Monro (MNRO) 10-Q 3 Aug 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 24, 2017	Jul. 21, 2017
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	Jun. 24, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding		32,724,124

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 24, 2017	Mar. 25, 2017
Current assets:
Cash and equivalents	$ 6,553	$ 8,995
Trade receivables	12,399	11,465
Federal and state income taxes receivable		3,527
Inventories	146,107	142,604
Other current assets	35,888	32,639
Total current assets	200,947	199,230
Property, plant and equipment	725,781	712,999
Less - Accumulated depreciation and amortization	(326,422)	(318,365)
Net property, plant and equipment	399,359	394,634
Goodwill	506,359	501,736
Intangible assets	51,820	54,288
Other non-current assets	10,820	11,331
Long-term deferred income tax assets	22,365	24,045
Total assets	1,191,670	1,185,264
Current liabilities:
Current portion of long-term debt, capital leases and financing obligations	15,588	15,298
Trade payables	91,605	79,492
Federal and state income taxes payable	4,383
Accrued payroll, payroll taxes and other payroll benefits	18,606	24,979
Accrued insurance	37,427	35,325
Warranty reserves	11,097	10,843
Other current liabilities	19,160	19,956
Total current liabilities	197,866	185,893
Long-term debt	157,997	182,337
Long-term capital leases and financing obligations	219,162	213,166
Accrued rent expense	5,026	5,037
Other long-term liabilities	15,003	15,137
Long-term income taxes payable	2,668	2,440
Total liabilities	597,722	604,010
Commitments and contingencies
Shareholders' equity:
Class C Convertible Preferred Stock, $1.50 par value, $.064 conversion value; 150,000 shares authorized; 21,802 shares issued and outstanding	33	33
Common Stock, $.01 par value, 65,000,000 shares authorized; 39,045,366 and 39,012,189 shares issued at June 24, 2017 and March 25, 2017, respectively	390	390
Treasury Stock, 6,322,417 shares, at cost	(106,212)	(106,212)
Additional paid-in capital	192,694	191,553
Accumulated other comprehensive loss	(3,211)	(3,161)
Retained earnings	510,254	498,651
Total shareholders' equity	593,948	581,254
Total liabilities and shareholders' equity	$ 1,191,670	$ 1,185,264

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 24, 2017	Mar. 25, 2017
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	21,802	21,802
Class C convertible preferred stock shares outstanding	21,802	21,802
Common stock par value	$ 0.01	$ 0.01
Common stock shares authorized	65,000,000	65,000,000
Common stock shares issued	39,045,366	39,012,189
Treasury stock shares	6,322,417	6,322,417

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 24, 2017	Jun. 25, 2016
Consolidated Statements Of Comprehensive Income [Abstract]
Sales	$ 278,491	$ 235,290
Cost of sales, including distribution and occupancy costs	165,607	137,222
Gross profit	112,884	98,068
Operating, selling, general and administrative expenses	79,135	66,773
Operating income	33,749	31,295
Interest expense, net of interest income	5,742	4,485
Other income, net	(11)	(154)
Income before provision for income taxes	28,018	26,964
Provision for income taxes	10,433	10,209
Net income	17,585	16,755
Other comprehensive loss, net of tax:
Changes in pension, net of tax benefit	(50)	(81)
Comprehensive income	$ 17,535	$ 16,674
Earnings per share:
Basic	$ 0.53	$ 0.52
Diluted	$ 0.53	$ 0.50

Consolidated Statement Of Chang

Consolidated Statement Of Changes in Shareholders' Equity - 3 months ended Jun. 24, 2017 - 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. 25, 2017		$ 33	$ 390	$ (106,212)	$ 191,553	$ (3,161)	$ 498,651	$ 581,254
Beginning balance, preferred shares at Mar. 25, 2017		21,802						21,802
Beginning balance, common shares at Mar. 25, 2017			39,012,000	6,322,000
Net income							17,585	$ 17,585
Other comprehensive loss:
Pension liability adjustment ($80) pre-tax						(50)		(50)
Cash Dividends:
Preferred dividends	[1]						(92)	(92)
Common dividends	[1]						(5,890)	(5,890)
Exercise of stock options					653			653
Exercise of stock options, shares			33,000
Stock-based compensation					488			488
Balance ending at Jun. 24, 2017		$ 33	$ 390	$ (106,212)	$ 192,694	$ (3,211)	$ 510,254	$ 593,948
Ending balance, preferred shares at Jun. 24, 2017		21,802						21,802
Ending balance, common shares at Jun. 24, 2017			39,045,000	6,322,000
[1]	First quarter fiscal year 2018 dividend payment of $.18 per common share or common share equivalent paid on June 12, 2017.

Consolidated Statement Of Chan6

Consolidated Statement Of Changes in Shareholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 24, 2017USD ($)$ / shares
Consolidated Statement of Changes in Shareholders' Equity [Abstract]
Common stock cash dividends per share | $ / shares	$ 0.18
Pension liability adjustment - pre-tax | $	$ (80)

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 24, 2017	Jun. 25, 2016
Cash flows from operating activities:
Net income	$ 17,585	$ 16,755
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation and amortization	11,839	10,813
(Gain) loss on disposal of assets	(121)	147
Stock-based compensation expense	488	642
Net change in deferred income taxes	2,190	2,768
Change in operating assets and liabilities (excluding acquisitions):
Trade receivables	(896)	(223)
Inventories	(3,300)	(1,813)
Other current assets	(2,398)	1,403
Other non-current assets	997	672
Trade payables	12,113	(10,011)
Accrued expenses	(5,149)	(6,426)
Federal and state income taxes payable	7,910	7,054
Other long-term liabilities	(45)	(342)
Long-term income taxes payable	228	270
Total adjustments	23,856	4,954
Net cash provided by operating activities	41,441	21,709
Cash flows from investing activities:
Capital expenditures	(6,736)	(8,202)
Acquisitions, net of cash acquired	(3,971)	(47,361)
Proceeds from the disposal of assets	93	79
Net cash used for investing activities	(10,614)	(55,484)
Cash flows from financing activities:
Proceeds from borrowings	80,310	132,635
Principal payments on long-term debt, capital leases and financing obligations	(108,250)	(98,142)
Exercise of stock options	653	1,639
Dividends paid	(5,982)	(5,618)
Net cash (used for) provided by financing activities	(33,269)	30,514
Decrease in cash	(2,442)	(3,261)
Cash at beginning of period	8,995	7,985
Cash at end of period	$ 6,553	$ 4,724

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	3 Months Ended
	Jun. 24, 2017
Condensed Consolidated Financial Statements [Abstract]
Condensed Consolidated Financial Statements	N ote 1 – Condensed Consolidated Financial Statements  The consolidated balance sheets as of June 24, 2017 and March 25, 2017, the consolidated statements of comprehensive income and cash flows for the quarters ended June 24, 2017 and June 25, 2016, and the consolidated statement of changes in shareholders’ equity for the quarter ended June 24, 2017, 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 Quarterly Report on 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 5, 2017 .  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 June 2017 ” March 26, 2017 – June 24, 2017 (13 weeks) “Quarter Ended Fiscal June 2016 ” March 27, 2016 – June 25, 2016 (13 weeks)  Fiscal year 201 8 , ending March 31 , 201 8 , is a 5 3 week year.  Monro’s operations are organized and managed in one operating segment. The internal management financial reporting that is the basis for evaluation in order to assess performance and allocate resources by our chief operating decision maker consists of consolidated data that includes the results of our retail, commercial and wholesale locations. As such, our one operating segment reflects how our operations are managed, how resources are allocated, how operating performance is evaluated by senior management and the structure of our internal financial reporting.  R evisions  We have evaluated the principal vs. agent accounting guidance in assessing the appropriate presentation for certain transactions primarily related to our fiscal 2017 acquisitions. We have determined agent accounting is appropriate for such transactions and therefore concluded that amounts previously presented on a gross basis should have been recorded on a net basis. Accordingly, we have revised amounts previously recorded in connection with these transactions during the first quarter of fiscal 2017 . The revisions resulted in a reduction of sales and cost of sales by equal amounts of $1.6 million and did not impact gross profit as previously reported.  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. The guidance is effective for 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. While the evaluation of the impact of the new revenue recognition guidance on our Consolidated Financial Statements has not yet been fully determined, we anticipate the provisions to primarily impact the deferral of revenue generated by the sale of an extended warranty. Generally, in relation to these provisions, the new guidance will require the transaction price of an arrangement including an extended warranty to be allocated based on the relative standalone selling prices of the extended warranty and the original service/product rather than the contract price of the extended warranty. Therefore, the allocation may impact the amount of revenue deferred. We are required to adopt this guidance utilizing one of two methods: retrospective restatement for each reporting period presented at time of adoption, or a modified retrospective approach with the cumulative effect of initially applying this guidance recognized at the date of initial application. We intend to elect an adoption methodology after we have fully evaluated the impact on our Co nsolidated Financial Statements. H owever, we do not expect this change to have a material impact on our Consolidated Financial Statements. We are currently preparing to implement changes to our accounting policies, systems and controls to support the new revenue recognition and disclosure requirements.  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. Approximately 50% of our store leases and all of our land leases are currently not recorded on our balance sheet. Recording ROU assets and liabilities for these leases is expected to have a material impact on our balance sheet. We are currently evaluating the impact that recording ROU assets and liabilities will have on our Consolidated Statement of C omprehensive I ncome and the financial statement impact that the standard will have on leases which are currently recorded on our Consolidated Balance S heet.  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. We have adopted this guidance during the first quarter of fiscal 2018. Amendments to this guidance related to accounting for excess tax benefits have been adopted prospectively and had an immaterial impact on the Consolidated Statement of Comprehensive Income for the quarter ended June 24, 2017. Excess tax benefits related to share-based payments are now included in operating cash flows rather than financing cash flows. This change has been applied prospectively in accordance with the guidance and prior periods have not been adjusted. We have previously classified cash paid for tax withholding purposes as a financing activity in the statement of cash flows . T herefore , there is no change related to this requirement. The amendments allow for a one-time accounting policy election to either account for forfeitures as they occur or continue to estimate forfeitures as required by current guidance. We have elected to continue estimating forfeitures through applying a forfeiture rate .  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.  In January 2017, the FASB issued new accounting guidance which clarifies the definition of a business, particularly when evaluating whether transactions should be accounted for as acquisitions or dispositions of assets or businesses. This guidance provides a screen to determine when a set of assets and activities (collectively referred to as a “set”) is not a business. This screen requires that when substantially all of the fair value of the assets is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. If the screen is not met, the guidance provides a framework to evaluate whether both an input and a substantive process are present to be considered a business. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted for certain transactions. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements.  In January 2017, the FASB issued new accounting guidance simplifying the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which required the determination of an implied fair value of goodwill. Under this guidance, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This guidance is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. This guidance is not expected to have an impact on our Consolidated Financial Statements.  In March 2017, the FASB issued accounting guidance related to the presentation of net periodic pension cost and net periodic postretirement benefit cost. This guidance requires employers to present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. The other components of net benefit cost are to be presented separately from the service cost component and outside of any subtotal of income from operations. Employers will have to disclose the line(s) used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. This guidance is effective for fiscal years and interim periods beginning after December 15, 2017, and should be applied retrospectively. Early adoption is permitted as of the beginning of an annual period for which financial statements have not yet been issued. This guidance is not expected to have an impact 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 $6.6 million. This amount represents the maximum potential amount of future payments under the guarantees as of June 24, 2017 . 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. We have recorded a liability related to anticipated defaults under the foregoing leases of $.6 million as of June 24, 2017 and March 25, 2017.

Acquisitions

Acquisitions	3 Months Ended
	Jun. 24, 2017
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, advertising and administration. Acquisitions in this footnote include acquisitions of five or more locations as well as acquisitions of one to four locations that are part of the Company’s greenfield store growth strategy.  Subsequent Events  We have signed a definitive asset purchase agreement to complete the acquisition of eight retail tire and automotive repair stores located in Illinois and Indiana from a Car-X franchisee. These stores will continue to operate under the Car-X brand. This transaction is expected to close during the second quarter of fiscal 2018 and is expected to be financed through our existing credit facility.  On July 30, 2017 , we acquired 13 retail tire and automotive repair stores in Michigan, 12 of which were operating as Speedy Auto Service and Tire dealer locations, from UVR, Inc. One of the acquired stores was not opened by Monro. These stores operate under the Monro name. The acquisition was financed through our existing credit facility.  On July 9, 2017 , we acquired one retail tire and automotive repair store located in North Carolina from Norman Young Tires, Inc. This store operates under the Treadquarters name. The acquisition was financed through our existing credit facility.  On June 25, 2017 , we acquired one retail tire and automotive repair store located in Illinois from D&S Pulaski, LLC. This store operates under the Car-X name. The acquisition was financed through our existing credit facility.  Fiscal 201 8  During the first quarter of fiscal 2018, we acquired the following businesses for an aggregate purchase price of $3.7 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 June 11, 2017 , we acquired two retail tire and automotive repair stores located in Minnesota and Wisconsin from J & R Diversified, Inc. These stores operate under the Car-X name.  · On June 11, 2017 , we acquired one retail tire and automotive repair store located in Ohio from Michael N. McGroarty, Inc. This store operates under the Mr. Tire name.  · On June 2, 2017 , we acquired one retail tire and automotive repair store located in Connecticut from Tires Plus LLC. This store operates under the Monro name.  · On May 21, 2017 , we acquired one retail tire and automotive repair store located in Ohio from Bob Sumerel Tire Co., Inc. This store operates under the Mr. Tire name.  · On April 23, 2017 , we acquired one retail tire and automotive repair store located in Florida from Collier Automotive Group, Inc. This store operates under The Tire Choice name.  These acquisitions resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combining 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 favorable leases and customer lists.  We expensed all costs related to acquisitions in the quarter ended June 24, 2017. The total costs related to completed acquisitions were immaterial for the quarter ended June 24, 2017. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses.  Sales for the fiscal 2018 acquired entities for the quarter ended June 24, 2017 totaled $.5 million for the period from acquisition date through June 24, 2017.  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 liabilities assumed was recorded as goodwill. The preliminary allocation of the aggregate purchase price as of June 24, 2017 was as follows:      As of Acquisition Date  (Dollars in thousands)  Inventories $ 198  Other current assets 36  Property, plant and equipment 1,278  Intangible assets 433  Other non-current assets 7  Long-term deferred income tax assets 609  Total assets acquired 2,561  Other current liabilities 258  Long-term capital leases and financing obligations 2,483  Total liabilities assumed 2,741  Total net identifiable liabilities assumed $ (180)  Total consideration transferred $ 3,739  Less: total net identifiable liabilities assumed (180)  Goodwill $ 3,919  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  Favorable leases $ 270 10 years  Customer lists 163 7 years  Total $ 433 9 years  Fiscal 201 7  During the first quarter of fiscal 2017, we acquired the following businesses for an aggregate purchase price of $47.9 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 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 tire and automotive repair stores and one retread facility located in Florida from McGee Tire Stores, Inc. These stores will operate primarily under The Tire Choice name. The retread facility operates under the McGee Tire 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 favorable leases, customer lists and a trade name.  We expensed all costs related to acquisitions in the quarter ended June 2 5 , 201 6 . The total costs related to completed acquisitions were immaterial for the quarter ended June 2 5 , 201 6 . 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 quarter ended June 25, 2016 totaled $7.8 million for the period from acquisition date through June 25, 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.  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 $ 1,616  Inventories 3,714  Other current assets 242  Property, plant and equipment 9,612  Intangible assets 6,731  Other non-current assets 151  Long-term deferred income tax assets 3,453  Total assets acquired 25,519  Warranty reserves 187  Other current liabilities 958  Long-term capital leases and financing obligations 15,086  Other long-term liabilities 763  Total liabilities assumed 16,994  Total net identifiable assets acquired $ 8,525  Total consideration transferred $ 47,858  Less: total net identifiable assets acquired 8,525  Goodwill $ 39,333  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  Favorable leases $ 3,450 16 years  Customer lists 2,981 12 years  Trade name 300 2 years  Total $ 6,731 13 years  As a result of the updated 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 include a decrease in inventories of $.1 million; an increase in property, plant and equipment of $1.3 million; a decrease in intangible assets of $1.1 million; a decrease in long-term deferred income tax assets of $.1 million; an increase in other current liabilities of $.6 million and an increase in long-term capital leases and financing obligations of $.1 million. The measurement period adjustments resulted in an increase to goodwill of $.7 million.  These measurement period adjustments were not materia l to the Consolidated Statement of Comprehensive Income for the quarter ended June 24, 2017.  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 201 7 acquisitions which closed subsequent to June 25, 2016 and the fiscal 201 8 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.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Jun. 24, 2017
Earnings Per Common Share [Abstract]
Earnings Per Common Share	Note 3 – Earnings Per Common Share  Basic earnings per common share amounts are computed by dividing income available to common shareholders, after deducting preferred stock dividends, by the average number of common shares outstanding. Diluted earnings per common share amounts assume the issuance of common stock for all potentially dilutive equivalent securities outstanding.  The following is a reconciliation of basic and diluted earnings per common share for the respective periods:      Quarter Ended  Fiscal June  2017 2016  (Dollars in thousands,  except per share data)  Numerator for earnings per common share calculation:  Net income $ 17,585 $ 16,755  Preferred stock dividends (92) (129)  Income available to common stockholders $ 17,493 $ 16,626  Denominator for earnings per common share calculation:  Weighted average common shares, basic 32,704 32,258  Effect of dilutive securities:  Preferred stock 510 760  Stock options 78 309  Weighted average number of common shares, diluted 33,292 33,327  Basic earnings per common share: $ .53 $ .52  Diluted earnings per common share: $ .53 $ .50  The computation of diluted earnings per common share excludes the effect of the assumed exercise of approximately 655,000 and 229,000 stock options for the three months ended fiscal June 24, 2017 and June 25, 2016, respectively. Such amounts were excluded as the exercise prices of these stock options were greater than t he average market value of our common s tock for those periods, resulting in an anti-dilutive effect on diluted earnings per common share .

Income Taxes

Income Taxes	3 Months Ended
	Jun. 24, 2017
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 $7.1 million and $6.9 million at June 24, 2017 and March 25 , 201 7 , respectively, the majority of which, if recognized, would affect our effective tax rate. Additionally, we have accrued interest and penalties related to unrecognized tax benefits of approximately $.5 million and $.4 million as of June 24, 2017 and March 25, 2017, respectively.  We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Our fiscal 201 4 through fiscal 201 6 U.S. federal tax years and various state tax years remain subject to income tax examinations by tax authorities.

Fair Value

Fair Value	3 Months Ended
	Jun. 24, 2017
Fair Value [Abstract]
Fair Value	Note 5 – Fair Value  Long-term debt had a carrying amount and a fair value of $158.0 million as of June 24, 2017 , as compared to a carrying amount and a fair value of $182.4 million as of March 25, 2017 . 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	3 Months Ended
	Jun. 24, 2017
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:  Three Months Ended June 24, 2017 :  In connection with the fiscal 2018 acquisition s and fiscal 2017 acquisition measurement period adjustments (see Note 2) , liabilities were assumed as follows:     (Dollars in thousands)  Fair value of assets acquired $ 2,559  Goodwill acquired 4,623  Cash paid, net of cash acquired (3,971)  Amount payable to seller 207  Liabilities assumed $ 3,418  Three Months Ended June 25, 2016 :  In connection with the fiscal 201 7 acquisitions and fiscal 2016 acquisition measurement period adjustments , liabilities were assumed as follows:     (Dollars in thousands)  Fair value of assets acquired $ 27,093  Goodwill acquired 38,340  Cash paid, net of cash acquired (47,366)  Amount payable to seller 206  Liabilities assumed $ 18,273

Cash Dividend

Cash Dividend	3 Months Ended
	Jun. 24, 2017
Cash Dividend [Abstract]
Cash Dividend	Note 7 – Cash Dividend  In May 201 7 , our Board of Directors declared its intention to pay a regular quarterly cash dividend during fiscal year 201 8 of $.18 per common share or common share equivalent beginning with the first quarter of fiscal year 201 8 . 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	3 Months Ended
	Jun. 24, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 8 – Subsequent Events  See Note 2 for a discussion of acquisitions subsequent to June 24, 2017.  On June 28, 2017, John W. Van Heel resigned as President of Monro, effective as of August 1, 2017. In addition, Mr. Van Heel’s employment as Chief Executive Officer of Monro will end on October 1, 2017 upon the expiration of his existing employment agreement and, in connection therewith, on June 28, 2017, Mr. Van Heel also tendered his resignation as a member of the Board of Directors (the “Board”), effective as of October 1, 2017. Also on June 28, 2017, the Board appointed Brett Ponton to serve as President of Monro, effective as of August 1, 2017, and as Chief Executive Officer of Monro, effective as of October 2, 2017.  On June 27, 2017, Robert G. Gross informed Monro of his intention to not stand for re-election to the Board when his current term expires at Monro’s 2017 Annual Meeting of Shareholders, and tendered his resignation as Executive Chairman of Monro, effective immediately.  In light of Mr. Gross’s resignation as Executive Chairman, on June 28, 2017, the Board elected Robert E. Mellor to serve as an independent Chairman of the Board, effective immediately.  On June 27, 2017, Elizabeth A. Wolszon tendered her resignation as a member of the Board, effective as of June 26, 2017. Also, on June 27, 2017, James R. Wilen tendered his resignation as a member of the Board, effective immediately.

Condensed Consolidated Financ16

Condensed Consolidated Financial Statements (Policy)	3 Months Ended
	Jun. 24, 2017
Condensed Consolidated Financial Statements [Abstract]
Revisions And Reclassifications	R evisions  We have evaluated the principal vs. agent accounting guidance in assessing the appropriate presentation for certain transactions primarily related to our fiscal 2017 acquisitions. We have determined agent accounting is appropriate for such transactions and therefore concluded that amounts previously presented on a gross basis should have been recorded on a net basis. Accordingly, we have revised amounts previously recorded in connection with these transactions during the first quarter of fiscal 2017 . The revisions resulted in a reduction of sales and cost of sales by equal amounts of $1.6 million and did not impact gross profit as previously reported. 
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. The guidance is effective for 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. While the evaluation of the impact of the new revenue recognition guidance on our Consolidated Financial Statements has not yet been fully determined, we anticipate the provisions to primarily impact the deferral of revenue generated by the sale of an extended warranty. Generally, in relation to these provisions, the new guidance will require the transaction price of an arrangement including an extended warranty to be allocated based on the relative standalone selling prices of the extended warranty and the original service/product rather than the contract price of the extended warranty. Therefore, the allocation may impact the amount of revenue deferred. We are required to adopt this guidance utilizing one of two methods: retrospective restatement for each reporting period presented at time of adoption, or a modified retrospective approach with the cumulative effect of initially applying this guidance recognized at the date of initial application. We intend to elect an adoption methodology after we have fully evaluated the impact on our Co nsolidated Financial Statements. H owever, we do not expect this change to have a material impact on our Consolidated Financial Statements. We are currently preparing to implement changes to our accounting policies, systems and controls to support the new revenue recognition and disclosure requirements.  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. Approximately 50% of our store leases and all of our land leases are currently not recorded on our balance sheet. Recording ROU assets and liabilities for these leases is expected to have a material impact on our balance sheet. We are currently evaluating the impact that recording ROU assets and liabilities will have on our Consolidated Statement of C omprehensive I ncome and the financial statement impact that the standard will have on leases which are currently recorded on our Consolidated Balance S heet.  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. We have adopted this guidance during the first quarter of fiscal 2018. Amendments to this guidance related to accounting for excess tax benefits have been adopted prospectively and had an immaterial impact on the Consolidated Statement of Comprehensive Income for the quarter ended June 24, 2017. Excess tax benefits related to share-based payments are now included in operating cash flows rather than financing cash flows. This change has been applied prospectively in accordance with the guidance and prior periods have not been adjusted. We have previously classified cash paid for tax withholding purposes as a financing activity in the statement of cash flows . T herefore , there is no change related to this requirement. The amendments allow for a one-time accounting policy election to either account for forfeitures as they occur or continue to estimate forfeitures as required by current guidance. We have elected to continue estimating forfeitures through applying a forfeiture rate .  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.  In January 2017, the FASB issued new accounting guidance which clarifies the definition of a business, particularly when evaluating whether transactions should be accounted for as acquisitions or dispositions of assets or businesses. This guidance provides a screen to determine when a set of assets and activities (collectively referred to as a “set”) is not a business. This screen requires that when substantially all of the fair value of the assets is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. If the screen is not met, the guidance provides a framework to evaluate whether both an input and a substantive process are present to be considered a business. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted for certain transactions. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements.  In January 2017, the FASB issued new accounting guidance simplifying the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which required the determination of an implied fair value of goodwill. Under this guidance, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This guidance is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. This guidance is not expected to have an impact on our Consolidated Financial Statements.  In March 2017, the FASB issued accounting guidance related to the presentation of net periodic pension cost and net periodic postretirement benefit cost. This guidance requires employers to present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. The other components of net benefit cost are to be presented separately from the service cost component and outside of any subtotal of income from operations. Employers will have to disclose the line(s) used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. This guidance is effective for fiscal years and interim periods beginning after December 15, 2017, and should be applied retrospectively. Early adoption is permitted as of the beginning of an annual period for which financial statements have not yet been issued. This guidance is not expected to have an impact 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 $6.6 million. This amount represents the maximum potential amount of future payments under the guarantees as of June 24, 2017 . 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. We have recorded a liability related to anticipated defaults under the foregoing leases of $.6 million as of June 24, 2017 and March 25, 2017.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Jun. 24, 2017
Fiscal 2017 Acquisitions [Member]
Business Acquisition [Line Items]
Schedule Of Purchase Price Allocation	   As of Acquisition Date  (Dollars in thousands)  Inventories $ 198  Other current assets 36  Property, plant and equipment 1,278  Intangible assets 433  Other non-current assets 7  Long-term deferred income tax assets 609  Total assets acquired 2,561  Other current liabilities 258  Long-term capital leases and financing obligations 2,483  Total liabilities assumed 2,741  Total net identifiable liabilities assumed $ (180)  Total consideration transferred $ 3,739  Less: total net identifiable liabilities assumed (180)  Goodwill $ 3,919 
Schedule Of Intangible Assets Acquired	   As of Acquisition Date  Dollars in thousands Weighted Average Useful Life  Favorable leases $ 270 10 years  Customer lists 163 7 years  Total $ 433 9 years 
Fiscal 2016 Acquisitions [Member]
Business Acquisition [Line Items]
Schedule Of Purchase Price Allocation	   As of Acquisition Date  (Dollars in thousands)  Trade receivables $ 1,616  Inventories 3,714  Other current assets 242  Property, plant and equipment 9,612  Intangible assets 6,731  Other non-current assets 151  Long-term deferred income tax assets 3,453  Total assets acquired 25,519  Warranty reserves 187  Other current liabilities 958  Long-term capital leases and financing obligations 15,086  Other long-term liabilities 763  Total liabilities assumed 16,994  Total net identifiable assets acquired $ 8,525  Total consideration transferred $ 47,858  Less: total net identifiable assets acquired 8,525  Goodwill $ 39,333 
Schedule Of Intangible Assets Acquired	   As of Acquisition Date  Dollars in thousands Weighted Average Useful Life  Favorable leases $ 3,450 16 years  Customer lists 2,981 12 years  Trade name 300 2 years  Total $ 6,731 13 years 

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Jun. 24, 2017
Earnings Per Common Share [Abstract]
Reconciliation Of Basic And Diluted Earnings Per Share	   Quarter Ended  Fiscal June  2017 2016  (Dollars in thousands,  except per share data)  Numerator for earnings per common share calculation:  Net income $ 17,585 $ 16,755  Preferred stock dividends (92) (129)  Income available to common stockholders $ 17,493 $ 16,626  Denominator for earnings per common share calculation:  Weighted average common shares, basic 32,704 32,258  Effect of dilutive securities:  Preferred stock 510 760  Stock options 78 309  Weighted average number of common shares, diluted 33,292 33,327  Basic earnings per common share: $ .53 $ .52  Diluted earnings per common share: $ .53 $ .50 

Supplemental Disclosure of Ca19

Supplemental Disclosure of Cash Flow Information (Tables)	3 Months Ended
	Jun. 24, 2017
Fiscal 2018 and 2017 Adjustments [Member]
Business Acquisition [Line Items]
Liabilities on acquisitions assumed	   (Dollars in thousands)  Fair value of assets acquired $ 2,559  Goodwill acquired 4,623  Cash paid, net of cash acquired (3,971)  Amount payable to seller 207  Liabilities assumed $ 3,418 
Fiscal 2017 And 2016 Adjustments [Member]
Business Acquisition [Line Items]
Liabilities on acquisitions assumed	   (Dollars in thousands)  Fair value of assets acquired $ 27,093  Goodwill acquired 38,340  Cash paid, net of cash acquired (47,366)  Amount payable to seller 206  Liabilities assumed $ 18,273 

Condensed Consolidated Financ20

Condensed Consolidated Financial Statements (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 25, 2016	Jun. 24, 2017	Mar. 25, 2017
Financial Statement [Line Items]
Liability for anticipated lease defaults		$ 0.6	$ 0.6
Sales [Member]
Financial Statement [Line Items]
Reclassification adjustment	$ (1.6)
Cost of Sales [Member]
Financial Statement [Line Items]
Reclassification adjustment	$ (1.6)
Property Lease Guarantee [Member] | Maximum [Member]
Financial Statement [Line Items]
Maximum potential guarantee payments		$ 6.6

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Thousands	Aug. 02, 2017store	Jul. 30, 2017store	Jul. 09, 2017store	Jun. 25, 2017store	Jun. 24, 2017USD ($)store	Jun. 25, 2016USD ($)store
Business Acquisition [Line Items]
Sales for acquired entities | $					$ 500	$ 7,800
Change in estimates, inventories | $					(100)
Change in estimates, property, plant and equipment | $					1,300
Change in estimates, intangible assets | $					(1,100)
Change in estimates, long-term deferred income tax assets | $					(100)
Change in current liabilities | $					600
Change in estimates, long-term capital leases and financing obligations | $					100
Adjustments to goodwill related to purchase accounting | $					$ 700
Maximum [Member]
Business Acquisition [Line Items]
Store acquisitions related to greenfield store growth strategy					4
Minimum [Member]
Business Acquisition [Line Items]
Store acquisitions related to acquisition growth strategy					5
Store acquisitions related to greenfield store growth strategy					1
UVR, Inc. [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Acquisition date		Jul. 30, 2017
Number of stores acquired, both operating and not opened		13
Number of stores acquired		12
Number of stores never opened		1
Norman Young Tires, Inc. [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Acquisition date			Jul. 9, 2017
Number of stores acquired			1
D&S Pulaski, LLC. [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Acquisition date				Jun. 25, 2017
Number of stores acquired				1
J & R Diversified, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date					Jun. 11, 2017
Number of stores acquired					2
Michael N. McGroarty, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date					Jun. 11, 2017
Number of stores acquired					1
Tires Plus LLC. [Member]
Business Acquisition [Line Items]
Acquisition date					Jun. 2, 2017
Number of stores acquired					1
Bob Sumerel Tire Co., Inc. [Member]
Business Acquisition [Line Items]
Acquisition date					May 21, 2017
Number of stores acquired					1
Collier Automotive Group, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date					Apr. 23, 2017
Number of stores acquired					1
Car-X Franchised Stores Acquisitions [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Number of stores acquired	8
Express Tire Centers, LLC. Acquisition [Member]
Business Acquisition [Line Items]
Acquisition date						Jun. 19, 2016
Number of stores acquired						2
Pioneer Tire Pros Acquisition [Member]
Business Acquisition [Line Items]
Acquisition date						May 8, 2016
Number of stores acquired						1
McGee Tire Stores, Inc. Acquisition [Member]
Business Acquisition [Line Items]
Acquisition date						May 1, 2016
Number of stores acquired						29
Number of retread plants acquired						1
Fiscal 2016 Acquisitions [Member]
Business Acquisition [Line Items]
Total consideration transferred | $						$ 47,858
Fiscal 2017 Acquisitions [Member]
Business Acquisition [Line Items]
Total consideration transferred | $					$ 3,739

Acquisitions (Schedule Of Purch

Acquisitions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 24, 2017	Jun. 25, 2016	Mar. 25, 2017
Purchase price of acquisitions allocation
Goodwill	$ 506,359		$ 501,736
Fiscal 2017 Acquisitions [Member]
Purchase price of acquisitions allocation
Inventories	198
Other current assets	36
Property, plant and equipment	1,278
Intangible assets	433
Other non-current assets	7
Long-term deferred income tax assets	609
Total assets acquired	2,561
Other current liabilities	258
Long-term capital leases and financing obligations	2,483
Total liabilities assumed	2,741
Total net identifiable assets (liabilites) acquired	(180)
Total consideration transferred	3,739
Less: total net identifiable assets (liabilities) assumed	(180)
Goodwill	$ 3,919
Fiscal 2016 Acquisitions [Member]
Purchase price of acquisitions allocation
Trade receivables		$ 1,616
Inventories		3,714
Other current assets		242
Property, plant and equipment		9,612
Intangible assets		6,731
Other non-current assets		151
Long-term deferred income tax assets		3,453
Total assets acquired		25,519
Warranty reserves		187
Other current liabilities		958
Long-term capital leases and financing obligations		15,086
Other long-term liabilities		763
Total liabilities assumed		16,994
Total net identifiable assets (liabilites) acquired		8,525
Total consideration transferred		47,858
Less: total net identifiable assets (liabilities) assumed		8,525
Goodwill		$ 39,333

Acquisitions (Schedule Of Intan

Acquisitions (Schedule Of Intangible Assets Acquired) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 24, 2017	Jun. 25, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 433	$ 6,731
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	9 years
Customer Lists [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 163	2,981
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	7 years
Favorable Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 270	3,450
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	10 years
Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 300
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] | Customer Lists [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	12 years
Fiscal 2016 Acquisitions [Member] | Favorable Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	16 years
Fiscal 2016 Acquisitions [Member] | Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	2 years

Earnings Per Common Share (Narr

Earnings Per Common Share (Narrative) (Details) - shares	3 Months Ended
	Jun. 24, 2017	Jun. 25, 2016
Earnings Per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	655,000	229,000

Earnings Per Common Share (Reco

Earnings Per Common Share (Reconciliation Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 24, 2017		Jun. 25, 2016
Numerator for earnings per common share calculation:
Net income	$ 17,585		$ 16,755
Preferred stock dividends	(92)	[1]	(129)
Income available to common stockholders	$ 17,493		$ 16,626
Denominator for earnings per common share calculation:
Weighted average common shares, basic	32,704		32,258
Effect of dilutive securities:
Preferred stock	510		760
Stock options	78		309
Weighted average number of common shares, diluted	33,292		33,327
Basic earnings per common share:	$ 0.53		$ 0.52
Diluted earnings per common share:	$ 0.53		$ 0.50
[1]	First quarter fiscal year 2018 dividend payment of $.18 per common share or common share equivalent paid on June 12, 2017.

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 24, 2017	Mar. 25, 2017
Income Taxes [Abstract]
Unrecognized tax benefits	$ 7.1	$ 6.9
Interest and penalties accrued related to unrecognized tax benefits	$ 0.5	$ 0.4

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Millions	Jun. 24, 2017	Mar. 25, 2017
Fair Value [Abstract]
Carrying amount of long-term debt ( including current portion)	$ 158	$ 182.4
Fair value of long-term debt (including current portion)	$ 158	$ 182.4

Supplemental Disclosure of Ca28

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 24, 2017	Jun. 25, 2016	Mar. 25, 2017
Business Acquisition [Line Items]
Goodwill acquired	$ 506,359		$ 501,736
Cash paid, net of cash acquired	(3,971)	$ (47,361)
Fiscal 2018 and 2017 Adjustments [Member]
Business Acquisition [Line Items]
Fair value of assets acquired	2,559
Goodwill acquired	4,623
Cash paid, net of cash acquired	(3,971)
Amounts payable to sellers	207
Liabilities assumed	$ 3,418
Fiscal 2017 And 2016 Adjustments [Member]
Business Acquisition [Line Items]
Fair value of assets acquired		27,093
Goodwill acquired		38,340
Cash paid, net of cash acquired		(47,366)
Amounts payable to sellers		206
Liabilities assumed		$ 18,273

Cash Dividend (Details)

Cash Dividend (Details)	1 Months Ended
	May 31, 2017$ / shares
Cash Dividend [Abstract]
Common stock cash dividends per share declared	$ 0.18