
Assets: | ||
Cash/Certificates of deposit/Money market securities | $18,994 | $33,486 |
Cash [Member] | Level 3 [Member] | ||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Cash [Member] | Level 2 [Member] | ||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Cash [Member] | Level 1 [Member] | ||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 18,994 | 33,486 |
Certificates of deposit [Member] | Total [Member] | ||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 28,398 | 24,437 |
Certificates of deposit [Member] | Level 3 [Member] | ||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Certificates of deposit [Member] | Level 2 [Member] | ||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 28,398 | 24,437 |
Certificates of deposit [Member] | Level 1 [Member] | ||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Municipal bonds [Member] | Total [Member] | ||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 3,942 | 5,258 |
Municipal bonds [Member] | Level 3 [Member] | ||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Municipal bonds [Member] | Level 2 [Member] | ||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 3,942 | 5,258 |
Municipal bonds [Member] | Level 1 [Member] | ||
Assets: | ||
Cash/Certificates of deposit/Money market securities | $0 | $0 |
Cash_and_Cash_Equivalents_and_3
Cash and Cash Equivalents and Investments (Details Textual) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2014 | Mar. 30, 2014 |
Cash and Cash Equivalents [Line Items] | ||
Available-for-sale Securities, Current | 16.1 | $13.80 |
Available-for-sale Securities, Noncurrent | 16.2 | $15.90 |
Fair Value, Inputs, 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. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Summary of Inventories | ||
Inventory (FIFO basis) | $43,112 | $31,344 |
LIFO reserve | -6,096 | -5,152 |
Net inventory | $37,016 | $26,192 |
Inventories_Details_Textual
Inventories (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2014 | Dec. 28, 2014 | Dec. 29, 2013 | Mar. 30, 2014 |
Inventory Disclosure [Abstract] | ||||
Finished goods (LIFO basis) | $38.80 | $38.80 | $28.50 | |
Increase (decrease) in LIFO reserve | $0.30 | $0.90 | ($0.20) |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | Dec. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Summary of Finite-Lived Intangible Assets [Line Items] | ||
Finite-life intangible assets, Gross Carrying Amount | $13,860 | $10,351 |
Finite-life intangible assets, Accumulated Amortization | -3,671 | -3,069 |
Total finite-life intangible assets, Net | 10,189 | 7,282 |
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 |
Total Intangible Assets, Gross | 15,087 | 11,578 |
Intangible assets, Accumulated Amortization | -3,671 | -3,069 |
Total intangible assets, net | 11,416 | 8,509 |
Customer relationships [Member] | ||
Summary of Finite-Lived Intangible Assets [Line Items] | ||
Finite-life intangible assets, Gross Carrying Amount | 9,723 | 6,913 |
Finite-life intangible assets, Accumulated Amortization | -1,575 | -1,292 |
Total finite-life intangible assets, Net | 8,148 | 5,621 |
Trademarks [Member] | ||
Summary of Finite-Lived Intangible Assets [Line Items] | ||
Finite-life intangible assets, Gross Carrying Amount | 2,034 | 1,335 |
Finite-life intangible assets, Accumulated Amortization | -580 | -421 |
Total finite-life intangible assets, Net | 1,454 | 914 |
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 | -864 | -768 |
Total finite-life intangible assets, Net | 98 | 194 |
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 | -317 | -257 |
Total finite-life intangible assets, Net | 483 | 543 |
Other finite-life intangible assets [Member] | ||
Summary of Finite-Lived Intangible Assets [Line Items] | ||
Finite-life intangible assets, Gross Carrying Amount | 341 | 341 |
Finite-life intangible assets, Accumulated Amortization | -335 | -331 |
Total finite-life intangible assets, Net | $6 | $10 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Details Textual) (USD $) | Dec. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $11,750 | $7,392 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | Dec. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Unrealized gain (loss) on: | ||
Available-for-sale investments | ($31) | ($36) |
Post-retirement plan liability | -8 | -8 |
Accumulated other comprehensive loss | ($39) | ($44) |
Share_Based_Compensation_Detai
Share Based Compensation (Details 1) (Performance-Based Restricted Stock [Member], USD $) | 9 Months Ended |
Dec. 28, 2014 | |
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) | 52,104 |
Granted (shares) | 24,932 |
Vested (shares) | -23,300 |
Forfeited or expired (shares) | -156 |
Ending Balance (shares) | 53,580 |
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) | $36.99 |
Granted, Weighted average grant date fair value (usd per share) | $34.45 |
Vested, Weighted average grant date fair value (usd per share) | $33.01 |
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) | $37.55 |
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. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $0 | $0 | $0 | $0 |
Stock options exercised | 9333 | |||
Weighted average exercise price (usd per share) | $19.90 | $19.90 | ||
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) | 50,874 | |||
Performance-Based Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 0.3 | 0.2 | 0.9 | 0.6 |
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) | 7,077 | 7,077 | ||
Restricted stock awards, weighted average exercise price (usd per share) | $34.61 | $34.61 |
Share_Repurchase_Program_Detai
Share Repurchase Program (Details) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 28, 2014 | 29-May-14 |
Share Repurchase Program [Abstract] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 300,000 | |
Stock Repurchased During Period, Shares | 40,020 | |
Stock Repurchased During Period, Value | $1.50 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Segment Reporting Information [Line Items] | ||||
Revenue, Net | $83,825 | $81,697 | $270,742 | $263,040 |
Gross profit | 13,642 | 13,550 | 50,260 | 47,351 |
Selling, General and Administrative Expense | 8,697 | 8,167 | 25,843 | 25,430 |
Operating income | 4,945 | 5,383 | 24,417 | 21,921 |
Industrial [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, Net | 57,811 | 58,510 | 183,292 | 182,224 |
Gross profit | 7,011 | 7,351 | 24,735 | 23,855 |
Selling, General and Administrative Expense | 4,715 | 4,799 | 14,531 | 15,114 |
Operating income | 2,296 | 2,552 | 10,204 | 8,741 |
Water Treatment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, Net | 26,014 | 23,187 | 87,450 | 80,816 |
Gross profit | 6,631 | 6,199 | 25,525 | 23,496 |
Selling, General and Administrative Expense | 3,982 | 3,368 | 11,312 | 10,316 |
Operating income | $2,649 | $2,831 | $14,213 | $13,180 |
Segment_Information_Details_Te
Segment Information (Details Textual) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2014 |
Customer | |
Segment | |
Segment Reporting [Abstract] | |
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 |