Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 24, 2016 | Oct. 21, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | MONRO MUFFLER BRAKE INC | |
Entity Central Index Key | 876,427 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 24, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --03-25 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock Shares Outstanding | 32,300,183 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 24, 2016 | Mar. 26, 2016 |
Current assets: | ||
Cash and equivalents | $ 7,226 | $ 7,985 |
Trade receivables | 11,907 | 4,301 |
Federal and state income taxes receivable | 177 | 80 |
Inventories | 146,376 | 129,035 |
Other current assets | 35,312 | 28,674 |
Total current assets | 200,998 | 170,075 |
Property, plant and equipment | 678,005 | 639,936 |
Less - Accumulated depreciation and amortization | (304,099) | (288,354) |
Net property, plant and equipment | 373,906 | 351,582 |
Goodwill | 487,923 | 400,132 |
Intangible assets | 52,067 | 39,520 |
Other non-current assets | 11,140 | 12,774 |
Long-term deferred income tax assets | 27,670 | 25,355 |
Total assets | 1,153,704 | 999,438 |
Current liabilities: | ||
Current portion of long-term debt, capital leases and financing obligations | 12,757 | 11,244 |
Trade payables | 76,156 | 69,887 |
Accrued payroll, payroll taxes and other payroll benefits | 23,258 | 23,989 |
Accrued insurance | 37,048 | 35,967 |
Warranty reserves | 10,802 | 10,793 |
Other current liabilities | 19,979 | 15,691 |
Total current liabilities | 180,000 | 167,571 |
Long-term capital leases and financing obligations | 186,123 | 165,730 |
Long-term debt | 197,471 | 103,315 |
Accrued rent expense | 5,062 | 5,145 |
Other long-term liabilities | 17,925 | 18,363 |
Long-term income taxes payable | 3,618 | 3,119 |
Total liabilities | 590,199 | 463,243 |
Commitments and contingencies | ||
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 |
Common Stock, $.01 par value, 65,000,000 shares authorized; 38,621,670 and 38,556,678 shares issued at September 24, 2016 and March 26, 2016, respectively | 386 | 386 |
Treasury Stock, 6,322,417 and 6,316,652 shares at September 24, 2016 and March 26, 2016, respectively, at cost | (106,212) | (105,856) |
Additional paid-in capital | 191,281 | 186,550 |
Accumulated other comprehensive loss | (4,704) | (4,576) |
Retained earnings | 482,705 | 459,642 |
Total shareholders' equity | 563,505 | 536,195 |
Total liabilities and shareholders' equity | $ 1,153,704 | $ 999,438 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 24, 2016 | Mar. 26, 2016 |
Consolidated Balance Sheets [Abstract] | ||
Class C convertible preferred stock par value | $ 1.50 | $ 1.50 |
Class C convertible preferred stock, conversion value | $ 0.064 | $ 0.064 |
Class C convertible preferred stock shares authorized | 150,000 | 150,000 |
Class C convertible preferred stock shares issued | 32,500 | 32,500 |
Class C convertible preferred stock shares outstanding | 32,500 | 32,500 |
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 65,000,000 | 65,000,000 |
Common stock shares issued | 38,621,670 | 38,556,678 |
Treasury stock shares | 6,322,417 | 6,316,652 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 24, 2016 | Sep. 26, 2015 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Sales | $ 248,584 | $ 239,155 | $ 485,477 | $ 475,675 |
Cost of sales, including distribution and occupancy costs | 148,587 | 138,430 | 287,412 | 275,232 |
Gross profit | 99,997 | 100,725 | 198,065 | 200,443 |
Operating, selling, general and administrative expenses | 68,072 | 66,632 | 134,846 | 132,743 |
Operating income | 31,925 | 34,093 | 63,219 | 67,700 |
Interest expense, net of interest income | 4,488 | 3,758 | 8,972 | 7,150 |
Other income, net | (126) | (103) | (280) | (209) |
Income before provision for income taxes | 27,563 | 30,438 | 54,527 | 60,759 |
Provision for income taxes | 10,019 | 11,566 | 20,228 | 23,088 |
Net income | 17,544 | 18,872 | 34,299 | 37,671 |
Other comprehensive loss, net of tax: | ||||
Changes in pension, net of tax benefit | (47) | (105) | (128) | (210) |
Comprehensive income | $ 17,497 | $ 18,767 | $ 34,171 | $ 37,461 |
Earnings per share: | ||||
Basic | $ 0.54 | $ 0.59 | $ 1.05 | $ 1.17 |
Diluted | $ 0.53 | $ 0.57 | $ 1.03 | $ 1.14 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes in Shareholders' Equity - 6 months ended Sep. 24, 2016 - USD ($) $ in Thousands | Class C Convertible Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total | |
Balance beginning at Mar. 26, 2016 | $ 49 | $ 386 | $ (105,856) | $ 186,550 | $ (4,576) | $ 459,642 | $ 536,195 | |
Beginning balance, preferred shares at Mar. 26, 2016 | 32,500 | 32,500 | ||||||
Beginning balance, common shares at Mar. 26, 2016 | 38,557,000 | 6,317,000 | ||||||
Net income | 34,299 | $ 34,299 | ||||||
Other comprehensive loss: | ||||||||
Pension liability adjustment [($265) pre-tax] | (128) | (128) | ||||||
Cash Dividends: | ||||||||
Preferred dividends | [1] | (258) | (258) | |||||
Common dividends | [1] | (10,978) | (10,978) | |||||
Tax benefit from exercise of stock options | 479 | 479 | ||||||
Exercise of stock options | $ (356) | 2,280 | 1,924 | |||||
Exercise of stock options, shares | 65,000 | 5,000 | ||||||
Stock-based compensation | 1,972 | 1,972 | ||||||
Balance ending at Sep. 24, 2016 | $ 49 | $ 386 | $ (106,212) | $ 191,281 | $ (4,704) | $ 482,705 | $ 563,505 | |
Ending balance, preferred shares at Sep. 24, 2016 | 32,500 | 32,500 | ||||||
Ending balance, common shares at Sep. 24, 2016 | 38,622,000 | 6,322,000 | ||||||
[1] | Represents first and second quarter fiscal year 2017 dividends of $.17 per common share or common share equivalent each quarter, paid on June 13, 2016 and September 1, 2016, respectively. |
Consolidated Statement Of Chan6
Consolidated Statement Of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Sep. 24, 2016 | Jun. 25, 2016 | Sep. 24, 2016 | |
Consolidated Statement of Changes in Shareholders' Equity [Abstract] | |||
Common stock cash dividends per share | $ 0.17 | $ 0.17 | |
Pension liability adjustment - pre-tax | $ (265) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 24, 2016 | Sep. 26, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 34,299 | $ 37,671 |
Adjustments to reconcile net income to net cash provided by operating activities - | ||
Depreciation and amortization | 21,545 | 19,666 |
Loss (gain) on disposal of assets | 403 | (832) |
Stock-based compensation expense | 1,972 | 1,882 |
Excess tax benefits from share-based payment arrangements | (8) | |
Net change in deferred income taxes | 4,047 | 693 |
Change in operating assets and liabilities (excluding acquisitions) | ||
Trade receivables | (443) | (1,661) |
Inventories | 1,713 | (4,028) |
Other current assets | (6,275) | (7,577) |
Other non-current assets | 2,649 | (1,420) |
Trade payables | 6,269 | (5,909) |
Accrued expenses | 2,091 | 4,058 |
Federal and state income taxes payable | 382 | 3,067 |
Other long-term liabilities | (1,005) | (660) |
Long-term income taxes payable | 499 | 535 |
Total adjustments | 33,847 | 7,806 |
Net cash provided by operating activities | 68,146 | 45,477 |
Cash flows from investing activities: | ||
Capital expenditures | (18,111) | (19,501) |
Acquisitions, net of cash acquired | (129,473) | (46,971) |
Proceeds from the disposal of assets | 87 | 2,437 |
Net cash used for investing activities | (147,497) | (64,035) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 300,435 | 196,762 |
Principal payments on long-term debt, capital leases and financing obligations | (212,531) | (179,480) |
Exercise of stock options | 1,924 | 4,639 |
Excess tax benefits from share-based payment arrangements | 8 | |
Dividends paid | (11,236) | (9,798) |
Net cash provided by financing activities | 78,592 | 12,131 |
Decrease in cash | (759) | (6,427) |
Cash at beginning of period | 7,985 | 7,730 |
Cash at end of period | $ 7,226 | $ 1,303 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 6 Months Ended |
Sep. 24, 2016 | |
Condensed Consolidated Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | N ote 1 – Condensed Consolidated Financial Statements The consolidated balance sheets as of September 24, 2016 and March 26 , 201 6 , the consolidated statements of comprehensive income for the quarters and six months ended September 24, 2016 and September 26, 2015, the consolidated statement of changes in shareholders’ equity for the six months ended September 24, 2016 , and the consolidated statements of cash flows for the six months ended September 24, 2016 and September 26, 2015, include financial information for Monro Muffler Brake, Inc. and its wholly-owned subsidiaries, Monro Service Corporation and Car-X, LLC (collectively, “Monro”, “we”, “us”, “our”). These unaudited, condensed consolidated financial statements have been prepared by Monro. We believe all known adjustments (consisting of normal recurring accruals or adjustments) have been made to fairly state the financial position, results of operations and cash flows for the unaudited periods presented. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The information included in this Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 2 6, 2016 . We report our results on a 52 / 53 week fiscal year with the fiscal year ending on the last Saturday in March of each year. The following are the dates represented by each fiscal period reported in these condensed financial statements: “Quarter Ended Fiscal September 2016 ” June 26, 2016 – September 24, 2016 (13 weeks) “Quarter Ended Fiscal September 2015 ” June 28, 2015 – September 26, 2015 (13 weeks) “Six Months Ended Fiscal September 2016” March 27, 2016 – September 2 4, 2016 (26 weeks) “Six Months Ended Fiscal September 2015" March 29, 2015 – September 26, 2015 (26 weeks) Fiscal year 201 7 , ending March 2 5 , 201 7 , is a 52 week year. Reclassifications Certain amounts in these financial statements have been reclassified to maintain comparability among the periods presented. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“ FASB ”) issued new accounting guidance for the reporting of revenue from contracts with customers. This guidance provides guidelines a company will apply to determine the measurement of revenue and timing of when it is recognized. Additional guidance has subsequently been issued to amend or clarify the reporting of revenue from contracts with customers. In August 2015, the FASB delayed the effective date of the guidance to fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date of December 15, 2016 . We are currently evaluating the potential effect of the adoption of this guidance on our Consolidated Financial Statements. In August 2014, the FASB issued new accounting guidance for the disclosure of an entity’s ability to continue as a going concern. This guidance establishes specific guidelines to an organization’s management on their responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern. This guidance is effective for fiscal years ending after December 15, 2016, and interim periods thereafter. This guidance is not expected to have an impact on our Consolidated Financial Statements. In February 2016, the FASB issued new accounting guidance related to leases. This guidance establishes a right of use ( “ ROU ” ) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements. In March 2016, the FASB issued new accounting guidance intended to simplify various aspects related to accounting for share-based payments and their presentation in the financial statements. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements. In August 2016, the FASB issued new accounting guidance related to cash flow classification. This guidance clarifies and provides specific guidance on eight cash flow classification issues that are not addressed by current GAAP and thereby reduce the current diversity in practice. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our 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. 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. Monro has guaranteed certain lease payments, primarily related to franchisees, amounting to $9.1 million. This amount represents the maximum potential amount of future payments under the guarantees as of September 24, 2016 . The leases are guaranteed through April 2020. In the event of default by the franchise owner, Monro generally retain s the right to assume the lease of the related store, enabling Monro to re-franchise the location or to operate that location as a C ompany- operated store. As of September 24, 2016, we have recorded a liability of $.7 million related to anticipated defaults under the foregoing leases . As of September 26, 2015, no liability was recorded. |
Acquisitions
Acquisitions | 6 Months Ended |
Sep. 24, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | Note 2 – Acquisitions Monro’s acquisitions are strategic moves in our plan to fill in and expand our presence in existing and contiguous markets, and leverage fixed operating costs such as distribution and advertising. Subsequent Event On October 16, 2016, we acquired one retail tire and automotive repair store located in Rhode Island from Hamel Tire Center Inc. This store operates under the Monro name. The acquisition was financed through our existing credit facility. On October 2, 2016, we acquired three retail tire and automotive repair stores located in Ohio from Parkway D/C Enterprises, Inc. These stores operate under the Mr. Tire name. The acquisition was financed through our existing credit facility. Fiscal 201 7 During the first six months of fiscal 2017, we acquired the following businesses for an aggregate purchase price of $129.1 million. The acquisitions were financed through our existing credit facility. The results of operations for these acquisitions are included in our financial results from the respective acquisition dates. · On September 19, 2016, we acquired one commercial tire and automotive repair store located in Florida from Florida Tire Service, LLC. This store will operate under The Tire Choice name. · On September 18, 2016, we acquired two retail tire and automotive repair stores located in Michigan from Davco Development Company and Ricketts, Inc. These stores operate under the Monro name. · On September 11, 2016, we acquired 26 retail/commercial tire and automotive repair stores and one retread plant located in North Carolina, as well as four wholesale centers, from Clark Tire & Auto, Inc. These stores will operate under the Mr. Tire name. The wholesale centers will operate under the Tires Now name. · On July 18, 2016, we acquired one retail tire and automotive repair store located in Indiana from NTI, LLC. This store operates under the Car-X name. · On July 17, 2016, we acquired one retail tire and automotive repair store located in Georgia from Kwik-Fit Tire & Service. This store operates under the Mr. Tire name. · On July 10, 2016, we acquired four retail tire and automotive repair stores located in Minnesota from Task Holdings, Inc. and Autopar, Inc. These stores operate under the Car-X name. · On June 26, 2016, we acquired one retail tire and automotive repair store located in Michigan from Harlow Tire Company. This store operates under the Monro name. · On June 19, 2016, we acquired two retail tire and automotive repair stores located in New Hampshire from Express Tire Centers, LLC. These stores operate under the Tire Warehouse name. · On May 8, 2016, we acquired one retail tire and automotive repair store located in Florida from Pioneer Tire Pros. This store operates under The Tire Choice name. · On May 1, 2016, we acquired 29 retail/commercial tire and automotive repair stores and one retread plant located in Florida from McGee Tire Stores, Inc. These stores will operate primarily under The Tire Choice name. These acquisitions resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combini n g these businesses with ours, as well as 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 lists, favorable leases and trade names. We expensed all costs related to acquisitions in the six months ended September 24, 2016. The total costs related to completed acquisitions were $.2 million and $.4 million for the three and six months ended September 24, 2016, respectively. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses. Sales for the fiscal 2017 acquired entities for the three and six months ended September 24, 2016 totaled $16.7 million and $25.6 million, respectively, for the period from acquisition date through September 24, 2016. 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 valuations and estimates. The excess of the net purchase price over net tangible and intangible assets acquired was recorded as goodwill. The preliminary allocation of the aggregate purchase price as of September 24, 2016 was as follows: As of Acquisition Date (Dollars in thousands) Trade receivables $ 7,052 Inventories 19,009 Other current assets 377 Property, plant and equipment 20,094 Intangible assets 15,845 Other non-current assets 208 Long-term deferred income tax assets 5,076 Total assets acquired 67,661 Warranty reserves 393 Other current liabilities 1,991 Long-term capital leases and financing obligations 21,418 Other long-term liabilities 654 Total liabilities assumed 24,456 Total net identifiable assets acquired $ 43,205 Total consideration transferred $ 129,103 Less: total net identifiable assets acquired 43,205 Goodwill $ 85,898 The total consideration of $129.1 million is comprised of $129 million in cash, and a $.1 million payable to a seller. The payable is being paid via equal annual payments through September 2019. 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 $ 9,325 9 years Favorable leases 5,197 13 years Trade names 1,323 11 years Total $ 15,845 10 years Fiscal 201 6 During the first six months of fiscal 2016, we acquired the following businesses for an aggregate purchase price of $49.6 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. In July and August 2015, we acquired three retail tire and automotive repair stores located in Illinois and Indiana from two former Car-X franchisees. These stores operate under the Car-X name. On August 16, 2015, we acquired 27 retail tire and automotive repair stores located in Central New York and Pennsylvania from Kost Tire. These stores operate under the Mr. Tire name. On July 12, 2015, we acquired four retail tire and automotive repair stores located in Massachusetts from Windsor Tire Co., Inc. These stores operate under the Monro name. On April 25, 2015, we acquired the Car-X Brand, as well as the franchise rights for 146 auto service centers from Car-X Associates Corp., a subsidiary of Tuffy Associates Corp. At the time of acquisition, the Car-X stores were owned and operated by 32 independent Car-X franchisees in Illinois, Indiana, Iowa, Kentucky, Minnesota, Missouri, Ohio, Tennessee, Texas and Wisconsin. The franchise locations operate under the Car-X name. Monro operates as the franchisor through a standard royalty agreement, while Car-X remains a separate and independent brand and business through Car-X, LLC, Monro’s wholly-owned subsidiary, with franchise operations based in Illinois. The acquisitions resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combining this business 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 name, favorable leases and franchise agreements. We expensed all costs related to acquisitions in the six months ended September 26, 2015. The total costs related to completed acquisitions were $.3 million and $.5 million for the three and six months ended September 26, 2015, respectively. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses. Sales for the fiscal 2016 acquired entities, including franchise royalty income, for the three and six months ended September 26, 2015 totaled $5.3 million and $6.0 million, respectively, for the period from acquisition date through September 26, 2015. 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 have recorded the identifiable assets acquired and liabilities assumed at their fair values as of their respective acquisition dates (including any measurement period adjustments), with the remainder recorded as goodwill as follows: As of Acquisition Date (Dollars in thousands) Trade receivables $ 377 Inventories 820 Other current assets 486 Property, plant and equipment 12,244 Intangible assets 11,227 Other non-current assets 25 Long-term deferred income tax assets 6,647 Total assets acquired 31,826 Warranty reserves 162 Other current liabilities 2,074 Long-term capital leases and financing obligations 26,137 Other long-term liabilities 870 Total liabilities assumed 29,243 Total net identifiable assets acquired $ 2,583 Total consideration transferred $ 49,560 Less: total net identifiable assets acquired 2,583 Goodwill $ 46,977 The total consideration of $49.6 million is comprised of $43.6 million in cash, and a $6.0 million payable to a seller. The payable is being liquidated via equal monthly payments through August 2022. 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 Franchise agreements $ 7,100 13 years Trade name 2,000 15 years Favorable leases 1,528 14 years Customer lists 599 7 years Total $ 11,227 13 years As a result of the purchase price allocations that have been updated from the fiscal year ended March 26, 2016 , 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 include an increase in trade receivables of $.1 million; an increase in property, plant and equipment of $1.3 million; an increase in long-term deferred income tax assets of $1.2 million; an increase in other current liabilities of $.5 million ; and an increase in long-term capital leases and financing obligations of $4.0 million. The measurement period adjustments resulted in an increase of goodwill of $1.9 million. These measurement period adjustments were not material to the Consolidated Statements of Comprehensive Income for the quarter and six months ended September 24, 2016, respectively. We continue to refine the valuation data and estimates primarily related to inventory, road hazard warranty, intangible assets, real estate and real property leases for fiscal 2016 acquisitions which closed subsequent to September 26, 2015, and for the fiscal 2017 acquisitions, and expect to complete 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. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Sep. 24, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 3 – Earnings Per Share Basic earnings per common share (“EPS”) amounts are computed by dividing income available to common shareholders, after deducting preferred stock dividends, by the average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive equivalent securities outstanding. The following is a reconciliation of basic and diluted EPS for the respective periods: Quarter Ended Six Months Ended Fiscal September Fiscal September 2016 2015 2016 2015 (Dollars in thousands, except per share data) Numerator for earnings per common share calculation: Net Income $ 17,544 $ 18,872 $ 34,299 $ 37,671 Preferred stock dividends (129) (114) (258) (228) Income available to common stockholders $ 17,415 $ 18,758 $ 34,041 $ 37,443 Denominator for earnings per common share calculation: Weighted average common shares, basic 32,291 31,961 32,274 31,908 Effect of dilutive securities: Preferred stock 760 760 760 760 Stock options 266 439 292 474 Weighted average number of common shares, diluted 33,317 33,160 33,326 33,142 Basic Earnings per common share: $ .54 $ .59 $ 1.05 $ 1.17 Diluted Earnings per common share: $ .53 $ .57 $ 1.03 $ 1.14 The computation of diluted EPS excludes the effect of the assumed exercise of approximately 243,000 and 241,000 stock options for the three and six months ended fiscal September 24, 2016, respectively , and 168,000 and 172,000 for the three and six months ended September 26, 2015, respectively . Such amounts were excluded as the exercise prices of these stock options were greater than the average market value of our Common Stock for those periods, resulting in an anti-dilutive effect on diluted EPS. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 24, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | Note 4 – Income Taxes In the normal course of business, we provide for uncertain tax positions and the related interest and penalties, and adjust our unrecognized tax benefits and accrued interest and penalties accordingly. The total amounts of unrecognized tax benefits were $7.5 million and $6.9 million at September 24, 2016 and March 26 , 201 6 , respectively, the majority of which, if recognized, would affect the effective tax rate. As of September 24, 2016 , we had approximately $.5 million of interest and penalties accrued related to unrecognized tax benefits. We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Our fiscal 201 3 through fiscal 201 5 U.S. federal tax years and various state tax years remain subject to income tax examinations by tax authorities. |
Fair Value
Fair Value | 6 Months Ended |
Sep. 24, 2016 | |
Fair Value [Abstract] | |
Fair Value | Note 5 – Fair Value Long-term debt had a carrying amount and a fair value of $197.5 million as of September 24, 2016 , as compared to a carrying amount and a fair value of $103.3 million as of March 26, 2016 . 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. |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 6 Months Ended |
Sep. 24, 2016 | |
Supplemental Disclosure of Cash Flow Information [Abstract] | |
Supplemental Disclosure of Cash Flow Information | Note 6 – Supplemental Disclosure of Cash Flow Information The following represents non-cash investing and financing activities during the periods indicated: Six Months Ended September 24, 2016 : In connection with the fiscal 2017 acquisition s and fiscal 2016 acquisition measurement period adjustments (see Note 2) , liabilities were assumed as follows: (Dollars in thousands) Fair value of assets acquired $ 70,273 Goodwill acquired 87,791 Cash paid, net of cash acquired (129,473) Amounts payable to sellers 352 Liabilities assumed $ 28,943 Six Months Ended September 26, 2015 : In connection with the fiscal 201 6 acquisitions (see Note 2) , liabilities were assumed as follows: (Dollars in thousands) Fair value of assets acquired $ 28,237 Goodwill acquired 45,314 Cash paid, net of cash acquired (43,425) Amount payable to seller (6,000) Liabilities assumed $ 24,126 |
Cash Dividend
Cash Dividend | 6 Months Ended |
Sep. 24, 2016 | |
Cash Dividend [Abstract] | |
Cash Dividends | Note 7 – Cash Dividend In May 201 6 , our Board of Directors declared its intention to pay a regular quarterly cash dividend during fiscal year 201 7 of $.17 per common share or common share equivalent beginning with the first quarter of fiscal year 201 7 . However, the declaration of and any determination as to the payment of future dividends will be at the discretion of the Board of Directors and will depend on our financial condition, results of operations, capital requirements, compliance with charter and credit facility restrictions, and such other factors as the Board of Directors deems relevant. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 24, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 – Subsequent Events See Note 2 for a discussion of acquisitions subsequent to September 24, 2016. |
Condensed Consolidated Financ16
Condensed Consolidated Financial Statements (Policy) | 6 Months Ended |
Sep. 24, 2016 | |
Condensed Consolidated Financial Statements [Abstract] | |
Reclassifications | Reclassifications Certain amounts in these financial statements have been reclassified to maintain comparability among the periods presented. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“ FASB ”) issued new accounting guidance for the reporting of revenue from contracts with customers. This guidance provides guidelines a company will apply to determine the measurement of revenue and timing of when it is recognized. Additional guidance has subsequently been issued to amend or clarify the reporting of revenue from contracts with customers. In August 2015, the FASB delayed the effective date of the guidance to fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date of December 15, 2016 . We are currently evaluating the potential effect of the adoption of this guidance on our Consolidated Financial Statements. In August 2014, the FASB issued new accounting guidance for the disclosure of an entity’s ability to continue as a going concern. This guidance establishes specific guidelines to an organization’s management on their responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern. This guidance is effective for fiscal years ending after December 15, 2016, and interim periods thereafter. This guidance is not expected to have an impact on our Consolidated Financial Statements. In February 2016, the FASB issued new accounting guidance related to leases. This guidance establishes a right of use ( “ ROU ” ) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements. In March 2016, the FASB issued new accounting guidance intended to simplify various aspects related to accounting for share-based payments and their presentation in the financial statements. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements. In August 2016, the FASB issued new accounting guidance related to cash flow classification. This guidance clarifies and provides specific guidance on eight cash flow classification issues that are not addressed by current GAAP and thereby reduce the current diversity in practice. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our 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. |
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. Monro has guaranteed certain lease payments, primarily related to franchisees, amounting to $9.1 million. This amount represents the maximum potential amount of future payments under the guarantees as of September 24, 2016 . The leases are guaranteed through April 2020. In the event of default by the franchise owner, Monro generally retain s the right to assume the lease of the related store, enabling Monro to re-franchise the location or to operate that location as a C ompany- operated store. As of September 24, 2016, we have recorded a liability of $.7 million related to anticipated defaults under the foregoing leases . As of September 26, 2015, no liability was recorded. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Sep. 24, 2016 | |
Fiscal 2017 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation | As of Acquisition Date (Dollars in thousands) Trade receivables $ 7,052 Inventories 19,009 Other current assets 377 Property, plant and equipment 20,094 Intangible assets 15,845 Other non-current assets 208 Long-term deferred income tax assets 5,076 Total assets acquired 67,661 Warranty reserves 393 Other current liabilities 1,991 Long-term capital leases and financing obligations 21,418 Other long-term liabilities 654 Total liabilities assumed 24,456 Total net identifiable assets acquired $ 43,205 Total consideration transferred $ 129,103 Less: total net identifiable assets acquired 43,205 Goodwill $ 85,898 |
Schedule Of Intangible Assets Acquired | As of Acquisition Date Dollars in thousands Weighted Average Useful Life Customer lists $ 9,325 9 years Favorable leases 5,197 13 years Trade names 1,323 11 years Total $ 15,845 10 years |
Fiscal 2016 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation | As of Acquisition Date (Dollars in thousands) Trade receivables $ 377 Inventories 820 Other current assets 486 Property, plant and equipment 12,244 Intangible assets 11,227 Other non-current assets 25 Long-term deferred income tax assets 6,647 Total assets acquired 31,826 Warranty reserves 162 Other current liabilities 2,074 Long-term capital leases and financing obligations 26,137 Other long-term liabilities 870 Total liabilities assumed 29,243 Total net identifiable assets acquired $ 2,583 Total consideration transferred $ 49,560 Less: total net identifiable assets acquired 2,583 Goodwill $ 46,977 |
Schedule Of Intangible Assets Acquired | As of Acquisition Date Dollars in thousands Weighted Average Useful Life Franchise agreements $ 7,100 13 years Trade name 2,000 15 years Favorable leases 1,528 14 years Customer lists 599 7 years Total $ 11,227 13 years |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Sep. 24, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Basic And Diluted Earnings Per Share | Quarter Ended Six Months Ended Fiscal September Fiscal September 2016 2015 2016 2015 (Dollars in thousands, except per share data) Numerator for earnings per common share calculation: Net Income $ 17,544 $ 18,872 $ 34,299 $ 37,671 Preferred stock dividends (129) (114) (258) (228) Income available to common stockholders $ 17,415 $ 18,758 $ 34,041 $ 37,443 Denominator for earnings per common share calculation: Weighted average common shares, basic 32,291 31,961 32,274 31,908 Effect of dilutive securities: Preferred stock 760 760 760 760 Stock options 266 439 292 474 Weighted average number of common shares, diluted 33,317 33,160 33,326 33,142 Basic Earnings per common share: $ .54 $ .59 $ 1.05 $ 1.17 Diluted Earnings per common share: $ .53 $ .57 $ 1.03 $ 1.14 |
Supplemental Disclosure of Ca19
Supplemental Disclosure of Cash Flow Information (Tables) | 6 Months Ended |
Sep. 24, 2016 | |
Fiscal 2017 and 2016 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Liabilities on acquisitions assumed | (Dollars in thousands) Fair value of assets acquired $ 70,273 Goodwill acquired 87,791 Cash paid, net of cash acquired (129,473) Amounts payable to sellers 352 Liabilities assumed $ 28,943 |
Fiscal 2016 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Liabilities on acquisitions assumed | (Dollars in thousands) Fair value of assets acquired $ 28,237 Goodwill acquired 45,314 Cash paid, net of cash acquired (43,425) Amount payable to seller (6,000) Liabilities assumed $ 24,126 |
Condensed Consolidated Financ20
Condensed Consolidated Financial Statements (Details) - USD ($) | Sep. 24, 2016 | Sep. 26, 2015 |
Loss Contingencies [Line Items] | ||
Liability for anticipated lease defaults | $ 700,000 | $ 0 |
Property Lease Guarantee [Member] | ||
Loss Contingencies [Line Items] | ||
Maximum potential guarantee payments | $ 9,100,000 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Oct. 16, 2016store | Oct. 02, 2016store | Sep. 19, 2016store | Sep. 18, 2016store | Sep. 11, 2016storeproperty | Jul. 18, 2016store | Jul. 17, 2016store | Jul. 10, 2016store | Jun. 26, 2016store | Jun. 19, 2016store | May 08, 2016store | May 01, 2016store | Aug. 16, 2015store | Jul. 12, 2015store | Apr. 25, 2015storeitem | Aug. 31, 2015storeitem | Sep. 24, 2016USD ($) | Sep. 26, 2015USD ($) | Sep. 24, 2016USD ($) | Sep. 26, 2015USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||||||
Costs related to completed acquisitions | $ | $ 200 | $ 300 | $ 400 | $ 500 | ||||||||||||||||
Sales for acquired entities | $ | $ 16,700 | $ 5,300 | 25,600 | 6,000 | ||||||||||||||||
Hamel Tire Center Inc. [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of stores acquired | 1 | |||||||||||||||||||
Parkway D/C Enterprises, Inc. [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of stores acquired | 3 | |||||||||||||||||||
Florida Tire Service, LLC. [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of stores acquired | 1 | |||||||||||||||||||
Davco Development Company and Ricketts, Inc. [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of stores acquired | 2 | |||||||||||||||||||
Clark Tire & Auto, Inc. [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of stores acquired | 26 | |||||||||||||||||||
Number of wholesale centers acquired | property | 4 | |||||||||||||||||||
Number of retread plants acquired | property | 1 | |||||||||||||||||||
NTI, LLC. [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of stores acquired | 1 | |||||||||||||||||||
Kwik-Fit Tire & Service, Inc. Acquisition [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of stores acquired | 1 | |||||||||||||||||||
Task Holdings, Inc. and Autopar, Inc. Acquisition [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of stores acquired | 4 | |||||||||||||||||||
Harlow Tire Company Acquisition [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of stores acquired | 1 | |||||||||||||||||||
Express Tire Centers, LLC. Acquisition [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of stores acquired | 2 | |||||||||||||||||||
Pioneer Tire Pros Acquisition [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of stores acquired | 1 | |||||||||||||||||||
McGee Tire Stores, Inc. Acquisition [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of stores acquired | 29 | |||||||||||||||||||
Number of retread plants acquired | 1 | |||||||||||||||||||
Former Car-X Franchised Stores Acquisitions [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of stores acquired | 3 | |||||||||||||||||||
Number of franchisees | item | 2 | |||||||||||||||||||
Kost Tire [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of stores acquired | 27 | |||||||||||||||||||
Windsor Tire Co. Aquisition [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of stores acquired | 4 | |||||||||||||||||||
Car-X Associates Corp. Acquisition [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of franchisees | item | 32 | |||||||||||||||||||
Number of franchise rights | 146 | |||||||||||||||||||
Fiscal 2016 Acquisitions [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Total consideration transferred | $ | 49,560 | |||||||||||||||||||
Total consideration transferred, portion in cash | $ | 43,600 | |||||||||||||||||||
Total consideration transferred, portion payable | $ | $ 6,000 | |||||||||||||||||||
Change in estimates, property, plant and equipment | $ | 1,300 | |||||||||||||||||||
Change in estimates, trade receivables | $ | 100 | |||||||||||||||||||
Change in estimates, long-term deferred income tax assets | $ | 1,200 | |||||||||||||||||||
Change in current liabilities | $ | 500 | |||||||||||||||||||
Change in estimates, long-term capital leases and financing obligations | $ | 4,000 | |||||||||||||||||||
Adjustments to goodwill related to purchase accounting | $ | 1,900 | |||||||||||||||||||
Fiscal 2017 Acquisitions [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Total consideration transferred | $ | 129,103 | |||||||||||||||||||
Total consideration transferred, portion in cash | $ | 129,000 | |||||||||||||||||||
Total consideration transferred, portion payable | $ | $ 100 |
Acquisitions (Schedule Of Purch
Acquisitions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Mar. 26, 2016 | |
Purchase price of acquisitions allocation | |||
Goodwill | $ 487,923 | $ 400,132 | |
Fiscal 2017 Acquisitions [Member] | |||
Purchase price of acquisitions allocation | |||
Trade receivables | 7,052 | ||
Inventories | 19,009 | ||
Other current assets | 377 | ||
Property, plant and equipment | 20,094 | ||
Intangible assets | 15,845 | ||
Other non-current assets | 208 | ||
Long-term deferred income tax assets | 5,076 | ||
Total assets acquired | 67,661 | ||
Warranty reserves | 393 | ||
Other current liabilities | 1,991 | ||
Long-term capital leases and financing obligations | 21,418 | ||
Other long-term liabilities | 654 | ||
Total liabilities assumed | 24,456 | ||
Total net identifiable assets acquired | 43,205 | ||
Total consideration transferred | 129,103 | ||
Less: total net identifiable assets acquired | 43,205 | ||
Goodwill | $ 85,898 | ||
Fiscal 2016 Acquisitions [Member] | |||
Purchase price of acquisitions allocation | |||
Trade receivables | $ 377 | ||
Inventories | 820 | ||
Other current assets | 486 | ||
Property, plant and equipment | 12,244 | ||
Intangible assets | 11,227 | ||
Other non-current assets | 25 | ||
Long-term deferred income tax assets | 6,647 | ||
Total assets acquired | 31,826 | ||
Warranty reserves | 162 | ||
Other current liabilities | 2,074 | ||
Long-term capital leases and financing obligations | 26,137 | ||
Other long-term liabilities | 870 | ||
Total liabilities assumed | 29,243 | ||
Total net identifiable assets acquired | 2,583 | ||
Total consideration transferred | 49,560 | ||
Less: total net identifiable assets acquired | 2,583 | ||
Goodwill | $ 46,977 |
Acquisitions (Schedule Of Intan
Acquisitions (Schedule Of Intangible Assets Acquired) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 24, 2016 | Sep. 26, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 15,845 | $ 11,227 |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 10 years | |
Franchise Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 7,100 | |
Customer Lists [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 9,325 | 599 |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 9 years | |
Favorable Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 5,197 | 1,528 |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 13 years | |
Trade Name [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 1,323 | $ 2,000 |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 11 years | |
Fiscal 2016 Acquisitions [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 13 years | |
Fiscal 2016 Acquisitions [Member] | Franchise Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 13 years | |
Fiscal 2016 Acquisitions [Member] | Customer Lists [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 7 years | |
Fiscal 2016 Acquisitions [Member] | Favorable Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 14 years | |
Fiscal 2016 Acquisitions [Member] | Trade Name [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 15 years |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 24, 2016 | Sep. 26, 2015 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share | 243,000 | 168,000 | 241,000 | 172,000 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 24, 2016 | Sep. 26, 2015 | ||
Numerator for earnings per common share calculation [Abstract] | |||||
Net income | $ 17,544 | $ 18,872 | $ 34,299 | $ 37,671 | |
Preferred stock dividends | (129) | (114) | (258) | [1] | (228) |
Income available to common stockholders | $ 17,415 | $ 18,758 | $ 34,041 | $ 37,443 | |
Denominator for earnings per common share calculation: | |||||
Weighted average common shares, basic | 32,291 | 31,961 | 32,274 | 31,908 | |
Effect of dilutive securities: | |||||
Preferred stock | 760 | 760 | 760 | 760 | |
Stock options | 266 | 439 | 292 | 474 | |
Weighted average number of common shares, diluted | 33,317 | 33,160 | 33,326 | 33,142 | |
Basic Earnings per common share: | $ 0.54 | $ 0.59 | $ 1.05 | $ 1.17 | |
Diluted Earnings per common share: | $ 0.53 | $ 0.57 | $ 1.03 | $ 1.14 | |
[1] | Represents first and second quarter fiscal year 2017 dividends of $.17 per common share or common share equivalent each quarter, paid on June 13, 2016 and September 1, 2016, respectively. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Sep. 24, 2016 | Mar. 26, 2016 |
Income Taxes [Abstract] | ||
Unrecognized tax benefits | $ 7.5 | $ 6.9 |
Interest and penalties accrued related to unrecognized tax benefits | $ 0.5 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Millions | Sep. 24, 2016 | Mar. 26, 2016 |
Fair Value [Abstract] | ||
Carrying amount of long-term debt ( including current portion) | $ 197.5 | $ 103.3 |
Fair value of long-term debt (including current portion) | $ 197.5 | $ 103.3 |
Supplemental Disclosure of Ca28
Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Mar. 26, 2016 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 487,923 | $ 400,132 | |
Cash paid, net of cash acquired | (129,473) | $ (46,971) | |
Fiscal 2017 and 2016 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Fair value of assets acquired | 70,273 | ||
Goodwill | 87,791 | ||
Cash paid, net of cash acquired | (129,473) | ||
Amounts payable to seller | 352 | ||
Liabilities assumed | $ 28,943 | ||
Fiscal 2016 Adjusted Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Fair value of assets acquired | 28,237 | ||
Goodwill | 45,314 | ||
Cash paid, net of cash acquired | (43,425) | ||
Amounts payable to seller | (6,000) | ||
Liabilities assumed | $ 24,126 |
Cash Dividend (Details)
Cash Dividend (Details) | 1 Months Ended |
May 31, 2016$ / shares | |
Cash Dividend [Abstract] | |
Common stock cash dividends per share declared | $ 0.17 |