Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 02, 2017 | May 26, 2017 | Oct. 02, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Apr. 2, 2017 | ||
Entity Registrant Name | HAWKINS INC | ||
Entity Central Index Key | 46,250 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --04-02 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 409.3 | ||
Entity Common Stock, Shares Outstanding | 10,619,541 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 02, 2017 | Apr. 03, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 6,861 | $ 20,014 |
Trade receivables, less allowance for doubtful accounts of $468 for 2017 and $602 for 2016 | 57,298 | 59,271 |
Inventories | 51,249 | 47,719 |
Income taxes receivable | 1,273 | 6,062 |
Prepaid expenses and other current assets | 4,238 | 4,222 |
Total current assets | 120,919 | 137,288 |
PROPERTY, PLANT, AND EQUIPMENT: | ||
Land | 9,097 | 9,085 |
Buildings and improvements | 89,840 | 84,391 |
Machinery and equipment | 82,910 | 75,132 |
Transportation equipment | 24,398 | 22,442 |
Office furniture and equipment including computer systems | 15,273 | 13,798 |
Property, plant and equipment, gross | 221,518 | 204,848 |
Less accumulated depreciation | 99,978 | 88,527 |
Net property, plant, and equipment | 121,540 | 116,321 |
OTHER ASSETS: | ||
Goodwill | 97,556 | 97,724 |
Intangible assets, net | 76,883 | 82,934 |
Other | 1,686 | 2,224 |
Total other assets | 176,125 | 182,882 |
Total assets | 418,584 | 436,491 |
CURRENT LIABILITIES: | ||
Accounts payable — trade | 29,756 | 30,121 |
Dividends payable | 4,466 | 4,226 |
Accrued payroll and employee benefits | 9,979 | 8,787 |
Current portion of long-term debt | 7,989 | 5,489 |
Due to sellers of acquired business | 341 | 6,829 |
Container deposits | 1,174 | 1,081 |
Other current liabilities | 1,967 | 3,232 |
Total current liabilities | 55,672 | 59,765 |
LONG-TERM DEBT, LESS CURRENT PORTION | 94,626 | 123,616 |
PENSION WITHDRAWAL LIABILITY | 5,968 | 6,282 |
OTHER LONG-TERM LIABILITIES | 2,450 | 3,611 |
DEFERRED INCOME TAXES | 42,040 | 42,242 |
Total liabilities | 200,756 | 235,516 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
SHAREHOLDERS’ EQUITY: | ||
Common stock; authorized: 30,000,000 shares of $0.05 par value; 10,582,596 and 10,512,471 shares issued and outstanding for 2017 and 2016, respectively | 529 | 526 |
Additional paid-in capital | 51,104 | 48,189 |
Retained earnings | 165,897 | 152,265 |
Accumulated other comprehensive income (loss) | 298 | (5) |
Total shareholders’ equity | 217,828 | 200,975 |
Total liabilities and shareholders’ equity | $ 418,584 | $ 436,491 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 02, 2017 | Apr. 03, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 468 | $ 602 |
Common stock, 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) | 10,582,596 | 10,512,471 |
Common stock, shares outstanding (shares) | 10,582,596 | 10,512,471 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Sales | $ 483,593 | $ 413,976 | $ 364,023 |
Cost of sales | (385,520) | (333,719) | (298,232) |
Gross profit | 98,073 | 80,257 | 65,791 |
Selling, general and administrative expenses | (59,381) | (49,086) | (35,375) |
Operating income | 38,692 | 31,171 | 30,416 |
Interest (expense) income, net | (2,644) | (805) | 38 |
Income before income taxes | 36,048 | 30,366 | 30,454 |
Income tax provision | 13,493 | 12,223 | 11,240 |
Net income | $ 22,555 | $ 18,143 | $ 19,214 |
Weighted average number of shares outstanding-basic | 10,536,347 | 10,524,730 | 10,568,582 |
Weighted average number of shares outstanding-diluted | 10,596,110 | 10,578,042 | 10,633,554 |
Basic earnings per share: | |||
Basic earnings per share | $ 2.14 | $ 1.72 | $ 1.82 |
Diluted earnings per share | |||
Diluted earnings per share | 2.13 | 1.72 | 1.81 |
Cash dividends declared per common share | $ 0.84 | $ 0.80 | $ 0.76 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 22,555 | $ 18,143 | $ 19,214 |
Unrealized gain on available-for-sale investments | 0 | 25 | 11 |
Unrealized gain on interest rate swap | 301 | 0 | 0 |
Unrealized gain on post-retirement liability | 2 | 2 | 1 |
Total other comprehensive income | 303 | 27 | 12 |
Total comprehensive income | $ 22,858 | $ 18,170 | $ 19,226 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity and Comprehensive Income (Loss) Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Shares outstanding, beginning balance at Mar. 30, 2014 | 10,562,400 | ||||
Stockholders' equity, beginning balance at Mar. 30, 2014 | $ 182,413 | $ 528 | $ 50,502 | $ 131,427 | $ (44) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared | (8,074) | (8,074) | |||
Share-based compensation expense | 1,631 | 1,631 | |||
Tax benefit on share-based compensation plans | 92 | 92 | |||
Vesting of restricted stock (shares) | 29,355 | ||||
Vesting of restricted stock | 0 | $ 1 | (1) | ||
Shares surrendered for payroll taxes (shares) | (7,920) | ||||
Shares surrendered for payroll taxes | (295) | (295) | |||
Stock options exercised (shares) | 9,333 | ||||
Stock options exercised | 186 | 186 | |||
ESPP shares issued (shares) | 31,383 | ||||
ESPP shares issued | 988 | $ 2 | 986 | ||
Shares repurchased (Shares) | (59,602) | ||||
Shares repurchased | (2,203) | $ (3) | (2,200) | ||
Other comprehensive income, net of tax | 12 | 12 | |||
Net income | 19,214 | 19,214 | |||
Shares outstanding, ending balance at Mar. 29, 2015 | 10,564,949 | ||||
Stockholders' equity, ending balance at Mar. 29, 2015 | 193,964 | $ 528 | 50,901 | 142,567 | (32) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared | (8,445) | (8,445) | |||
Share-based compensation expense | 1,706 | 1,706 | |||
Tax benefit on share-based compensation plans | (1) | (1) | |||
Vesting of restricted stock (shares) | 60,658 | ||||
Vesting of restricted stock | 0 | $ 3 | (3) | ||
Shares surrendered for payroll taxes (shares) | (18,834) | ||||
Shares surrendered for payroll taxes | (699) | $ (1) | (698) | ||
ESPP shares issued (shares) | 33,550 | ||||
ESPP shares issued | 1,081 | $ 2 | 1,079 | ||
Shares repurchased (Shares) | (127,852) | ||||
Shares repurchased | (4,801) | $ (6) | (4,795) | ||
Other comprehensive income, net of tax | 27 | 27 | |||
Net income | 18,143 | 18,143 | |||
Shares outstanding, ending balance at Apr. 03, 2016 | 10,512,471 | ||||
Stockholders' equity, ending balance at Apr. 03, 2016 | 200,975 | $ 526 | 48,189 | 152,265 | (5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared | (8,923) | (8,923) | |||
Share-based compensation expense | 2,127 | 2,127 | |||
Tax benefit on share-based compensation plans | 131 | 131 | |||
Vesting of restricted stock (shares) | 44,113 | ||||
Vesting of restricted stock | 0 | $ 2 | (2) | ||
Shares surrendered for payroll taxes (shares) | (12,974) | ||||
Shares surrendered for payroll taxes | (631) | $ (1) | (630) | ||
ESPP shares issued (shares) | 38,986 | ||||
ESPP shares issued | 1,291 | $ 2 | 1,289 | ||
Shares repurchased (Shares) | 0 | ||||
Shares repurchased | 0 | ||||
Other comprehensive income, net of tax | 303 | 303 | |||
Net income | 22,555 | 22,555 | |||
Shares outstanding, ending balance at Apr. 02, 2017 | 10,582,596 | ||||
Stockholders' equity, ending balance at Apr. 02, 2017 | $ 217,828 | $ 529 | $ 51,104 | $ 165,897 | $ 298 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 22,555 | $ 18,143 | $ 19,214 |
Reconciliation to cash flows: | |||
Depreciation and amortization | 20,875 | 15,511 | 13,015 |
Amortization of debt issuance costs | 136 | 34 | 0 |
Loss on disposal of investments | 0 | 104 | 0 |
Deferred income taxes | (525) | 1,103 | (418) |
Share-based compensation expense | 2,127 | 1,706 | 1,631 |
(Gain) loss from property disposals | 322 | (33) | 45 |
Changes in operating accounts (using) providing cash, net of effects of acquisition: | |||
Trade receivables | 2,259 | (2,950) | (1,051) |
Inventories | (3,529) | (322) | (9,977) |
Accounts payable | 562 | 3,831 | 563 |
Accrued liabilities | (416) | 242 | (506) |
Income taxes | 569 | (701) | (2,177) |
Other | (80) | (335) | 325 |
Net cash provided by operating activities | 44,855 | 36,333 | 20,664 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property, plant, and equipment | (21,616) | (24,183) | (14,552) |
Purchases of investments | 0 | (6,091) | (15,303) |
Sale and maturities of investments | 0 | 37,763 | 13,280 |
Proceeds from property disposals | 324 | 358 | 223 |
Acquisitions, net of cash acquired | (2,199) | (159,199) | (10,068) |
Net cash used in investing activities | (23,491) | (151,352) | (26,420) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Cash dividends paid | (8,683) | (8,257) | (7,859) |
New shares issued | 1,291 | 1,081 | 988 |
Stock options exercised | 0 | 0 | 186 |
Excess tax benefit from share-based compensation | 131 | (1) | 92 |
Shares surrendered for payroll taxes | (631) | (699) | (295) |
Shares repurchased | 0 | (4,801) | (2,203) |
Payments on senior secured term loan | (5,625) | (1,250) | 0 |
Payments on senior secured revolving credit facility | (21,000) | 0 | 0 |
Payments for debt issuance costs | 0 | (679) | 0 |
Proceeds from long-term borrowings | 0 | 100,000 | 0 |
Proceeds from revolver borrowings | 0 | 31,000 | 0 |
Net cash (used in) provided by financing activities | (34,517) | 116,394 | (9,091) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (13,153) | 1,375 | (14,847) |
CASH AND CASH EQUIVALENTS - beginning of year | 20,014 | 18,639 | 33,486 |
CASH AND CASH EQUIVALENTS - end of year | 6,861 | 20,014 | 18,639 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION- | |||
Cash paid during the year for income taxes | 13,421 | 11,811 | 13,801 |
Cash paid for interest | 2,341 | 702 | 0 |
Noncash investing activities - Capital expenditures in accounts payable | 958 | 1,884 | 1,126 |
Acquisition consideration accrued but not paid | $ 0 | $ 2,200 | $ 0 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 12 Months Ended |
Apr. 02, 2017 | |
Accounting Policies [Abstract] | |
Nature of Business and Significant Accounting Policies | Nature of Business and Significant Accounting Policies Nature of Business - We have three reportable segments: Industrial, Water Treatment and Health and Nutrition. The Industrial Group specializes in providing industrial chemicals, products and services to industries such as agriculture, chemical processing, electronics, energy, food, pharmaceutical, plating and power generation. This group also manufactures and sells certain food-grade products, including liquid phosphates, lactates and other blended products. The Water Treatment Group specializes in providing chemicals, equipment and solutions for potable water, municipal and industrial wastewater, industrial process water and non-residential swimming pool water. This group has the resources and flexibility to treat systems ranging in size from a single small well to a multi-million-gallon-per-day facility. We established the Health and Nutrition segment of our business in December 2015 through our acquisition of Stauber Performance Ingredients (“Stauber”). Our Health and Nutrition Group specializes in providing ingredient distribution, processing and formulation solutions to manufacturers of nutraceutical, functional food and beverage, personal care, dietary supplement and other nutritional food and health and wellness products. This group offers a diverse product portfolio including minerals, botanicals and herbs, vitamins and amino acids, excipients, joint products, sweeteners and enzymes. Fiscal Year - Our fiscal year is a 52 or 53-week year ending on the Sunday closest to March 31. Our fiscal years ended April 2, 2017 (“fiscal 2017”) and March 29, 2015 (“fiscal 2015”) were 52 weeks. Our fiscal year ended April 3, 2016 (“fiscal 2016”) was 53 weeks. The fiscal year ending April 1, 2018 (“fiscal 2018”) will be 52 weeks. Principles of Consolidation - The consolidated financial statements include the accounts of Hawkins, Inc. and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated. Estimates - The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Revenue Recognition - We recognize revenue when there is evidence that the customer has agreed to purchase the product, the price and terms of the sale are fixed, the product has shipped and title has passed to our customer, performance has occurred, and collection of the receivable is reasonably assured. Shipping and Handling - All shipping and handling amounts billed to customers are included in revenues. Costs incurred related to the shipping and the handling of products are included in cost of sales. Fair Value Measurements - The financial assets and liabilities that are re-measured and reported at fair value for each reporting period are an interest rate swap and marketable securities. There are no fair value measurements with respect to nonfinancial assets or liabilities that are recognized or disclosed at fair value in our consolidated financial statements on a recurring basis. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1: Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3: Valuation is based upon other unobservable inputs that are significant to the fair value measurement. In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Cash Equivalents - Cash equivalents include all liquid debt instruments (primarily cash funds and money market accounts) purchased with an original maturity of three months or less. The balances maintained at financial institutions may, at times, exceed federally insured limits. Investments - Available-for-sale securities have consisted of certificates of deposit (“CD’s”) and municipal bonds and were valued at current market value, with the resulting unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of shareholders’ equity until realized. Any impairment loss to reduce an investment’s carrying amount to its fair market value was recognized in income when a decline in the fair market value of an individual security below its cost or carrying value is determined to be other than temporary. As of April 2, 2017 and April 3, 2016, we did not own any available-for-sale securities. Trade Receivables and Concentrations of Credit Risk - Financial instruments, which potentially subject us to a concentration of credit risk, principally consist of trade receivables. We sell our principal products to a large number of customers in many different industries. There are no concentrations of credit risk with a single customer from a particular service or geographic area that would significantly impact us in the near term. To reduce credit risk, we routinely assess the financial strength of our customers. We record an allowance for doubtful accounts to reduce our receivables to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable and periodic evaluations of our customers’ financial condition. Our cash balances are held at two separate financial institutions where the cash balances may exceed federally insured limits. The institutions are two of the largest commercial banking institutions in the country and both have maintained strong credit ratings. Inventories - Inventories, consisting primarily of finished goods, are primarily valued at the lower of cost or net realizable value, with cost for approximately 70% of our inventory determined using the last-in, first-out (“LIFO”) method. Cost for the other 30% of our total inventory is determined using the first-in, first-out (“FIFO”) method. Property, Plant and Equipment - Property is stated at cost and depreciated or amortized over the lives of the assets, using the straight-line method. Estimated lives are: 10 to 40 years for buildings and improvements; 3 to 20 years for machinery and equipment; and 3 to 10 years for transportation equipment and office furniture and equipment including computer systems. Leasehold improvements are depreciated over the lesser of their estimated useful lives or the remaining lease term. Significant improvements that add to productive capacity or extend the lives of properties are capitalized. Costs for repairs and maintenance are charged to expense as incurred. When property is retired or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts and any related gains or losses are included in income. We review the recoverability of long-lived assets to be held and used, such as property, plant and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset group may not be recoverable, such as prolonged industry downturn or significant reductions in projected future cash flows. The assessment of possible impairment is based on our ability to recover the carrying value of the asset group from the expected future pre-tax cash flows (undiscounted) of the related operations. If these cash flows are less than the carrying value of such asset group, an impairment loss would be measured by the amount the carrying value exceeds the fair value of the long-lived asset group. The measurement of impairment requires us to estimate future cash flows and the fair value of long-lived assets. No long-lived assets were determined to be impaired during fiscal years 2017 , 2016 or 2015 . Goodwill and Identifiable Intangible Assets - Goodwill represents the excess of the cost of acquired businesses over the fair value of identifiable tangible net assets and identifiable intangible assets purchased. Goodwill is tested at least annually for impairment, and is tested for impairment more frequently if events or changes in circumstances indicate that the asset might be impaired. Our annual test for impairment is as of the first day of our fourth fiscal quarter. As of January 2, 2017, we performed an analysis of qualitative factors for our Industrial and Water Treatment reporting units to determine whether it is more likely than not that the fair value of either of these reporting units was less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test. Based on management’s analysis of qualitative factors, we determined that it was not necessary to perform a quantitative goodwill impairment test for either the Industrial or Water Treatment reporting units. Because our Health and Nutrition reporting unit was new in fiscal 2016, we performed a quantitative goodwill impairment test. This test, used to identify potential impairment, compares the fair value of the reporting unit with its carrying amount, including indefinite-lived intangible assets. If the fair value exceeds the carrying amount, the goodwill is not considered impaired. If the carrying amount exceeds the fair value, the reporting unit’s goodwill is considered impaired, and we must recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The fair value of our Health and Nutrition reporting unit exceeded its carrying value as of January 2, 2017, so we did not need to record a goodwill impairment charge. Our primary identifiable intangible assets include customer lists, trade secrets, non-competition agreements, trademarks and trade names acquired in previous business acquisitions. Identifiable intangible assets with finite lives are amortized whereas identifiable intangible assets with indefinite lives are not amortized. The values assigned to the intangible assets with finite lives are being amortized on average over approximately 14 years . Identifiable intangible assets that are subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangible assets not subject to amortization are tested for impairment annually or more frequently if events warrant. The impairment test consists of a qualitative assessment to determine whether it is more likely than not that the asset is impaired. Based on management’s analysis of qualitative factors, we determined that it was not necessary to perform a quantitative impairment test for fiscal 2017. Impairment assessments were also completed in the fourth quarters of fiscal 2016 and 2015 , which resulted in no impairment charges for either of these fiscal years. Income Taxes - In the preparation of our consolidated financial statements, the calculation of income taxes by management is 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. Differences that are temporary in nature result in deferred tax assets and liabilities, which are recorded on the consolidated balance sheet, while differences that are permanent in nature impact the income tax expense recorded on the income statement and impact the effective tax rate for the fiscal year. The deferred tax 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 consolidated statements of income. The effect of income tax positions are recognized only if those positions are more likely than not of being sustained. Changes in recognition or measurement are made as facts and circumstances change. See note 12 for further information regarding the recording of a liability and offsetting receivable regarding an uncertain tax position taken by Stauber prior to its acquisition by us. Stock-Based Compensation - We account for stock-based compensation on a fair value basis. The estimated grant date fair value of each stock-based award is recognized in expense over the requisite service period (generally the vesting period). Non-vested share awards are recorded as expense over the requisite service periods based on the market value on the date of grant. Earnings Per Share - Basic earnings per share (“EPS”) are computed by dividing net income by the weighted-average number of common shares outstanding. Diluted EPS are computed by dividing net income by the weighted-average number of common shares outstanding including 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: April 2, 2017 April 3, 2016 March 29, 2015 Weighted average common shares outstanding — basic 10,536,347 10,524,730 10,568,582 Dilutive impact of stock performance units, restricted stock, and stock options 59,763 53,312 64,972 Weighted average common shares outstanding — diluted 10,596,110 10,578,042 10,633,554 There were no shares or stock options excluded from the calculation of weighted average common shares for diluted EPS for fiscal 2017 , 2016 or 2015 . Derivative Instruments and Hedging Activities - We are subject to interest rate risk associated with our variable rate debt. During fiscal 2017, we entered into an interest rate swap which was has been designated as a cash flow hedge, the purpose of which is to eliminate the cash flow impact of interest rate changes on a portion of our variable-rate debt starting in September 2017. The hedge was measured at fair value on the contract date and subsequently remeasured to fair value at each reporting date. Changes in the fair value of a derivative that is highly effective, and that is designated and qualifies as a cash flow hedge, are recorded in other comprehensive income, until the consolidated statement of income is affected by the variability in cash flows of the designated hedged item. To the extent that the hedge is ineffective, changes in the fair value are recognized in the Statement of Income. Recently Adopted Accounting Pronouncements In January 2017, the FASB issued ASU 2017-04 which simplifies the accounting for goodwill impairment. The guidances removes step two of the goodwill impairment test, which required a hypothetical purchase price allocation. We adopted this guidance in the fourth quarter of fiscal 2017. In September 2015, the FASB issued ASU 2015-16 which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. We adopted this guidance in the first quarter of fiscal 2017. In April 2015, the FASB issued ASU 2015-03 which simplifies the presentation of debt issuance costs. The new guidance requires debt issuance costs related to a recognized debt liability to be presented as a direct deduction from the debt liability on the balance sheet. The guidance was effective for fiscal years beginning after December 15, 2015 (our fiscal 2017), with early adoption permitted. We elected to early adopt this guidance in our third quarter of fiscal 2016. In November 2015, the FASB issued ASU 2015-17 requiring entities with a classified balance sheet to present all deferred tax assets and liabilities as non-current. The new guidance is effective for fiscal years beginning after December 15, 2016 (our fiscal 2018), with early adoption permitted. We elected to early adopt this guidance prospectively at the beginning of our fourth quarter of fiscal 2016. |
Business Combinations
Business Combinations | 12 Months Ended |
Apr. 02, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combinations Acquisition of Stauber Performance Ingredients: On December 23, 2015, we acquired Stauber for $157.0 million on a cash-free, debt-free basis subject to a customary working capital adjustment. The total consideration for the acquisition was $158.2 million ( $156.7 million net of cash acquired). We paid $156.0 million in cash at closing and paid an additional $2.2 million in early fiscal 2017 based upon closing cash, debt and working capital balances. The purchase was funded with $131.0 million of proceeds from the credit facility described more fully in Note 7 as well as cash on hand. Stauber operates out of facilities in New York and California and blends and distributes specialty products and ingredients to manufacturers of nutraceutical, functional food and beverage, personal care, dietary supplement, and other nutritional food, health and wellness products. The acquisition expands our portfolio of value-added specialty products within new markets. Stauber had revenues of approximately $118.0 million for the twelve months ended December 23, 2015, the date of the acquisition. The results of operations since the acquisition date, and the assets, including the goodwill associated with the acquisition, are included in our newly formed Health and Nutrition operating segment. Direct acquisition costs of $3.3 million , consisting mainly of professional and consulting fees, were expensed as incurred during fiscal 2016, and are classified as selling, general, and administrative expenses in our consolidated statement of income, and are reported in our Health and Nutrition segment. The acquisition was accounted for under the acquisition method of accounting. Accordingly, the cost to acquire Stauber was allocated to the underlying net assets in proportion to estimates of their respective fair values. The fair value of acquired property, plant and equipment of $11.0 million was valued using a cost approach with consideration given to the continuation of the property in the current operation at the present locations. The fair value of acquired identifiable intangible assets is $71.5 million . The acquired intangible assets, all of which are finite-lived, have a weighted average useful life of 16.3 years and are being amortized on a straight-line basis. The intangible assets include customer relationships of $66.0 million ( 17 years life), trade name of $4.0 million ( 10 years life), non-competition agreements of $1.3 million ( 3.3 years weighted average life) and order backlog of $0.1 million . The fair value of acquired identifiable intangible assets was determined using the income approach. In performing these valuations, the key underlying probability-adjusted assumptions of the discounted cash flows were projected revenues, gross margin expectations and operating cost estimates. The valuations were based on the information that was available as of the acquisition date and the expectations and assumptions that have been deemed reasonable by management. There are inherent uncertainties and management judgment required in these determinations. The fair value measurements of the assets acquired were based on valuations involving significant unobservable inputs, or Level 3 in the fair value hierarchy. None of the intangible assets are expected to be deductible for income tax purposes. As a result, a $28.6 million deferred tax liability was recorded on the opening balance sheet for the amount of non-deductible amortization expense. The purchase price of Stauber exceeded the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed by $84.1 million . Cash flows used to determine the purchase price included strategic and synergistic benefits (investment value) specific to Hawkins, which resulted in a purchase price in excess of the fair value of identifiable net assets. The purchase price also included the fair values of other assets that were not identifiable, not separately recognizable under accounting rules (e.g., assembled workforce) or of immaterial value in addition to a going-concern element that represents our ability to earn a higher rate of return on the group of assets than would be expected on the separate assets as determined during the valuation process. None of the goodwill is expected to be deductible for income tax purposes. The final valuation of assets acquired and liabilities assumed was completed in the third quarter of fiscal 2017. The following table summarizes the fair value measurement of the assets acquired and liabilities assumed as of the acquisition date: (In thousands) Amount Cash and cash equivalents (a) $ 1,502 Trade receivables 16,023 Inventories 10,207 Other assets 900 Property, plant, and equipment 10,989 Intangible assets 71,459 Accounts payable (5,398 ) Accrued expenses and other current liabilities (a) (2,925 ) Deferred income taxes (28,565 ) Other non-current liabilities (77 ) Net assets acquired 74,115 Goodwill 84,061 Total preliminary purchase price 158,176 Less acquired cash (1,502 ) Preliminary purchase price, net of cash acquired $ 156,674 (a) In addition to these balances, $7.3 million of cash and current accrued liabilities were recorded that relate to stock and other acquisition-related compensation payments, which were recorded by Stauber as of the acquisition date but were paid subsequent to the acquisition date. Note: Included in our consolidated balance sheet as of 4/3/2016 is an income tax receivable of $4.6 million related to pre-acquisition income taxes, with an offsetting liability payable to the prior owners as these amounts will be paid to them upon receipt. The following pro forma information has been prepared as if the Stauber acquisition and the borrowing to finance the acquisition had occurred as of the beginning of the fiscal years presented. The unaudited pro forma information is not necessarily indicative of what our consolidated results of operations actually would have been had the acquisition occurred at the beginning of each fiscal year, nor is it indicative of our future operational results. Fiscal year ended April 3, 2016 (In thousands, except per share data) As reported Pro Forma Stauber Adjustments Combined Pro Forma Results Pro forma net sales $ 413,976 $ 87,691 $ 501,667 Pro forma net income 18,143 4,809 22,952 Pro forma basic earnings per share $ 1.72 $ 0.46 $ 2.18 Pro forma diluted earnings per share $ 1.72 $ 0.45 $ 2.17 Fiscal year ended March 29, 2015 (In thousands, except per share data) As reported Pro Forma Stauber Adjustments Combined Pro Forma Results Pro forma net sales $ 364,023 $ 105,515 $ 469,538 Pro forma net income 19,214 2,138 21,352 Pro forma basic earnings per share $ 1.82 $ 0.20 $ 2.02 Pro forma diluted earnings per share $ 1.81 $ 0.20 $ 2.01 The unaudited pro forma financial information above is adjusted to reflect the following: (a) interest expense, including amortization of debt issuance costs, related to the $131.0 million of debt used to fund the acquisition; (b) amortization expense related to the $71.5 million of identifiable intangible assets recognized in conjunction with the acquisition; (c) elimination of amortization of intangibles and interest expense previously reflected on Stauber’s financial statements; (d) elimination of stock and other acquisition-related compensation recorded by Stauber, and transaction-related expenses recorded by us; and (e) recording income taxes at an estimated combined federal and state statutory rate of approximately 38% on these pre-tax adjustments. Acquisition of Davis Supply, Inc. : On September 18, 2015, we acquired substantially all of the assets of Davis Supply, Inc. (“Davis”) under the terms of an asset purchase agreement with Davis and its shareholders. We paid $4.5 million cash at closing, using available cash on hand to fund the acquisition. Davis was a water treatment chemical distribution company operating in Florida with revenues of approximately $5.0 million in calendar year 2014. We have integrated this business into our existing Florida locations. The results of operations after the date of acquisition and the acquired assets are included in our Water Treatment Segment. 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, 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. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Apr. 02, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Instruments On September 20, 2016, we entered into an interest rate swap agreement to manage the risk associated with a portion of our variable-rate debt. We do not utilize derivative instruments for speculative purposes. The interest rate swap involves the exchange of fixed-rate and variable-rate payments without the exchange of the underlying notional amount on which the interest payments are calculated. The new swap agreement will begin September 1, 2017, and will terminate concurrently with the expiration of our credit facility on December 23, 2020. The notional amount of the swap agreement is $40 million from September 1, 2017 through August 31, 2018, $30 million from September 1, 2018 through August 31, 2019 and $20 million from September 1, 2019 through December 23, 2020. We have designated this swap as a cash flow hedge and have determined that it qualifies for hedge accounting treatment. For so long as the hedge is effective, changes in fair value of the cash flow hedge are recorded in other comprehensive loss (net of tax) until income or loss from the cash flows of the hedged item is realized. As of and for the year ended April 2, 2017, we recorded $0.3 million in other comprehensive income related to unrealized gains (net of tax) on the cash flow hedge. An asset of $0.5 million is included in other long-term assets on our condensed consolidated balance sheet as of April 2, 2017. No amounts were reflected in other comprehensive income related to cash flow hedges for the fiscal years ended April 3, 2016 or March 29, 2015, or on the condensed consolidated balance sheet as of April 3, 2016, as we did not hold any derivative instruments at that time. By their nature, derivative instruments are subject to market risk. Derivative instruments are also subject to credit risk associated with counterparties to the derivative contracts. Credit risk associated with derivatives is measured based on the replacement cost should the counterparty with a contract in a gain position to us fail to perform under the terms of the contract. We do not anticipate nonperformance by the counterparty. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Apr. 02, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | Fair Value Measurements Our financial assets and liabilities are measured at fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these instruments. Because of the variable-rate nature of our debt under our credit facility, our debt also approximates fair value. We classify the inputs used to measure fair value into the following hierarchy: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Quoted prices in active markets for similar assets or liabilities, or quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable or can be corroborated by observable market data for the asset or liability. Level 3: Unobservable inputs for the asset or liability that are supported by little or no market activity. These fair values are determined using pricing models for which the assumptions utilize management’s estimates or market participant assumptions. Assets and Liabilities Measured at Fair Value on a Recurring Basis. The fair value hierarchy requires the use of observable market data when available. In instances where inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The fair value of interest rate swaps is determined by the respective counterparties based on interest rate changes. Interest rate swaps are valued based on observable interest rate yield curves for similar instruments. The following table summarizes the balances of assets or liabilities measured at fair value on a recurring basis as of April 2, 2017. There were no assets or liabilities measured at fair value on a recurring basis as of April 3, 2016. 0 (In thousands) Level 1 Level 2 Level 3 Total Interest rate swap — $ 502 — $ 502 |
Inventories
Inventories | 12 Months Ended |
Apr. 02, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories at April 2, 2017 and April 3, 2016 consisted of the following: 2017 2016 (In thousands) Inventory (FIFO basis) $ 52,735 $ 51,857 LIFO reserve (1,486 ) (4,138 ) Net inventory $ 51,249 $ 47,719 The FIFO value of inventories accounted for under the LIFO method was $37.0 million at April 2, 2017 and $36.5 million at April 3, 2016 . The remainder of the inventory was valued and accounted for under the FIFO method. We decreased the LIFO reserve by $2.7 million in fiscal 2017 and by $1.4 million in fiscal 2016 due to an overall reduction in inventory costs per unit and lower volumes of certain inventory on hand in each of these years. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Apr. 02, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Other Identifiable Intangible Assets The changes in the carrying amount of goodwill for each of our three reportable segments were as follows: (In thousands) Industrial Water Treatment Health and Nutrition Total Balance as of March 29, 2015 $ 6,495 $ 5,255 $ — $ 11,750 Addition due to acquisition — 1,745 84,229 85,974 Balance as of April 3, 2016 6,495 7,000 84,229 97,724 Final purchase price adjustment for prior-year acquisition — — (168 ) (168 ) Balance as of April 2, 2017 $ 6,495 $ 7,000 $ 84,061 $ 97,556 As of April 2, 2017 , goodwill amounted to $97.6 million , a decrease of $0.2 million from the balance at April 3, 2016 . The following is a summary of our identifiable intangible assets as of April 2, 2017 and April 3, 2016 : 2017 Gross Amount Accumulated Amortization Net carrying value (In thousands) Finite-life intangible assets: Customer relationships $ 78,383 $ (7,854 ) $ 70,529 Trademarks and trade names 6,045 (1,790 ) 4,255 Other finite-life intangible assets 3,648 (2,776 ) 872 Total finite-life intangible assets 88,076 (12,420 ) 75,656 Indefinite-life intangible assets 1,227 — 1,227 Total intangible assets, net $ 89,303 $ (12,420 ) $ 76,883 2016 Gross Amount Accumulated Amortization Net carrying value (In thousands) Finite-life intangible assets: Customer relationships $ 78,384 $ (3,289 ) $ 75,095 Trademarks and trade names 6,045 (1,090 ) 4,955 Other finite-life intangible assets 3,648 (1,991 ) 1,657 Total finite-life intangible assets 88,077 (6,370 ) 81,707 Indefinite-life intangible assets 1,227 — 1,227 Total intangible assets, net $ 89,304 $ (6,370 ) $ 82,934 Intangible asset amortization expense was $6.1 million during fiscal 2017 , $2.4 million during fiscal 2016 , and $0.9 million during fiscal 2015 . The estimated future amortization expense for identifiable intangible assets during the next five years is as follows: (In thousands) 2018 2019 2020 2021 2022 Estimated amortization expense $ 5,704 $ 5,454 $ 5,073 $ 5,028 $ 4,891 |
Debt
Debt | 12 Months Ended |
Apr. 02, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Note 7 – Debt In December 2015, in connection with the Stauber acquisition described more fully in Note 2, we entered into a credit agreement (the “Credit Agreement”) with U.S. Bank National Association (“U.S. Bank”), as Lead Arranger, and Sole Bookrunner, and other lenders from time to time party thereto (collectively, the “Lenders”), whereby U.S. Bank is also serving as Administrative Agent. The Credit Agreement included senior secured credit facilities (the “Credit Facility”) totaling $165.0 million , consisting of a $100.0 million senior secured term loan credit facility (the “Term Loan Facility”) and a $65.0 million senior secured revolving loan credit facility (the “Revolving Loan Facility”). The Revolving Loan Facility includes a letter of credit subfacility in the amount of $5.0 million and a swingline subfacility in the amount of $8.0 million . The Term Loan facility requires mandatory quarterly repayments as outlined in the table below with the remainder of the loan due at maturity. The Credit Facility is scheduled to terminate on December 23, 2020. The Credit Facility is secured by substantially all of our personal property assets and those of our subsidiaries. Borrowings under the Credit Facility bear interest at a rate per annum equal to one of the following, plus, in both cases, an applicable margin based upon our leverage ratio: (a) LIBOR for an interest period of one, two, three or six months as selected by us, reset at the end of the selected interest period, or (b) a base rate determined by reference to the highest of (1) U. S. Bank’s prime rate, (2) the Federal Funds Effective Rate plus 0.5% , or (3) one-month LIBOR for U.S. dollars plus 1.0% . The LIBOR margin is 1.125% , 1.25% or 1.5% , depending on our leverage ratio. The base rate margin is 0.125% , 0.25% or 0.5% , depending on our leverage ratio. At April 2, 2017 , the effective interest rate on our borrowings was approximately 2.2% . We used $131.0 million of the proceeds from the Credit Facility to fund our acquisition of Stauber. We may use the remaining $34.0 million for working capital, capital expenditures, restricted payments and acquisitions permitted under the Credit Facility, and other general corporate purposes. In addition to paying interest on the outstanding principal under the Credit Facility, we are required to pay a commitment fee on the unutilized commitments thereunder. The commitment fee is 0.25% to 0.3% , depending on our leverage ratio. Debt issuance costs of $0.7 million paid to the lenders are reflected as a reduction of debt and are being amortized on a straight line basis over the term of the credit facility. Amortization of debt issuance costs was $0.1 million for fiscal 2017 and immaterial for fiscal 2016. As of April 2, 2017, $0.5 million of debt issuance costs were reflected as a reduction of debt on our balance sheet. The Credit Agreement requires us to maintain (a) a minimum fixed charge coverage ratio of 1.15 to 1.00 and (b) a maximum total cash flow leverage ratio of 3.0 to 1.0 . The Credit Agreement also contains other customary affirmative and negative covenants, including covenants that restrict our ability to incur additional indebtedness, dispose of significant assets, make certain investments, including any acquisitions other than permitted acquisitions, make certain payments, enter into sale and leaseback transactions, grant liens on our assets or enter into rate management transactions, subject to certain limitations. We are permitted to make distributions, pay dividends and repurchase shares so long as no default or event of default exists or would exist as a result thereof. As of April 2, 2017, we were in compliance with all required covenants. Debt at April 2, 2017 and April 3, 2016 consisted of the following: (In thousands) April 2, 2017 April 3, 2016 Senior secured term loan $ 93,125 $ 98,750 Senior secured revolver 10,000 31,000 Total debt 103,125 129,750 Less: unamortized debt issuance costs (510 ) (645 ) Total debt, net of debt issuance costs 102,615 129,105 Less: current portion of long-term debt, net of current unamortized debt issuance costs (7,989 ) (5,489 ) Total long-term debt $ 94,626 $ 123,616 Scheduled annual maturities of debt as of April 2, 2017 are as follows: Fiscal year ending (In thousands) 2018 $ 8,125 2019 10,000 2020 10,000 2021 75,000 $ 103,125 |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Apr. 02, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation Performance-Based Restricted Stock Units. Our Board of Directors has approved a performance-based equity compensation arrangement for our executive officers. This performance-based arrangement provides for the grant of performance-based restricted stock units that represent a possible future issuance of restricted shares of our common stock based on our pre-tax income target for the applicable fiscal year. The actual number of restricted shares to be issued to each executive officer will be determined when our final financial information becomes available after the applicable fiscal year and will be between zero shares and 54,028 shares in the aggregate for fiscal 2017 . 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 then-converted restricted stock over the life of the awards. The following table represents the restricted stock activity for fiscal 2017 : Shares Weighted- Average Grant Date Fair Value Outstanding at beginning of year 37,309 $ 40.89 Granted 28,853 43.10 Vested (37,309 ) 40.89 Forfeited or expired — — Outstanding at end of year 28,853 $ 43.10 The weighted average grant date fair value of performance-based restricted shares issued in fiscal 2017 , 2016 and 2015 was $43.10 , $40.89 , and $34.45 , respectively. We recorded compensation expense on performance-based restricted stock of approximately $1.4 million for fiscal 2017 , $1.2 million for fiscal 2016 and $1.1 million for fiscal 2015 , substantially all of which was recorded in selling, general and administrative (“SG&A”) expense in the Consolidated Statements of Income. The total fair value of performance-based restricted stock units vested in fiscal 2017 was $1.5 million compared to $2.0 million in fiscal 2016 and $0.8 million in fiscal 2015 . Until the performance-based restricted stock units result in the issuance of restricted stock, the amount of expense recorded each period is dependent upon our estimate of the number of shares that will ultimately be issued and our then current common stock price. Upon issuance of restricted stock, we record compensation expense over the remaining vesting period using the award date closing price. Unrecognized compensation expense related to non-vested restricted stock and non-vested restricted share units as of April 2, 2017 was $1.3 million and is expected to be recognized over a weighted average period of 1.5 years . The benefits of tax deductions that vary from the recognized compensation costs from share-based compensation are recorded as a change in additional paid-in capital rather than a deduction of taxes paid. The amount of excess tax benefit recognized and recorded in additional paid-in capital resulting from share-based compensation cost was $0.1 million in fiscal 2017 , nominal in fiscal 2016 and $0.1 million in 2015 . Restricted Stock Awards. As part of their retainer, our non-employee directors receive restricted stock for their Board services. The restricted stock awards are expensed over the requisite vesting period, which begins on the date of issuance and ends on the date of the next Annual Meeting of Shareholders, based on the market value on the date of grant. The following table represents the Board’s restricted stock activity for fiscal 2017 : Shares Weighted- Average Grant Date Fair Value Outstanding at beginning of year 6,804 $ 36.00 Granted 8,092 43.24 Vested (6,804 ) 36.00 Forfeited or expired — — Outstanding at end of year 8,092 $ 43.24 Annual expense related to the value of restricted stock was $0.3 million in fiscal 2017 , $0.2 million for both 2016 and 2015 , all of which was recorded in SG&A expense in the Consolidated Statements of Income. Unrecognized compensation expense related to non-vested restricted stock awards as of April 2, 2017 was $0.1 million and is expected to be recognized over a weighted average period of 0.3 years. Stock Option Awards. 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, although no stock options have been granted under this arrangement since the fiscal year ended March 28, 2010. As of April 2, 2017 and April 3, 2016 we had no stock options outstanding. During fiscal 2015, 9,333 options were exercised with an exercise price of $19.90 . No expense was recorded in fiscal 2017 , 2016 or 2015 related to the value of stock options. |
Share Repurchase Program
Share Repurchase Program | 12 Months Ended |
Apr. 02, 2017 | |
Share Repurchase Program [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Share Repurchase Program In May 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 reduce our common stock for the par value of the shares with the excess applied against additional paid-in capital. No shares were repurchased during fiscal 2017. We repurchased 127,852 of common stock at an aggregate purchase price of $4.8 million during fiscal 2016, and 59,602 shares of common stock at an aggregate purchase price of $2.2 million during fiscal 2015. As of April 2, 2017, the number of shares available to be purchased under the share repurchase program was 112,546 . |
Profit Sharing, Employee Stock
Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans | 12 Months Ended |
Apr. 03, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Profit Sharing, Employee Stock Ownership Plan, Employee Stock Purchase Plan and Defined Contribution Pension Plan Contribution Expense | Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans Company Sponsored Plans . The majority of our non-bargaining unit employees are eligible to participate in a company-sponsored profit sharing plan. Contributions are made at our discretion subject to a maximum amount allowed under the Internal Revenue Code (“IRC”). The profit sharing plan contribution level for each employee depends upon date of hire, with those employees hired after April 1, 2012 eligible to receive a contribution that is 50% of the contribution made for employees hired on or before April 1, 2012. Our contribution to the profit sharing plan for fiscal 2017, fiscal 2016 and fiscal 2015 was 5% of each employee’s eligible compensation for employees hired on or before April 1, 2012. In addition to the discretionary employer contribution described above, the profit sharing plan includes a 401(k) plan that allows employees to contribute pre-tax earnings up to the maximum amount allowed under the IRC, with an employer match of up to 5% of the employee’s eligible compensation. We have an employee stock ownership plan (“ESOP”) covering the majority of our non-bargaining unit employees. Contributions are made at our discretion subject to a maximum amount allowed under the IRC. The ESOP contribution level for each employee depends upon date of hire, with those employees hired after April 1, 2012 eligible to receive a contribution that is 50% of the contribution made for employees hired on or before April 1, 2012. Our contribution to the ESOP for fiscal 2017, fiscal 2016 and fiscal 2015 was 5% of each employee’s eligible compensation for employees hired on or before April 1, 2012. During fiscal 2017, we established a nonqualified deferred compensation plan covering employees who are classified as “highly compensated employees” as determined by IRS guidelines for the plan year and who were hired on or before April 1, 2012. Employees who are eligible for the nonqualified deferred compensation plan for any plan year are not eligible for the profit sharing plan contribution or the ESOP contributions described above for that plan year. Our contribution to the nonqualified deferred compensation plan for fiscal 2017 was 10% of each employee’s eligible compensation, subject to the maximum amount allowed under the IRC. As described in Note 2, we acquired Stauber on December 23, 2015. Concurrent with the acquisition, Stauber’s existing company sponsored plans were terminated. Effective January 1, 2016, Stauber employees became eligible for the 401(k) component of the profit sharing plan described above, including the employer match component. We have an employee stock purchase plan (“ESPP”) covering substantially all of our employees. The ESPP allows employees to purchase newly-issued shares of the Company’s common stock at a discount from market. The number of new shares issued under the ESPP was 38,986 in fiscal 2017, 33,550 in fiscal 2016 and 31,383 in fiscal 2015. In March 2013, concurrent with our withdrawal from a multiemployer pension plan described below, we established a retirement plan and ESOP for our collective bargaining unit employees. Each of these plans is subject to a maximum amount allowed under the IRC. The retirement plan provides for a contribution of 5% of each employee’s eligible wages annually for employees who were eligible to enter the plan on March 1, 2013, and a contribution of 2.5% of each employee’s eligible wages annually for employees who entered the plan after March 1, 2013. Additionally, the retirement plan includes a 401(k) plan that will allow employees to contribute pre-tax earnings up to the maximum amount allowed under the IRC, with an employer match of up to 5% of the employee’s eligible compensation. The ESOP provides for contributions of 5% of each employee’s eligible wages annually for employees who were eligible to enter the plan on March 1, 2013, and a contribution of 2.5% of each employee’s eligible wages annually for employees who enter the plan after March 1, 2013. The following represents the contribution expense for the company sponsored profit sharing, ESOP, ESPP and 401(k) plans for fiscal 2017, 2016 and 2015: (In thousands) 2017 2016 2015 Non-bargaining unit employee plans: Profit sharing $ 741 $ 1,393 $ 1,266 401(k) matching contributions 1,996 1,586 1,216 ESOP 741 1,393 1,266 Nonqualified deferred compensation plan 1,383 — — Bargaining unit employee plans 509 444 450 ESPP - all employees 364 274 253 Total contribution expense $ 5,734 $ 5,090 $ 4,451 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. Payment of our share of the unfunded vested benefit liability is being 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 cash payments to be made total approximately $9.3 million , or $467,000 per year. Our payments began in fiscal 2014. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 02, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases. We have various operating leases for buildings and land on which some of our operations are located as well as trucks utilized for deliveries in certain branches. Future minimum lease payments due under operating leases with an initial term of one year or more at April 2, 2017 are as follows: (In thousands) 2018 2019 2020 2021 2022 Thereafter Minimum lease payment $ 2,705 $ 2,317 $ 2,041 $ 1,795 $ 1,105 $ 2,933 Total rental expense for fiscal years 2017, 2016 and 2015 was as follows: 2017 2016 2015 (In thousands) Minimum rentals $ 3,283 $ 2,890 $ 1,665 Contingent rentals 28 21 103 Total rental expense $ 3,311 $ 2,911 $ 1,768 Litigation. As of April 2, 2017 there were 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. Asset Retirement Obligations. We have three leases of land which contain terms that state that at the end of the lease term, we have a specified amount of time to remove the property and buildings. These leases expire in 2023, 2028 and 2034. At that time, anything that remains on the land becomes the property of the lessor, and the lessor has the option to either maintain the property or remove the property at our expense. We have not been able to reasonably estimate the fair value of the asset retirement obligations, primarily due to the combination of the following factors: The leases do not expire in the near future; we have a history of extending the leases with the lessors and currently intend to do so at expiration of the lease periods; the lessors do not have a history of terminating leases with their tenants; and because it is more likely than not that the buildings will have value at the end of the lease life and therefore, may not be removed by either the lessee or the lessor. Therefore, in accordance with accounting guidance related to asset retirement and environmental obligations, we have not recorded an asset retirement obligation as of April 2, 2017 . We will continue to monitor the factors surrounding the requirement to record an asset retirement obligation and will recognize the fair value of a liability in the period in which it is incurred and a reasonable estimate can be made. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 02, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provisions for income taxes for fiscal 2017 , 2016 and 2015 were as follows: 2017 2016 2015 (In thousands) Federal — current $ 11,472 $ 8,761 $ 9,574 State — current 2,546 2,238 2,133 Total current 14,018 10,999 11,707 Federal — deferred (431 ) 1,027 (517 ) State — deferred (94 ) 197 50 Total deferred (525 ) 1,224 (467 ) Total provision $ 13,493 $ 12,223 $ 11,240 Reconciliations of the provisions for income taxes, based on income from continuing operations, to the applicable federal statutory income tax rate of 35% are listed below. 2017 2016 2015 Statutory federal income tax 35.0 % 35.0 % 35.0 % State income taxes, net of federal deduction 4.8 % 5.0 % 4.7 % ESOP dividend deduction on allocated shares (0.7 )% (0.7 )% (0.7 )% Domestic production deduction (1.5 )% (1.5 )% (2.4 )% Non-deductible acquisition costs — % 1.6 % — % Assessment related to state tax audit — % 0.6 % — % Other — net (0.2 )% 0.2 % 0.3 % Total 37.4 % 40.2 % 36.9 % The tax effects of items comprising our net deferred tax liability as of April 2, 2017 and April 3, 2016 are as follows: (In thousands) 2017 2016 Deferred tax assets: Trade receivables $ 187 $ 361 Stock compensation accruals 616 620 Pension withdrawal liability 2,513 2,635 Other 1,639 1,302 Total deferred tax assets $ 4,955 $ 4,918 Deferred tax liabilities: Inventories $ (4,006 ) $ (2,671 ) Prepaid (1,095 ) (975 ) Excess of tax over book depreciation (14,169 ) (14,439 ) Intangibles (27,524 ) (29,075 ) Unrealized gain on interest rate swap (201 ) — Total deferred tax liabilities $ (46,995 ) $ (47,160 ) Net deferred tax liabilities $ (42,040 ) $ (42,242 ) As of April 2, 2017 , the Company has determined that it is more likely than not that the deferred tax assets at April 2, 2017 will be realized either through future taxable income or reversals of taxable temporary differences. During fiscal 2016, we recorded a gross unrecognized tax benefit of $1.9 million in other long-term liabilities on our consolidated balance sheet as a result of uncertain income tax positions taken by Stauber on its tax returns for periods prior to our acquisition. We had no unrecognized tax benefits prior to the Stauber acquisition. The Stauber acquisition agreement provides the Company with indemnification from the prior owners for any tax liabilities relating to pre-acquisition tax returns. Accordingly, we also recorded an offsetting, long-term receivable for $1.9 million as of April 3, 2016, and as such any change in the unrecognized tax benefit will not impact our effective tax rate in future periods. During fiscal 2017, the unrecognized tax benefit and the offsetting receivable were reduced to $0.8 million due to the expiration of the statue of limitations for certain of the taxable periods. As of April 2, 2017 and April 3, 2016 , the liability for uncertain tax positions and the corresponding receivable included $0.1 million and $0.3 million of interest and penalties, respectively. We expect these uncertain income tax amounts to decrease as the applicable examination periods by the relevant taxing authorities expire. We are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The tax years prior to our fiscal year ended April 3, 2016 are closed to examination by the Internal Revenue Service. Our federal tax return filed for our fiscal year ended March 29, 2015 was examined by the Internal Revenue Service with no adjustments. For state and local income tax jurisdictions, the tax years prior to our fiscal year ended March 30, 2014 are closed to examination, with few exceptions. |
Segment Information
Segment Information | 12 Months Ended |
Apr. 02, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have three reportable segments: Industrial, Water Treatment and Health and Nutrition. Our Health and Nutrition segment was established as a result of our acquisition of Stauber near the end of the third quarter of fiscal 2016. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Product costs and expenses for each segment are based on actual costs incurred along with cost allocations 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. Other than our Health and Nutrition segment, the segments do not have separate accounting, administration, customer service or purchasing functions. We allocate certain corporate expenses to our operating segments, and we began allocating a portion of these costs to the Health and Nutrition segment in fiscal 2017. Corporate costs allocated to Health and Nutrition were $1.9 million for fiscal 2017; these costs would have been allocated to Industrial (approximately $1.2 million ) and Water Treatment (approximately $0.7 million ) in past years. 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. Reportable Segments Industrial Water Treatment Health and Nutrition Total (In thousands) Fiscal Year Ended April 2, 2017: Sales $ 238,555 $ 128,954 $ 116,084 $ 483,593 Gross profit 38,886 35,962 23,225 98,073 Selling, general, and administrative expenses 21,818 19,798 17,765 59,381 Operating income 17,068 16,164 5,460 38,692 Identifiable assets* $ 159,032 $ 53,445 $ 192,047 $ 404,524 Capital Expenditures $ 10,529 $ 7,777 $ 3,310 $ 21,616 Fiscal Year Ended April 3, 2016: Sales $ 251,749 $ 128,312 $ 33,915 $ 413,976 Gross profit 37,967 35,470 6,820 80,257 Selling, general, and administrative expenses 22,137 19,261 7,688 49,086 Operating income (loss) 15,830 16,209 (868 ) 31,171 Identifiable assets* $ 158,015 $ 50,013 $ 195,939 $ 403,967 Capital Expenditures $ 17,712 $ 6,306 $ 165 $ 24,183 Fiscal Year Ended March 29, 2015: Sales $ 249,066 $ 114,957 $ — $ 364,023 Gross profit 33,619 32,172 — 65,791 Selling, general, and administrative expenses 19,793 15,582 — 35,375 Operating income 13,826 16,590 — 30,416 Identifiable assets* $ 151,157 $ 42,860 $ — $ 194,017 Capital Expenditures $ 10,590 $ 3,962 $ — $ 14,552 * Unallocated assets, consisting primarily of cash and cash equivalents, investments and prepaid expenses, were $13.1 million at April 2, 2017 , $32.8 million at April 3, 2016 and $53.7 million at March 29, 2015 . In fiscal 2016, operating profit for the Health and Nutrition segment was negatively impacted by $3.3 million (pre-tax) of non-recurring SG&A expenses directly related to the acquisition by Hawkins. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Apr. 02, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) (In thousands, except per share data) Fiscal 2017 First Second Third Fourth Sales $ 131,374 $ 121,250 $ 112,351 $ 118,618 Gross profit 28,216 27,032 20,912 21,913 Selling, general, and administrative expenses 15,126 14,871 14,916 14,468 Operating income 13,090 12,161 5,996 7,445 Net income $ 7,604 $ 7,190 $ 3,551 $ 4,210 Basic earnings per share $ 0.72 $ 0.68 $ 0.34 $ 0.40 Diluted earnings per share $ 0.72 $ 0.68 $ 0.34 $ 0.40 Fiscal 2016 (1) First Second Third Fourth Sales $ 101,496 $ 94,592 $ 88,375 $ 129,513 Gross profit 20,735 19,811 14,709 25,002 Selling, general, and administrative expenses 9,891 10,303 12,825 16,067 Operating income 10,844 9,508 1,884 8,935 Net income $ 6,791 $ 5,678 $ 815 $ 4,859 Basic earnings per share $ 0.64 $ 0.54 $ 0.08 $ 0.46 Diluted earnings per share $ 0.64 $ 0.54 $ 0.08 $ 0.46 (1) The sum of quarterly per share data may not equal the full year due to rounding. Operating income in fiscal 2016 was negatively impacted by non-recurring SG&A expenses directly related to the acquisition of Stauber by Hawkins of $2.7 million (pre-tax) in the third quarter and $0.6 million (pre-tax) in the fourth quarter. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Apr. 02, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | VALUATION AND QUALIFYING ACCOUNTS FOR THE FISCAL YEARS ENDED APRIL 2, 2017, APRIL 3, 2016 AND MARCH 29, 2015 Additions Description Balance at Beginning of Year Charged to Costs and Expenses Charged to Other Accounts Deductions Write-Offs Balance at End of Year (In thousands) Reserve deducted from asset to which it applies: Year Ended April 2, 2017: Allowance for doubtful accounts $ 602 $ 79 $ — $ 213 $ 468 Year Ended April 3, 2016: Allowance for doubtful accounts $ 445 $ 272 $ — $ 115 $ 602 Year Ended March 29, 2015: Allowance for doubtful accounts $ 477 $ (32 ) $ — $ — $ 445 |
Nature of Business and Signif23
Nature of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 02, 2017 | |
Accounting Policies [Abstract] | |
Fiscal Year | Our fiscal year is a 52 or 53-week year ending on the Sunday closest to March 31. Our fiscal years ended April 2, 2017 (“fiscal 2017”) and March 29, 2015 (“fiscal 2015”) were 52 weeks. Our fiscal year ended April 3, 2016 (“fiscal 2016”) was 53 weeks. The fiscal year ending April 1, 2018 (“fiscal 2018”) will be 52 weeks. |
Principles of Consolidation | The consolidated financial statements include the accounts of Hawkins, Inc. and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated. |
Estimates | The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. |
Revenue Recognition | We recognize revenue when there is evidence that the customer has agreed to purchase the product, the price and terms of the sale are fixed, the product has shipped and title has passed to our customer, performance has occurred, and collection of the receivable is reasonably assured. |
Shipping and Handling | All shipping and handling amounts billed to customers are included in revenues. Costs incurred related to the shipping and the handling of products are included in cost of sales. |
Fair Value Measurements | The financial assets and liabilities that are re-measured and reported at fair value for each reporting period are an interest rate swap and marketable securities. There are no fair value measurements with respect to nonfinancial assets or liabilities that are recognized or disclosed at fair value in our consolidated financial statements on a recurring basis. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1: Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3: Valuation is based upon other unobservable inputs that are significant to the fair value measurement. In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. |
Cash Equivalents | Cash equivalents include all liquid debt instruments (primarily cash funds and money market accounts) purchased with an original maturity of three months or less. The balances maintained at financial institutions may, at times, exceed federally insured limits. |
Investments | Available-for-sale securities have consisted of certificates of deposit (“CD’s”) and municipal bonds and were valued at current market value, with the resulting unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of shareholders’ equity until realized. Any impairment loss to reduce an investment’s carrying amount to its fair market value was recognized in income when a decline in the fair market value of an individual security below its cost or carrying value is determined to be other than temporary. As of April 2, 2017 and April 3, 2016, we did not own any available-for-sale securities. |
Trade Receivables | Financial instruments, which potentially subject us to a concentration of credit risk, principally consist of trade receivables. We sell our principal products to a large number of customers in many different industries. There are no concentrations of credit risk with a single customer from a particular service or geographic area that would significantly impact us in the near term. To reduce credit risk, we routinely assess the financial strength of our customers. We record an allowance for doubtful accounts to reduce our receivables to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable and periodic evaluations of our customers’ financial condition. Our cash balances are held at two separate financial institutions where the cash balances may exceed federally insured limits. The institutions are two of the largest commercial banking institutions in the country and both have maintained strong credit ratings. |
Inventories | Inventories, consisting primarily of finished goods, are primarily valued at the lower of cost or net realizable value, with cost for approximately 70% of our inventory determined using the last-in, first-out (“LIFO”) method. Cost for the other 30% of our total inventory is determined using the first-in, first-out (“FIFO”) method. |
Property, Plant and Equipment | Property is stated at cost and depreciated or amortized over the lives of the assets, using the straight-line method. Estimated lives are: 10 to 40 years for buildings and improvements; 3 to 20 years for machinery and equipment; and 3 to 10 years for transportation equipment and office furniture and equipment including computer systems. Leasehold improvements are depreciated over the lesser of their estimated useful lives or the remaining lease term. Significant improvements that add to productive capacity or extend the lives of properties are capitalized. Costs for repairs and maintenance are charged to expense as incurred. When property is retired or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts and any related gains or losses are included in income. We review the recoverability of long-lived assets to be held and used, such as property, plant and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset group may not be recoverable, such as prolonged industry downturn or significant reductions in projected future cash flows. The assessment of possible impairment is based on our ability to recover the carrying value of the asset group from the expected future pre-tax cash flows (undiscounted) of the related operations. If these cash flows are less than the carrying value of such asset group, an impairment loss would be measured by the amount the carrying value exceeds the fair value of the long-lived asset group. The measurement of impairment requires us to estimate future cash flows and the fair value of long-lived assets. No long-lived assets were determined to be impaired during fiscal years 2017 , 2016 or 2015 . |
Goodwill and Identifiable Intangible Assets | Goodwill represents the excess of the cost of acquired businesses over the fair value of identifiable tangible net assets and identifiable intangible assets purchased. Goodwill is tested at least annually for impairment, and is tested for impairment more frequently if events or changes in circumstances indicate that the asset might be impaired. Our annual test for impairment is as of the first day of our fourth fiscal quarter. As of January 2, 2017, we performed an analysis of qualitative factors for our Industrial and Water Treatment reporting units to determine whether it is more likely than not that the fair value of either of these reporting units was less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test. Based on management’s analysis of qualitative factors, we determined that it was not necessary to perform a quantitative goodwill impairment test for either the Industrial or Water Treatment reporting units. Because our Health and Nutrition reporting unit was new in fiscal 2016, we performed a quantitative goodwill impairment test. This test, used to identify potential impairment, compares the fair value of the reporting unit with its carrying amount, including indefinite-lived intangible assets. If the fair value exceeds the carrying amount, the goodwill is not considered impaired. If the carrying amount exceeds the fair value, the reporting unit’s goodwill is considered impaired, and we must recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The fair value of our Health and Nutrition reporting unit exceeded its carrying value as of January 2, 2017, so we did not need to record a goodwill impairment charge. Our primary identifiable intangible assets include customer lists, trade secrets, non-competition agreements, trademarks and trade names acquired in previous business acquisitions. Identifiable intangible assets with finite lives are amortized whereas identifiable intangible assets with indefinite lives are not amortized. The values assigned to the intangible assets with finite lives are being amortized on average over approximately 14 years . Identifiable intangible assets that are subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangible assets not subject to amortization are tested for impairment annually or more frequently if events warrant. The impairment test consists of a qualitative assessment to determine whether it is more likely than not that the asset is impaired. Based on management’s analysis of qualitative factors, we determined that it was not necessary to perform a quantitative impairment test for fiscal 2017. Impairment assessments were also completed in the fourth quarters of fiscal 2016 and 2015 , which resulted in no impairment charges for either of these fiscal years. |
Income Taxes | In the preparation of our consolidated financial statements, the calculation of income taxes by management is 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. Differences that are temporary in nature result in deferred tax assets and liabilities, which are recorded on the consolidated balance sheet, while differences that are permanent in nature impact the income tax expense recorded on the income statement and impact the effective tax rate for the fiscal year. The deferred tax 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 consolidated statements of income. The effect of income tax positions are recognized only if those positions are more likely than not of being sustained. Changes in recognition or measurement are made as facts and circumstances change. See note 12 for further information regarding the recording of a liability and offsetting receivable regarding an uncertain tax position taken by Stauber prior to its acquisition by us. |
Stock-Based Compensation | We account for stock-based compensation on a fair value basis. The estimated grant date fair value of each stock-based award is recognized in expense over the requisite service period (generally the vesting period). Non-vested share awards are recorded as expense over the requisite service periods based on the market value on the date of grant. |
Earnings Per Share | Basic earnings per share (“EPS”) are computed by dividing net income by the weighted-average number of common shares outstanding. Diluted EPS are computed by dividing net income by the weighted-average number of common shares outstanding including 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: April 2, 2017 April 3, 2016 March 29, 2015 Weighted average common shares outstanding — basic 10,536,347 10,524,730 10,568,582 Dilutive impact of stock performance units, restricted stock, and stock options 59,763 53,312 64,972 Weighted average common shares outstanding — diluted 10,596,110 10,578,042 10,633,554 There were no shares or stock options excluded from the calculation of weighted average common shares for diluted EPS for fiscal 2017 , 2016 or 2015 . |
Derivatives Instruments and Hedging Activities | We are subject to interest rate risk associated with our variable rate debt. During fiscal 2017, we entered into an interest rate swap which was has been designated as a cash flow hedge, the purpose of which is to eliminate the cash flow impact of interest rate changes on a portion of our variable-rate debt starting in September 2017. The hedge was measured at fair value on the contract date and subsequently remeasured to fair value at each reporting date. Changes in the fair value of a derivative that is highly effective, and that is designated and qualifies as a cash flow hedge, are recorded in other comprehensive income, until the consolidated statement of income is affected by the variability in cash flows of the designated hedged item. To the extent that the hedge is ineffective, changes in the fair value are recognized in the Statement of Income. |
Nature of Business and Signif24
Nature of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 02, 2017 | |
Accounting Policies [Abstract] | |
Schedule of earnings per share, basic and diluted | Basic and diluted EPS were calculated using the following: April 2, 2017 April 3, 2016 March 29, 2015 Weighted average common shares outstanding — basic 10,536,347 10,524,730 10,568,582 Dilutive impact of stock performance units, restricted stock, and stock options 59,763 53,312 64,972 Weighted average common shares outstanding — diluted 10,596,110 10,578,042 10,633,554 |
Business Combinations (Tables)
Business Combinations (Tables) - Stauber Performance Ingredients [Member] | 12 Months Ended |
Apr. 02, 2017 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the fair value measurement of the assets acquired and liabilities assumed as of the acquisition date: (In thousands) Amount Cash and cash equivalents (a) $ 1,502 Trade receivables 16,023 Inventories 10,207 Other assets 900 Property, plant, and equipment 10,989 Intangible assets 71,459 Accounts payable (5,398 ) Accrued expenses and other current liabilities (a) (2,925 ) Deferred income taxes (28,565 ) Other non-current liabilities (77 ) Net assets acquired 74,115 Goodwill 84,061 Total preliminary purchase price 158,176 Less acquired cash (1,502 ) Preliminary purchase price, net of cash acquired $ 156,674 (a) In addition to these balances, $7.3 million of cash and current accrued liabilities were recorded that relate to stock and other acquisition-related compensation payments, which were recorded by Stauber as of the acquisition date but were paid subsequent to the acquisition date. Note: Included in our consolidated balance sheet as of 4/3/2016 is an income tax receivable of $4.6 million related to pre-acquisition income taxes, with an offsetting liability payable to the prior owners as these amounts will be paid to them upon receipt. |
Business Acquisition, Pro Forma Information [Table Text Block] | The following pro forma information has been prepared as if the Stauber acquisition and the borrowing to finance the acquisition had occurred as of the beginning of the fiscal years presented. The unaudited pro forma information is not necessarily indicative of what our consolidated results of operations actually would have been had the acquisition occurred at the beginning of each fiscal year, nor is it indicative of our future operational results. Fiscal year ended April 3, 2016 (In thousands, except per share data) As reported Pro Forma Stauber Adjustments Combined Pro Forma Results Pro forma net sales $ 413,976 $ 87,691 $ 501,667 Pro forma net income 18,143 4,809 22,952 Pro forma basic earnings per share $ 1.72 $ 0.46 $ 2.18 Pro forma diluted earnings per share $ 1.72 $ 0.45 $ 2.17 Fiscal year ended March 29, 2015 (In thousands, except per share data) As reported Pro Forma Stauber Adjustments Combined Pro Forma Results Pro forma net sales $ 364,023 $ 105,515 $ 469,538 Pro forma net income 19,214 2,138 21,352 Pro forma basic earnings per share $ 1.82 $ 0.20 $ 2.02 Pro forma diluted earnings per share $ 1.81 $ 0.20 $ 2.01 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 02, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes the balances of assets or liabilities measured at fair value on a recurring basis as of April 2, 2017. There were no assets or liabilities measured at fair value on a recurring basis as of April 3, 2016. 0 (In thousands) Level 1 Level 2 Level 3 Total Interest rate swap — $ 502 — $ 502 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Apr. 02, 2017 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories at April 2, 2017 and April 3, 2016 consisted of the following: 2017 2016 (In thousands) Inventory (FIFO basis) $ 52,735 $ 51,857 LIFO reserve (1,486 ) (4,138 ) Net inventory $ 51,249 $ 47,719 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Apr. 02, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in the carrying amount of goodwill for each of our three reportable segments were as follows: (In thousands) Industrial Water Treatment Health and Nutrition Total Balance as of March 29, 2015 $ 6,495 $ 5,255 $ — $ 11,750 Addition due to acquisition — 1,745 84,229 85,974 Balance as of April 3, 2016 6,495 7,000 84,229 97,724 Final purchase price adjustment for prior-year acquisition — — (168 ) (168 ) Balance as of April 2, 2017 $ 6,495 $ 7,000 $ 84,061 $ 97,556 |
Summary of intangible assets | The following is a summary of our identifiable intangible assets as of April 2, 2017 and April 3, 2016 : 2017 Gross Amount Accumulated Amortization Net carrying value (In thousands) Finite-life intangible assets: Customer relationships $ 78,383 $ (7,854 ) $ 70,529 Trademarks and trade names 6,045 (1,790 ) 4,255 Other finite-life intangible assets 3,648 (2,776 ) 872 Total finite-life intangible assets 88,076 (12,420 ) 75,656 Indefinite-life intangible assets 1,227 — 1,227 Total intangible assets, net $ 89,303 $ (12,420 ) $ 76,883 2016 Gross Amount Accumulated Amortization Net carrying value (In thousands) Finite-life intangible assets: Customer relationships $ 78,384 $ (3,289 ) $ 75,095 Trademarks and trade names 6,045 (1,090 ) 4,955 Other finite-life intangible assets 3,648 (1,991 ) 1,657 Total finite-life intangible assets 88,077 (6,370 ) 81,707 Indefinite-life intangible assets 1,227 — 1,227 Total intangible assets, net $ 89,304 $ (6,370 ) $ 82,934 |
Schedule of future amortization expense | The estimated future amortization expense for identifiable intangible assets during the next five years is as follows: (In thousands) 2018 2019 2020 2021 2022 Estimated amortization expense $ 5,704 $ 5,454 $ 5,073 $ 5,028 $ 4,891 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Apr. 02, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt at April 2, 2017 and April 3, 2016 consisted of the following: (In thousands) April 2, 2017 April 3, 2016 Senior secured term loan $ 93,125 $ 98,750 Senior secured revolver 10,000 31,000 Total debt 103,125 129,750 Less: unamortized debt issuance costs (510 ) (645 ) Total debt, net of debt issuance costs 102,615 129,105 Less: current portion of long-term debt, net of current unamortized debt issuance costs (7,989 ) (5,489 ) Total long-term debt $ 94,626 $ 123,616 |
Schedule of Maturities of Long-term Debt | Scheduled annual maturities of debt as of April 2, 2017 are as follows: Fiscal year ending (In thousands) 2018 $ 8,125 2019 10,000 2020 10,000 2021 75,000 $ 103,125 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Apr. 02, 2017 | |
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 fiscal 2017 : Shares Weighted- Average Grant Date Fair Value Outstanding at beginning of year 37,309 $ 40.89 Granted 28,853 43.10 Vested (37,309 ) 40.89 Forfeited or expired — — Outstanding at end of year 28,853 $ 43.10 |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of restricted stock awards | The following table represents the Board’s restricted stock activity for fiscal 2017 : Shares Weighted- Average Grant Date Fair Value Outstanding at beginning of year 6,804 $ 36.00 Granted 8,092 43.24 Vested (6,804 ) 36.00 Forfeited or expired — — Outstanding at end of year 8,092 $ 43.24 |
Profit Sharing, Employee Stoc31
Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans (Tables) | 12 Months Ended |
Apr. 02, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of contribution expenses | The following represents the contribution expense for the company sponsored profit sharing, ESOP, ESPP and 401(k) plans for fiscal 2017, 2016 and 2015: (In thousands) 2017 2016 2015 Non-bargaining unit employee plans: Profit sharing $ 741 $ 1,393 $ 1,266 401(k) matching contributions 1,996 1,586 1,216 ESOP 741 1,393 1,266 Nonqualified deferred compensation plan 1,383 — — Bargaining unit employee plans 509 444 450 ESPP - all employees 364 274 253 Total contribution expense $ 5,734 $ 5,090 $ 4,451 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 02, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum rental payments for operating leases | Future minimum lease payments due under operating leases with an initial term of one year or more at April 2, 2017 are as follows: (In thousands) 2018 2019 2020 2021 2022 Thereafter Minimum lease payment $ 2,705 $ 2,317 $ 2,041 $ 1,795 $ 1,105 $ 2,933 |
Schedule of rent expense | Total rental expense for fiscal years 2017, 2016 and 2015 was as follows: 2017 2016 2015 (In thousands) Minimum rentals $ 3,283 $ 2,890 $ 1,665 Contingent rentals 28 21 103 Total rental expense $ 3,311 $ 2,911 $ 1,768 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 02, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of provisions for income taxes | The provisions for income taxes for fiscal 2017 , 2016 and 2015 were as follows: 2017 2016 2015 (In thousands) Federal — current $ 11,472 $ 8,761 $ 9,574 State — current 2,546 2,238 2,133 Total current 14,018 10,999 11,707 Federal — deferred (431 ) 1,027 (517 ) State — deferred (94 ) 197 50 Total deferred (525 ) 1,224 (467 ) Total provision $ 13,493 $ 12,223 $ 11,240 |
Schedule of effective income tax rate reconciliation | Reconciliations of the provisions for income taxes, based on income from continuing operations, to the applicable federal statutory income tax rate of 35% are listed below. 2017 2016 2015 Statutory federal income tax 35.0 % 35.0 % 35.0 % State income taxes, net of federal deduction 4.8 % 5.0 % 4.7 % ESOP dividend deduction on allocated shares (0.7 )% (0.7 )% (0.7 )% Domestic production deduction (1.5 )% (1.5 )% (2.4 )% Non-deductible acquisition costs — % 1.6 % — % Assessment related to state tax audit — % 0.6 % — % Other — net (0.2 )% 0.2 % 0.3 % Total 37.4 % 40.2 % 36.9 % |
Schedule of deferred tax assets and liabilities | The tax effects of items comprising our net deferred tax liability as of April 2, 2017 and April 3, 2016 are as follows: (In thousands) 2017 2016 Deferred tax assets: Trade receivables $ 187 $ 361 Stock compensation accruals 616 620 Pension withdrawal liability 2,513 2,635 Other 1,639 1,302 Total deferred tax assets $ 4,955 $ 4,918 Deferred tax liabilities: Inventories $ (4,006 ) $ (2,671 ) Prepaid (1,095 ) (975 ) Excess of tax over book depreciation (14,169 ) (14,439 ) Intangibles (27,524 ) (29,075 ) Unrealized gain on interest rate swap (201 ) — Total deferred tax liabilities $ (46,995 ) $ (47,160 ) Net deferred tax liabilities $ (42,040 ) $ (42,242 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Apr. 02, 2017 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | Sales are primarily within the United States and all assets are located within the United States. Reportable Segments Industrial Water Treatment Health and Nutrition Total (In thousands) Fiscal Year Ended April 2, 2017: Sales $ 238,555 $ 128,954 $ 116,084 $ 483,593 Gross profit 38,886 35,962 23,225 98,073 Selling, general, and administrative expenses 21,818 19,798 17,765 59,381 Operating income 17,068 16,164 5,460 38,692 Identifiable assets* $ 159,032 $ 53,445 $ 192,047 $ 404,524 Capital Expenditures $ 10,529 $ 7,777 $ 3,310 $ 21,616 Fiscal Year Ended April 3, 2016: Sales $ 251,749 $ 128,312 $ 33,915 $ 413,976 Gross profit 37,967 35,470 6,820 80,257 Selling, general, and administrative expenses 22,137 19,261 7,688 49,086 Operating income (loss) 15,830 16,209 (868 ) 31,171 Identifiable assets* $ 158,015 $ 50,013 $ 195,939 $ 403,967 Capital Expenditures $ 17,712 $ 6,306 $ 165 $ 24,183 Fiscal Year Ended March 29, 2015: Sales $ 249,066 $ 114,957 $ — $ 364,023 Gross profit 33,619 32,172 — 65,791 Selling, general, and administrative expenses 19,793 15,582 — 35,375 Operating income 13,826 16,590 — 30,416 Identifiable assets* $ 151,157 $ 42,860 $ — $ 194,017 Capital Expenditures $ 10,590 $ 3,962 $ — $ 14,552 * Unallocated assets, consisting primarily of cash and cash equivalents, investments and prepaid expenses, were $13.1 million at April 2, 2017 , $32.8 million at April 3, 2016 and $53.7 million at March 29, 2015 . |
Selected Quarterly Financial 35
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Apr. 02, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information (Unaudited) | (In thousands, except per share data) Fiscal 2017 First Second Third Fourth Sales $ 131,374 $ 121,250 $ 112,351 $ 118,618 Gross profit 28,216 27,032 20,912 21,913 Selling, general, and administrative expenses 15,126 14,871 14,916 14,468 Operating income 13,090 12,161 5,996 7,445 Net income $ 7,604 $ 7,190 $ 3,551 $ 4,210 Basic earnings per share $ 0.72 $ 0.68 $ 0.34 $ 0.40 Diluted earnings per share $ 0.72 $ 0.68 $ 0.34 $ 0.40 Fiscal 2016 (1) First Second Third Fourth Sales $ 101,496 $ 94,592 $ 88,375 $ 129,513 Gross profit 20,735 19,811 14,709 25,002 Selling, general, and administrative expenses 9,891 10,303 12,825 16,067 Operating income 10,844 9,508 1,884 8,935 Net income $ 6,791 $ 5,678 $ 815 $ 4,859 Basic earnings per share $ 0.64 $ 0.54 $ 0.08 $ 0.46 Diluted earnings per share $ 0.64 $ 0.54 $ 0.08 $ 0.46 (1) The sum of quarterly per share data may not equal the full year due to rounding. |
Nature of Business and Signif36
Nature of Business and Significant Accounting Policies -Textual (Details) | 12 Months Ended | ||
Apr. 02, 2017Segmentshares | Apr. 03, 2016shares | Mar. 29, 2015shares | |
Number of reportable segments (segment) | Segment | 3 | ||
Number of Weeks in Fiscal Year | 364 days | 371 days | 364 days |
Number of weeks in next fiscal year | 364 days | ||
Percentage of LIFO Inventory | 70.00% | ||
Percentage of FIFO inventory | 30.00% | ||
Weighted-average common shares outstanding-basic (shares) | 10,536,347 | 10,524,730 | 10,568,582 |
Dilutive impact of stock options, performance units, and restricted stock (shares) | 59,763 | 53,312 | 64,972 |
Weighted average common shares outstanding — diluted (shares) | 10,596,110 | 10,578,042 | 10,633,554 |
Weighted average number diluted shares outstanding adjustment | 0 | 0 | 0 |
Maximum [Member] | |||
Number of Weeks in Fiscal Year | 371 days | ||
Minimum [Member] | |||
Number of Weeks in Fiscal Year | 364 days |
Nature of Business and Signif37
Nature of Business and Significant Accounting Policies -PP&E (Details) | 12 Months Ended |
Apr. 02, 2017 | |
Average [Member] | |
Property, Plant and Equipment [Line Items] | |
Finite-lived intangible asset, useful life | 14 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 20 years |
Transportation Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 3 years |
Transportation Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 10 years |
Office Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 3 years |
Office Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 10 years |
Business Combinations-Assets Ac
Business Combinations-Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 23, 2015 | Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 97,556 | $ 97,724 | $ 11,750 | |
Total purchase price | $ 2,199 | 159,199 | $ 10,068 | |
Restricted Cash and Cash Equivalents | $ 7,300 | |||
Stauber Performance Ingredients [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash Acquired from Acquisition | 1,502 | |||
Accounts receivable | 16,023 | |||
Inventory | 10,207 | |||
Other assets | 900 | |||
Property, plant, and equipment | 10,989 | |||
Intangible assets | 71,459 | |||
Accounts payable | (5,398) | |||
Accrued expenses and other current liabilities | (2,925) | |||
Deferred income taxes | (28,565) | |||
Other non-current liabilities | (77) | |||
Net assets acquired | 74,115 | |||
Goodwill | 84,061 | |||
Total preliminary purchase price | 158,176 | |||
Less acquired cash | (1,502) | |||
Total purchase price | $ 156,674 | |||
Income Tax Receivable, Business Combinations | 4,600 | |||
Income Tax Payable, Business Combinations | $ 4,600 |
Business Combinations-Pro Forma
Business Combinations-Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Effective Income Tax Rate Reconciliation, Percent | 37.40% | 40.20% | 36.90% |
Scenario, Actual [Member] | Stauber Performance Ingredients [Member] | |||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Pro forma net sales | $ 413,976 | $ 364,023 | |
Pro forma net income | $ 18,143 | $ 19,214 | |
Pro forma basic earnings per share | $ 1.72 | $ 1.82 | |
Pro forma diluted earnings per share | $ 1.72 | $ 1.81 | |
Scenario, Adjustment [Member] | Stauber Performance Ingredients [Member] | |||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Pro forma net sales | $ 87,691 | $ 105,515 | |
Pro forma net income | $ 4,809 | $ 2,138 | |
Pro forma basic earnings per share | $ 0.46 | $ 0.20 | |
Pro forma diluted earnings per share | $ 0.45 | $ 0.20 | |
Pro Forma [Member] | |||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Effective Income Tax Rate Reconciliation, Percent | 38.00% | ||
Pro Forma [Member] | Stauber Performance Ingredients [Member] | |||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Pro forma net sales | $ 501,667 | $ 469,538 | |
Pro forma net income | $ 22,952 | $ 21,352 | |
Pro forma basic earnings per share | $ 2.18 | $ 2.02 | |
Pro forma diluted earnings per share | $ 2.17 | $ 2.01 |
Business Combinations-Textual (
Business Combinations-Textual (Details) $ in Thousands | Dec. 23, 2015USD ($) | Sep. 18, 2015USD ($) | Oct. 20, 2014USD ($) | Apr. 03, 2016USD ($) | Dec. 27, 2015USD ($) | Apr. 02, 2017USD ($) | Apr. 03, 2016USD ($) | Mar. 29, 2015USD ($) |
Business Acquisition [Line Items] | ||||||||
Total purchase price | $ 2,199 | $ 159,199 | $ 10,068 | |||||
Proceeds from Lines of Credit | 131,000 | |||||||
Goodwill | $ 97,724 | 97,556 | 97,724 | 11,750 | ||||
The Dumont Company, Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to Acquire Businesses, Gross | $ 10,068 | |||||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $ 14,000 | |||||||
Number of operating locations acquired | 7 | |||||||
Davis Supply Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to Acquire Businesses, Gross | $ 4,500 | |||||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 5,000 | |||||||
Stauber Performance Ingredients [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Preliminary purchase price | $ 157,000 | |||||||
Total preliminary purchase price | 158,200 | |||||||
Total purchase price | 156,674 | |||||||
Payments to Acquire Businesses, Gross | 156,000 | $ 2,199 | ||||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 118,000 | |||||||
Business Combination, Acquisition Related Costs | $ 600 | $ 2,700 | $ 3,300 | |||||
Property, plant, and equipment | 10,989 | |||||||
Intangible assets | $ 71,500 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 16 years 4 months | |||||||
Deferred Taxes, Business Combination, Valuation Allowance, Available to Reduce Goodwill or Intangible Assets, Description | $ 28,565 | |||||||
Goodwill | 84,061 | |||||||
Stauber Performance Ingredients [Member] | Customer Relationships [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | $ 66,000 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years | |||||||
Stauber Performance Ingredients [Member] | Trade Names [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | $ 4,000 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||||
Stauber Performance Ingredients [Member] | Noncompete Agreements [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | $ 1,300 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years 4 months | |||||||
Stauber Performance Ingredients [Member] | Order or Production Backlog [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | $ 100 |
Derivative Instruments (Details
Derivative Instruments (Details) - Interest Rate Swap [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Derivative [Line Items] | |||
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion | $ 0.3 | $ 0 | $ 0 |
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 0.5 | ||
Debt Instrument, Redemption, Period One [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 40 | ||
Debt Instrument, Redemption, Period Two [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 30 | ||
Debt Instrument, Redemption, Period Three [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 20 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Interest Rate Swap [Member] $ in Thousands | Apr. 02, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure, Recurring | $ 502 |
Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure, Recurring | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure, Recurring | 502 |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure, Recurring | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Apr. 02, 2017 | Apr. 03, 2016 |
Summary of Inventories | ||
Inventory (FIFO basis) | $ 52,735 | $ 51,857 |
LIFO reserve | (1,486) | (4,138) |
Net inventory | $ 51,249 | $ 47,719 |
Inventories-Textual (Details)
Inventories-Textual (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Inventories (Textual) [Abstract] | ||
Finished goods (LIFO basis) | $ 37 | $ 36.5 |
Increase (Decrease) LIFO reserve | $ 2.7 | $ 1.4 |
Goodwill and Intangible Assets-
Goodwill and Intangible Assets-Goodwill Rollforward (Details) $ in Thousands | 12 Months Ended | |
Apr. 02, 2017USD ($)Segment | Apr. 03, 2016USD ($) | |
Goodwill [Line Items] | ||
Number of Reportable Segments | Segment | 3 | |
Goodwill, beginning of period | $ 97,724 | $ 11,750 |
Goodwill, Period Increase (Decrease) | (168) | 85,974 |
Goodwill, end of period | 97,556 | 97,724 |
Industrial [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning of period | 6,495 | 6,495 |
Goodwill, Period Increase (Decrease) | 0 | 0 |
Goodwill, end of period | 6,495 | 6,495 |
Water Treatment [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning of period | 7,000 | 5,255 |
Goodwill, Period Increase (Decrease) | 0 | 1,745 |
Goodwill, end of period | 7,000 | 7,000 |
Health and Nutrition [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning of period | 84,229 | 0 |
Goodwill, Period Increase (Decrease) | (168) | 84,229 |
Goodwill, end of period | $ 84,061 | $ 84,229 |
Goodwill and Intangible Asset46
Goodwill and Intangible Assets-Intangible Assets (Details) - USD ($) $ in Thousands | Apr. 02, 2017 | Apr. 03, 2016 |
Finite-life intangible assets | ||
Gross Amount | $ 88,076 | $ 88,077 |
Accumulated Amortization | (12,420) | (6,370) |
Net carrying value | 75,656 | 81,707 |
Indefinite-life intangible assets | 1,227 | 1,227 |
Intangible assets, Gross Carrying Amount | 89,303 | 89,304 |
Intangible assets, Accumulated Amortization | (12,420) | (6,370) |
Total intangible assets, net | 76,883 | 82,934 |
Customer relationships [Member] | ||
Finite-life intangible assets | ||
Gross Amount | 78,383 | 78,384 |
Accumulated Amortization | (7,854) | (3,289) |
Net carrying value | 70,529 | 75,095 |
Trademarks [Member] | ||
Finite-life intangible assets | ||
Gross Amount | 6,045 | 6,045 |
Accumulated Amortization | (1,790) | (1,090) |
Net carrying value | 4,255 | 4,955 |
Other finite-life intangible assets [Member] | ||
Finite-life intangible assets | ||
Gross Amount | 3,648 | 3,648 |
Accumulated Amortization | (2,776) | (1,991) |
Net carrying value | $ 872 | $ 1,657 |
Goodwill and Intangible Asset47
Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 97,556 | $ 97,724 | $ 11,750 |
Goodwill, Period Increase (Decrease) | (168) | 85,974 | |
Intangible assets amortization expense | $ 6,100 | $ 2,400 | $ 900 |
Goodwill and Intangible Asset48
Goodwill and Intangible Assets-Future Amortization (Details) $ in Thousands | Apr. 02, 2017USD ($) |
Estimated amortization expense [Abstract] | |
2,018 | $ 5,704 |
2,019 | 5,454 |
2,020 | 5,073 |
2,021 | 5,028 |
2,022 | $ 4,891 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 165,000 | ||
Revolving Loan Facility Letter of Credit | 5,000 | ||
Revolving Loan Facility Swingline Subfacility | $ 8,000 | ||
Interest rate percent above Federal Funds Effective Rate | 0.50% | ||
Interest rate percent above one-month LIBOR for U.S. dollars | 1.00% | ||
LIBOR Margin Minimum | 1.125% | ||
LIBOR Margin Median | 1.25% | ||
LIBOR Margin Maximum | 1.50% | ||
Base Rate Margin Minimum | 0.125% | ||
Base Rate Margin Median | 0.25% | ||
Base Rate Margin Maximum | 0.50% | ||
Line of Credit Facility, Interest Rate at Period End | 2.20% | ||
Proceeds from Lines of Credit | $ 131,000 | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 34,000 | ||
Payments of Debt Issuance Costs | $ 0 | 679 | $ 0 |
Amortization of debt issuance costs | 100 | ||
Unamortized Debt Issuance Expense | 510 | $ 645 | |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 65,000 | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||
Fixed Charge Coverage Ratio | 100.00% | ||
Cash flow leverage ratio | 100.00% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | ||
Fixed Charge Coverage Ratio | 115.00% | ||
Cash flow leverage ratio | 300.00% |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Apr. 02, 2017 | Apr. 03, 2016 |
Debt Instrument [Line Items] | ||
Total long-term Debt | $ 103,125 | $ 129,750 |
Unamortized Debt Issuance Expense | (510) | (645) |
Total debt, net of debt issuance costs | 102,615 | 129,105 |
Less Current Portion of Long-term Debt | (7,989) | (5,489) |
Long-term Debt, Excluding Current Maturities | 94,626 | 123,616 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 8,125 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 10,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 10,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 75,000 | |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term Debt | 93,125 | 98,750 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term Debt | $ 10,000 | $ 31,000 |
Share Based Compensation-Restri
Share Based Compensation-Restricted and Performance Shares Rollforward (Details) - $ / shares | 12 Months Ended | ||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
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 | 37,309 | ||
Granted, Shares | 28,853 | ||
Vested, Shares | (37,309) | ||
Forfeited or expired, Shares | 0 | ||
Ending Balance, Shares | 28,853 | 37,309 | |
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) | $ 40.89 | ||
Granted, Weighted average grant date fair value (usd per share) | 43.10 | $ 40.89 | $ 34.45 |
Vested, Weighted average grant date fair value (usd per share) | 40.89 | ||
Forfeited or expired, Weighted average grant date fair value (usd per share) | 0 | ||
Ending Balance, Weighted average grant date fair value (usd per share) | $ 43.10 | $ 40.89 | |
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning Balance, Shares | 6,804 | ||
Granted, Shares | 8,092 | ||
Vested, Shares | (6,804) | ||
Forfeited or expired, Shares | 0 | ||
Ending Balance, Shares | 8,092 | 6,804 | |
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 | ||
Granted, Weighted average grant date fair value (usd per share) | 43.24 | ||
Vested, Weighted average grant date fair value (usd per share) | 36 | ||
Forfeited or expired, Weighted average grant date fair value (usd per share) | 0 | ||
Ending Balance, Weighted average grant date fair value (usd per share) | $ 43.24 | $ 36 |
Share Based Compensation-Textua
Share Based Compensation-Textual (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefit on share-based compensation plans | $ 131 | $ (1) | $ 92 |
Performance-Based Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Range of restricted stock to be issued minimum | 0 | ||
Range of restricted stock to be issued maximum | 54,028 | ||
Vesting period | 2 years | ||
Weighted average grant date fair value (usd per share) | $ 43.10 | $ 40.89 | $ 34.45 |
Compensation expense | $ 1,400 | $ 1,200 | $ 1,100 |
Equity instruments other than options, vested in period, total fair value | 1,500 | 2,000 | 800 |
Cost not yet recognized | 1,300 | ||
Tax benefit on share-based compensation plans | $ 100 | 0 | 100 |
Performance-Based Restricted Stock [Member] | Weighted Average [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cost not yet recognized, period for recognition | 1 year 6 months | ||
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value (usd per share) | $ 43.24 | ||
Compensation expense | $ 300 | 200 | 200 |
Cost not yet recognized | $ 100 | ||
Restricted Stock Awards [Member] | Weighted Average [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cost not yet recognized, period for recognition | 3 months 18 days | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Compensation expense | $ 0 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 |
Stock options exercised (shares) | 0 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 0 | 9,333 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 19.90 |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | May 29, 2014 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 300,000 | |||
Stock Repurchased During Period, Value | $ 4.8 | $ 2.2 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 112,546 | |||
Common Stock [Member] | ||||
Stock Repurchased During Period, Shares | 0 | 127,852 | 59,602 |
Profit Sharing, Employee Stoc54
Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Profit sharing | $ 741 | $ 1,393 | $ 1,266 |
401(k) matching contributions | 1,996 | 1,586 | 1,216 |
ESOP | 741 | 1,393 | 1,266 |
Nonqualified deferred compensation plan | 1,383 | 0 | 0 |
ESPP - all employees | 364 | 274 | 253 |
Total contribution expense | 5,734 | 5,090 | 4,451 |
Bargaining Unit Employee Plans [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Bargaining unit employee plans | $ 509 | $ 444 | $ 450 |
Profit Sharing, Employee Stoc55
Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans -Textual (Details) - shares | 12 Months Ended | ||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Deferred Compensation Plan, Subsequent Employees Hired Maximum Annual Profit Sharing Percentage Compared to Employees Hired Before Benchmark Date | 50.00% | ||
Deferred Compensation, Annual Profit Sharing Per Employee, Percent | 5.00% | 5.00% | 5.00% |
Employee Stock Ownership Plan, ESOP, Subsequent Employees Hired Maximum Annual Profit Sharing Percentage Compared to Employees Hired Before Benchmark Date | 50.00% | ||
Employee Stock Ownership Plan (ESOP), Compensation Expense, Maximum Percent of Eligible Compensation | 5.00% | 5.00% | 5.00% |
Nonqualified deferred compensation plan | 10.00% | ||
Bargaining Unit Employee Plans [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Deferred Compensation, Annual Profit Sharing Per Employee, Percent | 5.00% | ||
Defined Contribution Plan, Minimum Annual Profit Sharing Per Employee Percent | 2.50% | ||
Employee Stock Ownership Plan (ESOP), Compensation Expense, Maximum Percent of Eligible Compensation | 5.00% | ||
Employee Stock Ownership Plan (ESOP), Compensation Expense, Percent of Eligible Compensation | 2.50% | ||
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||
Maximum [Member] | Bargaining Unit Employee Plans [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||
Common Stock [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
ESPP shares issued (shares) | 38,986 | 33,550 | 31,383 |
Profit Sharing, Employee Stoc56
Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans-Multiemployer Pension Plans (Details) | 12 Months Ended |
Apr. 02, 2017USD ($)collective_barganing_units | |
Compensation and Retirement Disclosure [Abstract] | |
Number of Collective Bargaining Agreements | collective_barganing_units | 2 |
Multi Employer Pension Plan Withdrawal Liability Payment Over Period of Years | 20 years |
Multiemployer Pension Plan Withdrawal Aggregate Cash Payment | $ 9,300,000 |
Multiemployer pension plan withdrawal aggregate cash payment per year | $ 467,000 |
Commitments and Contingencies-F
Commitments and Contingencies-Future minimum operating lease payments (Details) $ in Thousands | Apr. 02, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 2,705 |
2,019 | 2,317 |
2,020 | 2,041 |
2,021 | 1,795 |
2,022 | 1,105 |
Thereafter | $ 2,933 |
Commitments and Contingencies-R
Commitments and Contingencies-Rent Expense (Details) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2017USD ($)lease | Apr. 03, 2016USD ($) | Mar. 29, 2015USD ($) | |
Loss Contingencies [Line Items] | |||
Minimum rentals | $ 3,283 | $ 2,890 | $ 1,665 |
Contingent rentals | 28 | 21 | 103 |
Total rental expense | $ 3,311 | $ 2,911 | $ 1,768 |
Land [Member] | |||
Loss Contingencies [Line Items] | |||
Number of Leases | lease | 3 |
Income Taxes-Provision of Incom
Income Taxes-Provision of Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Income Tax Examination [Line Items] | |||
Federal — current | $ 11,472 | $ 8,761 | $ 9,574 |
State — current | 2,546 | 2,238 | 2,133 |
Total current | 14,018 | 10,999 | 11,707 |
Federal — deferred | (431) | 1,027 | (517) |
State — deferred | (94) | 197 | 50 |
Total deferred | (525) | 1,224 | (467) |
Total provision | $ 13,493 | $ 12,223 | $ 11,240 |
Income Taxes-Effective Income T
Income Taxes-Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax (percent) | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal deduction (percent) | 4.80% | 5.00% | 4.70% |
ESOP dividend deduction on allocated shares (percent) | (0.70%) | (0.70%) | (0.70%) |
Domestic production deduction (percent) | (1.50%) | (1.50%) | (2.40%) |
Non-deductible acquisition costs (percent) | 0.00% | 1.60% | 0.00% |
Assessment related to state tax audit (percent) | 0.00% | (0.60%) | 0.00% |
Other — net (percent) | 0.20% | (0.20%) | (0.30%) |
Total (percent) | 37.40% | 40.20% | 36.90% |
Income Taxes Income Taxes-Defer
Income Taxes Income Taxes-Deferred Tax Assets (Details) - USD ($) $ in Thousands | Apr. 02, 2017 | Apr. 03, 2016 |
Deferred tax assets: | ||
Trade receivables | $ 187 | $ 361 |
Stock compensation accruals | 616 | 620 |
Pension withdrawal liability | 2,513 | 2,635 |
Other | 1,639 | 1,302 |
Total deferred tax assets | 4,955 | 4,918 |
Deferred tax liabilities: | ||
Inventories | (4,006) | (2,671) |
Prepaid | (1,095) | (975) |
Excess of tax over book depreciation | (14,169) | (14,439) |
Intangibles | (27,524) | (29,075) |
Unrealized gain on interest rate swap | (201) | 0 |
Total deferred tax liabilities | (46,995) | (47,160) |
Net deferred tax liabilities | $ (42,040) | $ (42,242) |
Income Taxes-Textual (Details)
Income Taxes-Textual (Details) - USD ($) | 12 Months Ended | ||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits | $ 800,000 | $ 1,900,000 | $ 0 |
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 800,000 | 1,900,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 100,000 | $ 300,000 | |
Tax Adjustments, Settlements, and Unusual Provisions | $ 0 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 02, 2017 | Jan. 01, 2017 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 03, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | ||
Summary of Segment Information | ||||||||||||
Sales | $ 118,618 | $ 112,351 | $ 121,250 | $ 131,374 | $ 129,513 | $ 88,375 | $ 94,592 | $ 101,496 | $ 483,593 | $ 413,976 | $ 364,023 | |
Gross profit | 21,913 | 20,912 | 27,032 | 28,216 | 25,002 | 14,709 | 19,811 | 20,735 | 98,073 | 80,257 | 65,791 | |
Selling, general, and administrative expenses | 14,468 | 14,916 | 14,871 | 15,126 | 16,067 | 12,825 | 10,303 | 9,891 | 59,381 | 49,086 | 35,375 | |
Operating income | 7,445 | $ 5,996 | $ 12,161 | $ 13,090 | 8,935 | $ 1,884 | $ 9,508 | $ 10,844 | 38,692 | 31,171 | 30,416 | |
Identifiable assets | [1] | 404,524 | 403,967 | 404,524 | 403,967 | 194,017 | ||||||
Capital Expenditures | 21,616 | 24,183 | 14,552 | |||||||||
Industrial [Member] | ||||||||||||
Summary of Segment Information | ||||||||||||
Sales | 238,555 | 251,749 | 249,066 | |||||||||
Gross profit | 38,886 | 37,967 | 33,619 | |||||||||
Selling, general, and administrative expenses | 21,818 | 22,137 | 19,793 | |||||||||
Operating income | 17,068 | 15,830 | 13,826 | |||||||||
Identifiable assets | [1] | 159,032 | 158,015 | 159,032 | 158,015 | 151,157 | ||||||
Capital Expenditures | (10,529) | (17,712) | (10,590) | |||||||||
Water Treatment [Member] | ||||||||||||
Summary of Segment Information | ||||||||||||
Sales | 128,954 | 128,312 | 114,957 | |||||||||
Gross profit | 35,962 | 35,470 | 32,172 | |||||||||
Selling, general, and administrative expenses | 19,798 | 19,261 | 15,582 | |||||||||
Operating income | 16,164 | 16,209 | 16,590 | |||||||||
Identifiable assets | [1] | 53,445 | 50,013 | 53,445 | 50,013 | 42,860 | ||||||
Capital Expenditures | (7,777) | (6,306) | (3,962) | |||||||||
Health and Nutrition [Member] | ||||||||||||
Summary of Segment Information | ||||||||||||
Sales | 116,084 | 33,915 | 0 | |||||||||
Gross profit | 23,225 | 6,820 | 0 | |||||||||
Selling, general, and administrative expenses | 17,765 | 7,688 | 0 | |||||||||
Operating income | 5,460 | (868) | 0 | |||||||||
Identifiable assets | [1] | 192,047 | 195,939 | 192,047 | 195,939 | 0 | ||||||
Capital Expenditures | (3,310) | (165) | 0 | |||||||||
Unallocated Amount to Segment [Member] | ||||||||||||
Summary of Segment Information | ||||||||||||
Identifiable assets | $ 13,100 | $ 32,800 | $ 13,100 | $ 32,800 | $ 53,700 | |||||||
[1] | Unallocated assets, consisting primarily of cash and cash equivalents, investments and prepaid expenses, were $13.1 million at April 2, 2017, $32.8 million at April 3, 2016 and $53.7 million at March 29, 2015. |
Segment Information-Textual (De
Segment Information-Textual (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Apr. 03, 2016USD ($) | Dec. 27, 2015USD ($) | Apr. 02, 2017USD ($)SegmentCustomer | Apr. 03, 2016USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments (segment) | Segment | 3 | |||
Number of customers representing 10% or more of revenue (customers) | Customer | 0 | |||
Intersegment Sales | $ 0 | |||
Number of Operating Segments Aggregated | Segment | 0 | |||
Stauber Performance Ingredients [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Business Combination, Acquisition Related Costs | $ 0.6 | $ 2.7 | $ 3.3 | |
Health and Nutrition [Member] | Scenario, Actual [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Corporate expenses allocated to segments | $ 1.9 | |||
Industrial [Member] | Scenario, Plan [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Corporate expenses allocated to segments | 1.2 | |||
Water Treatment [Member] | Scenario, Plan [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Corporate expenses allocated to segments | $ 0.7 |
Selected Quarterly Financial 65
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 02, 2017 | Jan. 01, 2017 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 03, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 118,618 | $ 112,351 | $ 121,250 | $ 131,374 | $ 129,513 | $ 88,375 | $ 94,592 | $ 101,496 | $ 483,593 | $ 413,976 | $ 364,023 |
Gross profit | 21,913 | 20,912 | 27,032 | 28,216 | 25,002 | 14,709 | 19,811 | 20,735 | 98,073 | 80,257 | 65,791 |
Selling, general, and administrative expenses | 14,468 | 14,916 | 14,871 | 15,126 | 16,067 | 12,825 | 10,303 | 9,891 | 59,381 | 49,086 | 35,375 |
Operating income | 7,445 | 5,996 | 12,161 | 13,090 | 8,935 | 1,884 | 9,508 | 10,844 | 38,692 | 31,171 | 30,416 |
Net income | $ 4,210 | $ 3,551 | $ 7,190 | $ 7,604 | $ 4,859 | $ 815 | $ 5,678 | $ 6,791 | $ 22,555 | $ 18,143 | $ 19,214 |
Basic earnings per share | $ 0.40 | $ 0.34 | $ 0.68 | $ 0.72 | $ 0.46 | $ 0.08 | $ 0.54 | $ 0.64 | $ 2.14 | $ 1.72 | $ 1.82 |
Diluted earnings per share | $ 0.40 | $ 0.34 | $ 0.68 | $ 0.72 | $ 0.46 | $ 0.08 | $ 0.54 | $ 0.64 | $ 2.13 | $ 1.72 | $ 1.81 |
Stauber Performance Ingredients [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Business Combination, Acquisition Related Costs | $ 600 | $ 2,700 | $ 3,300 | ||||||||
Industrial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 238,555 | 251,749 | $ 249,066 | ||||||||
Gross profit | 38,886 | 37,967 | 33,619 | ||||||||
Selling, general, and administrative expenses | 21,818 | 22,137 | 19,793 | ||||||||
Operating income | 17,068 | 15,830 | 13,826 | ||||||||
Water Treatment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 128,954 | 128,312 | 114,957 | ||||||||
Gross profit | 35,962 | 35,470 | 32,172 | ||||||||
Selling, general, and administrative expenses | 19,798 | 19,261 | 15,582 | ||||||||
Operating income | 16,164 | 16,209 | 16,590 | ||||||||
Health and Nutrition [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 116,084 | 33,915 | 0 | ||||||||
Gross profit | 23,225 | 6,820 | 0 | ||||||||
Selling, general, and administrative expenses | 17,765 | 7,688 | 0 | ||||||||
Operating income | $ 5,460 | $ (868) | $ 0 |
Valuation and Qualifying Acco66
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Valuation and Qualifying Accounts [Abstract] | ||||
Allowance for doubtful accounts receivable | $ 468 | $ 602 | $ 445 | $ 477 |
Valuation Allowances and Reserves, Adjustments | 79 | 272 | (32) | |
Valuation Allowances and Reserves, Deductions | $ 213 | $ 115 | $ 0 |