Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | 9-May-14 | Sep. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'MONRO MUFFLER BRAKE INC | ' | ' |
Entity Central Index Key | '0000876427 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 29-Mar-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--03-29 | ' | ' |
Entity Well Known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $1,386,400,000 |
Entity Common Stock Shares Outstanding | ' | 31,510,479 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and equivalents | $1,205 | $1,463 |
Trade receivables | 2,728 | 2,835 |
Federal and state income taxes receivable | 2,171 | 2,336 |
Inventories | 124,920 | 118,210 |
Deferred income tax assets | 13,710 | 13,154 |
Other current assets | 23,382 | 28,412 |
Total current assets | 168,116 | 166,410 |
Property, plant and equipment | 531,505 | 504,080 |
Less - Accumulated depreciation and amortization | -249,622 | -229,034 |
Net property, plant and equipment | 281,883 | 275,046 |
Goodwill | 270,039 | 249,803 |
Intangible assets | 29,371 | 32,396 |
Other non-current assets | 10,547 | 10,458 |
Long-term deferred income tax assets | 0 | 5,320 |
Total assets | 759,956 | 739,433 |
Current liabilities: | ' | ' |
Current portion of long-term debt, capital leases and financing obligations | 7,552 | 6,833 |
Trade payables | 53,321 | 61,006 |
Accrued payroll, payroll taxes and other payroll benefits | 20,206 | 18,302 |
Accrued insurance | 32,353 | 29,498 |
Warranty reserves | 9,557 | 9,060 |
Other current liabilities | 13,752 | 13,431 |
Total current liabilities | 136,741 | 138,130 |
Long-term capital leases and financing obligations | 81,199 | 86,962 |
Long-term debt | 105,841 | 127,847 |
Accrued rent expense | 5,700 | 6,057 |
Other long-term liabilities | 11,558 | 11,965 |
Deferred income tax liabilities | 140 | 0 |
Long-term income taxes payable | 2,793 | 3,430 |
Total liabilities | 343,972 | 374,391 |
Commitments | ' | ' |
Shareholders' equity: | ' | ' |
Common Stock, $.01 par value, 65,000,000 shares authorized; 37,567,902 and 37,327,967 shares issued at March 29, 2014 and March 30, 2013, respectively | 376 | 373 |
Treasury Stock, 6,076,951 and 6,073,836 shares at March 29, 2014 and March 30, 2013, respectively, at cost | -90,241 | -90,064 |
Additional paid-in capital | 141,365 | 131,460 |
Accumulated other comprehensive loss | -3,135 | -4,043 |
Retained earnings | 367,570 | 327,267 |
Total shareholders' equity | 415,984 | 365,042 |
Total liabilities and shareholders' equity | 759,956 | 739,433 |
Class C Convertible Preferred Stock | ' | ' |
Shareholders' equity: | ' | ' |
Class C Convertible Preferred Stock, $1.50 par value, $.064 conversion value;150,000 shares authorized; 32,500 shares issued and outstanding | 49 | 49 |
Total shareholders' equity | $49 | $49 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
Convertible Preferred Stock, conversion value | $0.06 | $0.06 |
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 65,000,000 | 65,000,000 |
Common Stock, shares issued | 37,567,902 | 37,327,967 |
Treasury Stock, shares | 6,076,951 | 6,073,836 |
Class C Convertible Preferred Stock | ' | ' |
Convertible Preferred Stock, par value | $1.50 | $1.50 |
Convertible Preferred Stock, conversion value | $0.06 | $0.06 |
Convertible Preferred Stock, shares authorized | 150,000 | 150,000 |
Convertible Preferred Stock, shares issued | 32,500 | 32,500 |
Convertible Preferred Stock, shares outstanding | 32,500 | 32,500 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' |
Sales | $831,432 | $731,997 | $686,552 |
Cost of sales, including distribution and occupancy costs | 511,458 | 453,850 | 410,155 |
Gross profit | 319,974 | 278,147 | 276,397 |
Operating, selling, general and administrative expenses | 224,627 | 204,442 | 184,981 |
Operating income | 95,347 | 73,705 | 91,416 |
Interest expense, net of interest income | 9,470 | 7,213 | 5,220 |
Other income, net | -659 | -332 | -490 |
Income before provision for income taxes | 86,536 | 66,824 | 86,686 |
Provision for income taxes | 32,077 | 24,257 | 32,074 |
Net income | 54,459 | 42,567 | 54,612 |
Other comprehensive income (loss): | ' | ' | ' |
Changes in pension, net of tax provision (benefit) of $556, ($299) and ($1,211), respectively | 908 | -488 | -1,977 |
Other comprehensive income (loss) | 908 | -488 | -1,977 |
Total comprehensive income | $55,367 | $42,079 | $52,635 |
Earnings per share: | ' | ' | ' |
Basic | $1.72 | $1.36 | $1.77 |
Diluted | $1.67 | $1.32 | $1.69 |
Weighted average number of common shares outstanding used in computing earnings per share: | ' | ' | ' |
Basic | 31,394 | 31,067 | 30,716 |
Diluted | 32,642 | 32,308 | 32,237 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' |
Tax provision (benefit) related to changes in pension | $556 | ($299) | ($1,211) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Class C Convertible Preferred Stock | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | |
In Thousands, unless otherwise specified | ||||||||
Beginning balance at Mar. 26, 2011 | $280,249 | $49 | $360 | ($72,317) | $99,871 | $253,864 | ($1,578) | |
Net income | 54,612 | ' | ' | ' | ' | 54,612 | ' | |
Other comprehensive (loss)/income: | ' | ' | ' | ' | ' | ' | ' | |
Pension liability adjustment | -1,977 | ' | ' | ' | ' | ' | -1,977 | |
Dividends: | ' | ' | ' | ' | ' | ' | ' | |
Less: Preferred stock dividends | [1] | -266 | ' | ' | ' | ' | -266 | ' |
Common | [1] | -10,770 | ' | ' | ' | ' | -10,770 | ' |
Tax benefit from exercise of stock options | 5,314 | ' | ' | ' | 5,314 | ' | ' | |
Exercise of stock options | [2] | -2,358 | ' | 8 | -14,176 | 11,810 | ' | ' |
Stock option compensation | 2,695 | ' | ' | ' | 2,695 | ' | ' | |
Ending balance at Mar. 31, 2012 | 327,499 | 49 | 368 | -86,493 | 119,690 | 297,440 | -3,555 | |
Net income | 42,567 | ' | ' | ' | ' | 42,567 | ' | |
Other comprehensive (loss)/income: | ' | ' | ' | ' | ' | ' | ' | |
Pension liability adjustment | -488 | ' | ' | ' | ' | ' | -488 | |
Dividends: | ' | ' | ' | ' | ' | ' | ' | |
Less: Preferred stock dividends | [1] | -304 | ' | ' | ' | ' | -304 | ' |
Common | [1] | -12,436 | ' | ' | ' | ' | -12,436 | ' |
Tax benefit from exercise of stock options | 2,764 | ' | ' | ' | 2,764 | ' | ' | |
Exercise of stock options | [2] | 2,356 | ' | 5 | -3,571 | 5,922 | ' | ' |
Stock option compensation | 3,084 | ' | ' | ' | 3,084 | ' | ' | |
Ending balance at Mar. 30, 2013 | 365,042 | 49 | 373 | -90,064 | 131,460 | 327,267 | -4,043 | |
Net income | 54,459 | ' | ' | ' | ' | 54,459 | ' | |
Other comprehensive (loss)/income: | ' | ' | ' | ' | ' | ' | ' | |
Pension liability adjustment | 908 | ' | ' | ' | ' | ' | 908 | |
Dividends: | ' | ' | ' | ' | ' | ' | ' | |
Less: Preferred stock dividends | [1] | -334 | ' | ' | ' | ' | -334 | ' |
Common | [1] | -13,822 | ' | ' | ' | ' | -13,822 | ' |
Tax benefit from exercise of stock options | 1,866 | ' | ' | ' | 1,866 | ' | ' | |
Exercise of stock options | [2] | 4,314 | ' | 3 | -177 | 4,488 | ' | ' |
Stock option compensation | 3,551 | ' | ' | ' | 3,551 | ' | ' | |
Ending balance at Mar. 29, 2014 | $415,984 | $49 | $376 | ($90,241) | $141,365 | $367,570 | ($3,135) | |
[1] | Dividends paid per common share or common share equivalent were $.44, $.40 and $.35, respectively, for the years ended March 29, 2014, March 30, 2013 and March 31, 2012. | |||||||
[2] | Includes the receipt of treasury stock in connection with the exercise of stock options and to partially satisfy tax withholding obligations. |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Pension Liability Adjustment-pre-tax | $1,464 | ($787) | ($3,188) |
Common stock cash dividends per share | $0.44 | $0.40 | $0.35 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $54,459 | $42,567 | $54,612 |
Adjustments to reconcile net income to net cash provided by operating activities - | ' | ' | ' |
Depreciation and amortization | 31,688 | 27,500 | 23,583 |
Stock-based compensation expense | 3,551 | 3,084 | 2,695 |
Excess tax benefits from share-based payment arrangements | -195 | -441 | -294 |
Net change in deferred income taxes | 4,520 | -375 | 3,162 |
Gain on bargain purchase | -217 | 0 | 0 |
Loss (gain) on disposal of assets | 373 | 375 | -1,247 |
Change in operating assets and liabilities (excluding acquisitions) | ' | ' | ' |
Trade receivables | 107 | -511 | 153 |
Inventories | -5,192 | -5,968 | 4,589 |
Other current assets | 5,149 | -7,176 | -3,668 |
Other non-current assets | 1,844 | 5,468 | -6,942 |
Trade payables | -7,685 | 15,657 | 4,048 |
Accrued expenses | 3,656 | 3,826 | -323 |
Federal and state income taxes payable | 2,031 | 1,779 | 3,577 |
Other long-term liabilities | 491 | -844 | -539 |
Long-term income taxes payable | -637 | -505 | -780 |
Total adjustments | 39,484 | 41,869 | 28,014 |
Net cash provided by operating activities | 93,943 | 84,436 | 82,626 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -32,150 | -34,185 | -28,556 |
Acquisitions, net of cash acquired | -27,467 | -163,326 | -39,243 |
Proceeds from the disposal of assets | 3,916 | 3,037 | 2,102 |
Net cash used for investing activities | -55,701 | -194,474 | -65,697 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from borrowings | 304,321 | 371,031 | 189,502 |
Principal payments on long-term debt, capital leases and financing obligations | -333,174 | -253,445 | -198,236 |
Exercise of stock options | 4,314 | 2,957 | 3,134 |
Excess tax benefits from share-based payment arrangements | 195 | 441 | 294 |
Dividends paid | -14,156 | -12,740 | -11,036 |
Net cash (used for) provided by financing activities | -38,500 | 108,244 | -16,342 |
(Decrease) increase in cash | -258 | -1,794 | 587 |
Cash at beginning of year | 1,463 | 3,257 | 2,670 |
Cash at end of year | $1,205 | $1,463 | $3,257 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||
Mar. 29, 2014 | |||||||
Significant Accounting Policies [Abstract] | ' | ||||||
Significant Accounting Policies | ' | ||||||
MONRO MUFFLER BRAKE, INC. AND SUBSIDIARY | |||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES | |||||||
Background | |||||||
Monro Muffler Brake, Inc. and its wholly owned subsidiary, Monro Service Corporation (together, “Monro”, “we”, “us”, or “our”), are engaged principally in providing automotive undercar repair and tire services in the United States. Monro had 953 Company-operated stores, three franchised locations and 14 dealer-operated automotive repair centers located primarily in the northeast and Great Lakes regions of the United States as of March 29, 2014. Monro's operations are organized and managed in one operating segment. | |||||||
Accounting estimates | |||||||
The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles. The preparation of financial statements in conformity with such principles requires the use of estimates by management during the reporting period. Actual results could differ from those estimates. | |||||||
Fiscal year | |||||||
Monro reports its results on a 52/53 week fiscal year ending on the last Saturday of March of each year. The following are the dates represented by each fiscal period: | |||||||
“Year ended Fiscal March 2014”: March 31, 2013 – March 29, 2014 (52 weeks) | |||||||
“Year ended Fiscal March 2013”: April 1, 2012 – March 30, 2013 (52 weeks) | |||||||
“Year ended Fiscal March 2012”: March 27, 2011 – March 31, 2012 (53 weeks) | |||||||
Consolidation | |||||||
The Consolidated Financial Statements include Monro Muffler Brake, Inc. and its wholly owned subsidiary, Monro Service Corporation, after the elimination of intercompany transactions and balances. | |||||||
Reclassifications | |||||||
Certain amounts in these financials statements have been reclassified to maintain comparability among the periods presented. | |||||||
Retrospective adjustments – Purchase accounting | |||||||
During the quarter ended December 2013, we finalized the purchase accounting for several acquisitions that occurred in fiscal year 2013. We retrospectively adjusted the provisional amounts recognized at the acquisition dates to reflect fair value and made adjustments to the March 30, 2013 Consolidated Balance Sheet. (See Note 2.) | |||||||
Revenue recognition | |||||||
Sales are recorded upon completion of automotive undercar repair and tire services provided to customers. The following was Monro's sales mix for fiscal 2014, 2013 and 2012: | |||||||
Year Ended Fiscal March | |||||||
2014 | 2013 | 2012 | |||||
Brakes | 15% | 15% | 18% | ||||
Exhaust | 4 | 4 | 5 | ||||
Steering | 9 | 10 | 10 | ||||
Tires | 44 | 42 | 39 | ||||
Maintenance | 28 | 29 | 28 | ||||
Total | 100% | 100% | 100% | ||||
Revenue from the sale of tire road hazard warranty agreements is recognized on a straight-line basis over the contract period or other method when costs are not incurred ratably. | |||||||
Cash equivalents | |||||||
We consider all highly liquid instruments with original maturities of three months or less to be cash equivalents. | |||||||
Inventories | |||||||
Our inventories consist of automotive parts and tires. Inventories are valued at the lower of cost or market value using the first-in, first-out (FIFO) method | |||||||
Barter credits | |||||||
We value barter credits at the fair market value of the inventory exchanged, as determined by reference to price lists for buying groups and jobber pricing. We use these credits primarily to pay vendors for purchases (mainly inventory vendors for the purchase of parts and tires) or to purchase other goods or services from the barter company such as advertising and travel. | |||||||
Property, plant and equipment | |||||||
Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is provided on a straight-line basis. Buildings and improvements related to owned locations are depreciated over lives varying from 10 to 39 years; machinery, fixtures and equipment over lives varying from 5 to 15 years; and vehicles over lives varying from 5 to 10 years. Computer software is depreciated over lives varying from 3 to 7 years. Buildings and improvements related to leased locations are depreciated over the shorter of the asset's useful life or the reasonably assured lease term, as defined in the accounting guidance on leases. When property is sold or retired, the cost and accumulated depreciation are eliminated from the accounts and a gain or loss is recorded in the Consolidated Statements of Comprehensive Income. Expenditures for maintenance and repairs are expensed as incurred. (See Note 4.) | |||||||
Long-lived assets | |||||||
We evaluate the ability to recover long-lived assets whenever events or circumstances indicate that the carrying value of the asset may not be recoverable. In the event assets are impaired, losses are recognized to the extent the carrying value exceeds the fair value. In addition, we report assets to be disposed of at the lower of the carrying amount or the fair market value. | |||||||
Store opening and closing costs | |||||||
New store opening costs are charged to expense in the fiscal year when incurred. When we close a store, the estimated unrecoverable costs, including the remaining lease obligation net of sublease income, if any, are charged to expense. | |||||||
Leases | |||||||
Financing Obligations - | |||||||
We are often involved in the construction of leased stores. In some cases, we are responsible for construction cost over runs or non-standard tenant improvements. As a result of this involvement, we are deemed the “owner” for accounting purposes during the construction period, requiring us to capitalize the construction costs on our Consolidated Balance Sheet. Upon completion of the project, we perform a sale-leaseback analysis pursuant to guidance on accounting for leases to determine if we can remove the assets from our Consolidated Balance Sheet. For some of these leases, we are considered to have “continuing involvement”, which precludes us from derecognizing the assets from our Consolidated Balance Sheet when construction is complete (“failed sale-leaseback”). In conjunction with these leases, we capitalize the construction costs on our Consolidated Balance Sheet and also record financing obligations representing payments owed to the landlord. We do not report rent expense for the properties which are owned for accounting purposes. Rather, rental payments under the lease are recognized as a reduction of the financing obligation and as interest expense. | |||||||
Additionally, since we often assume leases in acquisition transactions, the accounting for a seller who was involved in the construction of leased stores passes to us. | |||||||
During the fourth quarter of fiscal 2013, Monro conducted a review of its lease accounting practices as it relates to certain sale-leaseback transactions. | |||||||
In connection with this review, we recorded an out of period adjustment to record previously unrecognized failed sale-leaseback transactions. The adjustment resulted in the recognition of additional property of $.4 million and capital leases and financing obligations of $.7 million on our March 2013 Consolidated Balance Sheet. As some of the stores impacted related to prior year acquisitions, we also recorded increases in goodwill of $1.9 million, deferred tax assets of $1.2 million and other long term liabilities of $2.3 million in our Consolidated Balance Sheet as of March 30, 2013. The impact to the fiscal 2013 Consolidated Statement of Comprehensive Income was recorded in the fourth quarter as a decrease of $1.0 million in occupancy costs and an increase of $.5 million in interest expense. The Company determined that this adjustment was not material to its current or prior period Consolidated Financial Statements. | |||||||
Capital Leases – | |||||||
Some of our property is held under capital leases. These assets are included in property, plant and equipment and depreciated over the term of the lease. We do not report rent expense for capital leases. Rather, rental payments under the lease are recognized as a reduction of the capital lease obligation and interest expense. | |||||||
Operating Leases – | |||||||
All other leases are considered operating leases. Rent expense, including rent escalations, is recognized on a straight-line basis over the reasonably assured lease term, as defined in the accounting guidance on leases. Generally, the lease term is the base lease term plus certain renewal option periods for which renewal is reasonably assured. | |||||||
Goodwill and intangible assets | |||||||
We have a history of growth through acquisitions. Assets and liabilities of acquired businesses are recorded at their estimated fair values as of the date of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. The carrying value of goodwill is subject to annual impairment reviews in accordance with accounting guidance on goodwill, which we typically perform in the third quarter of the fiscal year. Impairment reviews may also be triggered by any significant events or changes in circumstances affecting our business. | |||||||
We have one reporting unit which encompasses all operations including new acquisitions. The goodwill impairment test consists of a two-step process, if necessary. We perform a qualitative assessment to determine if it is more likely than not that the fair value is less than the carrying value of goodwill. If the qualitative factors are triggered, we perform the two-step process. The first step is to compare the fair value of our invested capital to the book value of its invested capital. If the fair value is less than its carrying value, the second step of the impairment test must be performed in order to determine the amount of impairment loss, if any. The second step compares the implied fair value of goodwill with the carrying amount of that goodwill. If the carrying amount of goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill. | |||||||
Intangible assets primarily represent allocations of purchase price to identifiable intangible assets of acquired businesses and are amortized over their estimated useful lives. All intangibles and other long-lived assets are reviewed when events or changes in circumstances indicate that the asset's carrying value may not be recoverable. If such indicators are present, it is determined whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying amounts. No such indicators were present in 2014, 2013 or 2012. | |||||||
A deterioration of macroeconomic conditions may not only negatively impact the estimated operating cash flows used in our cash flow models, but may also negatively impact other assumptions used in our analyses, including, but not limited to, the estimated cost of capital and/or discount rates. Additionally, as discussed above, in accordance with accounting guidance, we are required to ensure that assumptions used to determine fair value in our analyses are consistent with the assumptions a hypothetical market participant would use. As a result, the cost of capital and/or discount rates used in our analyses may increase or decrease based on market conditions and trends, regardless of whether our actual cost of capital has changed. Therefore, we may recognize an impairment of an intangible asset or assets even though realized actual cash flows are approximately equal to or greater than its previously forecasted amounts. | |||||||
As a result of our annual qualitative assessment performed in the third quarter of fiscal 2014, there were no impairments. There have been no triggering events during the fourth quarter of fiscal 2014. | |||||||
Self-insurance reserves | |||||||
We are largely self-insured with respect to workers' compensation, general liability and employee medical claims. In order to reduce our risk and better manage our overall loss exposure, we purchase stop-loss insurance that covers individual claims in excess of the deductible amounts. We maintain an accrual for the estimated cost to settle open claims as well as an estimate of the cost of claims that have been incurred but not reported. These estimates take into consideration the historical average claim volume, the average cost for settled claims, current trends in claim costs, changes in our business and workforce, and general economic factors. These accruals are reviewed on a quarterly basis, or more frequently if factors dictate a more frequent review is warranted. For more complex reserve calculations, such as workers' compensation, we use the services of an actuary on an annual basis to assist in determining the required reserve for open claims. | |||||||
Warranty | |||||||
We provide an accrual for estimated future warranty costs for parts that we install based upon the historical relationship of warranty costs to sales. Warranty expense related to all product warranties at and for the years ended March 2014, 2013 and 2012 was not material to our financial position or results of operations. See additional discussion of tire road hazard warranty agreements under the “Revenue recognition” section of this footnote. | |||||||
Comprehensive income | |||||||
As it relates to Monro, comprehensive income is defined as net earnings as adjusted for pension liability adjustments and is reported net of related taxes in the Consolidated Statements of Comprehensive Income and in the Consolidated Statements of Changes in Shareholders' Equity. | |||||||
Income taxes | |||||||
Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using tax rates based on currently enacted rules and legislation and anticipated rates that will be in effect when the differences are expected to reverse. The accounting guidance for uncertainties in income tax prescribes a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. Monro recognizes a tax benefit from an uncertain tax position in the financial statements only when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits and a consideration of the relevant taxing authority's administrative practices and precedents. (See Note 7.) | |||||||
Treasury stock | |||||||
Treasury stock is accounted for using the par value method. During the year ended March 31, 2012, Monro's former Chief Executive Officer surrendered 386,000 shares of Monro's Common Stock at fair market value to pay the exercise price and to partially satisfy tax withholding obligations on the exercise of 563,000 stock options. During the year ended March 30, 2013, Monro's current Chief Executive Officer surrendered 43,000 shares of Monro's Common Stock at fair market value to pay the exercise price and to partially satisfy tax withholding obligations on the exercise of 113,000 stock options. There was no activity for the Chief Executive Officer during the year ended March 29, 2014. | |||||||
Stock-based compensation | |||||||
We measure compensation cost arising from the grant of share-based payments to an employee at fair value, and recognize such cost in income over the period during which the employee is required to provide service in exchange for the award, usually the vesting period. Forfeitures are estimated on the grant date and revised in subsequent periods if actual forfeitures differ from those estimates. | |||||||
We recognize compensation expense related to stock options using the straight-line approach. Option awards generally vest equally over the service period established in the award, typically four years. We estimate fair value using the Black-Scholes valuation model. Assumptions used to estimate the compensation expense are determined as follows: | |||||||
Expected life of an award is based on historical experience and on the terms and conditions of the stock awards granted to employees; | |||||||
Expected volatility is measured using historical changes in the market price of Monro's Common Stock; | |||||||
Risk-free interest rate is equivalent to the implied yield on zero-coupon U.S. Treasury bonds with a remaining maturity equal to the expected term of the awards; | |||||||
Forfeitures are based substantially on the history of cancellations of similar awards granted by Monro in prior years; and | |||||||
Dividend yield is based on historical experience and expected future changes. | |||||||
The weighted average fair value of options granted during fiscal 2014, 2013 and 2012 was $10.10, $8.67 and $8.41, respectively. The fair values of the options granted were estimated on the date of their grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||
Total stock-based compensation expense included in cost of sales and selling, general and administrative expenses in Monro's Consolidated Statements of Comprehensive Income for the years ended March 29, 2014, March 30, 2013 and March 31, 2012 was $3.6 million, $3.1 million and $2.7 million, respectively. The related income tax benefit was $1.3 million, $1.2 million and $1.0 million, respectively. | |||||||
Earnings per share | |||||||
Basic earnings per share is calculated by dividing net income less preferred stock dividends by the weighted average number of shares of Common Stock outstanding during the year. Diluted earnings per share is calculated by dividing net income by the weighted average number of shares of Common Stock and equivalents outstanding during the year. Common Stock equivalents represent shares issuable upon the assumed exercise of stock options. (See Note 10.) | |||||||
Advertising | |||||||
We expense the production costs of advertising the first time the advertising takes place, except for direct response advertising which is capitalized and amortized over its expected period of future benefits. | |||||||
Direct response advertising consists primarily of coupons for Monro's services. The capitalized costs of this advertising are amortized over the period of the coupon's validity, which is typically two months. | |||||||
Prepaid advertising at March 29, 2014 and March 30, 2013, and advertising expense for the years ended March 2014, 2013 and 2012, were not material to these financial statements. | |||||||
Vendor rebates and cooperative advertising credits | |||||||
We account for vendor rebates and cooperative advertising credits as a reduction of the cost of products purchased, except where the rebate or credit is a reimbursement of costs incurred to sell the vendor's product, in which case it is offset against the costs incurred. | |||||||
Guarantees | |||||||
At the time we issue a guarantee, we recognize an initial liability for the fair value, or market value, of the obligation we assume under that guarantee. | |||||||
Recent accounting pronouncements | |||||||
In February 2013, the Financial Accounting Standards Board issued new accounting guidance for the reporting of amounts reclassified out of accumulated other comprehensive income. This guidance requires companies to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income when applicable, or to cross-reference the reclassifications with other disclosures that provide additional detail about the reclassification made when the reclassifications are not made to net income. This guidance is effective for fiscal years and interim periods beginning after December 15, 2012. The adoption of this guidance in the first quarter of fiscal 2014 did not have an impact on Monro's Consolidated Financial Statements. | |||||||
In July 2013, the Financial Accounting Standards Board issued new accounting guidance for income tax presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. This guidance requires an entity to net its unrecognized tax benefits against the deferred tax assets for all same jurisdiction net operating loss or similar tax loss carryforwards, or tax credit carryforwards. The guidance is to be applied prospectively (with an option to apply retrospectively) and will apply to all unrecognized tax benefits that exist at the effective date. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2013, with early adoption permitted. As we already net our unrecognized tax benefits against the deferred tax assets for all same jurisdiction net operating loss carryforwards, this guidance had no impact on Monro's Consolidated Financial Statements. | |||||||
Other recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification) and the Securities and Exchange Commission did not, or are not expected to have a material effect on Monro's Consolidated Financial Statements. |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Mar. 29, 2014 | |||||
Acquisitions [Abstract] | ' | ||||
Acquisitions | ' | ||||
NOTE 2 – ACQUISITIONS | |||||
Monro's acquisitions are strategic moves in our plan to fill in and expand our presence in our existing and contiguous markets, and leverage fixed operating costs such as distribution and advertising. | |||||
Subsequent Events | |||||
We have signed two definitive asset purchase agreements to complete the acquisition of ten and nine retail tire and automotive repair stores located in Michigan from Lentz U.S.A. Service Centers, Inc. and Kan Rock Tire Company, Inc., respectively, in June 2014. These stores will operate under the Monro Brake & Tire name. These acquisitions will be financed through our existing credit facility. | |||||
On April 13, 2014, we acquired two retail tire and automotive repair stores located in New Hampshire from Bald Tire & Auto, Inc. These retail tire and automotive repair stores were previously Tire Warehouse franchise locations and will continue to operate under the Tire Warehouse name. The acquisition was financed through our existing credit facility. | |||||
Fiscal 2014 | |||||
During fiscal 2014, we acquired the following businesses for an aggregate purchase price of $27.5 million. The acquisitions were financed through our existing credit facility. The results of operations for these acquisitions are included in Monro's financial results from the respective acquisition dates. | |||||
On March 2, 2014, we acquired one retail tire and automotive repair store located in Kentucky from Hometown Tire Company, Inc. This store operates under the Ken Towery Tire and Auto Care name. | |||||
On November 17, 2013, we acquired six retail tire and automotive repair stores located in Maryland and Delaware from Carl King Tire Co., Inc. These stores operate under the Mr. Tire name. | |||||
On November 17, 2013, we acquired four retail tire and automotive repair stores located in Kentucky from S&S Firestone, Inc. These stores operate under the Ken Towery Tire and Auto Care name. | |||||
On October 20, 2013, we acquired two retail tire and automotive repair stores located in North Carolina from XL Tire, Inc. These stores operate under the Tread Quarters brand name. | |||||
On August 18, 2013, we acquired ten retail tire and automotive repair stores located in Virginia and Maryland from Curry's Automotive Group. These stores operate under the Curry's/Mr. Tire name. | |||||
On August 11, 2013, we acquired one retail tire and automotive repair store located in New Jersey from Mitchell Tire Service. This store operates under the Mr. Tire name. | |||||
The acquisitions resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combining these businesses with ours, and unidentifiable intangible assets. All of the goodwill is expected to be deductible for tax purposes. We have recorded finite-lived intangible assets at their estimated fair value related to customer relationships, trade names and a non-compete agreement. | |||||
We expensed all costs related to the acquisitions during fiscal 2014. The total costs related to these acquisitions were not material to the Consolidated Statements of Comprehensive Income. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses. | |||||
Sales and net income for the fiscal 2014 acquired entities totaled $15.1 million and $.1 million, respectively, for the period from acquisition date through March 29, 2014. | |||||
Supplemental pro forma information for the current or prior reporting periods has not been presented due to the impracticability of obtaining detailed, accurate or reliable data for the periods the acquired entities were not owned by Monro. | |||||
The preliminary fair values of identifiable assets acquired and liabilities assumed were based on preliminary valuation data and estimates. The excess of the net purchase price over the net tangible and intangible assets acquired was recorded as goodwill. Where the fair value of the net tangible and intangible assets exceeds the net purchase price, a gain was recorded. The preliminary allocation of the aggregate purchase price as of March 29, 2014 was as follows: | |||||
As of Acquisition Date | |||||
(Dollars in thousands) | |||||
Inventories | $1,549 | ||||
Other current assets | 122 | ||||
Property, plant and equipment | 8,549 | ||||
Intangible assets | 1,283 | ||||
Deferred income tax assets | 111 | ||||
Other non-current assets | 94 | ||||
Total assets acquired | 11,708 | ||||
Warranty reserves | 167 | ||||
Other current liabilities | 1,616 | ||||
Other long-term liabilities | 130 | ||||
Total liabilities assumed | 1,913 | ||||
Total net identifiable assets acquired | $9,795 | ||||
Total consideration transferred | $27,518 | ||||
Plus: gain on bargain purchase | 217 | ||||
Less: total net identifiable assets acquired | 9,795 | ||||
Goodwill | $17,940 | ||||
The following are the intangible assets acquired and their respective fair values and weighted average useful lives. | |||||
As of Acquisition Date | |||||
Dollars in thousands | Weighted Average Useful Life | ||||
Customer lists | $767 | 7 years | |||
Trade name | 501 | 7 years | |||
Non-compete agreement | 15 | 3 years | |||
Total | $1,283 | 7 years | |||
We continue to refine the valuation data and estimates related to road hazard warranty, intangible assets, real estate and real property leases for the fiscal 2014 acquisitions and expect to complete the valuations no later than the first anniversary date of the respective acquisition. We anticipate that adjustments will continue to be made to the fair values of identifiable assets acquired and liabilities assumed and those adjustments may or may not be material. | |||||
Fiscal 2013 | |||||
During fiscal 2013, we acquired the following businesses for an aggregate purchase price of $163.5 million. The acquisitions were financed through our existing credit facility. The results of operations for these acquisitions are included in Monro's financial results from the respective acquisition dates. | |||||
On December 30, 2012, we acquired 12 retail tire and automotive repair stores located in Ohio from Enger Auto Service Mentor, Inc. These stores operate under the Mr. Tire name. | |||||
On December 30, 2012, we acquired nine retail tire and automotive repair stores located in North Carolina from Tire King of Durham, Inc. These stores operate under the Mr. Tire name. | |||||
On December 16, 2012, we acquired 27 retail tire and automotive repair stores located in Indiana and Kentucky and a wholesale operation and warehouse in Kentucky from Ken Towery's Auto Care of Kentucky, Inc. and Ken Towery's Auto Care of Indiana, Inc. These retail stores operate under the Ken Towery's Tire and Auto Care name and the wholesale operation operates under the America's Best Tires name. | |||||
On November 18, 2012, we acquired 31 retail tire stores located in Indiana, Tennessee and Illinois from Everybody's Oil Corporation. These stores operate under the Tire Barn Warehouse name. | |||||
On October 14, 2012, we acquired one retail tire and automotive repair store located in Massachusetts from Brothers Tire, Inc. This store operates under the Monro brand name. | |||||
On October 7, 2012, we acquired five retail tire and automotive repair stores located in New York from Chesley Co. Inc., a former Midas franchisee. These stores operate under the Mr. Tire and Monro brand names. | |||||
On August 12, 2012, we acquired 17 retail tire and automotive repair stores located in Wisconsin and South Carolina from Tuffy Associates Corp. These stores operate under the Monro and Tread Quarters brand names. | |||||
On June 3, 2012, we acquired 18 retail tire and automotive repair stores located in North Carolina from Colony Tire Corporation. These stores operate primarily under the Mr. Tire name. | |||||
On April 1, 2012, we acquired 20 retail tire and automotive repair stores located in Virginia from Kramer Tire Co. These stores operate primarily under the Tread Quarters brand name. As part of the Kramer acquisition, two heavy truck tire and truck repair stores, two wholesale operations and a retread facility also located in Virginia were acquired. The non-retail facilities and the two heavy truck tire and truck repair stores were disposed of during May 2012. | |||||
The acquisitions resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combining these businesses with ours and unidentifiable intangible assets. All of the goodwill is expected to be deductible for tax purposes. We have recorded finite-lived intangible assets at their estimated fair value related to customer relationships, trade names and favorable leases. | |||||
We expensed all costs related to the acquisitions during fiscal 2013. The total costs related to these acquisitions were $2.1 million for the year ended March 30, 2013. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses. | |||||
Sales and net loss for the fiscal 2013 acquired entities totaled $87.0 million and $1.4 million, respectively, for the period from acquisition date through March 30, 2013. | |||||
Supplemental pro forma information for the current or prior reporting periods has not been presented due to the impracticability of obtaining detailed, accurate or reliable data for the periods the acquired entities were not owned by Monro. | |||||
We finalized the purchase accounting relative to Kramer during fiscal 2013 and the other fiscal 2013 acquisitions during fiscal 2014. As a result of the final purchase price allocations, certain of the fair value amounts previously estimated were adjusted during the measurement period. These measurement period adjustments related to updated valuation reports and appraisals received from our external valuation specialists, as well as revisions to internal estimates. The changes in estimates recorded in fiscal 2014 include an increase in property, plant and equipment of $2.4 million; an increase in intangible assets of $4.3 million; an increase in the long-term deferred income tax asset of $7.5 million; an increase in the current portion of long-term debt, capital leases and financing obligations of $2.0 million; a decrease in warranty reserves of $.2 million; an increase in long-term capital leases and financing obligations of $28.9 million; and an increase in other long-term liabilities of $.3 million. The measurement period adjustments resulted in an increase to goodwill of $16.8 million. | |||||
We have recorded the identifiable assets acquired and liabilities assumed at their estimated fair values as of their respective acquisition dates, with the remainder recorded as goodwill as follows: | |||||
As of Acquisition Date | |||||
(Dollars in thousands) | |||||
Inventories | $16,854 | ||||
Other current assets | 1,167 | ||||
Property, plant and equipment | 49,605 | ||||
Intangible assets | 21,112 | ||||
Deferred income tax assets | 13,179 | ||||
Other non-current assets | 9 | ||||
Total assets acquired | 101,926 | ||||
Warranty reserves | 3,217 | ||||
Other current liabilities | 4,694 | ||||
Long-term capital leases and financing obligations | 44,086 | ||||
Other long-term liabilities | 4,256 | ||||
Total liabilities assumed | 56,253 | ||||
Total net identifiable assets acquired | $45,673 | ||||
Total consideration transferred | $163,517 | ||||
Less: total net identifiable assets acquired | 45,673 | ||||
Goodwill | $117,844 | ||||
As part of the purchase accounting adjustments recorded during the quarter ended December 2013, the March 30, 2013 consolidated balance sheet was retrospectively adjusted to reflect some of the purchase accounting measurement period adjustments described above. The retrospective adjustments included an increase in property, plant and equipment of $4.2 million; an increase in intangible assets of $3.9 million; an increase in the long-term deferred income tax asset of $7.4 million; an increase in goodwill of $14.5 million; an increase in the current portion of long-term debt, capital leases and financing obligations of $1.9 million; a decrease in warranty reserves of $.2 million; an increase in long-term capital leases and financing obligations of $28.1 million; and an increase in other long-term liabilities of $.2 million. | |||||
Additionally, the purchase accounting adjustments did not have a material impact on the current period or any prior period consolidated statements of comprehensive income, and, therefore, prior period consolidated statements of comprehensive income have not been retrospectively adjusted. | |||||
The following are the intangible assets acquired and their respective fair values and weighted average useful lives. | |||||
As of Acquisition Date | |||||
Dollars in thousands | Weighted Average Useful Life | ||||
Customer lists | $9,160 | 7 years | |||
Trade names | 6,570 | 17 years | |||
Favorable leases | 5,382 | 12 years | |||
Total | $21,112 | 11 years |
Other_Current_Assets
Other Current Assets | 12 Months Ended | |||||
Mar. 29, 2014 | ||||||
Other Current Assets And Other Non-current Assets [Abstract] | ' | |||||
Other Current Assets | ' | |||||
NOTE 3 – OTHER CURRENT ASSETS | ||||||
The composition of other current assets is as follows: | ||||||
Year Ended Fiscal March | ||||||
2014 | 2013 | |||||
(Dollars in thousands) | ||||||
Vendor rebates receivable | $ | 7,258 | $ | 10,662 | ||
Other | 16,124 | 17,750 | ||||
$ | 23,382 | $ | 28,412 |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||||||
Property, Plant and Equipment | ' | |||||||||||||||||||
NOTE 4 - PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||||||
The major classifications of property, plant and equipment are as follows: | ||||||||||||||||||||
29-Mar-14 | 30-Mar-13 | |||||||||||||||||||
Assets | Assets | |||||||||||||||||||
Under | Under | |||||||||||||||||||
Capital Lease/ | Capital Lease/ | |||||||||||||||||||
Assets | Financing | Assets | Financing | |||||||||||||||||
Owned | Obligations | Total | Owned | Obligations | Total | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Land | $ | 69,836 | $ | 69,836 | $ | 69,401 | $ | 69,401 | ||||||||||||
Buildings and | ||||||||||||||||||||
improvements | 186,093 | $ | 66,057 | 252,150 | 177,869 | $ | 64,993 | 242,862 | ||||||||||||
Equipment, signage | ||||||||||||||||||||
and fixtures | 183,373 | 183,373 | 169,233 | 169,233 | ||||||||||||||||
Vehicles | 19,632 | 67 | 19,699 | 18,256 | 67 | 18,323 | ||||||||||||||
Construction-in- | ||||||||||||||||||||
progress | 6,447 | 6,447 | 4,261 | 4,261 | ||||||||||||||||
465,381 | 66,124 | 531,505 | 439,020 | 65,060 | 504,080 | |||||||||||||||
Less - Accumulated | ||||||||||||||||||||
depreciation and | ||||||||||||||||||||
amortization | 226,870 | 22,752 | 249,622 | 210,490 | 18,544 | 229,034 | ||||||||||||||
$ | 238,511 | $ | 43,372 | $ | 281,883 | $ | 228,530 | $ | 46,516 | $ | 275,046 | |||||||||
Depreciation expense totaled $28.6 million, $24.7 million and $22.0 million for the fiscal years ended March 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Amortization expense recorded under capital leases and financing obligations and included in depreciation expense above totaled $5.2 million, $3.9 million and $3.2 million for the fiscal years ended March 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Goodwill and Intangible Assets [Abstract] | ' | |||||||||||
Goodwill and Intangible Assets | ' | |||||||||||
NOTE 5 – GOODWILL AND INTANGIBLE ASSETS | ||||||||||||
The changes in goodwill during fiscal 2014 and 2013 were as follows: | ||||||||||||
Dollars in thousands | ||||||||||||
Balance at March 31, 2012 | $ | 132,656 | ||||||||||
Fiscal 2013 acquisitions | 115,548 | |||||||||||
Disposal of assets related to fiscal 2013 acquisitions | -704 | |||||||||||
Adjustments to fiscal 2012 purchase accounting | 404 | |||||||||||
Other adjustments | 1,899 | |||||||||||
Balance at March 30, 2013 | 249,803 | |||||||||||
Fiscal 2014 acquisitions | 17,940 | |||||||||||
Adjustments to fiscal 2013 purchase accounting | 2,296 | |||||||||||
Balance at March 29, 2014 | $ | 270,039 | ||||||||||
In fiscal 2013, the other adjustments relate to our review of lease accounting practices. (See Note 1). | ||||||||||||
The composition of other intangible assets is as follows: | ||||||||||||
Year Ended Fiscal March | ||||||||||||
2014 | 2013 | |||||||||||
Gross | Gross | |||||||||||
Carrying | Accumulated | Carrying | Accumulated | |||||||||
Amount | Amortization | Amount | Amortization | |||||||||
(Dollars in thousands) | ||||||||||||
Customer lists | $ | 19,566 | $ | 8,548 | $ | 18,799 | $ | 6,313 | ||||
Trade names | 14,003 | 4,648 | 13,502 | 3,891 | ||||||||
Favorable leases | 12,700 | 3,751 | 12,293 | 2,117 | ||||||||
Other intangible assets | 660 | 611 | 645 | 522 | ||||||||
Total intangible assets | $ | 46,929 | $ | 17,558 | $ | 45,239 | $ | 12,843 | ||||
Monro's intangible assets are being amortized over their estimated useful lives. The weighted average useful lives of Monro's intangible assets are approximately nine years for customer lists, 14 years for trade names, 15 years for favorable leases and five years for other intangible assets. | ||||||||||||
Amortization of intangible assets, excluding amortization of favorable leases included in rent expense, during fiscal 2014, 2013 and 2012 totaled $3.1 million, $2.8 million and $1.6 million, respectively. | ||||||||||||
Estimated future amortization of intangible assets is as follows: | ||||||||||||
Customer lists/ | ||||||||||||
Trade names/ | Favorable | |||||||||||
Year Ending Fiscal March | Other | Leases | ||||||||||
(Dollars in thousands) | ||||||||||||
2015 | $ | 3,025 | $ | 977 | ||||||||
2016 | 2,890 | 887 | ||||||||||
2017 | 2,741 | 846 | ||||||||||
2018 | 2,673 | 818 | ||||||||||
2019 | 2,419 | 780 |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Long-Term Debt [Abstract] | ' | |||||||||||
Long-Term Debt | ' | |||||||||||
NOTE 6 - LONG-TERM DEBT, CAPITAL LEASES AND FINANCING OBLIGATIONS | ||||||||||||
Long-term debt, capital leases and financing obligations consist of the following: | ||||||||||||
March 29, | March 30, | |||||||||||
2014 | 2013 | |||||||||||
(Dollars in thousands) | ||||||||||||
Revolving Credit Facility, LIBOR-based (a) | $ | 105,841 | $ | 127,187 | ||||||||
Mortgage Note Payable, non-interest bearing, secured by warehouse and office | ||||||||||||
land, due in one installment in 2015 | 660 | |||||||||||
Long-term debt | $ | 105,841 | $ | 127,847 | ||||||||
Obligations under capital leases and financing obligations at various | ||||||||||||
interest rates, due in installments through 2042 | $ | 88,091 | $ | 93,795 | ||||||||
Mortgage Note Payable, non-interest bearing, secured by warehouse and office | ||||||||||||
land, due in one installment in 2015 | 660 | |||||||||||
Less – Current portion of long-term debt, capital leases and financing obligations | -7,552 | -6,833 | ||||||||||
Long-term capital leases and financing obligations | $ | 81,199 | $ | 86,962 | ||||||||
(a) The London Interbank Offered Rate (LIBOR) at March 29, 2014 was .15%. | ||||||||||||
In June 2011, we entered into a five-year, $175 million Revolving Credit Facility agreement with seven banks (the “Credit Facility”). This Credit Facility amended and restated, in its entirety, the Credit Facility agreement previously entered into by Monro as of July 2005 and amended from time to time. The Credit Facility also provided an accordion feature permitting us to request an increase in availability of up to an additional $75 million. | ||||||||||||
In December 2012, the Credit Facility was amended to include the following: the committed sum was increased by $75 million to $250 million; the term was extended for another one and a half years, such that the Credit Facility now expires in December 2017; and the $75 million accordion feature was maintained. There were no other changes in terms including those related to covenants or interest rates. There are now six banks participating in the syndication. There was $105.8 million outstanding under the Credit Facility at March 29, 2014. We were in compliance with all debt covenants as of March 29, 2014. | ||||||||||||
The interest rate on the Credit Facility increased from 100 basis points to 125 basis points over LIBOR during fiscal year 2014. At March 29, 2014, the interest rate was 125 basis points over LIBOR. | ||||||||||||
Within the Credit Facility, we have a sub-facility of $40 million for the purpose of issuing standby letters of credit. The line requires fees aggregating 1.375% annually of the face amount of each standby letter of credit, payable quarterly in arrears. There was $22.7 million in an outstanding letter of credit at March 29, 2014. | ||||||||||||
The net availability under the Credit Facility at March 29, 2014 was $121.5 million. | ||||||||||||
Specific terms of the Credit Facility permit the payment of cash dividends not to exceed 50% of the prior year's net income, and permit mortgages and specific lease financing arrangements with other parties with certain limitations. Additionally, the Credit Facility is not secured by our real property, although we have agreed not to encumber our real property, with certain permissible exceptions. The agreement also requires the maintenance of specified interest and rent coverage ratios. | ||||||||||||
Long-term debt, including current portion, had a carrying amount of $106.5 million and a fair value of $106.5 million as of March 29, 2014, as compared to a carrying amount of $127.8 million and a fair value of $127.8 million as of March 30, 2013. The fair value of long-term debt was estimated based on discounted cash flow analyses using either quoted market prices for the same or similar issues, or the current interest rates offered to Monro for debt with similar maturities. | ||||||||||||
In addition, we have financed certain store properties and vehicles with capital leases/financing obligations, which amount to $88.1 million and are due in installments through 2042. | ||||||||||||
During fiscal 1995, Monro purchased 12.7 acres of land for $.7 million from the City of Rochester, New York, on which its office/warehouse facility is located. The City has provided financing for 100% of the cost of the land via a 20-year non-interest bearing mortgage, all due and payable in fiscal 2015. | ||||||||||||
Aggregate debt maturities over the next five years are as follows: | ||||||||||||
Capital Leases/Financing Obligations | ||||||||||||
Aggregate | Imputed | All Other | ||||||||||
Year Ending Fiscal March | Amount | Interest | Debt | Total | ||||||||
(Dollars in thousands) | ||||||||||||
2015 | $ | 13,459 | $ | -6,567 | $ | 660 | $ | 7,552 | ||||
2016 | 12,732 | -6,061 | 6,671 | |||||||||
2017 | 12,204 | -5,564 | 6,640 | |||||||||
2018 | 12,186 | -5,050 | 105,841 | 112,977 | ||||||||
2019 | 11,976 | -4,510 | 7,466 |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Mar. 29, 2014 | ||||||||||||||||
Income Tax [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
NOTE 7 - INCOME TAXES | ||||||||||||||||
The components of the provision for income taxes are as follows: | ||||||||||||||||
Year Ended Fiscal March | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Current - | ||||||||||||||||
Federal | $ | 25,978 | $ | 22,366 | $ | 26,002 | ||||||||||
State | 1,579 | 2,266 | 2,910 | |||||||||||||
27,557 | 24,632 | 28,912 | ||||||||||||||
Deferred - | ||||||||||||||||
Federal | 4,793 | -101 | 3,273 | |||||||||||||
State | -273 | -274 | -111 | |||||||||||||
4,520 | -375 | 3,162 | ||||||||||||||
Total | $ | 32,077 | $ | 24,257 | $ | 32,074 | ||||||||||
Deferred tax (liabilities) assets consist of the following: | ||||||||||||||||
March 29, | March 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Goodwill | $ | -18,189 | $ | -13,104 | ||||||||||||
Other | -734 | -242 | ||||||||||||||
Total deferred tax liabilities | -18,923 | -13,346 | ||||||||||||||
Insurance reserves | 9,774 | 8,872 | ||||||||||||||
Property and equipment | 5,815 | 6,637 | ||||||||||||||
Warranty and other reserves | 4,228 | 4,322 | ||||||||||||||
Stock options | 3,897 | 2,982 | ||||||||||||||
Deferred rent | 1,961 | 2,086 | ||||||||||||||
Accrued compensation | 1,650 | 1,444 | ||||||||||||||
Other | 5,168 | 5,477 | ||||||||||||||
Total deferred tax assets | 32,493 | 31,820 | ||||||||||||||
Net deferred tax assets | $ | 13,570 | $ | 18,474 | ||||||||||||
We have $3.7 million of state net operating loss carryforwards available as of March 29, 2014. The carryforwards expire in varying amounts through 2034. Based on all available evidence, we have determined that it is more likely than not that sufficient taxable income of the appropriate character within the carryforward period will exist for the realization of the tax benefits on existing state net operating loss carryforwards. | ||||||||||||||||
We believe it is more likely than not that all other future tax benefits will be realized as a result of current and future income. | ||||||||||||||||
A reconciliation between the U. S. federal statutory tax rate and the effective tax rate reflected in the accompanying financial statements is as follows: | ||||||||||||||||
Year Ended Fiscal March | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||
(Dollars in thousands) | ||||||||||||||||
Federal income tax based on | ||||||||||||||||
statutory tax rate applied | ||||||||||||||||
to income before taxes | $ | 30,287 | 35 | $ | 23,388 | 35 | $ | 30,340 | 35 | |||||||
State income tax, net of | ||||||||||||||||
federal income tax benefit | 2,097 | 2.4 | 1,159 | 1.7 | 2,231 | 2.6 | ||||||||||
Other | -307 | -0.3 | -290 | -0.4 | -497 | -0.6 | ||||||||||
$ | 32,077 | 37.1 | $ | 24,257 | 36.3 | $ | 32,074 | 37 | ||||||||
The following is a rollforward of Monro's liability for income taxes associated with unrecognized tax benefits: | ||||||||||||||||
Dollars in thousands | Dollars in thousands | |||||||||||||||
Balance at March 26, 2011 | $ | 5,964 | ||||||||||||||
Tax positions related to current year: | ||||||||||||||||
Additions | 1,000 | |||||||||||||||
Reductions | ||||||||||||||||
Tax positions related to prior years: | ||||||||||||||||
Additions | 230 | |||||||||||||||
Reductions | -904 | |||||||||||||||
Settlements | -166 | |||||||||||||||
Lapses in statutes of limitations | -640 | |||||||||||||||
Balance at March 31, 2012 | 5,484 | |||||||||||||||
Tax positions related to current year: | ||||||||||||||||
Additions | 1,198 | |||||||||||||||
Reductions | ||||||||||||||||
Tax positions related to prior years: | ||||||||||||||||
Additions | ||||||||||||||||
Reductions | ||||||||||||||||
Settlements | -266 | |||||||||||||||
Lapses in statutes of limitations | -712 | |||||||||||||||
Balance at March 30, 2013 | 5,704 | |||||||||||||||
Tax positions related to current year: | ||||||||||||||||
Additions | 1,678 | |||||||||||||||
Reductions | ||||||||||||||||
Tax positions related to prior years: | ||||||||||||||||
Additions | ||||||||||||||||
Reductions | -88 | |||||||||||||||
Settlements | -381 | |||||||||||||||
Lapses in statutes of limitations | -1,013 | |||||||||||||||
Balance at March 29, 2014 | $ | 5,900 | ||||||||||||||
The total amount of unrecognized tax benefits was $5.9 million at March 29, 2014, the majority of which, if recognized, would affect the effective tax rate. | ||||||||||||||||
In the normal course of business, Monro provides for uncertain tax positions and the related interest and penalties, and adjusts its unrecognized tax benefits and accrued interest and penalties accordingly. During the years ended March 29, 2014, March 30, 2013 and March 31, 2012, we recorded a benefit from the reversal of accrued interest and penalties of approximately $.1 million, $.2 million and $.3 million, respectively, in income tax expense. Additionally, we had approximately $.3 million and $.5 million of interest and penalties associated with uncertain tax benefits accrued as of March 29, 2014 and March 30, 2013, respectively. | ||||||||||||||||
Monro is currently under state audit for the fiscal 2011 through 2012 tax years. It is reasonably possible that the examination phase of the audits for these years may conclude in the next 12 months, and that the related unrecognized tax benefits for tax positions taken regarding previously filed tax returns may change from those recorded as liabilities for uncertain tax positions in Monro's Consolidated Financial Statements as of March 29, 2014. However, based on the status of the examinations, it is not possible to estimate the effect of any amount of such change to previously recorded uncertain tax positions. | ||||||||||||||||
We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Monro's fiscal 2011 through 2013 U.S. federal tax years and various state tax years remain subject to income tax examinations by tax authorities. | ||||||||||||||||
Stock_Ownership
Stock Ownership | 12 Months Ended | |||||
Mar. 29, 2014 | ||||||
Stock Ownership [Abstract] | ' | |||||
Stock Ownership | ' | |||||
NOTE 8 – STOCK OWNERSHIP | ||||||
A summary of the changes in the number of shares of Common Stock, Class C preferred stock and treasury stock is as follows: | ||||||
Class C | ||||||
Common | Convertible | |||||
Stock | Preferred | Treasury | ||||
Shares | Stock Shares | Stock | ||||
Issued | Issued | Shares | ||||
Balance at March 26, 2011 | 36,038,664 | 32,500 | 5,577,984 | |||
Stock options exercised | 816,594 | 390,007 | ||||
Balance at March 31, 2012 | 36,855,258 | 32,500 | 5,967,991 | |||
Stock options exercised | 472,709 | 105,845 | ||||
Balance at March 30, 2013 | 37,327,967 | 32,500 | 6,073,836 | |||
Stock options exercised | 239,935 | 3,115 | ||||
Balance at March 29, 2014 | 37,567,902 | 32,500 | 6,076,951 | |||
In March 2012, Monro's Board of Directors approved a resolution to amend Monro's Restated Certificate of Incorporation, subject to shareholder approval, to increase the number of authorized shares of Common Stock from 45,000,000 to 65,000,000. Monro's shareholders approved the increase at our Annual Shareholders' meeting on August 7, 2012. | ||||||
Holders of at least 60% of the Class C preferred stock must approve any action authorized by the holders of Common Stock. In addition, there are certain restrictions on the transferability of shares of Class C preferred stock. In the event of a liquidation, dissolution or winding-up of Monro, the holders of the Class C preferred stock would be entitled to receive $1.50 per share out of the assets of Monro before any amount would be paid to holders of Common Stock. The conversion value of the Class C convertible preferred stock was $.064 per share at March 29, 2014 and March 30, 2013. |
Share_Based_Compensation
Share Based Compensation | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Share Based Compensation [Abstract] | ' | ||||||||
Share Based Compensation | ' | ||||||||
NOTE 9 – SHARE BASED COMPENSATION | |||||||||
Monro currently grants stock option awards under the 2007 Incentive Stock Option Plan (the “2007 Plan”). The 2007 Plan was authorized by the Board of Directors in June 2007, initially reserving 873,000 shares (as retroactively adjusted for stock splits) of Common Stock for issuance to eligible employees and all non-employee directors. The 2007 Plan was approved by shareholders in August 2007. Prior to fiscal 2008, Monro had options outstanding under three other stock option plans: the 1994 Non-Employee Directors Stock Option Plan (the “1994 Plan”) (which was approved by shareholders in August 1995); the 1998 Incentive Stock Option Plan (the “1998 Plan”) (which was approved by shareholders in August 1999); and the 2003 Non-Employee Directors Stock Option Plan (the “2003 Plan”) (which was approved by shareholders in August 2003), collectively the “Prior Plans.” Upon shareholder approval of the 2007 Plan, all shares of Common Stock available for award under the 1998 and 2003 Plans were transferred to, and made available for award under the 2007 Plan. The 1994 Plan had no options available for grant upon adoption of the 2007 Plan. No further option grants may be made under the Prior Plans, although outstanding awards under the Prior Plans will remain outstanding in accordance with the terms of those plans and the stock option agreements entered into under those plans. | |||||||||
The 1994 Plan had a total of 675,345 common shares authorized for issuance; the 1998 Plan had a total of 4,016,250 shares authorized for issuance; and the 2003 Plan had a total of 315,000 shares authorized for issuance (all as retroactively adjusted for stock splits). Upon authorization of the 2007 Plan by shareholders, 628,662 shares (as retroactively adjusted for stock splits) were transferred from the 1998 and 2003 Plans into the 2007 Plan, bringing the total authorized shares to 1,501,662 (as retroactively adjusted for stock splits). In addition, in May 2013 and 2010, the Compensation Committee of the Board of Directors authorized an additional 2,000,000 and 1,500,000 shares (as retroactively adjusted for stock splits), respectively, of common stock for grant under the 2007 Plan, which were approved by shareholders in August 2013 and August 2010, respectively. At March 29, 2014, there was a total of 5,001,662 shares authorized for grant under the 2007 Plan (as retroactively adjusted for stock splits), including the shares transferred from the 1998 and 2003 Plans. | |||||||||
Generally, employee options vest within the first five years of their term, and have a duration of six to ten years. Outstanding options are exercisable for various periods through March 2020. | |||||||||
A summary of changes in outstanding stock options is as follows: | |||||||||
Weighted | |||||||||
Average | |||||||||
Exercise | Options | ||||||||
Price | Outstanding | ||||||||
At March 26, 2011 | $19.35 | 2,525,678 | |||||||
Granted | $32.86 | 173,075 | |||||||
Exercised | $14.47 | -816,594 | |||||||
Canceled | $21.10 | -30,571 | |||||||
At March 31, 2012 | $22.75 | 1,851,588 | |||||||
Granted | $35.19 | 511,600 | |||||||
Exercised | $12.54 | -472,709 | |||||||
Canceled | $29.99 | -26,365 | |||||||
At March 30, 2013 | $28.66 | 1,864,114 | |||||||
Granted | $45.38 | 181,400 | |||||||
Exercised | $18.73 | -239,935 | |||||||
Canceled | $35.48 | -32,178 | |||||||
At March 29, 2014 | $31.58 | 1,773,401 | |||||||
The total shares exercisable at March 29, 2014, March 30, 2013 and March 31, 2012 was 1,160,572, 984,917 and 1,129,513, respectively. There were 2,148,327 shares available for grant at March 29, 2014. | |||||||||
The weighted average contractual term of all options outstanding at March 29, 2014 and March 30, 2013 was 3.1 years and 3.8 years, respectively. The aggregate intrinsic value of all options (the amount by which the market price of the stock on the date of exercise exceeded the exercise price of the option) outstanding at March 29, 2014 and March 30, 2013 was $44.2 million and $20.6 million, respectively. | |||||||||
The weighted average contractual term of all options exercisable at March 29, 2014 and March 30, 2013 was 2.8 years and 3.4 years, respectively. The aggregate intrinsic value of all options exercisable at March 29, 2014 and March 30, 2013 was $31.5 million and $14.7 million, respectively. | |||||||||
A summary of the status of and changes in nonvested stock options granted is as follows | |||||||||
Weighted Average | |||||||||
Grant-Date | |||||||||
Fair Value | |||||||||
Options | (per Option) | ||||||||
Non-vested at March 26, 2011 | 930,039 | $7.83 | |||||||
Granted | 173,075 | $8.41 | |||||||
Vested | -357,697 | $7.54 | |||||||
Canceled | -23,342 | $6.62 | |||||||
Non-vested at March 31, 2012 | 722,075 | $8.16 | |||||||
Granted | 511,600 | $8.67 | |||||||
Vested | -332,566 | $7.98 | |||||||
Canceled | -21,912 | $8.26 | |||||||
Non-vested at March 30, 2013 | 879,197 | $8.52 | |||||||
Granted | 181,400 | $10.11 | |||||||
Vested | -417,743 | $8.66 | |||||||
Canceled | -30,025 | $8.90 | |||||||
Non-vested at March 29, 2014 | 612,829 | $8.88 | |||||||
The following table summarizes information about fixed stock options outstanding at March 29, 2014: | |||||||||
Options Outstanding | Options Exercisable | ||||||||
Weighted | Weighted | Weighted | |||||||
Average | Average | Shares | Average | ||||||
Range of | Shares | Remaining | Exercise | Under | Exercise | ||||
Exercise Prices | Under Option | Life | Price | Option | Price | ||||
$ 9.27 - $26.64 | 467,267 | 2.71 | $18.82 | 429,343 | $18.28 | ||||
$26.65 - $33.64 | 518,489 | 3.54 | $33.25 | 214,709 | $33.26 | ||||
$33.65 - $35.31 | 433,250 | 2.03 | $35.28 | 340,750 | $35.28 | ||||
$35.32 - $61.58 | 354,395 | 4.39 | $41.45 | 175,770 | $40.13 | ||||
During the fiscal years ended March 29, 2014, March 30, 2013 and March 31, 2012, the fair value of awards vested under Monro's stock plans was $3.6 million, $2.7 million and $2.7 million, respectively. | |||||||||
The aggregate intrinsic value is based on Monro's closing stock price of $56.51, $39.71 and $41.49 as of the last trading day of the periods ended March 29, 2014, March 30, 2013 and March 31, 2012, respectively. The aggregate intrinsic value of options exercised during the fiscal years ended March 29, 2014, March 30, 2013 and March 31, 2012 was $7.4 million, $10.6 million and $17.6 million, respectively. As of March 29, 2014, March 30, 2013 and March 31, 2012, there was $4.1 million, $6.0 million and $4.9 million, respectively, of unrecognized compensation expense related to non-vested fixed stock options that is expected to be recognized over a weighted average period of approximately two years, three years and three years, respectively. | |||||||||
Cash received from option exercises under all stock option plans was $4.3 million, $3.0 million and $3.1 million for the fiscal years ended March 29, 2014, March 30, 2013 and March 31, 2012, respectively. The actual tax benefit realized for the tax deductions from option exercises was $1.9 million, $2.8 million and $5.3 million for the fiscal years ended March 29, 2014, March 30, 2013 and March 31, 2012, respectively. | |||||||||
Monro issues new shares of Common Stock upon the exercise of stock options. | |||||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Earnings Per Common Share [Abstract] | ' | ||||||||||
Earnings Per Common Share | ' | ||||||||||
NOTE 10 – EARNINGS PER COMMON SHARE | |||||||||||
The following is a reconciliation of basic and diluted earnings per common share for the respective years: | |||||||||||
Year Ended Fiscal March | |||||||||||
2014 | 2013 | 2012 | |||||||||
(Amounts in thousands, except per share data) | |||||||||||
Numerator for earnings per common share calculation: | |||||||||||
Net Income | $ | 54,459 | $ | 42,567 | $ | 54,612 | |||||
Less: Preferred stock dividends | -334 | -304 | -266 | ||||||||
Income available to common stockholders | $ | 54,125 | $ | 42,263 | $ | 54,346 | |||||
Denominator for earnings per common share calculation: | |||||||||||
Weighted average common shares, basic | 31,394 | 31,067 | 30,716 | ||||||||
Effect of dilutive securities: | |||||||||||
Preferred stock | 760 | 760 | 760 | ||||||||
Stock options | 488 | 481 | 761 | ||||||||
Weighted average common shares, diluted | 32,642 | 32,308 | 32,237 | ||||||||
Basic earnings per common share: | $ | 1.72 | $ | 1.36 | $ | 1.77 | |||||
Diluted earnings per common share: | $ | 1.67 | $ | 1.32 | $ | 1.69 | |||||
The computation of diluted earnings per common share for fiscal 2014, 2013 and 2012 excludes the effect of assumed exercise of approximately 91,000, 955,000 and 682,000 of stock options, respectively, as the exercise price of these options was greater than the average market value of Monro's Common Stock for those periods, resulting in an anti-dilutive effect on diluted earnings per share. | |||||||||||
Operating_Leases_and_Other_Com
Operating Leases and Other Commitments | 12 Months Ended | |||||||||
Mar. 29, 2014 | ||||||||||
Operating Leases and Other Commitments [Abstract] | ' | |||||||||
Operating Leases And Other Commitments | ' | |||||||||
NOTE 11 – OPERATING LEASES AND OTHER COMMITMENTS | ||||||||||
We lease retail facilities under noncancellable lease agreements which expire at various dates through fiscal 2032. In addition to stated minimum payments, certain real estate leases have provisions for contingent rentals when retail sales exceed specified levels. Generally, the leases provide for renewal for various periods at stipulated rates. Most of the facilities' leases require payment of property taxes, insurance and maintenance costs in addition to rental payments, and several provide an option to purchase the property at the end of the lease term. | ||||||||||
In recent years, we have entered into agreements for the sale/leaseback of certain stores. Realized gains are deferred and are credited to income as rent expense adjustments over the lease terms. We have lease renewal options under the real estate agreements at projected future fair market values. | ||||||||||
Future minimum payments required under noncancellable leases (including closed stores) are as follows: | ||||||||||
Less - | ||||||||||
Sublease | ||||||||||
Year Ending Fiscal March | Leases | Income | Net | |||||||
(Dollars in thousands) | ||||||||||
2015 | $ | 33,547 | $ | -343 | $ | 33,204 | ||||
2016 | 29,068 | -295 | 28,773 | |||||||
2017 | 24,218 | -200 | 24,018 | |||||||
2018 | 18,105 | -137 | 17,968 | |||||||
2019 | 11,363 | -55 | 11,308 | |||||||
Thereafter | 11,237 | -91 | 11,146 | |||||||
Total | $ | 127,538 | $ | -1,121 | $ | 126,417 | ||||
Rent expense under operating leases, net of sublease income, totaled $32,841,000, $32,204,000 and $28,490,000 in fiscal 2014, 2013 and 2012, respectively, including contingent rentals of $59,000, $85,000 and $93,000 in each respective fiscal year. Sublease income totaled $533,000, $636,000 and $386,000, respectively, in fiscal 2014, 2013 and 2012. | ||||||||||
We enter into contracts with parts and tire suppliers, certain of which require us to buy (at market prices) up to 100% of our annual purchases of specific products. The agreements expire at various dates through July 2017. We believe these agreements provide us with high quality, branded merchandise at preferred pricing, along with strong marketing and training support. | ||||||||||
On August 7, 2012, we entered into a new employment agreement with our Executive Chairman, Robert G. Gross (the “2012 Agreement”). The 2012 Agreement became effective on October 1, 2012 and has a three-year term. Under the 2012 Agreement, Mr. Gross (i) is paid a base salary of $420,000; (ii) is eligible to earn a target annual bonus, pursuant to the terms of Monro's Management Incentive Compensation Plan, of up to 150% of his base salary upon the achievement of certain predetermined corporate objectives and (iii) participates in Monro's other incentive and welfare and benefit plans made available to executives. Mr. Gross is entitled to certain payments upon death, disability, a termination without Cause (as defined therein), a resignation by Mr. Gross for Good Reason (as defined therein) or a termination in the event of a Change in Control of the Company (as defined therein), all as set forth in detail in the Agreement. | ||||||||||
Prior to the existing agreement, we entered into an employment agreement with Mr. Gross, our then Chief Executive Officer (the “2007 Agreement”). The 2007 Agreement was effective on October 1, 2007 and had a five-year term. Under the 2007 Agreement, Mr. Gross (i) was paid a base salary of $840,000; (ii) was eligible to earn a target annual bonus, pursuant to the terms of Monro's Management Incentive Compensation Plan, of up to 150% of his base salary upon the achievement of certain predetermined corporate objectives and (iii) participated in Monro's other incentive and welfare and benefit plans made available to executives. Mr. Gross also received a special bonus of $750,000, paid in five annual installments of $150,000, which began on October 1, 2007 (the “Special Bonus”). If the 2007 Agreement terminated before October 1, 2012 either for Cause (as defined therein) or as the result of Mr. Gross's resignation without Good Reason (as defined therein), then Mr. Gross would have been required to repay a portion of the last-received annual installment of the Special Bonus, pro-rata to the date of termination. In consideration for Mr. Gross's covenant not-to-compete with Monro or to solicit its employees, Monro began paying him an additional $750,000, payable in five equal installments of $150,000, beginning on October 1, 2012. These payments will continue through October 1, 2016. | ||||||||||
On October 2, 2007, and in consideration for Mr. Gross's execution of the 2007 Agreement, Monro's Compensation Committee awarded to Mr. Gross an option to purchase 562,500 shares of Monro's Common Stock at an exercise price equal to the closing price of Monro's Common Stock on the date of the award of $15.20 per share, pursuant to our 2007 Stock Incentive Plan. As of October 1, 2010, these options were fully vested. (Both the number of shares and share price reflect the impact of the December 2010 stock split.) | ||||||||||
On August 7, 2012, we entered into a new employment agreement with John W. Van Heel in recognition of his promotion to Chief Executive Officer (the “Van Heel Agreement”). The Van Heel Agreement became effective on October 1, 2012 and has a five-year term. Under the Van Heel Agreement, Mr. Van Heel (i) is paid a base salary of $550,000; (ii) is eligible to earn a target annual bonus, pursuant to the terms of Monro's Management Incentive Compensation Plan, of up to 150% of his base salary upon the achievement of certain predetermined corporate objectives and (iii) participates in Monro's other incentive and welfare and benefit plans made available to executives. Mr. Van Heel is entitled to certain payments upon death, disability, a termination without Cause (as defined therein), a resignation by Mr. Van Heel for Good Reason (as defined therein) or a termination in the event of a Change in Control of the Company (as defined therein), all as set forth in detail in the Van Heel Agreement. | ||||||||||
On October 1, 2012, and in consideration for his execution of the Van Heel Agreement, Monro's Compensation Committee awarded to Mr. Van Heel an option to purchase 300,000 shares of Monro's Common Stock at an exercise price equal to the closing price of Monro's Common Stock on the date of the award of $33.64 per share, pursuant to our 2007 Stock Incentive Plan. These options vest equally over four years, beginning October 1, 2013. | ||||||||||
In February 2014, the Company entered into a new employment agreement (the “Tomarchio Agreement”) with Joseph Tomarchio Jr., Executive Vice President. The Tomarchio Agreement became effective April 1, 2014, and superseded the Company's previous employment contract with Mr. Tomarchio, which was set to expire in December 2014. As planned, the Tomarchio Agreement extends Mr. Tomarchio's employment as an Executive Vice President of the Company through June 2017 at a reduced schedule. Under the terms of the Tomarchio Agreement, Mr. Tomarchio will render exclusive services to the Company, leading the Company's growing tire purchasing programs and related vendor relationships. In addition, he will continue to assist on sourcing acquisitions, provide input on advertising and marketing, and contribute at field meetings. | ||||||||||
Under the Tomarchio Agreement, Mr. Tomarchio (i) is paid a base salary of $242,500; (ii) is eligible to earn a target annual bonus, pursuant to the terms of the Company's bonus plan, of up to 87.5% of his base salary upon the achievement of certain predetermined corporate objectives, which is consistent with both other Company executives and Mr. Tomarchio's previous employment agreement; and (iii) participates in the Company's other incentive and welfare and benefit plans made available to executives. In addition, under the Agreement, Mr. Tomarchio is entitled to certain payments upon a termination without Cause (as defined therein), a resignation by Mr. Tomarchio for Good Reason (as defined therein) or a termination in the event of a Change in Control of the Company (as defined therein), all as set forth in detail in the Agreement. | ||||||||||
On December 30, 2010, we entered into employment agreements with Mr. Van Heel, then President of Monro; Mr. Tomarchio, then Executive Vice President Store Operations; and Catherine D'Amico, our Executive Vice President and Chief Financial Officer (collectively, the “Agreements”). All three Agreements became effective on January 1, 2011 and have a four-year term. Mr. Van Heel's agreement terminated in connection with his promotion to Chief Executive Officer and execution of his new employment agreement effective October 1, 2012. Mr. Tomarchio's agreement terminated in connection with his change in responsibilities and execution of his new employment agreement effective April 1, 2014. | ||||||||||
Under the Agreement, Ms. D'Amico (i) is entitled to an annual base salary; (ii) is eligible to earn a target bonus, pursuant to the terms of the Monro's bonus plan, up to 87.5% of her base salary, upon the achievement of certain predetermined corporate objectives and (iii) participate in Monro's other incentive and welfare and benefit plans made available to executives. The base salary of each executive is reviewed annually by Monro's Compensation Committee and may be increased to reflect performance and responsibilities of each such executive. | ||||||||||
Finally, Ms. D'Amico is entitled to certain payments upon death, disability, and termination without Cause (as defined in the Agreement), a resignation by the executive for Good Reason (as defined in the Agreement) or a termination in the event of a Change in Control of the Company (as defined in the Agreement), all set forth in detail in the Agreement. | ||||||||||
Also, on December 30, 2010 and in consideration of the executives' execution of the Agreements, Monro's Compensation Committee awarded to Messrs. Van Heel and Tomarchio and Ms. D'Amico an option to purchase 150,000, 120,000 and 90,000 shares of Monro's Common Stock, respectively, at an exercise price equal to the closing price of Monro's Common Stock on the date of the award of $35.31 per share, pursuant to our 2007 Stock Incentive Plan (together, the “Executive Options”). Each of the Executive Options vest equally over four years, beginning December 30, 2011. | ||||||||||
In accordance with the policy adopted by Monro's Compensation Committee in May 2009, no executives' contracts include any provision for the payment of what is commonly referred to as an “excise tax gross-up” with respect to payments received by an executive upon a Change in Control (as defined in the Agreements). | ||||||||||
Employee_Retirement_and_Profit
Employee Retirement and Profit Sharing Plans | 12 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Employee Retirement And Profit Sharing Plans [Abstract] | ' | ||||||||||||
Employee Retirement And Profit Sharing Plans | ' | ||||||||||||
NOTE 12 - EMPLOYEE RETIREMENT AND PROFIT SHARING PLANS | |||||||||||||
We sponsor a noncontributory defined benefit pension plan for Monro employees and the former Kimmel Automotive, Inc. employees. In fiscal 2005, the previously separate Monro and Kimmel pension plans were merged. The merged plan provides benefits to certain full-time employees who were employed with Monro and with Kimmel prior to April 2, 1998 and May 15, 2001, respectively. | |||||||||||||
Effective as of those dates, each company's Board of Directors approved plan amendments whereby the benefits of each of the defined benefit plans would be frozen and the plans would be closed to new participants. Prior to these amendments, coverage under the plans began after employees completed one year of service and attainment of age 21. Benefits under both plans, and now the merged plan, are based primarily on years of service and employees' pay near retirement. The funding policy for Monro's merged plan is consistent with the funding requirements of Federal law and regulations. The measurement date used to determine the pension plan measurements disclosed herein is March 31 for both 2014 and 2013. | |||||||||||||
The overfunded/(underfunded) status of Monro's defined benefit plan is recognized as an other non-current asset/other long-term liability in the Consolidated Balance Sheets as of March 29, 2014 and March 30, 2013, respectively. | |||||||||||||
The funded status of the plan is set forth below: | |||||||||||||
Fiscal March | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Change in Plan Assets: | |||||||||||||
Fair value of plan assets at beginning of year | $ | 18,224 | $ | 17,344 | |||||||||
Actual return on plan assets | 1,726 | 1,496 | |||||||||||
Employee contribution | 0 | 0 | |||||||||||
Benefits paid | -581 | -616 | |||||||||||
Fair value of plan assets at end of year | 19,369 | 18,224 | |||||||||||
Change in Projected Benefit Obligation: | |||||||||||||
Benefit obligation at beginning of year | 19,285 | 17,500 | |||||||||||
Interest cost | 776 | 793 | |||||||||||
Actuarial (gain)/loss | -432 | 1,608 | |||||||||||
Benefits paid | -581 | -616 | |||||||||||
Benefit obligation at end of year | 19,048 | 19,285 | |||||||||||
Funded status of plan | $ | 321 | $ | -1,061 | |||||||||
The projected and accumulated benefit obligations were equivalent at March 29, 2014 and March 30, 2013. | |||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||
Year Ended | |||||||||||||
Fiscal March | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Unamortized transition obligation | $ | 0 | $ | 0 | |||||||||
Unamortized prior service cost | 0 | 0 | |||||||||||
Unamortized net loss | 5,056 | 6,520 | |||||||||||
Total | $ | 5,056 | $ | 6,520 | |||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income consist of: | |||||||||||||
Year Ended | |||||||||||||
Fiscal March | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Net transition obligation | $ | 0 | $ | 0 | |||||||||
Prior service cost | 0 | 0 | |||||||||||
Net actuarial income/(loss) | 1,464 | -787 | |||||||||||
Total | $ | 1,464 | $ | -787 | |||||||||
Pension expense (income) included the following components: | |||||||||||||
Year Ended Fiscal March | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Interest cost on projected benefit obligation | $ | 776 | $ | 793 | $ | 809 | |||||||
Expected return on plan assets | -1,193 | -1,192 | -1,189 | ||||||||||
Amortization of unrecognized actuarial loss | 658 | 517 | 71 | ||||||||||
Net pension expense (income) | $ | 241 | $ | 118 | $ | -309 | |||||||
The weighted-average assumptions used to determine benefit obligations are as follows: | |||||||||||||
Year Ended | |||||||||||||
Fiscal March | |||||||||||||
2014 | 2013 | ||||||||||||
Discount rate | 4.42% | 4.08% | |||||||||||
The weighted-average assumptions used to determine net periodic pension costs are as follows: | |||||||||||||
Year Ended Fiscal March | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate | 4.08% | 4.49% | 5.75% | ||||||||||
Expected long-term return on assets | 7.00% | 7.00% | 7.00% | ||||||||||
The expected long-term rate of return on plan assets is established based upon assumptions related to historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. | |||||||||||||
The investment strategy of the plan is to conservatively manage the assets in order to meet the plan's long-term obligations while maintaining sufficient liquidity to pay current benefits. This is achieved by holding equity investments while investing a portion of assets in long duration bonds to match the long-term nature of the liabilities. Monro's general target allocation for the plan is 40% fixed income and 60% equity securities. | |||||||||||||
Monro's asset allocations, by asset category, are as follows at the end of each year: | |||||||||||||
March 29, | March 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Cash and cash equivalents | 2.90% | 1.60% | |||||||||||
Fixed income | 34.10% | 39.50% | |||||||||||
Equity securities | 63.00% | 58.90% | |||||||||||
Total | 100.00% | 100.00% | |||||||||||
A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following table provides fair value measurement information for Monro's major categories of defined benefit plan assets at March 29, 2014 and March 30, 2013, respectively: | |||||||||||||
Fair Value Measurements at March 29, 2014 Using | |||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||
(Dollars in thousands) | |||||||||||||
Equity securities: | |||||||||||||
U.S. companies | $ | 7,966 | $ | 7,966 | |||||||||
International companies | 4,241 | 4,241 | |||||||||||
Fixed income: | |||||||||||||
U.S. corporate bonds | 6,300 | $ | 6,300 | ||||||||||
International bonds | 302 | 302 | |||||||||||
Cash equivalents | 560 | 560 | |||||||||||
Total | $ | 19,369 | $ | 12,207 | $ | 7,162 | |||||||
Fair Value Measurements at March 30, 2013 Using | |||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
(Dollars in thousands) | |||||||||||||
Equity securities: | |||||||||||||
U.S. companies | $ | 6,465 | $ | 6,465 | |||||||||
International companies | 3,590 | 3,590 | |||||||||||
Fixed income: | |||||||||||||
U.S. corporate bonds | 6,840 | $ | 6,840 | ||||||||||
International bonds | 364 | 364 | |||||||||||
Cash equivalents | 288 | 288 | |||||||||||
Commodities | 677 | 677 | |||||||||||
Total | $ | 18,224 | $ | 10,732 | $ | 7,492 | |||||||
There are no required or expected contributions in fiscal 2015 to the plan. | |||||||||||||
The following pension benefit payments are expected to be paid: | |||||||||||||
Year Ended | |||||||||||||
Fiscal March | |||||||||||||
(Dollars in thousands) | |||||||||||||
2015 | $ | 705 | |||||||||||
2016 | 742 | ||||||||||||
2017 | 772 | ||||||||||||
2018 | 803 | ||||||||||||
2019 | 851 | ||||||||||||
2020 - 2024 | 5,101 | ||||||||||||
We have a 401(k)/Profit Sharing Plan that covers full-time employees who meet the age and service requirements of the plan. The 401(k) salary deferral option was added to the plan during fiscal 2000. The first employee deferral occurred in March 2000. We make matching contributions consistent with the provisions of the plan. Charges to expense for our matching contributions for fiscal 2014, 2013 and 2012 amounted to approximately $612,000, $615,000 and $631,000, respectively. We may also make annual profit sharing contributions to the plan at the discretion of Monro's Compensation Committee. | |||||||||||||
We have a deferred compensation plan (the “Deferred Compensation Plan”) to provide an opportunity for additional tax-deferred savings to a select group of management or highly compensated employees. The Deferred Compensation Plan permits participants to defer all or any portion of the compensation that would otherwise be payable to them for the calendar year. In addition, Monro will credit to the participants' accounts such amounts as would have been contributed to Monro's 401(k)/Profit Sharing Plan but for the limitations that are imposed under the Internal Revenue Code based upon the participants' status as highly compensated employees. We may also make such additional discretionary allocations as are determined by the Compensation Committee. The Deferred Compensation Plan is an unfunded arrangement and the participants or their beneficiaries have an unsecured claim against the general assets of Monro to the extent of their Deferred Compensation Plan benefits. We maintain accounts to reflect the amounts owed to each participant. At least annually, the accounts are credited with earnings or losses calculated on the basis of an interest rate or other formula as determined by Monro's Compensation Committee. The total liability recorded in our financial statements at March 29, 2014 and March 30, 2013 related to the Deferred Compensation Plan was $1,433,000 and $1,179,000, respectively. | |||||||||||||
Monro's management bonus plan provides for the payment of annual cash bonus awards to participating employees, as selected by our Board of Directors, based primarily on Monro's attaining pre-tax income targets established by our Board of Directors. During the years ended March 29, 2014 and March 31, 2012, we recorded charges to expense of $1,066,000 and $1,730,000, respectively. During the year ended March 30, 2013, we recorded a benefit of $66,000 related to the management bonus plan due to an over estimate of expense in fiscal 2012, as well as our failure to meet pre-tax earnings targets. | |||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Mar. 29, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
NOTE 13 - RELATED PARTY TRANSACTIONS | |
We are currently a party to leases for certain facilities where the lessor is an officer of Monro, or family members of such officer. Six leases were assumed in March 2004 in connection with the Mr. Tire Acquisition. The payments under such operating and capital leases amounted to $702,000, $685,000 and $669,000 for the years ended March 2014, 2013 and 2012, respectively. These payments are comparable to rents paid to unrelated parties. No amounts were payable at March 29, 2014 or March 30, 2013. No related party leases exist, other than the six assumed as part of the Mr. Tire Acquisition in March 2004, and no new leases are contemplated. | |
We have a management agreement with an investment banking firm associated with a principal shareholder/director of Monro to provide financial advice. The agreement provides for an annual fee of $300,000, plus reimbursement of out-of-pocket expenses. During each of the fiscal years 2014, 2013 and 2012, we incurred fees of $300,000, under this agreement. No amounts were payable at March 29, 2014 or March 30, 2013. In addition, this investment banking firm, from time to time, provides additional investment banking services to us for customary fees. Approximately half of all payments made to the investment banking firm under the management agreement are paid to another principal shareholder/director of Monro. | |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Supplemental Disclosure of Cash Flow Information [Abstract] | ' | ||||||||
Supplemental Disclosure Of Cash Flow Information | ' | ||||||||
NOTE 14 - SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||
The following transactions represent non-cash investing and financing activities during the periods indicated: | |||||||||
Year ended March 29, 2014 | |||||||||
In connection with the fiscal 2014 acquisitions (see Note 2), liabilities were assumed as follows: | |||||||||
Fair value of assets acquired | $ | 11,708,000 | |||||||
Goodwill | 17,940,000 | ||||||||
Gain on bargain purchase | -217,000 | ||||||||
Cash paid, net of cash acquired | -27,518,000 | ||||||||
Liabilities assumed | $ | 1,913,000 | |||||||
Year ended March 30, 2013 | |||||||||
In connection with the fiscal 2013 acquisitions (see Note 2), liabilities were assumed as follows: | |||||||||
Fair value of assets acquired | $ | 101,926,000 | |||||||
Goodwill | 117,602,000 | ||||||||
Cash paid, net of cash acquired | -163,275,000 | ||||||||
Liabilities assumed | $ | 56,253,000 | |||||||
Fair value of assets acquired | $ | 12,751,000 | |||||||
Goodwill | 34,204,000 | ||||||||
Cash paid, net of cash acquired | -39,243,000 | ||||||||
Liabilities assumed | $ | 7,712,000 | |||||||
In connection with the recording of the pension liability adjustment, we decreased other non-current assets, other comprehensive income and long-term deferred tax liabilities by $3,033,000, $1,977,000 and $1,212,000, respectively and increased other long-term liabilities by $156,000. | |||||||||
In connection with the accounting for income tax benefits related to the exercise of stock options, we decreased current liabilities and increased paid-in capital by $5,314,000. | |||||||||
In connection with the exercise of stock options and the satisfaction of tax withholding obligations by Monro's former Chief Executive Officer (see Note 1) and one member of Monro's Board of Directors, we increased current liabilities, Common Stock, paid-in capital and treasury stock by $5,485,000, $6,000, $8,685,000 and $14,176,000, respectively. | |||||||||
Year Ended Fiscal March | |||||||||
2014 | 2013 | 2012 | |||||||
(Dollars in thousands) | |||||||||
Cash paid during the year: | |||||||||
Interest, net | $ | 9,099 | $ | 6,914 | $ | 4,924 | |||
Income taxes, net | $ | 25,849 | $ | 22,850 | $ | 25,813 |
Litigation
Litigation | 12 Months Ended |
Mar. 29, 2014 | |
Commitments And Contingencies / Litigation [Abstract] | ' |
Litigation | ' |
NOTE 15 - LITIGATION | |
We are currently a party to various claims and legal proceedings incidental to the conduct of our business. If management believes that a loss arising from any of these matters is probable and can reasonably be estimated, we will record the amount of the loss, or the minimum estimated liability when the loss is estimated using a range, and no point within the range is more probable than another. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Litigation is subject to inherent uncertainties, and unfavorable rulings could occur and may include monetary damages. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the financial position and results of operations of the period in which any such ruling occurs, or in future periods. However, based on currently available information, management believes that the ultimate outcome of any of these matters, individually and in the aggregate, will not have a material adverse effect on our financial position, overall trends in results of operations or cash flow. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 29, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 16 – SUBSEQUENT EVENTS | |
In May 2014, Monro's Board of Directors declared a regular quarterly cash dividend of $.13 per common share or common share equivalent to be paid to shareholders of record as of June 2, 2014. The dividend will be paid on June 12, 2014. | |
See Note 2 for a discussion of acquisitions subsequent to March 29, 2014. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Significant Accounting Policies [Abstract] | ' | ||||||||
Background | ' | ||||||||
Background | |||||||||
Monro Muffler Brake, Inc. and its wholly owned subsidiary, Monro Service Corporation (together, “Monro”, “we”, “us”, or “our”), are engaged principally in providing automotive undercar repair and tire services in the United States. Monro had 953 Company-operated stores, three franchised locations and 14 dealer-operated automotive repair centers located primarily in the northeast and Great Lakes regions of the United States as of March 29, 2014. Monro's operations are organized and managed in one operating segment. | |||||||||
Accounting estimates | ' | ||||||||
Accounting estimates | |||||||||
The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles. The preparation of financial statements in conformity with such principles requires the use of estimates by management during the reporting period. Actual results could differ from those estimates. | |||||||||
Fiscal year | ' | ||||||||
Fiscal year | |||||||||
Monro reports its results on a 52/53 week fiscal year ending on the last Saturday of March of each year. The following are the dates represented by each fiscal period: | |||||||||
“Year ended Fiscal March 2014”: March 31, 2013 – March 29, 2014 (52 weeks) | |||||||||
“Year ended Fiscal March 2013”: April 1, 2012 – March 30, 2013 (52 weeks) | |||||||||
“Year ended Fiscal March 2012”: March 27, 2011 – March 31, 2012 (53 weeks) | |||||||||
Consolidation | ' | ||||||||
Consolidation | |||||||||
The Consolidated Financial Statements include Monro Muffler Brake, Inc. and its wholly owned subsidiary, Monro Service Corporation, after the elimination of intercompany transactions and balances. | |||||||||
Reclassifications | ' | ||||||||
Reclassifications | |||||||||
Certain amounts in these financials statements have been reclassified to maintain comparability among the periods presented. | |||||||||
Retrospective adjustments - Purchase accounting | ' | ||||||||
Retrospective adjustments – Purchase accounting | |||||||||
During the quarter ended December 2013, we finalized the purchase accounting for several acquisitions that occurred in fiscal year 2013. We retrospectively adjusted the provisional amounts recognized at the acquisition dates to reflect fair value and made adjustments to the March 30, 2013 Consolidated Balance Sheet. (See Note 2.) | |||||||||
Revenue recognition | ' | ||||||||
Revenue recognition | |||||||||
Sales are recorded upon completion of automotive undercar repair and tire services provided to customers. The following was Monro's sales mix for fiscal 2014, 2013 and 2012: | |||||||||
Year Ended Fiscal March | |||||||||
2014 | 2013 | 2012 | |||||||
Brakes | 15% | 15% | 18% | ||||||
Exhaust | 4 | 4 | 5 | ||||||
Steering | 9 | 10 | 10 | ||||||
Tires | 44 | 42 | 39 | ||||||
Maintenance | 28 | 29 | 28 | ||||||
Total | 100% | 100% | 100% | ||||||
Revenue from the sale of tire road hazard warranty agreements is recognized on a straight-line basis over the contract period or other method when costs are not incurred ratably. | |||||||||
Cash equivalents | ' | ||||||||
Cash equivalents | |||||||||
We consider all highly liquid instruments with original maturities of three months or less to be cash equivalents. | |||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Our inventories consist of automotive parts and tires. Inventories are valued at the lower of cost or market value using the first-in, first-out (FIFO) method. | |||||||||
Barter credits | ' | ||||||||
Barter credits | |||||||||
We value barter credits at the fair market value of the inventory exchanged, as determined by reference to price lists for buying groups and jobber pricing. We use these credits primarily to pay vendors for purchases (mainly inventory vendors for the purchase of parts and tires) or to purchase other goods or services from the barter company such as advertising and travel. | |||||||||
Property, plant and equipment | ' | ||||||||
Property, plant and equipment | |||||||||
Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is provided on a straight-line basis. Buildings and improvements related to owned locations are depreciated over lives varying from 10 to 39 years; machinery, fixtures and equipment over lives varying from 5 to 15 years; and vehicles over lives varying from 5 to 10 years. Computer software is depreciated over lives varying from 3 to 7 years. Buildings and improvements related to leased locations are depreciated over the shorter of the asset's useful life or the reasonably assured lease term, as defined in the accounting guidance on leases. When property is sold or retired, the cost and accumulated depreciation are eliminated from the accounts and a gain or loss is recorded in the Consolidated Statements of Comprehensive Income. Expenditures for maintenance and repairs are expensed as incurred. (See Note 4.) | |||||||||
Long-lived assets | ' | ||||||||
Long-lived assets | |||||||||
We evaluate the ability to recover long-lived assets whenever events or circumstances indicate that the carrying value of the asset may not be recoverable. In the event assets are impaired, losses are recognized to the extent the carrying value exceeds the fair value. In addition, we report assets to be disposed of at the lower of the carrying amount or the fair market value. | |||||||||
Store opening and closing costs | ' | ||||||||
Store opening and closing costs | |||||||||
New store opening costs are charged to expense in the fiscal year when incurred. When we close a store, the estimated unrecoverable costs, including the remaining lease obligation net of sublease income, if any, are charged to expense. | |||||||||
Leases | ' | ||||||||
Leases | |||||||||
Financing Obligations - | |||||||||
We are often involved in the construction of leased stores. In some cases, we are responsible for construction cost over runs or non-standard tenant improvements. As a result of this involvement, we are deemed the “owner” for accounting purposes during the construction period, requiring us to capitalize the construction costs on our Consolidated Balance Sheet. Upon completion of the project, we perform a sale-leaseback analysis pursuant to guidance on accounting for leases to determine if we can remove the assets from our Consolidated Balance Sheet. For some of these leases, we are considered to have “continuing involvement”, which precludes us from derecognizing the assets from our Consolidated Balance Sheet when construction is complete (“failed sale-leaseback”). In conjunction with these leases, we capitalize the construction costs on our Consolidated Balance Sheet and also record financing obligations representing payments owed to the landlord. We do not report rent expense for the properties which are owned for accounting purposes. Rather, rental payments under the lease are recognized as a reduction of the financing obligation and as interest expense. | |||||||||
Additionally, since we often assume leases in acquisition transactions, the accounting for a seller who was involved in the construction of leased stores passes to us. | |||||||||
During the fourth quarter of fiscal 2013, Monro conducted a review of its lease accounting practices as it relates to certain sale-leaseback transactions. | |||||||||
In connection with this review, we recorded an out of period adjustment to record previously unrecognized failed sale-leaseback transactions. The adjustment resulted in the recognition of additional property of $.4 million and capital leases and financing obligations of $.7 million on our March 2013 Consolidated Balance Sheet. As some of the stores impacted related to prior year acquisitions, we also recorded increases in goodwill of $1.9 million, deferred tax assets of $1.2 million and other long term liabilities of $2.3 million in our Consolidated Balance Sheet as of March 30, 2013. The impact to the fiscal 2013 Consolidated Statement of Comprehensive Income was recorded in the fourth quarter as a decrease of $1.0 million in occupancy costs and an increase of $.5 million in interest expense. The Company determined that this adjustment was not material to its current or prior period Consolidated Financial Statements. | |||||||||
Capital Leases – | |||||||||
Some of our property is held under capital leases. These assets are included in property, plant and equipment and depreciated over the term of the lease. We do not report rent expense for capital leases. Rather, rental payments under the lease are recognized as a reduction of the capital lease obligation and interest expense. | |||||||||
Operating Leases – | |||||||||
All other leases are considered operating leases. Rent expense, including rent escalations, is recognized on a straight-line basis over the reasonably assured lease term, as defined in the accounting guidance on leases. Generally, the lease term is the base lease term plus certain renewal option periods for which renewal is reasonably assured. | |||||||||
Goodwill and intangible assets | ' | ||||||||
Goodwill and intangible assets | |||||||||
We have a history of growth through acquisitions. Assets and liabilities of acquired businesses are recorded at their estimated fair values as of the date of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. The carrying value of goodwill is subject to annual impairment reviews in accordance with accounting guidance on goodwill, which we typically perform in the third quarter of the fiscal year. Impairment reviews may also be triggered by any significant events or changes in circumstances affecting our business. | |||||||||
We have one reporting unit which encompasses all operations including new acquisitions. The goodwill impairment test consists of a two-step process, if necessary. We perform a qualitative assessment to determine if it is more likely than not that the fair value is less than the carrying value of goodwill. If the qualitative factors are triggered, we perform the two-step process. The first step is to compare the fair value of our invested capital to the book value of its invested capital. If the fair value is less than its carrying value, the second step of the impairment test must be performed in order to determine the amount of impairment loss, if any. The second step compares the implied fair value of goodwill with the carrying amount of that goodwill. If the carrying amount of goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill. | |||||||||
Intangible assets primarily represent allocations of purchase price to identifiable intangible assets of acquired businesses and are amortized over their estimated useful lives. All intangibles and other long-lived assets are reviewed when events or changes in circumstances indicate that the asset's carrying value may not be recoverable. If such indicators are present, it is determined whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying amounts. No such indicators were present in 2014, 2013 or 2012. | |||||||||
A deterioration of macroeconomic conditions may not only negatively impact the estimated operating cash flows used in our cash flow models, but may also negatively impact other assumptions used in our analyses, including, but not limited to, the estimated cost of capital and/or discount rates. Additionally, as discussed above, in accordance with accounting guidance, we are required to ensure that assumptions used to determine fair value in our analyses are consistent with the assumptions a hypothetical market participant would use. As a result, the cost of capital and/or discount rates used in our analyses may increase or decrease based on market conditions and trends, regardless of whether our actual cost of capital has changed. Therefore, we may recognize an impairment of an intangible asset or assets even though realized actual cash flows are approximately equal to or greater than its previously forecasted amounts. | |||||||||
As a result of our annual qualitative assessment performed in the third quarter of fiscal 2014, there were no impairments. There have been no triggering events during the fourth quarter of fiscal 2014. | |||||||||
Self-insurance reserves | ' | ||||||||
Self-insurance reserves | |||||||||
We are largely self-insured with respect to workers' compensation, general liability and employee medical claims. In order to reduce our risk and better manage our overall loss exposure, we purchase stop-loss insurance that covers individual claims in excess of the deductible amounts. We maintain an accrual for the estimated cost to settle open claims as well as an estimate of the cost of claims that have been incurred but not reported. These estimates take into consideration the historical average claim volume, the average cost for settled claims, current trends in claim costs, changes in our business and workforce, and general economic factors. These accruals are reviewed on a quarterly basis, or more frequently if factors dictate a more frequent review is warranted. For more complex reserve calculations, such as workers' compensation, we use the services of an actuary on an annual basis to assist in determining the required reserve for open claims. | |||||||||
Warranty | ' | ||||||||
Warranty | |||||||||
We provide an accrual for estimated future warranty costs for parts that we install based upon the historical relationship of warranty costs to sales. Warranty expense related to all product warranties at and for the years ended March 2014, 2013 and 2012 was not material to our financial position or results of operations. See additional discussion of tire road hazard warranty agreements under the “Revenue recognition” section of this footnote. | |||||||||
Comprehensive income | ' | ||||||||
Comprehensive income | |||||||||
As it relates to Monro, comprehensive income is defined as net earnings as adjusted for pension liability adjustments and is reported net of related taxes in the Consolidated Statements of Comprehensive Income and in the Consolidated Statements of Changes in Shareholders' Equity. | |||||||||
Income taxes | ' | ||||||||
Income taxes | |||||||||
Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using tax rates based on currently enacted rules and legislation and anticipated rates that will be in effect when the differences are expected to reverse. The accounting guidance for uncertainties in income tax prescribes a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. Monro recognizes a tax benefit from an uncertain tax position in the financial statements only when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits and a consideration of the relevant taxing authority's administrative practices and precedents. (See Note 7.) | |||||||||
Treasury stock | ' | ||||||||
Treasury stock | |||||||||
Treasury stock is accounted for using the par value method. During the year ended March 31, 2012, Monro's former Chief Executive Officer surrendered 386,000 shares of Monro's Common Stock at fair market value to pay the exercise price and to partially satisfy tax withholding obligations on the exercise of 563,000 stock options. During the year ended March 30, 2013, Monro's current Chief Executive Officer surrendered 43,000 shares of Monro's Common Stock at fair market value to pay the exercise price and to partially satisfy tax withholding obligations on the exercise of 113,000 stock options. There was no activity for the Chief Executive Officer during the year ended March 29, 2014. | |||||||||
Stock-based compensation | ' | ||||||||
Stock-based compensation | |||||||||
We measure compensation cost arising from the grant of share-based payments to an employee at fair value, and recognize such cost in income over the period during which the employee is required to provide service in exchange for the award, usually the vesting period. Forfeitures are estimated on the grant date and revised in subsequent periods if actual forfeitures differ from those estimates. | |||||||||
We recognize compensation expense related to stock options using the straight-line approach. Option awards generally vest equally over the service period established in the award, typically four years. We estimate fair value using the Black-Scholes valuation model. Assumptions used to estimate the compensation expense are determined as follows: | |||||||||
Expected life of an award is based on historical experience and on the terms and conditions of the stock awards granted to employees; | |||||||||
Expected volatility is measured using historical changes in the market price of Monro's Common Stock; | |||||||||
Risk-free interest rate is equivalent to the implied yield on zero-coupon U.S. Treasury bonds with a remaining maturity equal to the expected term of the awards; | |||||||||
Forfeitures are based substantially on the history of cancellations of similar awards granted by Monro in prior years; and | |||||||||
Dividend yield is based on historical experience and expected future changes. | |||||||||
The weighted average fair value of options granted during fiscal 2014, 2013 and 2012 was $10.10, $8.67 and $8.41, respectively. The fair values of the options granted were estimated on the date of their grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||
Year Ended Fiscal March | |||||||||
2014 | 2013 | 2012 | |||||||
Risk-free interest rate | 0.86 | % | 0.53 | % | 1.11 | % | |||
Expected life, in years | 4 | 4 | 4 | ||||||
Expected volatility | 29.7 | % | 34 | % | 33.9 | % | |||
Expected dividend yield | 0.97 | % | 1.14 | % | 1.03 | % | |||
Total stock-based compensation expense included in cost of sales and selling, general and administrative expenses in Monro's Consolidated Statements of Comprehensive Income for the years ended March 29, 2014, March 30, 2013 and March 31, 2012 was $3.6 million, $3.1 million and $2.7 million, respectively. The related income tax benefit was $1.3 million, $1.2 million and $1.0 million, respectively. | |||||||||
Earnings per share | ' | ||||||||
Earnings per share | |||||||||
Basic earnings per share is calculated by dividing net income less preferred stock dividends by the weighted average number of shares of Common Stock outstanding during the year. Diluted earnings per share is calculated by dividing net income by the weighted average number of shares of Common Stock and equivalents outstanding during the year. Common Stock equivalents represent shares issuable upon the assumed exercise of stock options. (See Note 10.) | |||||||||
Advertising | ' | ||||||||
Advertising | |||||||||
We expense the production costs of advertising the first time the advertising takes place, except for direct response advertising which is capitalized and amortized over its expected period of future benefits. | |||||||||
Direct response advertising consists primarily of coupons for Monro's services. The capitalized costs of this advertising are amortized over the period of the coupon's validity, which is typically two months. | |||||||||
Prepaid advertising at March 29, 2014 and March 30, 2013, and advertising expense for the years ended March 2014, 2013 and 2012, were not material to these financial statements. | |||||||||
Vendor rebates and cooperative advertising credits | ' | ||||||||
Vendor rebates and cooperative advertising credits | |||||||||
We account for vendor rebates and cooperative advertising credits as a reduction of the cost of products purchased, except where the rebate or credit is a reimbursement of costs incurred to sell the vendor's product, in which case it is offset against the costs incurred. | |||||||||
Guarantees | ' | ||||||||
Guarantees | |||||||||
At the time we issue a guarantee, we recognize an initial liability for the fair value, or market value, of the obligation we assume under that guarantee. | |||||||||
Recent accounting pronouncements | ' | ||||||||
Recent accounting pronouncements | |||||||||
In February 2013, the Financial Accounting Standards Board issued new accounting guidance for the reporting of amounts reclassified out of accumulated other comprehensive income. This guidance requires companies to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income when applicable, or to cross-reference the reclassifications with other disclosures that provide additional detail about the reclassification made when the reclassifications are not made to net income. This guidance is effective for fiscal years and interim periods beginning after December 15, 2012. The adoption of this guidance in the first quarter of fiscal 2014 did not have an impact on Monro's Consolidated Financial Statements. | |||||||||
In July 2013, the Financial Accounting Standards Board issued new accounting guidance for income tax presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. This guidance requires an entity to net its unrecognized tax benefits against the deferred tax assets for all same jurisdiction net operating loss or similar tax loss carryforwards, or tax credit carryforwards. The guidance is to be applied prospectively (with an option to apply retrospectively) and will apply to all unrecognized tax benefits that exist at the effective date. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2013, with early adoption permitted. As we already net our unrecognized tax benefits against the deferred tax assets for all same jurisdiction net operating loss carryforwards, this guidance had no impact on Monro's Consolidated Financial Statements. | |||||||||
Other recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification) and the Securities and Exchange Commission did not, or are not expected to have a material effect on Monro's Consolidated Financial Statements. | |||||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Significant Accounting Policies [Abstract] | ' | ||||||||
Company's sales mix | ' | ||||||||
Year Ended Fiscal March | |||||||||
2014 | 2013 | 2012 | |||||||
Brakes | 15% | 15% | 18% | ||||||
Exhaust | 4 | 4 | 5 | ||||||
Steering | 9 | 10 | 10 | ||||||
Tires | 44 | 42 | 39 | ||||||
Maintenance | 28 | 29 | 28 | ||||||
Total | 100% | 100% | 100% | ||||||
Weighted average fair value of options assumptions | ' | ||||||||
Year Ended Fiscal March | |||||||||
2014 | 2013 | 2012 | |||||||
Risk-free interest rate | 0.86 | % | 0.53 | % | 1.11 | % | |||
Expected life, in years | 4 | 4 | 4 | ||||||
Expected volatility | 29.7 | % | 34 | % | 33.9 | % | |||
Expected dividend yield | 0.97 | % | 1.14 | % | 1.03 | % |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Mar. 29, 2014 | |||||
Business Acquisition [Line Items] | ' | ||||
Identifiable assets acquired and liabilities assumed at their estimated fair values | ' | ||||
As of Acquisition Date | |||||
(Dollars in thousands) | |||||
Inventories | $1,549 | ||||
Other current assets | 122 | ||||
Property, plant and equipment | 8,549 | ||||
Intangible assets | 1,283 | ||||
Deferred income tax assets | 111 | ||||
Other non-current assets | 94 | ||||
Total assets acquired | 11,708 | ||||
Warranty reserves | 167 | ||||
Other current liabilities | 1,616 | ||||
Other long-term liabilities | 130 | ||||
Total liabilities assumed | 1,913 | ||||
Total net identifiable assets acquired | $9,795 | ||||
Total consideration transferred | $27,518 | ||||
Plus: gain on bargain purchase | 217 | ||||
Less: total net identifiable assets acquired | 9,795 | ||||
Goodwill | $17,940 | ||||
As of Acquisition Date | |||||
(Dollars in thousands) | |||||
Inventories | $16,854 | ||||
Other current assets | 1,167 | ||||
Property, plant and equipment | 49,605 | ||||
Intangible assets | 21,112 | ||||
Deferred income tax assets | 13,179 | ||||
Other non-current assets | 9 | ||||
Total assets acquired | 101,926 | ||||
Warranty reserves | 3,217 | ||||
Other current liabilities | 4,694 | ||||
Long-term capital leases and financing obligations | 44,086 | ||||
Other long-term liabilities | 4,256 | ||||
Total liabilities assumed | 56,253 | ||||
Total net identifiable assets acquired | $45,673 | ||||
Total consideration transferred | $163,517 | ||||
Less: total net identifiable assets acquired | 45,673 | ||||
Goodwill | $117,844 | ||||
Fiscal 2014 Acquisitions [Member] | ' | ||||
Business Acquisition [Line Items] | ' | ||||
Intangible assets acquired - business acquisitions | ' | ||||
As of Acquisition Date | |||||
Dollars in thousands | Weighted Average Useful Life | ||||
Customer lists | $9,160 | 7 years | |||
Trade names | 6,570 | 17 years | |||
Favorable leases | 5,382 | 12 years | |||
Total | $21,112 | 11 years | |||
Fiscal 2013 Acquisitions [Member] | ' | ||||
Business Acquisition [Line Items] | ' | ||||
Intangible assets acquired - business acquisitions | ' | ||||
As of Acquisition Date | |||||
Dollars in thousands | Weighted Average Useful Life | ||||
Customer lists | $767 | 7 years | |||
Trade name | 501 | 7 years | |||
Non-compete agreement | 15 | 3 years | |||
Total | $1,283 | 7 years |
Other_Current_Assets_Tables
Other Current Assets (Tables) | 12 Months Ended | |||||
Mar. 29, 2014 | ||||||
Other Current Assets And Other Non-current Assets [Abstract] | ' | |||||
Composition of other current assets | ' | |||||
Year Ended Fiscal March | ||||||
2014 | 2013 | |||||
(Dollars in thousands) | ||||||
Vendor rebates receivable | $ | 7,258 | $ | 10,662 | ||
Other | 16,124 | 17,750 | ||||
$ | 23,382 | $ | 28,412 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||||||
Major classifications of property, plant and equipment | ' | |||||||||||||||||||
29-Mar-14 | 30-Mar-13 | |||||||||||||||||||
Assets | Assets | |||||||||||||||||||
Under | Under | |||||||||||||||||||
Capital Lease/ | Capital Lease/ | |||||||||||||||||||
Assets | Financing | Assets | Financing | |||||||||||||||||
Owned | Obligations | Total | Owned | Obligations | Total | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Land | $ | 69,836 | $ | 69,836 | $ | 69,401 | $ | 69,401 | ||||||||||||
Buildings and | ||||||||||||||||||||
improvements | 186,093 | $ | 66,057 | 252,150 | 177,869 | $ | 64,993 | 242,862 | ||||||||||||
Equipment, signage | ||||||||||||||||||||
and fixtures | 183,373 | 183,373 | 169,233 | 169,233 | ||||||||||||||||
Vehicles | 19,632 | 67 | 19,699 | 18,256 | 67 | 18,323 | ||||||||||||||
Construction-in- | ||||||||||||||||||||
progress | 6,447 | 6,447 | 4,261 | 4,261 | ||||||||||||||||
465,381 | 66,124 | 531,505 | 439,020 | 65,060 | 504,080 | |||||||||||||||
Less - Accumulated | ||||||||||||||||||||
depreciation and | ||||||||||||||||||||
amortization | 226,870 | 22,752 | 249,622 | 210,490 | 18,544 | 229,034 | ||||||||||||||
$ | 238,511 | $ | 43,372 | $ | 281,883 | $ | 228,530 | $ | 46,516 | $ | 275,046 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Goodwill and Intangible Assets [Abstract] | ' | |||||||||||
Changes in goodwill | ' | |||||||||||
Dollars in thousands | ||||||||||||
Balance at March 31, 2012 | $ | 132,656 | ||||||||||
Fiscal 2013 acquisitions | 115,548 | |||||||||||
Disposal of assets related to fiscal 2013 acquisitions | -704 | |||||||||||
Adjustments to fiscal 2012 purchase accounting | 404 | |||||||||||
Other adjustments | 1,899 | |||||||||||
Balance at March 30, 2013 | 249,803 | |||||||||||
Fiscal 2014 acquisitions | 17,940 | |||||||||||
Adjustments to fiscal 2013 purchase accounting | 2,296 | |||||||||||
Balance at March 29, 2014 | $ | 270,039 | ||||||||||
Composition of other intangible assets | ' | |||||||||||
Year Ended Fiscal March | ||||||||||||
2014 | 2013 | |||||||||||
Gross | Gross | |||||||||||
Carrying | Accumulated | Carrying | Accumulated | |||||||||
Amount | Amortization | Amount | Amortization | |||||||||
(Dollars in thousands) | ||||||||||||
Customer lists | $ | 19,566 | $ | 8,548 | $ | 18,799 | $ | 6,313 | ||||
Trade names | 14,003 | 4,648 | 13,502 | 3,891 | ||||||||
Favorable leases | 12,700 | 3,751 | 12,293 | 2,117 | ||||||||
Other intangible assets | 660 | 611 | 645 | 522 | ||||||||
Total intangible assets | $ | 46,929 | $ | 17,558 | $ | 45,239 | $ | 12,843 | ||||
Estimated future amortization of intangible assets | ' | |||||||||||
Customer lists/ | ||||||||||||
Trade names/ | Favorable | |||||||||||
Year Ending Fiscal March | Other | Leases | ||||||||||
(Dollars in thousands) | ||||||||||||
2015 | $ | 3,025 | $ | 977 | ||||||||
2016 | 2,890 | 887 | ||||||||||
2017 | 2,741 | 846 | ||||||||||
2018 | 2,673 | 818 | ||||||||||
2019 | 2,419 | 780 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Long-Term Debt [Abstract] | ' | |||||||||||
Long-term debt | ' | |||||||||||
March 29, | March 30, | |||||||||||
2014 | 2013 | |||||||||||
(Dollars in thousands) | ||||||||||||
Revolving Credit Facility, LIBOR-based (a) | $ | 105,841 | $ | 127,187 | ||||||||
Mortgage Note Payable, non-interest bearing, secured by warehouse and office | ||||||||||||
land, due in one installment in 2015 | 660 | |||||||||||
Long-term debt | $ | 105,841 | $ | 127,847 | ||||||||
Obligations under capital leases and financing obligations at various | ||||||||||||
interest rates, due in installments through 2042 | $ | 88,091 | $ | 93,795 | ||||||||
Mortgage Note Payable, non-interest bearing, secured by warehouse and office | ||||||||||||
land, due in one installment in 2015 | 660 | |||||||||||
Less – Current portion of long-term debt, capital leases and financing obligations | -7,552 | -6,833 | ||||||||||
Long-term capital leases and financing obligations | $ | 81,199 | $ | 86,962 | ||||||||
Aggregate debt maturities over the next five years | ' | |||||||||||
Capital Leases/Financing Obligations | ||||||||||||
Aggregate | Imputed | All Other | ||||||||||
Year Ending Fiscal March | Amount | Interest | Debt | Total | ||||||||
(Dollars in thousands) | ||||||||||||
2015 | $ | 13,459 | $ | -6,567 | $ | 660 | $ | 7,552 | ||||
2016 | 12,732 | -6,061 | 6,671 | |||||||||
2017 | 12,204 | -5,564 | 6,640 | |||||||||
2018 | 12,186 | -5,050 | 105,841 | 112,977 | ||||||||
2019 | 11,976 | -4,510 | 7,466 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Mar. 29, 2014 | ||||||||||||||||
Income Tax [Abstract] | ' | |||||||||||||||
Components of the provision for income taxes | ' | |||||||||||||||
Year Ended Fiscal March | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Current - | ||||||||||||||||
Federal | $ | 25,978 | $ | 22,366 | $ | 26,002 | ||||||||||
State | 1,579 | 2,266 | 2,910 | |||||||||||||
27,557 | 24,632 | 28,912 | ||||||||||||||
Deferred - | ||||||||||||||||
Federal | 4,793 | -101 | 3,273 | |||||||||||||
State | -273 | -274 | -111 | |||||||||||||
4,520 | -375 | 3,162 | ||||||||||||||
Total | $ | 32,077 | $ | 24,257 | $ | 32,074 | ||||||||||
Deferred tax (liabilities) assets | ' | |||||||||||||||
March 29, | March 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Goodwill | $ | -18,189 | $ | -13,104 | ||||||||||||
Other | -734 | -242 | ||||||||||||||
Total deferred tax liabilities | -18,923 | -13,346 | ||||||||||||||
Insurance reserves | 9,774 | 8,872 | ||||||||||||||
Property and equipment | 5,815 | 6,637 | ||||||||||||||
Warranty and other reserves | 4,228 | 4,322 | ||||||||||||||
Stock options | 3,897 | 2,982 | ||||||||||||||
Deferred rent | 1,961 | 2,086 | ||||||||||||||
Accrued compensation | 1,650 | 1,444 | ||||||||||||||
Other | 5,168 | 5,477 | ||||||||||||||
Total deferred tax assets | 32,493 | 31,820 | ||||||||||||||
Net deferred tax assets | $ | 13,570 | $ | 18,474 | ||||||||||||
Reconciliation between Federal statutory tax rate and effective tax rate reflected in accompanying financial statements | ' | |||||||||||||||
Year Ended Fiscal March | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||
(Dollars in thousands) | ||||||||||||||||
Federal income tax based on | ||||||||||||||||
statutory tax rate applied | ||||||||||||||||
to income before taxes | $ | 30,287 | 35 | $ | 23,388 | 35 | $ | 30,340 | 35 | |||||||
State income tax, net of | ||||||||||||||||
federal income tax benefit | 2,097 | 2.4 | 1,159 | 1.7 | 2,231 | 2.6 | ||||||||||
Other | -307 | -0.3 | -290 | -0.4 | -497 | -0.6 | ||||||||||
$ | 32,077 | 37.1 | $ | 24,257 | 36.3 | $ | 32,074 | 37 | ||||||||
Income taxes associated with unrecognized tax benefits | ' | |||||||||||||||
Dollars in thousands | Dollars in thousands | |||||||||||||||
Balance at March 26, 2011 | $ | 5,964 | ||||||||||||||
Tax positions related to current year: | ||||||||||||||||
Additions | 1,000 | |||||||||||||||
Reductions | ||||||||||||||||
Tax positions related to prior years: | ||||||||||||||||
Additions | 230 | |||||||||||||||
Reductions | -904 | |||||||||||||||
Settlements | -166 | |||||||||||||||
Lapses in statutes of limitations | -640 | |||||||||||||||
Balance at March 31, 2012 | 5,484 | |||||||||||||||
Tax positions related to current year: | ||||||||||||||||
Additions | 1,198 | |||||||||||||||
Reductions | ||||||||||||||||
Tax positions related to prior years: | ||||||||||||||||
Additions | ||||||||||||||||
Reductions | ||||||||||||||||
Settlements | -266 | |||||||||||||||
Lapses in statutes of limitations | -712 | |||||||||||||||
Balance at March 30, 2013 | 5,704 | |||||||||||||||
Tax positions related to current year: | ||||||||||||||||
Additions | 1,678 | |||||||||||||||
Reductions | ||||||||||||||||
Tax positions related to prior years: | ||||||||||||||||
Additions | ||||||||||||||||
Reductions | -88 | |||||||||||||||
Settlements | -381 | |||||||||||||||
Lapses in statutes of limitations | -1,013 | |||||||||||||||
Balance at March 29, 2014 | $ | 5,900 |
Stock_Ownership_Tables
Stock Ownership (Tables) | 12 Months Ended | |||||
Mar. 29, 2014 | ||||||
Stock Ownership [Abstract] | ' | |||||
Summary of the changes in the number of shares of common stock, Class C preferred stock and treasury stock | ' | |||||
Class C | ||||||
Common | Convertible | |||||
Stock | Preferred | Treasury | ||||
Shares | Stock Shares | Stock | ||||
Issued | Issued | Shares | ||||
Balance at March 26, 2011 | 36,038,664 | 32,500 | 5,577,984 | |||
Stock options exercised | 816,594 | 390,007 | ||||
Balance at March 31, 2012 | 36,855,258 | 32,500 | 5,967,991 | |||
Stock options exercised | 472,709 | 105,845 | ||||
Balance at March 30, 2013 | 37,327,967 | 32,500 | 6,073,836 | |||
Stock options exercised | 239,935 | 3,115 | ||||
Balance at March 29, 2014 | 37,567,902 | 32,500 | 6,076,951 |
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Share Based Compensation [Abstract] | ' | ||||||||
Summary of changes in outstanding stock options | ' | ||||||||
Weighted | |||||||||
Average | |||||||||
Exercise | Options | ||||||||
Price | Outstanding | ||||||||
At March 26, 2011 | $19.35 | 2,525,678 | |||||||
Granted | $32.86 | 173,075 | |||||||
Exercised | $14.47 | -816,594 | |||||||
Canceled | $21.10 | -30,571 | |||||||
At March 31, 2012 | $22.75 | 1,851,588 | |||||||
Granted | $35.19 | 511,600 | |||||||
Exercised | $12.54 | -472,709 | |||||||
Canceled | $29.99 | -26,365 | |||||||
At March 30, 2013 | $28.66 | 1,864,114 | |||||||
Granted | $45.38 | 181,400 | |||||||
Exercised | $18.73 | -239,935 | |||||||
Canceled | $35.48 | -32,178 | |||||||
At March 29, 2014 | $31.58 | 1,773,401 | |||||||
A summary of the status of and changes in non-vested stock options granted | ' | ||||||||
Weighted Average | |||||||||
Grant-Date | |||||||||
Fair Value | |||||||||
Options | (per Option) | ||||||||
Non-vested at March 26, 2011 | 930,039 | $7.83 | |||||||
Granted | 173,075 | $8.41 | |||||||
Vested | -357,697 | $7.54 | |||||||
Canceled | -23,342 | $6.62 | |||||||
Non-vested at March 31, 2012 | 722,075 | $8.16 | |||||||
Granted | 511,600 | $8.67 | |||||||
Vested | -332,566 | $7.98 | |||||||
Canceled | -21,912 | $8.26 | |||||||
Non-vested at March 30, 2013 | 879,197 | $8.52 | |||||||
Granted | 181,400 | $10.11 | |||||||
Vested | -417,743 | $8.66 | |||||||
Canceled | -30,025 | $8.90 | |||||||
Non-vested at March 29, 2014 | 612,829 | $8.88 | |||||||
Summarizes information about fixed stock options outstanding | ' | ||||||||
Options Outstanding | Options Exercisable | ||||||||
Weighted | Weighted | Weighted | |||||||
Average | Average | Shares | Average | ||||||
Range of | Shares | Remaining | Exercise | Under | Exercise | ||||
Exercise Prices | Under Option | Life | Price | Option | Price | ||||
$ 9.27 - $26.64 | 467,267 | 2.71 | $18.82 | 429,343 | $18.28 | ||||
$26.65 - $33.64 | 518,489 | 3.54 | $33.25 | 214,709 | $33.26 | ||||
$33.65 - $35.31 | 433,250 | 2.03 | $35.28 | 340,750 | $35.28 | ||||
$35.32 - $61.58 | 354,395 | 4.39 | $41.45 | 175,770 | $40.13 |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Earnings Per Common Share [Abstract] | ' | ||||||||||
Reconciliation of basic and diluted earnings per common share | ' | ||||||||||
Year Ended Fiscal March | |||||||||||
2014 | 2013 | 2012 | |||||||||
(Amounts in thousands, except per share data) | |||||||||||
Numerator for earnings per common share calculation: | |||||||||||
Net Income | $ | 54,459 | $ | 42,567 | $ | 54,612 | |||||
Less: Preferred stock dividends | -334 | -304 | -266 | ||||||||
Income available to common stockholders | $ | 54,125 | $ | 42,263 | $ | 54,346 | |||||
Denominator for earnings per common share calculation: | |||||||||||
Weighted average common shares, basic | 31,394 | 31,067 | 30,716 | ||||||||
Effect of dilutive securities: | |||||||||||
Preferred stock | 760 | 760 | 760 | ||||||||
Stock options | 488 | 481 | 761 | ||||||||
Weighted average common shares, diluted | 32,642 | 32,308 | 32,237 | ||||||||
Basic earnings per common share: | $ | 1.72 | $ | 1.36 | $ | 1.77 | |||||
Diluted earnings per common share: | $ | 1.67 | $ | 1.32 | $ | 1.69 |
Operating_Leases_and_Other_Com1
Operating Leases and Other Commitments (Tables) | 12 Months Ended | |||||||||
Mar. 29, 2014 | ||||||||||
Operating Leases and Other Commitments [Abstract] | ' | |||||||||
Future minimum payments required under non-cancellable leases | ' | |||||||||
Less - | ||||||||||
Sublease | ||||||||||
Year Ending Fiscal March | Leases | Income | Net | |||||||
(Dollars in thousands) | ||||||||||
2015 | $ | 33,547 | $ | -343 | $ | 33,204 | ||||
2016 | 29,068 | -295 | 28,773 | |||||||
2017 | 24,218 | -200 | 24,018 | |||||||
2018 | 18,105 | -137 | 17,968 | |||||||
2019 | 11,363 | -55 | 11,308 | |||||||
Thereafter | 11,237 | -91 | 11,146 | |||||||
Total | $ | 127,538 | $ | -1,121 | $ | 126,417 |
Employee_Retirement_and_Profit1
Employee Retirement and Profit Sharing Plans (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Employee Retirement And Profit Sharing Plans [Abstract] | ' | ||||||||||||
Funded status of plan | ' | ||||||||||||
Fiscal March | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Change in Plan Assets: | |||||||||||||
Fair value of plan assets at beginning of year | $ | 18,224 | $ | 17,344 | |||||||||
Actual return on plan assets | 1,726 | 1,496 | |||||||||||
Employee contribution | 0 | 0 | |||||||||||
Benefits paid | -581 | -616 | |||||||||||
Fair value of plan assets at end of year | 19,369 | 18,224 | |||||||||||
Change in Projected Benefit Obligation: | |||||||||||||
Benefit obligation at beginning of year | 19,285 | 17,500 | |||||||||||
Interest cost | 776 | 793 | |||||||||||
Actuarial (gain)/loss | -432 | 1,608 | |||||||||||
Benefits paid | -581 | -616 | |||||||||||
Benefit obligation at end of year | 19,048 | 19,285 | |||||||||||
Funded status of plan | $ | 321 | $ | -1,061 | |||||||||
Amounts recognized in accumulated other comprehensive loss | ' | ||||||||||||
Year Ended | |||||||||||||
Fiscal March | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Unamortized transition obligation | $ | 0 | $ | 0 | |||||||||
Unamortized prior service cost | 0 | 0 | |||||||||||
Unamortized net loss | 5,056 | 6,520 | |||||||||||
Total | $ | 5,056 | $ | 6,520 | |||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income | ' | ||||||||||||
Year Ended | |||||||||||||
Fiscal March | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Net transition obligation | $ | 0 | $ | 0 | |||||||||
Prior service cost | 0 | 0 | |||||||||||
Net actuarial income/(loss) | 1,464 | -787 | |||||||||||
Total | $ | 1,464 | $ | -787 | |||||||||
Components of pension (income) expense | ' | ||||||||||||
Year Ended Fiscal March | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Interest cost on projected benefit obligation | $ | 776 | $ | 793 | $ | 809 | |||||||
Expected return on plan assets | -1,193 | -1,192 | -1,189 | ||||||||||
Amortization of unrecognized actuarial loss | 658 | 517 | 71 | ||||||||||
Net pension expense (income) | $ | 241 | $ | 118 | $ | -309 | |||||||
Weighted average assumptions used to determine benefit obligations | ' | ||||||||||||
Year Ended | |||||||||||||
Fiscal March | |||||||||||||
2014 | 2013 | ||||||||||||
Discount rate | 4.42% | 4.08% | |||||||||||
Weighted average assumptions used to determine net periodic pension costs | ' | ||||||||||||
Year Ended Fiscal March | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate | 4.08% | 4.49% | 5.75% | ||||||||||
Expected long-term return on assets | 7.00% | 7.00% | 7.00% | ||||||||||
Company's asset allocations, by asset category | ' | ||||||||||||
March 29, | March 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Cash and cash equivalents | 2.90% | 1.60% | |||||||||||
Fixed income | 34.10% | 39.50% | |||||||||||
Equity securities | 63.00% | 58.90% | |||||||||||
Total | 100.00% | 100.00% | |||||||||||
Fair value measurement information for the Company's major categories of defined benefit plan assets | ' | ||||||||||||
Fair Value Measurements at March 29, 2014 Using | |||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||
(Dollars in thousands) | |||||||||||||
Equity securities: | |||||||||||||
U.S. companies | $ | 7,966 | $ | 7,966 | |||||||||
International companies | 4,241 | 4,241 | |||||||||||
Fixed income: | |||||||||||||
U.S. corporate bonds | 6,300 | $ | 6,300 | ||||||||||
International bonds | 302 | 302 | |||||||||||
Cash equivalents | 560 | 560 | |||||||||||
Total | $ | 19,369 | $ | 12,207 | $ | 7,162 | |||||||
Fair Value Measurements at March 30, 2013 Using | |||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
(Dollars in thousands) | |||||||||||||
Equity securities: | |||||||||||||
U.S. companies | $ | 6,465 | $ | 6,465 | |||||||||
International companies | 3,590 | 3,590 | |||||||||||
Fixed income: | |||||||||||||
U.S. corporate bonds | 6,840 | $ | 6,840 | ||||||||||
International bonds | 364 | 364 | |||||||||||
Cash equivalents | 288 | 288 | |||||||||||
Commodities | 677 | 677 | |||||||||||
Total | $ | 18,224 | $ | 10,732 | $ | 7,492 | |||||||
Pension benefit payments | ' | ||||||||||||
Year Ended | |||||||||||||
Fiscal March | |||||||||||||
(Dollars in thousands) | |||||||||||||
2015 | $ | 705 | |||||||||||
2016 | 742 | ||||||||||||
2017 | 772 | ||||||||||||
2018 | 803 | ||||||||||||
2019 | 851 | ||||||||||||
2020 - 2024 | 5,101 |
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Supplemental Disclosure of Cash Flow Information [Abstract] | ' | ||||||||
Liabilities on acquisitions assumed | ' | ||||||||
Fair value of assets acquired | $ | 11,708,000 | |||||||
Goodwill | 17,940,000 | ||||||||
Gain on bargain purchase | -217,000 | ||||||||
Cash paid, net of cash acquired | -27,518,000 | ||||||||
Liabilities assumed | $ | 1,913,000 | |||||||
Fair value of assets acquired | $ | 101,926,000 | |||||||
Goodwill | 117,602,000 | ||||||||
Cash paid, net of cash acquired | -163,275,000 | ||||||||
Liabilities assumed | $ | 56,253,000 | |||||||
Fair value of assets acquired | $ | 12,751,000 | |||||||
Goodwill | 34,204,000 | ||||||||
Cash paid, net of cash acquired | -39,243,000 | ||||||||
Liabilities assumed | $ | 7,712,000 | |||||||
Interest and Income Taxes Paid | ' | ||||||||
Year Ended Fiscal March | |||||||||
2014 | 2013 | 2012 | |||||||
(Dollars in thousands) | |||||||||
Cash paid during the year: | |||||||||
Interest, net | $ | 9,099 | $ | 6,914 | $ | 4,924 | |||
Income taxes, net | $ | 25,849 | $ | 22,850 | $ | 25,813 |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Company's sales mix | ' | ' | ' |
Revenue recognition | 100.00% | 100.00% | 100.00% |
Brakes [Member] | ' | ' | ' |
Company's sales mix | ' | ' | ' |
Revenue recognition | 15.00% | 15.00% | 18.00% |
Exhaust [Member] | ' | ' | ' |
Company's sales mix | ' | ' | ' |
Revenue recognition | 4.00% | 4.00% | 5.00% |
Steering [Member] | ' | ' | ' |
Company's sales mix | ' | ' | ' |
Revenue recognition | 9.00% | 10.00% | 10.00% |
Tires [Member] | ' | ' | ' |
Company's sales mix | ' | ' | ' |
Revenue recognition | 44.00% | 42.00% | 39.00% |
Maintenance [Member] | ' | ' | ' |
Company's sales mix | ' | ' | ' |
Revenue recognition | 28.00% | 29.00% | 28.00% |
Significant_Accounting_Policie4
Significant Accounting Policies 1 (Details) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Weighted average fair value of options granted | ' | ' | ' |
Risk-free interest rate | 0.86% | 0.53% | 1.11% |
Expected life, in years | '4 years | '4 years | '4 years |
Expected volatility | 29.70% | 34.00% | 33.90% |
Expected dividend yield | 0.97% | 1.14% | 1.03% |
Significant_Accounting_Policie5
Significant Accounting Policies Textual (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
numberoffranchiselocations | |||
numberofautomotiverepaircenters | |||
numberofstores | |||
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Company operated stores | 953 | ' | ' |
Franchised locations | 3 | ' | ' |
Dealer-operated automotive repair centers | 14 | ' | ' |
Company reported results minimum | '52 weeks | ' | ' |
Company reported results maximum | '53 weeks | ' | ' |
Company reported results actual | '52 weeks | '52 weeks | '53 weeks |
Maturity period of cash equivalents | 'three months or less | ' | ' |
Number of shares surrendered in settlement of stock options exercised | 0 | 43,000 | 386,000 |
Number of stock options exercised in settlement of surrendered shares | 0 | 113,000 | 563,000 |
Vesting period for option awards | '4 years | ' | ' |
Weighted average fair value of options granted | $10.10 | $8.67 | $8.41 |
Stock based compensation expense | $3.60 | $3.10 | $2.70 |
Income tax benefit related to stock based compensation | $1.30 | $1.20 | $1 |
Advertising expenses amortization period | '2 months | ' | ' |
Buildings and Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Maximum, years | '39 years | ' | ' |
Buildings and Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Maximum, years | '10 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Maximum, years | '15 years | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Maximum, years | '5 years | ' | ' |
Vehicles [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Maximum, years | '10 years | ' | ' |
Vehicles [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Maximum, years | '5 years | ' | ' |
Software [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Maximum, years | '7 years | ' | ' |
Software [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Maximum, years | '3 years | ' | ' |
Significant_Accounting_Policie6
Significant Accounting Policies Leases (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2013 |
Property, plant and equipment- financing obligations | $0.40 |
Capital leases and financing obligations-financing obligation | 0.7 |
Goodwill-financing obligation | 1.9 |
Deferred income taxes-financing obligation | 1.2 |
Other long-term liabilities-financing obligation | 2.3 |
Occupancy costs-financing obligation | -1 |
Interest expense-financing obligations | $0.50 |
Acquisitions_Purchase_Price_Al
Acquisitions Purchase Price Allocations (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Purchase price of acquisitions allocation | ' | ' | ' |
Plus: gain on bargain purchase | $217,000 | $0 | $0 |
Goodwill | 17,940,000 | 115,548,000 | ' |
Fiscal 2014 Acquisitions [Member] | ' | ' | ' |
Purchase price of acquisitions allocation | ' | ' | ' |
Inventories | 1,549,000 | ' | ' |
Other current assets | 122,000 | ' | ' |
Property, Plant, and Equipment | 8,549,000 | ' | ' |
Intangible assets | 1,283,000 | ' | ' |
Deferred income tax assets | 111,000 | ' | ' |
Other non-current assets | 94,000 | ' | ' |
Total assets acquired | 11,708,000 | ' | ' |
Warranty reserves | 167,000 | ' | ' |
Other current liabilities | 1,616,000 | ' | ' |
Other long-term liabilities | 130,000 | ' | ' |
Total liabilities assumed | 1,913,000 | ' | ' |
Total net identifiable assets acquired | 9,795,000 | ' | ' |
Total consideration transferred | 27,518,000 | ' | ' |
Plus: gain on bargain purchase | 217,000 | ' | ' |
Less: total net identifiable assets acquired | 9,795,000 | ' | ' |
Goodwill | 17,940,000 | ' | ' |
Fiscal 2013 Acquisitions [Member] | ' | ' | ' |
Purchase price of acquisitions allocation | ' | ' | ' |
Inventories | ' | 16,854,000 | ' |
Other current assets | ' | 1,167,000 | ' |
Property, Plant, and Equipment | ' | 49,605,000 | ' |
Intangible assets | ' | 21,112,000 | ' |
Deferred income tax assets | ' | 13,179,000 | ' |
Other non-current assets | ' | 9,000 | ' |
Total assets acquired | ' | 101,926,000 | ' |
Warranty reserves | ' | 3,217,000 | ' |
Other current liabilities | ' | 4,694,000 | ' |
Long-term capital leases and financing obligations | ' | 44,086,000 | ' |
Other long-term liabilities | ' | 4,256,000 | ' |
Total liabilities assumed | ' | 56,253,000 | ' |
Total net identifiable assets acquired | ' | 45,673,000 | ' |
Total consideration transferred | ' | 163,517,000 | ' |
Less: total net identifiable assets acquired | ' | 45,673,000 | ' |
Goodwill | ' | $117,844,000 | ' |
Acquisitions_Intangible_Assets
Acquisitions - Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | $1,283 | $21,112 |
Weighted average useful life of intangible assets in years | '7 years | '11 years |
Customer lists [Member] | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 767 | 9,160 |
Weighted average useful life of intangible assets in years | '7 years | '7 years |
Trade Names [Member] | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 501 | 6,570 |
Weighted average useful life of intangible assets in years | '7 years | '17 years |
Favorable leases [Member] | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | ' | 5,382 |
Weighted average useful life of intangible assets in years | ' | '12 years |
Noncompete Agreement [Member] | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | $15 | ' |
Weighted average useful life of intangible assets in years | '3 years | ' |
Acquisitions_Details_Textual
Acquisitions (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||||||
Jun. 30, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 16, 2012 | Nov. 18, 2012 | Oct. 14, 2012 | Oct. 07, 2012 | Aug. 12, 2012 | Jun. 03, 2012 | Apr. 02, 2012 | Mar. 02, 2014 | Nov. 17, 2013 | Nov. 17, 2013 | Oct. 20, 2013 | Aug. 18, 2013 | Aug. 11, 2013 | Mar. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 13, 2014 | |
numberofassetpurchaseagreements | Enger Auto Service Mentor, Inc. [Member] | Tire King of Durham, Inc. [Member] | Ken Towery's Auto Care [Member] | Everybody's Oil Corporation [Member] | Brothers Tire, Inc. [Member] | Chesley Co. Inc. [Member] | Tuffy Associates Corp [Member] | Colony Tire Corporation[Member] | Kramer Tire Co. [Member] | Hometown Tire Company, Inc. | Carl King Tire, Inc. [Member] | S&S Firestone, Inc. [Member] | XL Tire, Inc. [Member] | Curry's Automotive Group | Mitchell Tire Service [Member] | Fiscal 2013 Acquisitions [Member] | Lentz U.S.A. Service Centers, Inc. [Member] | Kan Rock Tire Company, Inc.[Member] | Bald Tire & Auto, Inc. [Member] | |||
numberofstores | numberofstores | numberofstores | numberofstores | numberofstores | numberofstores | numberofstores | numberofstores | numberofstores | numberofstores | numberofstores | numberofstores | numberofstores | numberofstores | numberofstores | numberofstores | numberofstores | numberofstores | |||||
Acquisitions (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preliminary aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $163,517,000 | ' | ' | ' |
Number of stores acquired | ' | ' | ' | 12 | 9 | 27 | 31 | 1 | 5 | 17 | 18 | 20 | 1 | 6 | 4 | 2 | 10 | 1 | ' | 10 | 9 | 2 |
Sales of acquired entities for the reporting period from acquisition date | ' | 15,100,000 | 87,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) of acquired entities for the reporting period from acquisition date | ' | 100,000 | -1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition Costs, Period Cost | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nubmer of definitive asset purchase agreements signed | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase accounting accounting measurement period adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in estimate, Property Plant and Equipment | ' | 2,400,000 | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in estimate, intangible assets | ' | 4,300,000 | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in estimate, long-term deferred income tax asset | ' | 7,500,000 | 7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in estimate, current portion of long-term debt, capital leases and financing obligations | ' | 2,000,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in estimate, warranty reserve | ' | -200,000 | -200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in estimate,long-term capital leases and financing obligations | ' | 28,900,000 | 28,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in estimate, other long term liabilities | ' | 300,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to goodwill related to purchase accounting | ' | $16,800,000 | $14,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Current_Assets_Details
Other Current Assets (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Composition of other current assets | ' | ' |
Vendor rebates receivable | $7,258 | $10,662 |
Other | 16,124 | 17,750 |
Prepaid expense and other assets, current, total | $23,382 | $28,412 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Major classifications of property, plant and equipment | ' | ' |
Property, plant and equipment | $531,505 | $504,080 |
Less - Accumulated depreciation and amortization | 249,622 | 229,034 |
Net property, plant and equipment | 281,883 | 275,046 |
Land [Member] | ' | ' |
Major classifications of property, plant and equipment | ' | ' |
Property, plant and equipment | 69,836 | 69,401 |
Buildings and Improvements [Member] | ' | ' |
Major classifications of property, plant and equipment | ' | ' |
Property, plant and equipment | 252,150 | 242,862 |
Equipment, signage and fixtures [Member] | ' | ' |
Major classifications of property, plant and equipment | ' | ' |
Property, plant and equipment | 183,373 | 169,233 |
Vehicles [Member] | ' | ' |
Major classifications of property, plant and equipment | ' | ' |
Property, plant and equipment | 19,699 | 18,323 |
Construction in Progress [Member] | ' | ' |
Major classifications of property, plant and equipment | ' | ' |
Property, plant and equipment | 6,447 | 4,261 |
Assets Owned [Member] | ' | ' |
Major classifications of property, plant and equipment | ' | ' |
Property, plant and equipment | 465,381 | 439,020 |
Less - Accumulated depreciation and amortization | 226,870 | 210,490 |
Net property, plant and equipment | 238,511 | 228,530 |
Assets Owned [Member] | Land [Member] | ' | ' |
Major classifications of property, plant and equipment | ' | ' |
Property, plant and equipment | 69,836 | 69,401 |
Assets Owned [Member] | Buildings and Improvements [Member] | ' | ' |
Major classifications of property, plant and equipment | ' | ' |
Property, plant and equipment | 186,093 | 177,869 |
Assets Owned [Member] | Equipment, signage and fixtures [Member] | ' | ' |
Major classifications of property, plant and equipment | ' | ' |
Property, plant and equipment | 183,373 | 169,233 |
Assets Owned [Member] | Vehicles [Member] | ' | ' |
Major classifications of property, plant and equipment | ' | ' |
Property, plant and equipment | 19,632 | 18,256 |
Assets Owned [Member] | Construction in Progress [Member] | ' | ' |
Major classifications of property, plant and equipment | ' | ' |
Property, plant and equipment | 6,447 | 4,261 |
Assets under Capital Lease [Member] | ' | ' |
Major classifications of property, plant and equipment | ' | ' |
Property, plant and equipment | 66,124 | 65,060 |
Less - Accumulated depreciation and amortization | 22,752 | 18,544 |
Net property, plant and equipment | 43,372 | 46,516 |
Assets under Capital Lease [Member] | Buildings and Improvements [Member] | ' | ' |
Major classifications of property, plant and equipment | ' | ' |
Property, plant and equipment | 66,057 | 64,993 |
Assets under Capital Lease [Member] | Vehicles [Member] | ' | ' |
Major classifications of property, plant and equipment | ' | ' |
Property, plant and equipment | $67 | $67 |
Property_Plant_and_Equipment_D1
Property Plant and Equipment (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Property Plant And Equipment (Textual) [Abstract] | ' | ' | ' |
Amortization expense | $5.20 | $3.90 | $3.20 |
Depreciation | $28.60 | $24.70 | $22 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Changes in goodwill | ' | ' |
Beginning Balance | $249,803 | $132,656 |
Additions to goodwill from current year acquisitions | 17,940 | 115,548 |
Disposal of assets related to acquisitions | ' | -704 |
Adjustments to goodwill related to purchase accounting | 2,296 | 404 |
Other adjustments | ' | 1,899 |
Ending Balance | $270,039 | $249,803 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Details 1) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Composition of other intangible assets | ' | ' |
Gross carrying amount | $46,929 | $45,239 |
Accumulated Amortization | 17,558 | 12,843 |
Customer lists [Member] | ' | ' |
Composition of other intangible assets | ' | ' |
Gross carrying amount | 19,566 | 18,799 |
Accumulated Amortization | 8,548 | 6,313 |
Trade names [Member] | ' | ' |
Composition of other intangible assets | ' | ' |
Gross carrying amount | 14,003 | 13,502 |
Accumulated Amortization | 4,648 | 3,891 |
Favorable leases [Member] | ' | ' |
Composition of other intangible assets | ' | ' |
Gross carrying amount | 12,700 | 12,293 |
Accumulated Amortization | 3,751 | 2,117 |
Other intangible assets [Member] | ' | ' |
Composition of other intangible assets | ' | ' |
Gross carrying amount | 660 | 645 |
Accumulated Amortization | $611 | $522 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Details 2) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Customer Lists Tradenames Other[Member] | ' |
Estimated future amortization of intangible assets | ' |
2015 | $3,025 |
2016 | 2,890 |
2017 | 2,741 |
2018 | 2,673 |
2019 | 2,419 |
Favorable Leases [Member] | ' |
Estimated future amortization of intangible assets | ' |
2015 | 977 |
2016 | 887 |
2017 | 846 |
2018 | 818 |
2019 | $780 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Goodwill and Intangible Assets (Textual) [Abstract] | ' | ' | ' |
Amortization of intangible assets | $3.10 | $2.80 | $1.60 |
Customer Lists [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted average useful lives, in years | '9 years | ' | ' |
Trade names [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted average useful lives, in years | '14 years | ' | ' |
Favorable leases [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted average useful lives, in years | '15 years | ' | ' |
Other intangible assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted average useful lives, in years | '5 years | ' | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Unclassified [Abstract] | ' | ' |
Revolving Credit Facility, LIBOR-based | $105,841 | $127,187 |
Mortgage Note Payable, non-interest bearing, secured by warehouse and office land, due in one installment in 2015 | 660 | 660 |
Obligations under capital leases and financing obligations at various interest rates, due in installments through 2042 | 88,091 | 93,795 |
Less - Current portion of long-term debt, capital leases and financing obligations | ($7,552) | ($6,833) |
LongTerm_Debt_Details_1
Long-Term Debt (Details 1) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Long-term Debt, by Maturity [Abstract] | ' |
2015 | $7,552 |
2016 | 6,671 |
2017 | 6,640 |
2018 | 112,977 |
2019 | 7,466 |
Aggregate Amount [Member] | Capital Leases and Financing Obligations[Member] | ' |
Long-term Debt, by Maturity [Abstract] | ' |
2015 | 13,459 |
2016 | 12,732 |
2017 | 12,204 |
2018 | 12,186 |
2019 | 11,976 |
Imputed Interest [Member] | Capital Leases and Financing Obligations[Member] | ' |
Long-term Debt, by Maturity [Abstract] | ' |
2015 | -6,567 |
2016 | -6,061 |
2017 | -5,564 |
2018 | -5,050 |
2019 | -4,510 |
All Other Debt [Member] | ' |
Long-term Debt, by Maturity [Abstract] | ' |
2015 | 660 |
2018 | $105,841 |
LongTerm_Debt_Details_Textual
Long-Term Debt (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Jun. 30, 2011 | Mar. 29, 2014 | Mar. 31, 1995 | Mar. 30, 2013 |
numberofbanks | numberofbanks | acre | |||
Long Term Debt (Textual) [Abstract] | ' | ' | ' | ' | ' |
London Interbank Offered Rate (LIBOR) | ' | ' | 0.15% | ' | ' |
Revolving credit facility agreement term | ' | '5 years | ' | ' | ' |
Revolving credit facility agreement | $250 | $175 | ' | ' | ' |
Revolving credit facility agreement, number of participating banks | ' | 7 | 6 | ' | ' |
Credit Facility Increased Availability | 75 | ' | ' | ' | ' |
Provision allowing to expand the amount of overall facility | 75 | 75 | ' | ' | ' |
Revolving credit facility agreement committed sum outstanding | ' | ' | 105.8 | ' | ' |
Line of credit sub-facility for issuing standby letters of credit | ' | ' | 40 | ' | ' |
Percentage of face amount of standby letter of credit payable as fees | ' | ' | 1.38% | ' | ' |
Letters of credit outstanding | ' | ' | 22.7 | ' | ' |
Net availability under the credit facility | ' | ' | 121.5 | ' | ' |
Carrying amount of long-term debt (including current portion) | ' | ' | 106.5 | ' | 127.8 |
Fair value of long-term debt (including current portion) | ' | ' | 106.5 | ' | 127.8 |
The total amount financed for properties with capital leases and financing obligations | ' | ' | 88.1 | ' | ' |
Acres of land purchased | ' | ' | ' | 12.7 | ' |
Purchase price of land purchased | ' | ' | ' | $0.70 | ' |
Percentage of land purchased via a non-interest mortgage | ' | ' | ' | 100.00% | ' |
Period of non-interest bearing mortgage | ' | ' | ' | '20 years | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Term extension of credit facility | '1 year 6 months | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Interest rate over LIBOR on the facility | ' | ' | 1.00% | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Interest rate over LIBOR on the facility | ' | ' | 1.25% | ' | ' |
Percentage of net income permit as cash dividend, maximum | ' | ' | 50.00% | ' | ' |
YearEnd [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Interest rate over LIBOR on the facility | ' | ' | 1.25% | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Current - | ' | ' | ' |
Federal | $25,978 | $22,366 | $26,002 |
State | 1,579 | 2,266 | 2,910 |
Total | 27,557 | 24,632 | 28,912 |
Deferred - | ' | ' | ' |
Federal | 4,793 | -101 | 3,273 |
State | -273 | -274 | -111 |
Total | 4,520 | -375 | 3,162 |
Total income taxes provision | $32,077 | $24,257 | $32,074 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax (liabilities) assets | ' | ' |
Goodwill | ($18,189) | ($13,104) |
Other | -734 | -242 |
Total deferred tax liabilities | -18,923 | -13,346 |
Insurance reserves | 9,774 | 8,872 |
Property and Equipment | 5,815 | 6,637 |
Warranty and other reserves | 4,228 | 4,322 |
Stock options | 3,897 | 2,982 |
Deferred rent | 1,961 | 2,086 |
Accrued compensation | 1,650 | 1,444 |
Other | 5,168 | 5,477 |
Total deferred tax assets | 32,493 | 31,820 |
Net deferred tax assets | $13,570 | $18,474 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Reconciliation between Federal statutory tax rate and effective tax rate reflected in accompanying financial statements | ' | ' | ' |
Federal income tax based on statutory tax rate applied to income before taxes | $30,287 | $23,388 | $30,340 |
State income tax, net of federal income tax benefit | 2,097 | 1,159 | 2,231 |
Other | -307 | -290 | -497 |
Total income taxes provision | $32,077 | $24,257 | $32,074 |
Federal income tax based on statutory tax rate applied to income before taxes, percentage | 35.00% | 35.00% | 35.00% |
State income tax, net of federal income tax benefit, percentage | 2.40% | 1.70% | 2.60% |
Other, percentage | -0.30% | -0.40% | -0.60% |
Total income taxes provision, percentage | 37.10% | 36.30% | 37.00% |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Income taxes associated with unrecognized tax benefits | ' | ' | ' |
Beginning balance | $5,704 | $5,484 | $5,964 |
Tax positions related to current year: | ' | ' | ' |
Additions | 1,678 | 1,198 | 1,000 |
Reductions | ' | ' | ' |
Tax positions related to prior years: | ' | ' | ' |
Additions | ' | ' | 230 |
Reductions | -88 | ' | -904 |
Settlements | -381 | -266 | -166 |
Lapses in statutes of limitations | -1,013 | -712 | -640 |
Ending balance | $5,900 | $5,704 | $5,484 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 26, 2011 | |
Income Taxes (Textual) [Abstract] | ' | ' | ' | ' |
State net operating loss carryforwards available | $3,700,000 | ' | ' | ' |
Carryforward expiration period | 31-Mar-34 | ' | ' | ' |
Unrecognized tax benefits | 5,900,000 | 5,704,000 | 5,484,000 | 5,964,000 |
Reversal of accrued interest and penalties related to uncertain tax positions | 100,000 | 200,000 | 300,000 | ' |
Interest and penalties accrued associated with uncertain tax benefit | $300,000 | $500,000 | ' | ' |
Stock_Ownership_Details
Stock Ownership (Details) | 12 Months Ended | |||||||||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 26, 2011 | |
Treasury Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Class C Convertible Preferred Stock [Member] | Class C Convertible Preferred Stock [Member] | Class C Convertible Preferred Stock [Member] | Class C Convertible Preferred Stock [Member] | |
Summary of the changes in the number of shares of common stock, Class C preferred stock and treasury stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Issued, Beginning balance | 6,073,836 | 5,967,991 | 5,577,984 | 37,327,967 | 36,855,258 | 36,038,664 | 32,500 | 32,500 | 32,500 | 32,500 |
Stock options exercised | 3,115 | 105,845 | 390,007 | 239,935 | 472,709 | 816,594 | ' | ' | ' | ' |
Shares Issued, Ending balance | 6,076,951 | 6,073,836 | 5,967,991 | 37,567,902 | 37,327,967 | 36,855,258 | 32,500 | 32,500 | 32,500 | 32,500 |
Stock_Ownership_Details_Textua
Stock Ownership (Details Textual) (USD $) | 12 Months Ended | |||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 31, 2012 | |
Before Amendment [Member] | After Amendment [Member] | |||
Convertible Preferred Stock and Common Stock (Textual) [Abstract] | ' | ' | ' | ' |
Minimum percentage of preferred stock holders approval for authorization of action | 60.00% | ' | ' | ' |
Distribution amount per share of preferred stock on liquidation of company | $1.50 | ' | ' | ' |
Conversion value of the Class C convertible preferred stock | $0.06 | $0.06 | ' | ' |
Statement [Line Items] | ' | ' | ' | ' |
Common Stock, Shares Authorized | 65,000,000 | 65,000,000 | 45,000,000 | 65,000,000 |
Share_Based_Compensation_Detai
Share Based Compensation (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Summary of changes in outstanding stock options | ' | ' | ' |
Weighted average exercise price, beginning of period | $28.66 | $22.75 | $19.35 |
Weighted average exercise price, granted | $45.38 | $35.19 | $32.86 |
Weighted average exercise price, exercised | $18.73 | $12.54 | $14.47 |
Weighted average exercise price, canceled | $35.48 | $29.99 | $21.10 |
Weighted average exercise price, end of period | $31.58 | $28.66 | $22.75 |
Options outstanding, beginning balance | 1,864,114 | 1,851,588 | 2,525,678 |
Options outstanding, granted | 181,400 | 511,600 | 173,075 |
Options outstanding, exercised | -239,935 | -472,709 | -816,594 |
Canceled, options | -32,178 | -26,365 | -30,571 |
Options outstanding, ending balance | 1,773,401 | 1,864,114 | 1,851,588 |
Share_Based_Compensation_Detai1
Share Based Compensation (Details 1) (USD $) | 12 Months Ended | |||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 26, 2011 | |
A summary of the status of and changes in nonvested stock options granted | ' | ' | ' | ' |
Non-vested, shares, beginning balance | 879,197 | 722,075 | 930,039 | ' |
Granted, shares | 181,400 | 511,600 | 173,075 | ' |
Vested, shares | -417,743 | -332,566 | -357,697 | ' |
Canceled, shares | -30,025 | -21,912 | -23,342 | ' |
Non-vested, shares, ending balance | 612,829 | 879,197 | 722,075 | 930,039 |
Weighted average grant date fair value, beginning of period | $8.88 | $8.52 | $8.16 | $7.83 |
Weighted average grant date fair value, granted | $10.11 | $8.67 | $8.41 | ' |
Weighted average grant date fair value, vested | $8.66 | $7.98 | $7.54 | ' |
Weighted average grant date fair value, canceled | $8.90 | $8.26 | $6.62 | ' |
Weighted average grant date fair value, end of period | $8.88 | $8.52 | $8.16 | $7.83 |
Share_Based_Compensation_Detai2
Share Based Compensation (Details 2) (USD $) | 12 Months Ended |
Mar. 29, 2014 | |
Exercise Prince Range $ 9.27 - $26.64 | ' |
Summarizes information about fixed stock options outstanding | ' |
Range of exercise price, lower limit | $9.27 |
Range of exercise price, upper limit | $26.64 |
Options outstanding, shares under option | 467,267 |
Options outstanding, weighted average remaining life | '2 years 8 months 16 days |
Options outstanding, weighted average exercise price | $18.82 |
Options exercisable, shares under option | 429,343 |
Options exercisable, weighted average exercise price | $18.28 |
Exercise Prince Range $26.65 - $33.64 | ' |
Summarizes information about fixed stock options outstanding | ' |
Range of exercise price, lower limit | $26.65 |
Range of exercise price, upper limit | $33.64 |
Options outstanding, shares under option | 518,489 |
Options outstanding, weighted average remaining life | '3 years 6 months 14 days |
Options outstanding, weighted average exercise price | $33.25 |
Options exercisable, shares under option | 214,709 |
Options exercisable, weighted average exercise price | $33.26 |
Exercise Prince Range $33.65 - $35.31 | ' |
Summarizes information about fixed stock options outstanding | ' |
Range of exercise price, lower limit | $33.65 |
Range of exercise price, upper limit | $35.31 |
Options outstanding, shares under option | 433,250 |
Options outstanding, weighted average remaining life | '2 years 0 months 11 days |
Options outstanding, weighted average exercise price | $35.28 |
Options exercisable, shares under option | 340,750 |
Options exercisable, weighted average exercise price | $35.28 |
Exercise Prince Range $35.32 - $61.58 | ' |
Summarizes information about fixed stock options outstanding | ' |
Range of exercise price, lower limit | $35.32 |
Range of exercise price, upper limit | $61.58 |
Options outstanding, shares under option | 354,395 |
Options outstanding, weighted average remaining life | '4 years 4 months 20 days |
Options outstanding, weighted average exercise price | $41.45 |
Options exercisable, shares under option | 175,770 |
Options exercisable, weighted average exercise price | $40.13 |
Share_Based_Compensation_Detai3
Share Based Compensation (Details Textual) (USD $) | 12 Months Ended | ||||||||||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | 31-May-13 | 31-May-10 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | |
Minimum [Member] | Maximum [Member] | Incentive Stock Option Plan 2007 [Member] | Incentive Stock Option Plan 2007 [Member] | Incentive Stock Option Plan 2007 [Member] | Incentive Stock Option Plan 1994 [Member] | Incentive Stock Option Plan 1998 [Member] | Incentive Stock Option Plan 2003 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares initially reserved for future issuance | ' | ' | ' | ' | ' | 873,000 | ' | ' | ' | ' | ' |
Options available for grant | 2,148,327 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares authorized for issuance | 5,001,662 | ' | ' | ' | ' | 1,501,662 | ' | ' | 675,345 | 4,016,250 | 315,000 |
Share based compensation arrangement by share based payment award additional number of shares authorized | ' | ' | ' | ' | ' | ' | 2,000,000 | 1,500,000 | ' | ' | ' |
Share based compensation arrangement by share based payment award shares transferred from previous plan | ' | ' | ' | ' | ' | 628,662 | ' | ' | ' | ' | ' |
Employee options term | ' | ' | ' | '6 years | '10 years | ' | ' | ' | ' | ' | ' |
Share Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period of employee options | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total shares exercisable | 1,160,572 | 984,917 | 1,129,513 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average contractual term, options outstanding | '3 years 1 month 6 days | '3 years 9 months 9 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, options outstanding | $44,200,000 | $20,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average contractual term of all options exercisable | '2 years 9 months 18 days | '3 years 4 months 25 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of all options exercisable | 31,500,000 | 14,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of awards vested under the Company's stock plans | 3,600,000 | 2,700,000 | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, Company's closing stock price | $56.51 | $39.71 | $41.49 | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options exercised | 7,400,000 | 10,600,000 | 17,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense related to non-vested fixed stock options | 4,100,000 | 6,000,000 | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expenses recognition period related to nonvested fixed stock options | '2 years | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 4,314,000 | 2,957,000 | 3,134,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit from exercise of stock options | $1,866,000 | $2,764,000 | $5,314,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |||
Numerator for earnings per common share calculation: | ' | ' | ' | |||
Net income | $54,459 | $42,567 | $54,612 | |||
Less: Preferred stock dividends | -334 | [1] | -304 | [1] | -266 | [1] |
Income available to common stockholders | $54,125 | $42,263 | $54,346 | |||
Denominator for earnings per common share calculation: | ' | ' | ' | |||
Weighted average common shares, basic | 31,394 | 31,067 | 30,716 | |||
Effect of dilutive securities: | ' | ' | ' | |||
Preferred stock | 760 | 760 | 760 | |||
Stock options | 488 | 481 | 761 | |||
Weighted average common shares, diluted | 32,642 | 32,308 | 32,237 | |||
Basic earnings per common share: | $1.72 | $1.36 | $1.77 | |||
Diluted earnings per common share: | $1.67 | $1.32 | $1.69 | |||
[1] | Dividends paid per common share or common share equivalent were $.44, $.40 and $.35, respectively, for the years ended March 29, 2014, March 30, 2013 and March 31, 2012. |
Earnings_Per_Common_Share_Deta1
Earnings Per Common Share (Details Textual) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Earnings Per Common Share (Textual) [Abstract] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 91,000 | 955,000 | 682,000 |
Operating_Leases_and_Other_Com2
Operating Leases and Other Commitments (Details) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Future minimum payments required under non-cancellable leases | ' |
Leases, 2015 | $33,547 |
Leases, 2016 | 29,068 |
Leases, 2017 | 24,218 |
Leases, 2018 | 18,105 |
Leases, 2019 | 11,363 |
Leases, thereafter | 11,237 |
Leases, total | 127,538 |
Less - Sublease Income, 2015 | -343 |
Less - Sublease Income, 2016 | -295 |
Less - Sublease Income, 2017 | -200 |
Less - Sublease Income, 2018 | -137 |
Less - Sublease Income, 2019 | -55 |
Less - Sublease Income, thereafter | -91 |
Less - Sublease Income, total | -1,121 |
Net, 2015 | 33,204 |
Net, 2016 | 28,773 |
Net, 2017 | 24,018 |
Net, 2018 | 17,968 |
Net, 2019 | 11,308 |
Net, thereafter | 11,146 |
Net, Total | $126,417 |
Operating_Leases_and_Other_Com3
Operating Leases and Other Commitments (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Oct. 01, 2012 | Feb. 28, 2014 | Oct. 02, 2007 | Oct. 01, 2007 | Dec. 30, 2010 | Dec. 30, 2010 | Feb. 28, 2014 | Dec. 30, 2010 | Oct. 01, 2012 | |
Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | President [Member] | Executive Vice President [Member] | Executive Vice President [Member] | Executive Vice President and Chief Financial Officer [Member] | Executive Chairman [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated base salary per agreement | ' | ' | ' | $550,000 | ' | ' | $840,000 | ' | ' | $242,500 | ' | $420,000 |
Maximum percentage of annual bonus | ' | ' | ' | 150.00% | ' | ' | 150.00% | ' | ' | 87.50% | 87.50% | 150.00% |
Total amount of special bonus payable in five annual installments | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' | ' | ' | ' |
Amount of special bonus for one installment | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' |
Number of stock options awarded | ' | ' | ' | 300,000 | ' | 562,500 | ' | 150,000 | 120,000 | ' | 90,000 | ' |
Stock option exercise price | ' | ' | ' | $33.64 | ' | $15.20 | ' | $35.31 | $35.31 | ' | $35.31 | ' |
New employment agreement period | ' | ' | ' | '5 years | ' | ' | '5 years | '4 years | '4 years | '3 years 3 months 0 days | '4 years | '3 years |
Total amount of additional bonus payable in five annual installments | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' | ' | ' | ' |
Future additional bonus payable per annum installment | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' |
Vesting period of employee options | '5 years | ' | ' | '4 years | ' | ' | ' | '4 years | '4 years | ' | '4 years | ' |
Employment Period Start Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Apr-14 | ' | ' |
Employment Period End Date | ' | ' | ' | ' | 30-Jun-17 | ' | ' | ' | ' | ' | ' | ' |
Operating Leases And Other Commitments (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leases retail facilities under non-cancellable lease agreements expire period | 31-Mar-32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense under operating leases, net of sublease income | 32,841,000 | 32,204,000 | 28,490,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent rentals | 59,000 | 85,000 | 93,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sublease income | $533,000 | $636,000 | $386,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of annual purchases of specific products bought from entering contracts | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum purchase commitment expiration date | 'July 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Retirement_and_Profit2
Employee Retirement and Profit Sharing Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Change in Plan Assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | $18,224 | $17,344 | ' |
Actual return on plan assets | 1,726 | 1,496 | ' |
Employee contribution | 0 | 0 | ' |
Benefits paid | -581 | -616 | ' |
Fair value of plan assets at end of year | 19,369 | 18,224 | 17,344 |
Change in Projected Benefit Obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 19,285 | 17,500 | ' |
Interest cost | 776 | 793 | 809 |
Actuarial (gain)/loss | -432 | 1,608 | ' |
Benefits paid | -581 | -616 | ' |
Benefit obligation at end of year | 19,048 | 19,285 | 17,500 |
Funded status of plan | $321 | ($1,061) | ' |
Employee_Retirement_and_Profit3
Employee Retirement and Profit Sharing Plans (Details 1) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Amounts recognized in accumulated other comprehensive loss | ' | ' |
Unamortized transition obligation | $0 | $0 |
Unamortized prior service cost | 0 | 0 |
Unamortized net loss | 5,056 | 6,520 |
Total | $5,056 | $6,520 |
Employee_Retirement_and_Profit4
Employee Retirement and Profit Sharing Plans (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Changes in plan assets and benefit obligations recognized in other comprehensive income | ' | ' |
Net transition obligation | $0 | $0 |
Prior service cost | 0 | 0 |
Net actuarial income/(loss) | 1,464 | -787 |
Total | $1,464 | ($787) |
Employee_Retirement_and_Profit5
Employee Retirement and Profit Sharing Plans (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Components of pension expense (income) | ' | ' | ' |
Interest cost on projected benefit obligation | $776 | $793 | $809 |
Expected return on plan assets | -1,193 | -1,192 | -1,189 |
Amortization of unrecognized actuarial loss | 658 | 517 | 71 |
Net pension expense (income) | $241 | $118 | ($309) |
Employee_Retirement_and_Profit6
Employee Retirement and Profit Sharing Plans (Details 4) | Mar. 29, 2014 | Mar. 30, 2013 |
Weighted average assumptions used to determine benefit obligations | ' | ' |
Discount rate | 4.42% | 4.08% |
Employee_Retirement_and_Profit7
Employee Retirement and Profit Sharing Plans (Details 5) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Weighted average assumptions used to determine net periodic pension costs | ' | ' | ' |
Discount rate | 4.08% | 4.49% | 5.75% |
Expected long-term return on assets | 7.00% | 7.00% | 7.00% |
Employee_Retirement_and_Profit8
Employee Retirement and Profit Sharing Plans (Details 6) | Mar. 29, 2014 | Mar. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 2.90% | 1.60% |
Fixed Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 34.10% | 39.50% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 63.00% | 58.90% |
Employee_Retirement_and_Profit9
Employee Retirement and Profit Sharing Plans (Details 7) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value of Plan Assets | ' | ' | ' |
Fair value measurement of defined benefit plan assets | $19,369 | $18,224 | $17,344 |
U.S. Companies Equity Securities [Member] | ' | ' | ' |
Fair Value of Plan Assets | ' | ' | ' |
Fair value measurement of defined benefit plan assets | 7,966 | 6,465 | ' |
International Companies Equity Securities [Member] | ' | ' | ' |
Fair Value of Plan Assets | ' | ' | ' |
Fair value measurement of defined benefit plan assets | 4,241 | 3,590 | ' |
U.S. Corporate Bonds [Member] | ' | ' | ' |
Fair Value of Plan Assets | ' | ' | ' |
Fair value measurement of defined benefit plan assets | 6,300 | 6,840 | ' |
International Bonds [Member] | ' | ' | ' |
Fair Value of Plan Assets | ' | ' | ' |
Fair value measurement of defined benefit plan assets | 302 | 364 | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Fair Value of Plan Assets | ' | ' | ' |
Fair value measurement of defined benefit plan assets | 560 | 288 | ' |
Commodities [Member] | ' | ' | ' |
Fair Value of Plan Assets | ' | ' | ' |
Fair value measurement of defined benefit plan assets | ' | 677 | ' |
Quoted prices in active markets for identical assets (Level 1) [Member] | ' | ' | ' |
Fair Value of Plan Assets | ' | ' | ' |
Fair value measurement of defined benefit plan assets | 12,207 | 10,732 | ' |
Quoted prices in active markets for identical assets (Level 1) [Member] | U.S. Companies Equity Securities [Member] | ' | ' | ' |
Fair Value of Plan Assets | ' | ' | ' |
Fair value measurement of defined benefit plan assets | 7,966 | 6,465 | ' |
Quoted prices in active markets for identical assets (Level 1) [Member] | International Companies Equity Securities [Member] | ' | ' | ' |
Fair Value of Plan Assets | ' | ' | ' |
Fair value measurement of defined benefit plan assets | 4,241 | 3,590 | ' |
Quoted prices in active markets for identical assets (Level 1) [Member] | Commodities [Member] | ' | ' | ' |
Fair Value of Plan Assets | ' | ' | ' |
Fair value measurement of defined benefit plan assets | ' | 677 | ' |
Significant other observable inputs (Level 2) [Member] | ' | ' | ' |
Fair Value of Plan Assets | ' | ' | ' |
Fair value measurement of defined benefit plan assets | 7,162 | 7,492 | ' |
Significant other observable inputs (Level 2) [Member] | U.S. Corporate Bonds [Member] | ' | ' | ' |
Fair Value of Plan Assets | ' | ' | ' |
Fair value measurement of defined benefit plan assets | 6,300 | 6,840 | ' |
Significant other observable inputs (Level 2) [Member] | International Bonds [Member] | ' | ' | ' |
Fair Value of Plan Assets | ' | ' | ' |
Fair value measurement of defined benefit plan assets | 302 | 364 | ' |
Significant other observable inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Fair Value of Plan Assets | ' | ' | ' |
Fair value measurement of defined benefit plan assets | $560 | $288 | ' |
Recovered_Sheet1
Employee Retirement and Profit Sharing Plans (Details 8) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Pension benefit payments | ' |
2015 | $705 |
2016 | 742 |
2017 | 772 |
2018 | 803 |
2019 | 851 |
2020 - 2024 | $5,101 |
Recovered_Sheet2
Employee Retirement and Profit Sharing Plans (Details Textual) (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
employeeage | |||
Employee Retirement and Profit Sharing Plans (Textual) [Abstract] | ' | ' | ' |
Minimum age criteria for availing defined benefit plans | 21 | ' | ' |
Charges to expense for the Company's matching contributions | $612,000 | $615,000 | $631,000 |
Total liability, Deferred Compensation Plan | 1,433,000 | 1,179,000 | ' |
Charges to expense (benefit) applicable to the management bonus plan | $1,066,000 | ($66,000) | $1,730,000 |
Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Company's general target allocation for the plan | 60.00% | ' | ' |
Fixed Income Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Company's general target allocation for the plan | 40.00% | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2004 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
numberofleases | numberofleases | |||
Related Party Transactions (Textual) [Abstract] | ' | ' | ' | ' |
Operating and capital leases | ' | $702,000 | $685,000 | $669,000 |
Related party leases | 6 | ' | ' | ' |
New leases contemplated | ' | 0 | ' | ' |
Annual fee | ' | 300,000 | 300,000 | 300,000 |
Amount payable | ' | $0 | $0 | ' |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Liabilities assumed on acquisitions | ' | ' | ' |
Gain on bargain purchase | ($217,000) | $0 | $0 |
Acquisitions, net of cash acquired | -27,467,000 | -163,326,000 | -39,243,000 |
Fiscal 2014 Acquisitions [Member] | ' | ' | ' |
Liabilities assumed on acquisitions | ' | ' | ' |
Fair value of assets acquired | 11,708,000 | ' | ' |
Goodwill | 17,940,000 | ' | ' |
Gain on bargain purchase | -217,000 | ' | ' |
Acquisitions, net of cash acquired | -27,518,000 | ' | ' |
Liabilities assumed | 1,913,000 | ' | ' |
Fiscal 2013 Acquisitions [Member] | ' | ' | ' |
Liabilities assumed on acquisitions | ' | ' | ' |
Fair value of assets acquired | ' | 101,926,000 | ' |
Goodwill | ' | 117,602,000 | ' |
Acquisitions, net of cash acquired | ' | -163,275,000 | ' |
Liabilities assumed | ' | 56,253,000 | ' |
Fiscal 2012 Acquisitions [Member] | ' | ' | ' |
Liabilities assumed on acquisitions | ' | ' | ' |
Fair value of assets acquired | ' | ' | 12,751,000 |
Goodwill | ' | ' | 34,204,000 |
Acquisitions, net of cash acquired | ' | ' | -39,243,000 |
Liabilities assumed | ' | ' | $7,712,000 |
Supplemental_Disclosure_of_Cas3
Supplemental Disclosure of Cash Flow Information (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Cash paid during the year: | ' | ' | ' |
Interest, net | $9,099 | $6,914 | $4,924 |
Income taxes, net | $25,849 | $22,850 | $25,813 |
Supplemental_Disclosure_of_Cas4
Supplemental Disclosure of Cash Flow Information (Details Textual) (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Supplemental Disclosure Of Cash Flow Information (Textual) [Abstract] | ' | ' | ' |
Other non current assets pension liability adjustment | ' | ' | ($3,033,000) |
Other comprehensive income pension liability adjustment | ' | ' | -1,977,000 |
Long term deferred taxes pension liability adjustment | ' | ' | -1,212,000 |
Other long term liabilities pension liability adjustment | ' | ' | 156,000 |
Change in current liabilities related to tax benefit from exercise of stock options | ' | ' | -5,314,000 |
Tax benefit from exercise of stock options | 1,866,000 | 2,764,000 | 5,314,000 |
Current liabilities, exercise of stock options | ' | 601,000 | 5,485,000 |
Common stock issued exercise of stock options | ' | 2,000 | 6,000 |
Paid in capital exercise of stock options | ' | 2,968,000 | 8,685,000 |
Treasury stock exercise of stock options | ' | 3,571,000 | 14,176,000 |
Deferred income taxes-financing obligation | ' | 1,164,000 | ' |
Property, plant and equiptment-financing obligation | ' | 200,000 | ' |
Goodwill-financing obligation | ' | 1,899,000 | ' |
Capital lease and financing obligation-financing obligation | ' | 629,000 | ' |
Other long-term liabilities-financing obligation | ' | 2,567,000 | ' |
Intangible assets-financing obligations | ' | ($67,000) | ' |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (Subsequent Event [Member], Dividend Declared [Member], USD $) | 0 Months Ended |
Jun. 29, 2013 | |
Subsequent Event [Member] | Dividend Declared [Member] | ' |
Subsequent Event [Line Items] | ' |
Cash dividend per common share | $0.13 |