Monro (MNRO) 10-Q 6 Feb 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 28, 2019	Jan. 24, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 28, 2019
Document Transition Report	false
Entity File Number	0-19357
Entity Registrant Name	MONRO, INC.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	16-0838627
Entity Address, Address Line One	200 Holleder Parkway
Entity Address, City or Town	Rochester
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14615
City Area Code	585
Local Phone Number	647-6400
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MNRO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		33,283,751
Entity Central Index Key	0000876427
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--03-28

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 28, 2019	Mar. 30, 2019
Current assets:
Cash and equivalents	$ 8,826	$ 6,214
Trade receivables	16,973	14,617
Federal and state income taxes receivable	1,652	5,586
Inventories	179,171	171,038
Other current assets	45,883	42,452
Total current assets	252,505	239,907
Property, plant and equipment	676,071	640,421
Less - Accumulated depreciation and amortization	(349,798)	(327,869)
Net property, plant and equipment	326,273	312,552
Finance lease and financing obligation assets, net	193,900	128,029
Operating lease assets, net	211,573
Goodwill	673,569	565,503
Intangible assets, net	30,916	51,107
Other non-current assets	18,436	13,024
Long-term deferred income tax assets	5,041	2,166
Total assets	1,712,213	1,312,288
Current liabilities:
Current portion of long-term debt, finance leases and financing obligations	31,084	22,229
Current portion of operating lease liabilities	30,534
Trade payables	115,512	103,602
Accrued payroll, payroll taxes and other payroll benefits	20,692	20,231
Accrued insurance	39,234	38,742
Deferred revenue	13,635	12,059
Other current liabilities	22,037	21,584
Total current liabilities	272,728	218,447
Long-term debt	196,985	137,682
Long-term finance leases and financing obligations	298,888	238,089
Long-term operating lease liabilities	176,583
Accrued rent expense		4,053
Other long-term liabilities	10,824	12,724
Long-term deferred income tax liabilities	7,258
Long-term income taxes payable	2,355	1,783
Total liabilities	965,621	612,778
Commitments and contingencies
Shareholders' equity:
Class C Convertible Preferred Stock, $1.50 par value, $0.064 conversion value, 150,000 shares authorized; 21,802 shares issued and outstanding	33	33
Common Stock, $0.01 par value, 65,000,000 shares authorized; 39,639,544 and 39,510,932 shares issued at December 28, 2019 and March 30, 2019, respectively	396	395
Treasury Stock, 6,359,871 shares at December 28, 2019 and March 30, 2019, at cost	(108,729)	(108,729)
Additional paid-in capital	228,617	220,173
Accumulated other comprehensive loss	(4,802)	(4,536)
Retained earnings	631,077	592,174
Total shareholders' equity	746,592	699,510
Total liabilities and shareholders' equity	$ 1,712,213	$ 1,312,288

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 28, 2019	Mar. 30, 2019
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	39,639,544	39,510,932
Treasury stock shares	6,359,871	6,359,871

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Consolidated Statements Of Comprehensive Income [Abstract]
Sales	$ 329,281	$ 310,110	$ 970,458	$ 913,027
Cost of sales, including distribution and occupancy costs	204,929	192,144	595,886	557,876
Gross profit	124,352	117,966	374,572	355,151
Operating, selling, general and administrative expenses	92,781	87,256	273,273	256,862
Operating income	31,571	30,710	101,299	98,289
Interest expense, net of interest income	6,983	6,797	21,100	20,180
Other income, net	(274)	(321)	(655)	(809)
Income before provision for income taxes	24,862	24,234	80,854	78,918
Provision for income taxes	5,982	3,703	19,054	15,982
Net income	18,880	20,531	61,800	62,936
Other comprehensive loss, net of tax:
Changes in pension, net of tax benefit	(89)	(76)	(266)	(227)
Comprehensive income	$ 18,791	$ 20,455	$ 61,534	$ 62,709
Earnings per common share:
Basic	$ 0.56	$ 0.62	$ 1.85	$ 1.90
Diluted	$ 0.56	$ 0.61	$ 1.82	$ 1.87
Weighted average number of common shares outstanding used in computing earnings per share:
Basic	33,274	33,032	33,234	32,932
Diluted	33,973	33,766	33,971	33,605

Consolidated Statements Of Chan

Consolidated Statements Of Changes in Shareholders' Equity - 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. 31, 2018		$ 33	$ 392	$ (106,563)	$ 199,576	$ (4,248)	$ 539,286	$ 628,476
Beginning balance, preferred shares at Mar. 31, 2018		22,000
Beginning balance, common shares at Mar. 31, 2018			39,166,000	6,330,000
Net income							62,936	62,936
Other comprehensive loss:
Pension liability adjustment						(227)		(227)
Cash dividends:
Preferred dividends							(306)	(306)
Common dividends	[1]						(19,778)	(19,778)
Dividend payable							(37)	(37)
Activity related to equity-based plans			$ 3	$ (2,166)	14,083			11,920
Activity related to equity-based plans, shares			293,000	30,000
Stock-based compensation					3,150			3,150
Balance ending at Dec. 29, 2018		$ 33	$ 395	$ (108,729)	216,809	(4,475)	582,101	686,134
Ending balance, preferred shares at Dec. 29, 2018		22,000
Ending balance, common shares at Dec. 29, 2018			39,459,000	6,360,000
Balance beginning at Sep. 29, 2018		$ 33	$ 393	$ (107,523)	206,533	(4,399)	568,304	663,341
Beginning balance, preferred shares at Sep. 29, 2018		22,000
Beginning balance, common shares at Sep. 29, 2018			39,300,000	6,345,000
Net income							20,531	20,531
Other comprehensive loss:
Pension liability adjustment						(76)		(76)
Cash dividends:
Preferred dividends							(102)	(102)
Common dividends	[1]						(6,620)	(6,620)
Dividend payable							(12)	(12)
Activity related to equity-based plans			$ 2	$ (1,206)	9,191			7,987
Activity related to equity-based plans, shares			159,000	15,000
Stock-based compensation					1,085			1,085
Balance ending at Dec. 29, 2018		$ 33	$ 395	$ (108,729)	216,809	(4,475)	582,101	686,134
Ending balance, preferred shares at Dec. 29, 2018		22,000
Ending balance, common shares at Dec. 29, 2018			39,459,000	6,360,000
Balance beginning at Mar. 30, 2019		$ 33	$ 395	$ (108,729)	220,173	(4,536)	592,174	699,510
Accounting change - cumulative effect at Mar. 30, 2019							(582)	(582)
Adjusted balance at Mar. 30, 2019		$ 33	$ 395	$ (108,729)	220,173	(4,536)	591,592	$ 698,928
Beginning balance, preferred shares at Mar. 30, 2019		22,000						21,802
Beginning balance, common shares at Mar. 30, 2019			39,511,000	6,360,000
Net income							61,800	$ 61,800
Other comprehensive loss:
Pension liability adjustment						(266)		(266)
Cash dividends:
Preferred dividends							(337)	(337)
Common dividends	[1]						(21,944)	(21,944)
Dividend payable							(34)	(34)
Activity related to equity-based plans			$ 1		5,589			5,590
Activity related to equity-based plans, shares			129,000
Stock-based compensation					2,855			2,855
Balance ending at Dec. 28, 2019		$ 33	$ 396	$ (108,729)	228,617	(4,802)	631,077	$ 746,592
Ending balance, preferred shares at Dec. 28, 2019		22,000						21,802
Ending balance, common shares at Dec. 28, 2019			39,640,000	6,360,000
Balance beginning at Sep. 28, 2019		$ 33	$ 396	$ (108,729)	226,948	(4,713)	619,641	$ 733,576
Beginning balance, preferred shares at Sep. 28, 2019		22,000
Beginning balance, common shares at Sep. 28, 2019			39,628,000	6,360,000
Net income							18,880	18,880
Other comprehensive loss:
Pension liability adjustment						(89)		(89)
Cash dividends:
Preferred dividends							(112)	(112)
Common dividends	[1]						(7,321)	(7,321)
Dividend payable							(11)	(11)
Activity related to equity-based plans					701			701
Activity related to equity-based plans, shares			12,000
Stock-based compensation					968			968
Balance ending at Dec. 28, 2019		$ 33	$ 396	$ (108,729)	$ 228,617	$ (4,802)	$ 631,077	$ 746,592
Ending balance, preferred shares at Dec. 28, 2019		22,000						21,802
Ending balance, common shares at Dec. 28, 2019			39,640,000	6,360,000
[1]	First, second and third quarter fiscal year 2020 dividend payments of $ 0.22 per common share or common share equivalent paid on June 17, 2019, September 9, 2019 and December 24, 2019, respectively. First, second and third quarter fiscal year 2019 dividend payments of $ 0.20 per common share or common share equivalent paid on June 14, 2018, September 6, 2018 and December 21, 2018, respectively.

Consolidated Statements Of Ch_2

Consolidated Statements Of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Dec. 29, 2018	Sep. 29, 2018	Jun. 30, 2018	Dec. 28, 2019	Dec. 29, 2018
Consolidated Statements Of Changes In Shareholders' Equity [Abstract]
Common stock cash dividends per share	$ 0.22	$ 0.22	$ 0.22	$ 0.20	$ 0.20	$ 0.20
Pension liability adjustment - pre-tax	$ (118)			$ (100)			$ (353)	$ (302)

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018
Cash flows from operating activities:
Net income	$ 61,800	$ 62,936
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation and amortization	47,329	41,035
Gain on disposal of assets	(840)	(314)
Stock-based compensation expense	2,855	3,150
Net change in deferred income taxes	7,426	10,707
Change in operating assets and liabilities (excluding acquisitions):
Trade receivables	(2,356)	(1,777)
Inventories	(3,768)	2,225
Other current assets	(447)	772
Other non-current assets	18,097	1
Trade payables	11,918	10,598
Accrued expenses	1,097	1,596
Federal and state income taxes payable	3,934	(1,091)
Other long-term liabilities	(22,954)	(1,767)
Long-term income taxes payable	572	536
Total adjustments	62,863	65,671
Net cash provided by operating activities	124,663	128,607
Cash flows from investing activities:
Capital expenditures	(42,226)	(30,763)
Acquisitions, net of cash acquired	(104,254)	(46,052)
Proceeds from the disposal of assets	426	492
Other	587	281
Net cash used for investing activities	(145,467)	(76,042)
Cash flows from financing activities:
Proceeds from borrowings	356,779	313,875
Principal payments on long-term debt, finance leases and financing obligations	(317,039)	(356,834)
Exercise of stock options	5,957	12,148
Dividends paid	(22,281)	(20,084)
Net cash provided by (used for) financing activities	23,416	(50,895)
Increase in cash	2,612	1,670
Cash at beginning of period	6,214	1,909
Cash at end of period	$ 8,826	$ 3,579

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	9 Months Ended
	Dec. 28, 2019
Condensed Consolidated Financial Statements [Abstract]
Condensed Consolidated Financial Statements	Note 1 – Condensed Consolidated Financial Statements The consolidated balance sheets as of December 28, 2019 and March 30, 2019, the consolidated statements of comprehensive income and changes in shareholders’ equity for the quarters and nine months ended December 28, 2019 and December 29, 2018 and the consolidated statements of cash flows for the nine months ended December 28, 2019 and December 29, 2018, include financial information for Monro, Inc. and its wholly-owned subsidiaries, Monro Service Corporation; Car-X, LLC; MNRO Holdings, LLC and MNRO Service Holdings, LLC (collectively, “Monro,” “we,” “us,” “our,” the “Company”). 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 fiscal year ended March 30, 2019. 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 December 2019” September 29, 2019 – December 28, 2019 (13 weeks) “Quarter Ended Fiscal December 2018” September 30, 2018 – December 29, 2018 (13 weeks) “Nine Months Ended Fiscal December 2019” March 31, 2019 – December 28, 2019 (39 weeks) “Nine Months Ended Fiscal December 2018” April 1, 2018 – December 29, 2018 (39 weeks) Fiscal 2020, ending March 28 , 2020, is a 52 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. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“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 are 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. We adopted this standard as of March 31, 2019 using the modified retrospective approach and elected the optional transition relief amendment that allows for a cumulative-effect adjustment in the period of adoption and did not restate prior periods. In addition, we elected the package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification and provided relief from reviewing existing contracts to determine if they contain leases. We did not elect to use hindsight in determining the lease term. The adoption of this guidance resulted in a $ 165.3 million increase to total assets and a $ 165.9 million increase to total liabilities as of March 31, 2019. The Company recognized $ 186.9 million of operating lease ROU assets, $ 174.4 million of operating lease obligations, and a $ 0.7 million finance lease asset and liability related to embedded leases. The difference between the operating lease ROU assets and operating lease liabilities primarily represents the existing favorable lease intangibles of $ 19.6 million and unfavorable lease intangibles and deferred rent accruals of $ 7.2 million resulting from historical operating lease accounting. These were reclassified as operating ROU assets upon adoption. In addition, we recognized $ 8.4 million and $ 16.6 million of finance lease assets and liabilities, respectively, and removed $ 11.1 million and $ 18.6 million of assets and liabilities related to financial obligations connected with the construction of leased stores that are no longer considered a failed sale leaseback. As a result of using the modified retrospective approach, the adoption resulted in a cumulative-effect adjustment to retained earnings, net of tax, of approximately $ 0.6 million. The adoption of this guidance did not have a material impact to our Consolidated Statements of Comprehensive Income or Consolidated Statements of Cash Flows. At adoption, we reclassified prior year capital lease and financing obligation assets from the Net property, plant and equipment line to the Finance lease and financing obligation assets, net line of our Consolidated Balance Sheet. See Note 8 for additional lease disclosures. In June 2018, the FASB issued new accounting guidance that amends the accounting for nonemployee share-based awards. Under the new guidance, the existing guidance related to the accounting for employee share-based awards will apply to nonemployee share-based transactions, with certain exceptions. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2018. Early adoption was permitted. We adopted this guidance during the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements. In August 2018, the FASB issued new accounting guidance which eliminates, adds and modifies certain disclosure requirements for fair value measurements. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements. In December 2019, the FASB issued new accounting guidance intended to simplify the accounting for income taxes. The new guidance removes certain exceptions to the general principles in Accounting Standards Codification Topic 740 Income Taxes and amends existing guidance to improve consistent application. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2020. 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 our Consolidated Financial Statements. Financing In April 2019, we entered into a new five year $ 600 million revolving credit facility agreement with eight banks (the “Credit Facility”). The Credit Facility amended and restated our previous revolving credit facility which would have expired in January 2021. Interest only is payable monthly throughout the Credit Facility’s term. The borrowing capacity for the Credit Facility of $ 600 million includes an accordion feature permitting us to request an increase in availability of up to an additional $ 250 million. The Credit Facility bears interest at 75 to 200 basis points over LIBOR (or replacement index) or at the prime rate, depending on the type of borrowing and the rates then in effect. The Credit Facility requires fees payable quarterly throughout the term between 0.125 % and 0.35 % of the amount of the average net availability under the Credit Facility during the preceding quarter.  Within the Credit Facility, we have a sub-facility of $ 80 million available for the purpose of issuing standby letters of credit. The line requires fees aggregating 87.5 to 212.5 basis points annually of the face amount of each standby letter of credit, payable quarterly in arrears.  Specific terms of the Credit Facility permit the payment of cash dividends (with certain limitations), and permit mortgages and specific lease financing arrangements with other parties (with certain limitations). Other specific terms and the maintenance of specified ratios are generally consistent with our prior financing agreement. Additionally, the Credit Facility is not secured by our real property, although we have agreed not to encumber our real property, with certain permissible exceptions. We were in compliance with all debt covenants at December 28, 2019. Commitments and Contingencies As of the date of this report, other than changes related to adoption of the new lease accounting standard as described in Note 8 to the Consolidated Financial Statements, there were no material changes to our commitments and contingencies outside those related to business acquisitions since March 30, 2019, as reported in our Form 10-K.

Acquisitions

Acquisitions	9 Months Ended
	Dec. 28, 2019
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, expand into new 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 our greenfield store growth strategy. Fiscal 2020 During the first nine months of fiscal 2020, we acquired the following businesses for an aggregate purchase price of $ 103.6 million. The acquisitions were financed through our Credit Facility and our prior credit facility. The results of operations for these acquisitions are included in our financial results from the respective acquisition dates.  On November 17, 2019 , we acquired 18 retail tire and automotive repair stores located in Nevada and Idaho from Nevada Tire Holdings, LLC and Idaho Tire Holdings, LLC . ( One retail tire and automotive repair store is expected to open during the fourth quarter of fiscal 2020.) These stores will operate under the Tire Choice name.  On October 27, 2019 , we acquired six retail tire and automotive repair stores located in California from S & S Unlimited, Inc. These stores will operate under the Tire Choice name.  On October 27, 2019 , we acquired three retail tire and automotive repair stores located in California from Lloyd’s Tire Service, Inc. These stores will operate under the Tire Choice name.  On August 25, 2019 , we acquired one retail tire and automotive repair store located in Louisiana from Atlas Tire Center, Inc. This store operates under the Tire Choice name.  On August 25, 2019 , we acquired two retail tire and automotive repair stores located in Louisiana from LRZ3 Auto, LLC. These stores operate under the Tire Choice name.  On August 25, 2019 , we acquired one retail tire and automotive repair store located in Louisiana from T-Boy's Tire and Automotive, LLC. This store operates under the Tire Choice name.  On August 25, 2019 , we acquired two retail tire and automotive repair stores located in Louisiana from Twin Tire & Auto Care, Inc. These stores operate under the Tire Choice name.  On August 25, 2019 , we acquired one retail tire and automotive repair store located in Louisiana from Twin Tire & Auto Care Team, Inc. This store operates under the Tire Choice name.  On August 25, 2019 , we acquired one retail tire and automotive repair store located in Louisiana from Scotty's Tire & Automotive, Inc. This store operates under the Tire Choice name.  On June 23, 2019 , we acquired two retail tire and automotive repair stores located in California from BAW LLC. These stores operate under the Tire Choice name.  On May 19, 2019 , we acquired 40 retail tire and automotive repair stores and one distribution center located in California from Certified Tire & Service Centers, Inc. These stores operate under the Tire Choice name.  On March 31, 2019 , we acquired 12 retail tire and automotive repair stores located in Louisiana from Allied Discount Tire & Brake, Inc. These stores operate 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 customer lists. We expensed all costs related to acquisitions in the nine months ended December 28, 2019. The total costs related to completed acquisitions were $ 0.4 million and $ 1.2 million for the quarter and nine months ended December 28, 2019, respectively. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses. Sales for the fiscal 2020 acquired entities for the quarter and nine months ended December 28, 2019 totaled $ 18.5 million and $ 38.7 million, respectively, for the period from acquisition date through December 28, 2019. 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 consideration transferred and net identifiable liabilities assumed were recorded as goodwill. The preliminary allocation of the aggregate purchase price as of December 28, 2019, with respect to the acquisitions during the nine months ended December 28, 2019, was as follows: As of Acquisition Date (Dollars in thousands) Inventories $ 4,374 Other current assets 706 Property, plant and equipment 2,299 Finance lease and financing obligation assets, net 29,127 Operating lease assets, net 42,680 Intangible assets 2,847 Other non-current assets 304 Long-term deferred income tax assets 3,174 Total assets acquired 85,511 Current portion of long-term debt, finance leases and financing obligations 2,672 Current portion of operating lease liabilities 4,416 Deferred revenue 1,545 Other current liabilities 361 Long-term finance leases and financing obligations 36,225 Long-term operating lease liabilities 43,668 Other long-term liabilities 1,658 Total liabilities assumed 90,545 Total net identifiable liabilities assumed $ ( 5,034 ) Total consideration transferred $ 103,639 Less: total net identifiable liabilities assumed ( 5,034 ) Goodwill $ 108,673 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 $ 2,847 7 years Fiscal 2019 During the first nine months of fiscal 2019, we acquired the following businesses for an aggregate purchase price of $ 45.5 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 December 9, 2018 , we acquired two retail tire and automotive repair stores located in Virginia from Colony Tire Corporation. These stores operate under the Mr. Tire name.  On November 4, 2018 , we acquired five retail tire and automotive repair stores located in Ohio from Jeff Pohlman Tire & Auto Service, Inc. These stores operate under the Car-X and Mr. Tire names.  On October 14, 2018 , we acquired one retail tire and automotive repair store located in Illinois from Quality Tire and Auto, Inc. This store operates under the Car-X name.  On September 23, 2018 , we acquired one retail tire and automotive repair store located in South Carolina from Walton’s Automotive, LLC. This store operates under the Treadquarters name.  On September 16, 2018 , we acquired one retail tire and automotive repair store located in Illinois from C&R Auto Service, Inc. This store operates under the Car-X name.  On September 9, 2018 , we acquired four retail tire and automotive repair stores in Arkansas and Tennessee from Steele-Guiltner, Inc. These stores operate under the Car-X name.  On July 15, 2018 , we acquired one retail tire and automotive repair store located in Pennsylvania from Mayfair Tire & Service Center, Inc. This store operates under the Mr. Tire name.  On July 8, 2018 , we acquired eight retail tire and automotive repair stores in Missouri from Sawyer Tire, Inc. These stores operate under the Car-X name.  On May 13, 2018 , we acquired 12 retail/commercial tire and automotive repair stores and one retread facility located in Tennessee, as well as four wholesale locations in North Carolina, Tennessee and Virginia, from Free Service Tire Company, Incorporated. These locations operate under the Free Service Tire name.  On April 1, 2018 , we acquired four retail tire and automotive repair stores located in Minnesota from Liberty Auto Group, Inc. These stores operate under the Car-X 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 customer lists, favorable leases and a trade name. We expensed all costs related to acquisitions in the nine months ended December 29, 2018. The total costs related to completed acquisitions were $ 0.1 million and $ 0.4 million for the quarter and nine months ended December 29, 2018. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses. Sales for the fiscal 2019 acquired entities for the quarter and nine months ended December 29, 2018 totaled $ 14.7 million and $ 33.4 million, respectively, for the period from acquisition date through December 29, 2018. 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, with respect to the acquisitions during the nine months ended December 29, 2018, 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 $ 1,674 Inventories 8,280 Other current assets 252 Property, plant and equipment 8,203 Finance lease and financing obligation assets, net 4,422 Intangible assets 7,646 Other non-current assets 10 Long-term deferred income tax assets 1,568 Total assets acquired 32,055 Current portion of long-term debt, finance leases and financing obligations 1,046 Deferred revenue 342 Other current liabilities 501 Long-term finance leases and financing obligations 9,018 Other long-term liabilities 546 Total liabilities assumed 11,453 Total net identifiable assets acquired $ 20,602 Total consideration transferred $ 45,487 Less: total net identifiable assets acquired 20,602 Goodwill $ 24,885 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 $ 5,697 13 years Favorable leases 1,549 10 years Trade name 400 2 years Total $ 7,646 12 years As a result of the updated purchase price allocations for the entities acquired during the fiscal year ended March 30, 2019, certain of the fair value amounts previously estimated were adjusted during the measurement period. These measurement period adjustments resulted from 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 $ 0.3 million; an increase in property, plant and equipment of $ 0.1 million; a decrease in finance lease and financing obligation assets, net of $ 0.8 million; a decrease in intangible assets of $ 0.3 million; a decrease in long-term deferred income tax assets of $ 0.3 million; an increase in current portion of long-term debt, finance leases and financing obligations of $ 0.2 million and a decrease in long-term finance leases and financing obligations of $ 2.4 million. The measurement period adjustments resulted in a decrease of goodwill of $ 0.6 million. The measurement period adjustments were not material to the Consolidated Statement of Comprehensive Income for the quarter and nine months ended December 28, 2019. We continue to refine the valuation data and estimates primarily related to inventory, warranty reserves, intangible assets, real estate, and real property leases for fiscal 2019 acquisitions which closed subsequent to December 29, 2018 and the fiscal 2020 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	9 Months Ended
	Dec. 28, 2019
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 Nine Months Ended Fiscal December Fiscal December 2019 2018 2019 2018 (Amounts in thousands, except per share data) Numerator for earnings per common share calculation: Net income $ 18,880 $ 20,531 $ 61,800 $ 62,936 Less: Preferred stock dividends ( 112 ) ( 102 ) ( 337 ) ( 306 ) Income available to common shareholders $ 18,768 $ 20,429 $ 61,463 $ 62,630 Denominator for earnings per common share calculation: Weighted average common shares, basic 33,274 33,032 33,234 32,932 Effect of dilutive securities: Preferred stock 510 510 510 510 Stock options 165 195 196 134 Restricted stock 24 29 31 29 Weighted average common shares, diluted 33,973 33,766 33,971 33,605 Basic earnings per common share: $ 0.56 $ 0.62 $ 1.85 $ 1.90 Diluted earnings per common share: $ 0.56 $ 0.61 $ 1.82 $ 1.87 The computation of diluted earnings per common share excludes the effect of the assumed exercise of approximately 177,000 and 169,000 stock options for the quarter and nine months ended December 28, 2019, respectively, and 120,000 and 274,000 stock options for the quarter and nine months ended December 29, 2018, respectively. Such amounts were excluded as the exercise price of these stock options was greater than the average market value of our common stock for those periods, resulting in an anti-dilutive effect on diluted earnings per common share.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 28, 2019
Income Taxes [Abstract]
Income Taxes	Note 4 – Income Taxes Our effective income tax rate was 24.1 % and 15.3 % for the quarters ended December 28, 2019 and December 29, 2018, respectively, and 23.6 % and 20.3 % for the nine months ended December 28, 2019 and December 29, 2018, respectively. The effective income tax rate for the periods ended December 29, 2018 included a discrete income tax benefit of $ 2.0 million as a result of the Internal Revenue Service’s examination of our fiscal 2016 and fiscal 2017 tax years. This income tax benefit was recorded primarily due to the difference in the federal statutory income tax rate of 35 % that applies to the refund amounts resulting from an application for a retroactive accounting method change that was accepted by the Internal Revenue Service as compared to the federal statutory income tax rate of 21 % for which deferred tax accounting applies. Additional discrete items recognized during each respective period are insignificant.

Fair Value

Fair Value	9 Months Ended
	Dec. 28, 2019
Fair Value [Abstract]
Fair Value	Note 5 – Fair Value Long-term debt had a carrying amount that approximates a fair value of $ 197.0 million as of December 28, 2019, as compared to a carrying amount and a fair value of $ 137.7 million as of March 30, 2019. 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.

Cash Dividend

Cash Dividend	9 Months Ended
	Dec. 28, 2019
Cash Dividend [Abstract]
Cash Dividend	Note 6 – Cash Dividend In May 2019, our Board of Directors declared its intention to pay a regular quarterly cash dividend during fiscal 2020 of $ 0.22 per common share or common share equivalent beginning with the first quarter of fiscal 2020. We paid dividends of $ 22.3 million during the nine months ended December 28, 2019. 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.

Revenues

Revenues	9 Months Ended
	Dec. 28, 2019
Revenues [Abstract]
Revenues	Note 7 – Revenues Automotive undercar repair, tire sales and tire services represent the vast majority of our revenues. We also earn revenue from the sale of tire road hazard warranty agreements as well as commissions earned from the delivery of tires on behalf of certain tire vendors. Revenue from automotive undercar repair, tire sales and tire services is recognized at the time the customers take possession of their vehicle or merchandise. For sales to certain customers that are financed through the offering of credit on account, payment terms are established for customers based on our pre-established credit requirements. Payment terms vary depending on the customer and generally range from 15 to 45 days. Based on the nature of receivables, no significant financing components exist. Sales are recorded net of discounts, sales incentives and rebates, sales taxes and estimated returns and allowances. We estimate the reduction to sales and cost of sales for returns based on current sales levels and our historical return experience. Such amounts are immaterial to our Consolidated Financial Statements. Revenue from the sale of tire road hazard warranty agreements (included in the Tires product group in the second table below) is initially deferred and is recognized over the contract period as costs are expected to be incurred in performing such services, typically 21 to 36 months. The amounts recorded for deferred revenue balances at December 28, 2019 and March 30, 2019 were $ 19.5 million and $ 17.2 million, respectively, of which $ 13.6 million and $ 12.1 million, respectively, are reported in Deferred revenue and $ 5.9 million and $ 5.1 million, respectively, are reported in Other long-term liabilities in our Consolidated Balance Sheets. The following table summarizes deferred revenue related to road hazard warranty agreements from March 30, 2019 to December 28, 2019 : Dollars in thousands Balance at March 30, 2019 $ 17,150 Deferral of revenue 13,711 Deferral of revenue from acquisitions 2,823 Recognition of revenue ( 14,168 ) Balance at December 28, 2019 $ 19,516 We expect to recognize $ 4.4 million of deferred revenue related to road hazard warranty agreements in the remainder of fiscal 2020, $ 11.0 million of such deferred revenue during our fiscal year ending March 27, 2021, and $ 4.1 million of such deferred revenue thereafter. Under various arrangements, we receive from certain tire vendors a delivery commission and reimbursement for the cost of the tire that we may deliver to customers on behalf of the tire vendor. The commission we earn from these transactions is as an agent and the net amount retained is recorded as sales. (Included in the Tires product group in the following table.) The following table summarizes disaggregated revenue by product group: Quarter Ended Nine Months Ended Fiscal December Fiscal December 2019 2018 2019 2018 (Dollars in thousands) Revenues: Brakes $ 38,261 $ 37,549 $ 131,575 $ 124,677 Exhaust 6,256 7,128 20,317 22,751 Steering 24,987 23,223 77,397 71,894 Tires 179,086 167,984 491,956 459,236 Maintenance 79,889 73,430 246,704 232,062 Other 802 796 2,509 2,407 Total $ 329,281 $ 310,110 $ 970,458 $ 913,027

Leasing

Leasing	9 Months Ended
	Dec. 28, 2019
Leasing [Abstract]
Leasing	Note 8 – Leasing We enter into lease agreements for certain retail stores, warehouses, distribution centers, office space and land as well as service contracts that are considered leases. We determine if an arrangement is or contains a lease at inception. We record ROU assets and lease obligations for our finance and operating leases, which are initially based on the discounted future minimum lease payments over the term of the lease. As the rate implicit in our leases is not easily determinable, our applicable incremental borrowing rate is used in calculating the present value of the lease payments. We estimate our incremental borrowing rate considering the market rates of our outstanding collateralized borrowings and comparisons to comparable borrowings of similar terms. Lease term is defined as the non-cancelable period of the lease plus any options to extend the lease when it is reasonably certain that it will be exercised. Our leases have remaining lease terms of less than one year to approximately 38 years. Most of our leases include one or more options to extend the lease, for periods ranging from one year to 30 years or more. For leases with an initial term of 12 months or less, no ROU assets or lease obligations are recorded on the balance sheet and we recognize short-term lease expense for these leases on a straight-line basis over the lease term. Certain of our lease agreements include rental payments based on a percentage of retail sales over specified levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. For the majority of all classes of underlying assets, we have elected to separate lease from non-lease components. We have elected to combine lease and non-lease components for certain classes of equipment. We sublease excess space to third parties. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales or general and administrative expense. Amortization expense for finance leases is recognized on a straight-line basis over the lease term and is included in cost of sales or general and administrative expense. Interest expense for finance leases is recognized using the effective interest method. Variable payments, short-term rentals and payments associated with non-lease components are expensed as incurred. Historical failed sale leasebacks that were assumed through acquisitions and do not qualify for sale leaseback accounting continue to be accounted for as financing obligations. As of December 28, 2019, net assets of $ 4.6 million and liabilities of $ 7.6 million due to failed sale leaseback arrangements were included with finance lease assets and liabilities, respectively, on the Consolidated Balance Sheet. The components of operating and finance lease cost were as follows: Quarter Ended Nine Months Ended Fiscal December Fiscal December 2019 2019 (Dollars in thousands) Operating lease cost $ 9,861 $ 28,812 Finance lease/financing obligations cost: Amortization of assets 5,568 14,750 Interest on liabilities 5,354 15,945 Short term and variable lease cost 558 1,643 Sublease income ( 32 ) ( 98 ) Total lease cost $ 21,309 $ 61,052 Supplemental cash flow information related to leases was as follows: Nine Months Ended Fiscal December 2019 (Dollars in thousands) Cash paid for amounts included in measurement of lease obligations: Operating cash flows from operating leases $ 27,507 Operating cash flows from finance leases/financing obligations 15,925 Financing cash flows from finance leases/financing obligations 19,512 Net assets obtained in exchange for operating lease obligations 5,871 Net assets obtained in exchange for finance lease obligations 54,286 The following table summarizes weighted average remaining lease term and discount rates: Operating Leases Finance Leases and Financing Obligations Weighted average remaining lease term, in years 9.4 10.0 Weighted average discount rate 3.53 % 9.05 % Future maturities of our lease liabilities, excluding subleases, as of December 28, 2019 are as follows: Operating Leases Finance Leases and Financing Obligations (Dollars in thousands) Remainder 2020 $ 9,447 $ 12,928 2021 36,553 52,126 2022 33,155 51,956 2023 29,170 51,999 2024 24,648 45,601 Thereafter 113,167 251,798 Total undiscounted lease obligations $ 246,140 $ 466,408 Less: imputed interest ( 39,023 ) ( 136,436 ) Net lease obligation $ 207,117 $ 329,972 Total lease payments include $ 80 million related to options to extend operating leases that are reasonably certain of being exercised, include $ 119 million related to options to extend finance leases that are reasonably certain of being exercised and exclude $ 16 million of legally binding lease payments for leases signed but not yet commenced as of December 28, 2019. The aggregate minimum annual lease rentals at March 30, 2019 for the remaining contractual term of non-cancelable leases were as follows: Operating Leases Finance Leases and Financing Obligations (Dollars in thousands) 2020 $ 33,225 $ 43,034 2021 28,819 43,791 2022 23,552 43,459 2023 17,949 42,981 2024 11,488 37,733 Thereafter 33,614 191,366 Total minimum rentals before sublease income $ 148,647 $ 402,364 Less: minimum sublease rentals ( 488 ) — Total minimum rentals $ 148,159 $ 402,364 Less: imputed interest ( 142,086 ) Present value of minimum lease payments $ 260,278

Condensed Consolidated Financ_2

Condensed Consolidated Financial Statements (Policy)	9 Months Ended
	Dec. 28, 2019
Condensed Consolidated Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“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 are 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. We adopted this standard as of March 31, 2019 using the modified retrospective approach and elected the optional transition relief amendment that allows for a cumulative-effect adjustment in the period of adoption and did not restate prior periods. In addition, we elected the package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification and provided relief from reviewing existing contracts to determine if they contain leases. We did not elect to use hindsight in determining the lease term. The adoption of this guidance resulted in a $ 165.3 million increase to total assets and a $ 165.9 million increase to total liabilities as of March 31, 2019. The Company recognized $ 186.9 million of operating lease ROU assets, $ 174.4 million of operating lease obligations, and a $ 0.7 million finance lease asset and liability related to embedded leases. The difference between the operating lease ROU assets and operating lease liabilities primarily represents the existing favorable lease intangibles of $ 19.6 million and unfavorable lease intangibles and deferred rent accruals of $ 7.2 million resulting from historical operating lease accounting. These were reclassified as operating ROU assets upon adoption. In addition, we recognized $ 8.4 million and $ 16.6 million of finance lease assets and liabilities, respectively, and removed $ 11.1 million and $ 18.6 million of assets and liabilities related to financial obligations connected with the construction of leased stores that are no longer considered a failed sale leaseback. As a result of using the modified retrospective approach, the adoption resulted in a cumulative-effect adjustment to retained earnings, net of tax, of approximately $ 0.6 million. The adoption of this guidance did not have a material impact to our Consolidated Statements of Comprehensive Income or Consolidated Statements of Cash Flows. At adoption, we reclassified prior year capital lease and financing obligation assets from the Net property, plant and equipment line to the Finance lease and financing obligation assets, net line of our Consolidated Balance Sheet. See Note 8 for additional lease disclosures. In June 2018, the FASB issued new accounting guidance that amends the accounting for nonemployee share-based awards. Under the new guidance, the existing guidance related to the accounting for employee share-based awards will apply to nonemployee share-based transactions, with certain exceptions. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2018. Early adoption was permitted. We adopted this guidance during the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements. In August 2018, the FASB issued new accounting guidance which eliminates, adds and modifies certain disclosure requirements for fair value measurements. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements. In December 2019, the FASB issued new accounting guidance intended to simplify the accounting for income taxes. The new guidance removes certain exceptions to the general principles in Accounting Standards Codification Topic 740 Income Taxes and amends existing guidance to improve consistent application. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2020. 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 our Consolidated Financial Statements.
Financing	Financing In April 2019, we entered into a new five year $ 600 million revolving credit facility agreement with eight banks (the “Credit Facility”). The Credit Facility amended and restated our previous revolving credit facility which would have expired in January 2021. Interest only is payable monthly throughout the Credit Facility’s term. The borrowing capacity for the Credit Facility of $ 600 million includes an accordion feature permitting us to request an increase in availability of up to an additional $ 250 million. The Credit Facility bears interest at 75 to 200 basis points over LIBOR (or replacement index) or at the prime rate, depending on the type of borrowing and the rates then in effect. The Credit Facility requires fees payable quarterly throughout the term between 0.125 % and 0.35 % of the amount of the average net availability under the Credit Facility during the preceding quarter.  Within the Credit Facility, we have a sub-facility of $ 80 million available for the purpose of issuing standby letters of credit. The line requires fees aggregating 87.5 to 212.5 basis points annually of the face amount of each standby letter of credit, payable quarterly in arrears.  Specific terms of the Credit Facility permit the payment of cash dividends (with certain limitations), and permit mortgages and specific lease financing arrangements with other parties (with certain limitations). Other specific terms and the maintenance of specified ratios are generally consistent with our prior financing agreement. Additionally, the Credit Facility is not secured by our real property, although we have agreed not to encumber our real property, with certain permissible exceptions. We were in compliance with all debt covenants at December 28, 2019.
Commitments And Contingencies	Commitments and Contingencies As of the date of this report, other than changes related to adoption of the new lease accounting standard as described in Note 8 to the Consolidated Financial Statements, there were no material changes to our commitments and contingencies outside those related to business acquisitions since March 30, 2019, as reported in our Form 10-K.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Dec. 28, 2019
Business Acquisition [Line Items]
Schedule Of Purchase Price Allocation	As of Acquisition Date (Dollars in thousands) Inventories $ 4,374 Other current assets 706 Property, plant and equipment 2,299 Finance lease and financing obligation assets, net 29,127 Operating lease assets, net 42,680 Intangible assets 2,847 Other non-current assets 304 Long-term deferred income tax assets 3,174 Total assets acquired 85,511 Current portion of long-term debt, finance leases and financing obligations 2,672 Current portion of operating lease liabilities 4,416 Deferred revenue 1,545 Other current liabilities 361 Long-term finance leases and financing obligations 36,225 Long-term operating lease liabilities 43,668 Other long-term liabilities 1,658 Total liabilities assumed 90,545 Total net identifiable liabilities assumed $ ( 5,034 ) Total consideration transferred $ 103,639 Less: total net identifiable liabilities assumed ( 5,034 ) Goodwill $ 108,673
Schedule Of Intangible Assets Acquired	As of Acquisition Date Dollars in thousands Weighted Average Useful Life Customer lists $ 2,847 7 years
Fiscal 2019 Acquisitions [Member]
Business Acquisition [Line Items]
Schedule Of Purchase Price Allocation	As of Acquisition Date (Dollars in thousands) Trade receivables $ 1,674 Inventories 8,280 Other current assets 252 Property, plant and equipment 8,203 Finance lease and financing obligation assets, net 4,422 Intangible assets 7,646 Other non-current assets 10 Long-term deferred income tax assets 1,568 Total assets acquired 32,055 Current portion of long-term debt, finance leases and financing obligations 1,046 Deferred revenue 342 Other current liabilities 501 Long-term finance leases and financing obligations 9,018 Other long-term liabilities 546 Total liabilities assumed 11,453 Total net identifiable assets acquired $ 20,602 Total consideration transferred $ 45,487 Less: total net identifiable assets acquired 20,602 Goodwill $ 24,885
Schedule Of Intangible Assets Acquired	As of Acquisition Date Dollars in thousands Weighted Average Useful Life Customer lists $ 5,697 13 years Favorable leases 1,549 10 years Trade name 400 2 years Total $ 7,646 12 years

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Dec. 28, 2019
Earnings Per Common Share [Abstract]
Reconciliation Of Basic And Diluted Earnings Per Share	Quarter Ended Nine Months Ended Fiscal December Fiscal December 2019 2018 2019 2018 (Amounts in thousands, except per share data) Numerator for earnings per common share calculation: Net income $ 18,880 $ 20,531 $ 61,800 $ 62,936 Less: Preferred stock dividends ( 112 ) ( 102 ) ( 337 ) ( 306 ) Income available to common shareholders $ 18,768 $ 20,429 $ 61,463 $ 62,630 Denominator for earnings per common share calculation: Weighted average common shares, basic 33,274 33,032 33,234 32,932 Effect of dilutive securities: Preferred stock 510 510 510 510 Stock options 165 195 196 134 Restricted stock 24 29 31 29 Weighted average common shares, diluted 33,973 33,766 33,971 33,605 Basic earnings per common share: $ 0.56 $ 0.62 $ 1.85 $ 1.90 Diluted earnings per common share: $ 0.56 $ 0.61 $ 1.82 $ 1.87

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Dec. 28, 2019
Revenues [Abstract]
Schedule Of Changes In Deferred Revenue	Dollars in thousands Balance at March 30, 2019 $ 17,150 Deferral of revenue 13,711 Deferral of revenue from acquisitions 2,823 Recognition of revenue ( 14,168 ) Balance at December 28, 2019 $ 19,516
Schedule Of Disaggregated Revenue By Product Group	Quarter Ended Nine Months Ended Fiscal December Fiscal December 2019 2018 2019 2018 (Dollars in thousands) Revenues: Brakes $ 38,261 $ 37,549 $ 131,575 $ 124,677 Exhaust 6,256 7,128 20,317 22,751 Steering 24,987 23,223 77,397 71,894 Tires 179,086 167,984 491,956 459,236 Maintenance 79,889 73,430 246,704 232,062 Other 802 796 2,509 2,407 Total $ 329,281 $ 310,110 $ 970,458 $ 913,027

Leasing (Tables)

Leasing (Tables)	9 Months Ended
	Dec. 28, 2019
Leasing [Abstract]
Schedule Of Operating And Finance Lease Costs	Quarter Ended Nine Months Ended Fiscal December Fiscal December 2019 2019 (Dollars in thousands) Operating lease cost $ 9,861 $ 28,812 Finance lease/financing obligations cost: Amortization of assets 5,568 14,750 Interest on liabilities 5,354 15,945 Short term and variable lease cost 558 1,643 Sublease income ( 32 ) ( 98 ) Total lease cost $ 21,309 $ 61,052
Schedule Of Supplemental Cash Flow Information Related To Leases	Nine Months Ended Fiscal December 2019 (Dollars in thousands) Cash paid for amounts included in measurement of lease obligations: Operating cash flows from operating leases $ 27,507 Operating cash flows from finance leases/financing obligations 15,925 Financing cash flows from finance leases/financing obligations 19,512 Net assets obtained in exchange for operating lease obligations 5,871 Net assets obtained in exchange for finance lease obligations 54,286
Schedule Of Weighted Average Remaining Lease Terms And Discount Rates	Operating Leases Finance Leases and Financing Obligations Weighted average remaining lease term, in years 9.4 10.0 Weighted average discount rate 3.53 % 9.05 %
Schedule Of Future Maturities of Lease Liabilities	Operating Leases Finance Leases and Financing Obligations (Dollars in thousands) Remainder 2020 $ 9,447 $ 12,928 2021 36,553 52,126 2022 33,155 51,956 2023 29,170 51,999 2024 24,648 45,601 Thereafter 113,167 251,798 Total undiscounted lease obligations $ 246,140 $ 466,408 Less: imputed interest ( 39,023 ) ( 136,436 ) Net lease obligation $ 207,117 $ 329,972
Schedule Of Minimum Annual Lease Rentals	Operating Leases Finance Leases and Financing Obligations (Dollars in thousands) 2020 $ 33,225 $ 43,034 2021 28,819 43,791 2022 23,552 43,459 2023 17,949 42,981 2024 11,488 37,733 Thereafter 33,614 191,366 Total minimum rentals before sublease income $ 148,647 $ 402,364 Less: minimum sublease rentals ( 488 ) — Total minimum rentals $ 148,159 $ 402,364 Less: imputed interest ( 142,086 ) Present value of minimum lease payments $ 260,278

Condensed Consolidated Financ_3

Condensed Consolidated Financial Statements (Details)	9 Months Ended	12 Months Ended
	Dec. 28, 2019USD ($)entitysegment	Mar. 30, 2019USD ($)
Financial Statement [Line Items]
Number of operating segments | segment	1
Total assets	$ 1,712,213,000	$ 1,312,288,000
Total liabilities	965,621,000	612,778,000
Operating lease right-of-use assets	211,573,000
Operating lease obligations	207,117,000
Finance lease asset	193,900,000	128,029,000
Finance lease liability	$ 329,972,000
Accounting change - cumulative effect		(582,000)
Revolving Credit Facility [Member]
Financial Statement [Line Items]
Credit facility term	5 years
Revolving credit facility agreement	$ 600,000,000
Number of banks involved in credit facility | entity	8
Credit facility, Potential increased availability	$ 250,000,000
Standby Letters of Credit [Member]
Financial Statement [Line Items]
Revolving credit facility agreement	$ 80,000,000
Accounting Standards Update 2016-02 [Member]
Financial Statement [Line Items]
Total assets		165,300,000
Total liabilities		165,900,000
Operating lease right-of-use assets		186,900,000
Operating lease obligations		174,400,000
Finance lease asset		700,000
Finance lease liability		700,000
Operating lease, asset (liability), difference in assets resulting from favorable leases		19,600,000
Operating lease, asset (liability), difference in assets resulting from unfavorable lease intangibles and deferred rent		7,200,000
Lease financial obligations		18,600,000
Assets related to finance lease construction		11,100,000
Minimum [Member] | Revolving Credit Facility [Member]
Financial Statement [Line Items]
Percentage of face amount of standby letter of credit payable as fees	0.125%
Minimum [Member] | Revolving Credit Facility [Member] | LIBOR [Member]
Financial Statement [Line Items]
Interest rate over LIBOR on the facility	0.75%
Minimum [Member] | Standby Letters of Credit [Member] | LIBOR [Member]
Financial Statement [Line Items]
Interest rate over LIBOR on the facility	0.875%
Maximum [Member] | Revolving Credit Facility [Member]
Financial Statement [Line Items]
Percentage of face amount of standby letter of credit payable as fees	0.35%
Maximum [Member] | Revolving Credit Facility [Member] | LIBOR [Member]
Financial Statement [Line Items]
Interest rate over LIBOR on the facility	2.00%
Maximum [Member] | Standby Letters of Credit [Member] | LIBOR [Member]
Financial Statement [Line Items]
Interest rate over LIBOR on the facility	2.125%
Leased Stores [Member] | Accounting Standards Update 2016-02 [Member]
Financial Statement [Line Items]
Finance lease asset		8,400,000
Finance lease liability		$ 16,600,000

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 28, 2019USD ($)	Dec. 29, 2018USD ($)	Dec. 28, 2019USD ($)storepropertywarehouse	Dec. 29, 2018USD ($)storeproperty
Business Acquisition [Line Items]
Store acquisitions related to acquisition growth strategy | property			5
Costs related to completed acquisitions | $	$ 400	$ 100	$ 1,200	$ 400
Sales for acquired entities | $	$ 18,500	$ 14,700	38,700	33,400
Total consideration transferred | $			103,600	$ 45,500
Change in estimates, inventories | $			(300)
Change in estimates, property, plant and equipment | $			100
Change in estimates, finance lease assets | $			(800)
Change in estimates, intangible assets | $			(300)
Change in estimates, long-term deferred income tax assets | $			300
Change in estimates, current portion of finance leases and financing obligations | $			200
Change in estimates, long-term finance leases and financing obligations | $			(2,400)
Adjustments to goodwill related to purchase accounting | $			$ (600)
Maximum [Member]
Business Acquisition [Line Items]
Store acquisitions related to greenfield store growth strategy | property			4
Minimum [Member]
Business Acquisition [Line Items]
Store acquisitions related to greenfield store growth strategy | property			1
Nevada Tire Holdings, LLC and Idaho Tire Holdings, LLC [Member]
Business Acquisition [Line Items]
Acquisition date			Nov. 17, 2019
Number of stores acquired			18
Number of stores yet to open			1
S & S Unlimited, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date			Oct. 27, 2019
Number of stores acquired			6
Lloyd’s Tire Service, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date			Oct. 27, 2019
Number of stores acquired			3
Atlas Tire Center, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date			Aug. 25, 2019
Number of stores acquired			1
LRZ3 Auto, LLC. [Member]
Business Acquisition [Line Items]
Acquisition date			Aug. 25, 2019
Number of stores acquired			2
T-Boy's Tire and Automotive, LLC. [Member]
Business Acquisition [Line Items]
Acquisition date			Aug. 25, 2019
Number of stores acquired			1
Twin Tire & Auto Care, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date			Aug. 25, 2019
Number of stores acquired			2
Twin Tire & Auto Care Team, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date			Aug. 25, 2019
Number of stores acquired			1
Scotty's Tire & Automotive, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date			Aug. 25, 2019
Number of stores acquired			1
BAW LLC [Member]
Business Acquisition [Line Items]
Acquisition date			Jun. 23, 2019
Number of stores acquired			2
Certified Tire And Service Centers, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date			May 19, 2019
Number of stores acquired			40
Number of distribution center | warehouse			1
Allied Discount Tire And Brake, Inc [Member]
Business Acquisition [Line Items]
Acquisition date			Mar. 31, 2019
Number of stores acquired			12
Colony Tire Corporation [Member]
Business Acquisition [Line Items]
Acquisition date			Dec. 9, 2018
Number of stores acquired				2
Jeff Pohlman Tire & Auto Service, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date			Nov. 4, 2018
Number of stores acquired				5
Quality Tire and Auto, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date			Oct. 14, 2018
Number of stores acquired				1
Walton’s Automotive, LLC. [Member]
Business Acquisition [Line Items]
Acquisition date			Sep. 23, 2018
Number of stores acquired				1
C&R Auto Service, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date			Sep. 16, 2018
Number of stores acquired				1
Steele-Guiltner, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date			Sep. 9, 2018
Number of stores acquired				4
Mayfair Tire & Service Center, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date			Jul. 15, 2018
Number of stores acquired				1
Sawyer Tire, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date			Jul. 8, 2018
Number of stores acquired				8
Free Service Tire Company, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date			May 13, 2018
Number of stores acquired				12
Number of retread centers acquired | property				1
Number of wholesale centers acquired | property				4
Liberty Auto Group, Inc. [Member]
Business Acquisition [Line Items]
Acquisition date			Apr. 1, 2018
Number of stores acquired				4
Fiscal 2019 Acquisitions [Member]
Business Acquisition [Line Items]
Total consideration transferred | $				$ 45,487
Fiscal 2020 Acquisitions [Member]
Business Acquisition [Line Items]
Total consideration transferred | $			$ 103,639

Acquisitions (Schedule Of Purch

Acquisitions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Mar. 30, 2019
Purchase price of acquisitions allocation
Total consideration transferred	$ 103,600	$ 45,500
Goodwill	673,569		$ 565,503
Fiscal 2019 Acquisitions [Member]
Purchase price of acquisitions allocation
Trade receivables		1,674
Inventories		8,280
Other current assets		252
Property, plant and equipment		8,203
Finance lease and financing obligation assets, net		4,422
Intangible assets		7,646
Other non-current assets		10
Long-term deferred income tax assets		1,568
Total assets acquired		32,055
Current portion of long-term debt, finance leases and financing obligations		1,046
Deferred revenue		342
Other current liabilities		501
Long-term finance leases and financing obligations		9,018
Other long-term liabilities		546
Total liabilities assumed		11,453
Total net identifiable assets acquired (liabilities assumed)		20,602
Total consideration transferred		45,487
Less: total net identifiable assets acquired (liabilities assumed)		20,602
Goodwill		$ 24,885
Fiscal 2020 Acquisitions [Member]
Purchase price of acquisitions allocation
Inventories	4,374
Other current assets	706
Property, plant and equipment	2,299
Finance lease and financing obligation assets, net	29,127
Operating lease assets, net	42,680
Intangible assets	2,847
Other non-current assets	304
Long-term deferred income tax assets	3,174
Total assets acquired	85,511
Current portion of long-term debt, finance leases and financing obligations	2,672
Current portion of operating lease liabilities	4,416
Deferred revenue	1,545
Other current liabilities	361
Long-term finance leases and financing obligations	36,225
Long-term operating lease liabilities	43,668
Other long-term liabilities	1,658
Total liabilities assumed	90,545
Total net identifiable assets acquired (liabilities assumed)	(5,034)
Total consideration transferred	103,639
Less: total net identifiable assets acquired (liabilities assumed)	(5,034)
Goodwill	$ 108,673

Acquisitions (Schedule Of Intan

Acquisitions (Schedule Of Intangible Assets Acquired) (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018
Customer Lists [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 2,847
Weighted average useful life	7 years
Fiscal 2019 Acquisitions [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 7,646
Weighted average useful life	12 years
Fiscal 2019 Acquisitions [Member] | Customer Lists [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		5,697
Weighted average useful life	13 years
Fiscal 2019 Acquisitions [Member] | Favorable Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		1,549
Weighted average useful life	10 years
Fiscal 2019 Acquisitions [Member] | Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 400
Weighted average useful life	2 years

Earnings Per Common Share (Narr

Earnings Per Common Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Earnings Per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	177,000,000	120,000,000	169,000,000	274,000,000

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		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Numerator for earnings per common share calculation:
Net income	$ 18,880	$ 20,531	$ 61,800	$ 62,936
Less: Preferred stock dividends	(112)	(102)	(337)	(306)
Income available to common shareholders	$ 18,768	$ 20,429	$ 61,463	$ 62,630
Denominator for earnings per common share calculation:
Weighted average common shares, basic	33,274	33,032	33,234	32,932
Effect of dilutive securities:
Preferred stock	510	510	510	510
Weighted average common shares, diluted	33,973	33,766	33,971	33,605
Basic earnings per common share:	$ 0.56	$ 0.62	$ 1.85	$ 1.90
Diluted earnings per common share:	$ 0.56	$ 0.61	$ 1.82	$ 1.87
Stock Options [Member]
Effect of dilutive securities:
Share based payment arrangements (in shares)	165	195	196	134
Restricted Stock [Member]
Effect of dilutive securities:
Share based payment arrangements (in shares)	24	29	31	29

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Abstract]
Effective tax rate	24.10%	15.30%	23.60%	20.30%
Discrete tax item			$ 2
Federal tax rate			21.00%		21.00%	35.00%

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Millions	Dec. 28, 2019	Mar. 30, 2019
Fair Value [Abstract]
Carrying amount of long-term debt ( including current portion)	$ 197	$ 137.7

Cash Dividend (Details)

Cash Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	May 31, 2019	Dec. 28, 2019	Dec. 29, 2018
Cash Dividend [Abstract]
Common stock cash dividends per share declared	$ 0.22
Dividends to shareholders		$ 22,281	$ 20,084

Revenues (Narrative) (Details)

Revenues (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 28, 2019	Mar. 30, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 19,516	$ 17,150
Deferred revenue, current	13,635	12,059
Deferred revenue, noncurrent	$ 5,900	$ 5,100
Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment term	15 days
Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment term	45 days
Tire Road Hazard Warranty [Member] | Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognition, contract term	21 months
Tire Road Hazard Warranty [Member] | Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognition, contract term	36 months

Revenues (Narrative) (Performan

Revenues (Narrative) (Performance Obligation) (Details) $ in Millions	Dec. 28, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, performance obligation	$ 4.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, performance obligation	11
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, performance obligation	$ 4.1

Revenues (Schedule Of Changes I

Revenues (Schedule Of Changes In Deferred Revenue) (Details) $ in Thousands	9 Months Ended
	Dec. 28, 2019USD ($)
Revenues [Abstract]
Balance at March 30, 2019	$ 17,150
Deferral of revenue	13,711
Deferral of revenue from acquisitions	2,823
Recognition of revenue	(14,168)
Balance at December 28, 2019	$ 19,516

Revenues (Schedule Of Disaggreg

Revenues (Schedule Of Disaggregated Revenue By Product Group) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 329,281	$ 310,110	$ 970,458	$ 913,027
Brakes [Member]
Disaggregation of Revenue [Line Items]
Revenue	38,261	37,549	131,575	124,677
Exhaust [Member]
Disaggregation of Revenue [Line Items]
Revenue	6,256	7,128	20,317	22,751
Steering [Member]
Disaggregation of Revenue [Line Items]
Revenue	24,987	23,223	77,397	71,894
Tires [Member]
Disaggregation of Revenue [Line Items]
Revenue	179,086	167,984	491,956	459,236
Maintenance [Member]
Disaggregation of Revenue [Line Items]
Revenue	79,889	73,430	246,704	232,062
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 802	$ 796	$ 2,509	$ 2,407

Leasing (Narrative) (Details)

Leasing (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 28, 2019	Mar. 30, 2019
Sale Leaseback Transaction [Line Items]
Finance lease and financing obligation assets, net	$ 193,900	$ 128,029
Long-term finance leases and financing obligations	298,888	$ 238,089
Operating lease payments, related to options to extend, reasonably certain of being exercised	80,000
Finance lease payments, related to options to extend, reasonable certain of being exercised	119,000
Lease payments, leases signed but not yet commenced	16,000
Failed Sale Leasebacks That Were Assumed Through Acquisitions [Member]
Sale Leaseback Transaction [Line Items]
Finance lease and financing obligation assets, net	4,600
Long-term finance leases and financing obligations	$ 7,600
Minimum [Member]
Sale Leaseback Transaction [Line Items]
Remaining lease term	1 year
Option to extend, term of option	1 year
Maximum [Member]
Sale Leaseback Transaction [Line Items]
Remaining lease term	38 years
Option to extend, term of option	30 years

Leasing (Schedule Of Operating

Leasing (Schedule Of Operating And Finance Lease Costs) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 28, 2019	Dec. 28, 2019
Leasing [Abstract]
Operating lease cost	$ 9,861	$ 28,812
Amortization of assets	5,568	14,750
Interest on liabilities	5,354	15,945
Short term and variable lease cost	558	1,643
Sublease income	(32)	(98)
Total lease cost	$ 21,309	$ 61,052

Leasing (Schedule Of Supplement

Leasing (Schedule Of Supplemental Cash Flow Information Related To Leases) (Details) $ in Thousands	9 Months Ended
	Dec. 28, 2019USD ($)
Leasing [Abstract]
Operating cash flows from operating leases	$ 27,507
Operating cash flows from finance leases/financing obligations	15,925
Financing cash flows from finance leases/financing obligations	19,512
Net assets obtained in exchange for operating lease obligations	5,871
Net assets obtained in exchange for finance lease obligations	$ 54,286

Leasing (Schedule Of Weighted A

Leasing (Schedule Of Weighted Average Remaining Lease Terms And Discount Rates) (Details)	Dec. 28, 2019
Operating Leases
Weighted average remaining lease term, in years	9 years 4 months 24 days
Weighted average discount rate	3.53%
Finance Leases and Financing Obligations
Weighted average remaining lease term, in years	10 years
Weighted average discount rate	9.05%

Leasing (Schedule Of Future Mat

Leasing (Schedule Of Future Maturities of Lease Liabilities) (Details) $ in Thousands	Dec. 28, 2019USD ($)
Operating Leases:
Remainder 2020	$ 9,447
2021	36,553
2022	33,155
2023	29,170
2024	24,648
Thereafter	113,167
Total undiscounted lease obligations	246,140
Less: imputed interest	(39,023)
Net lease obligation	207,117
Finance Leases and Financing Obligations:
Remainder 2020	12,928
2021	52,126
2022	51,956
2023	51,999
2024	45,601
Thereafter	251,798
Total undiscounted lease obligations	466,408
Less: imputed interest	(136,436)
Net lease obligation	$ 329,972

Leasing (Schedule Of Minimum An

Leasing (Schedule Of Minimum Annual Lease Rentals) (Details) $ in Thousands	Mar. 30, 2019USD ($)
Leasing [Abstract]
Operating leases, 2020	$ 33,225
Operating, 2021	28,819
Operating, 2022	23,552
Operating, 2023	17,949
Operating, 2024	11,488
Operating, Thereafter	33,614
Operating Leases, Total	148,647
Less: minimum sublease rentals	(488)
Total	148,159
Finance Leases and Financing Obligations, 2020	43,034
Finance Leases and Financing Obligations, 2021	43,791
Finance Leases and Financing Obligations, 2022	43,459
Finance Leases and Financing Obligations, 2023	42,981
Finance Leases and Financing Obligations, 2024	37,733
Finance Leases and Financing Obligations, Thereafter	191,366
Total minimum rentals	402,364
Less: imputed interest	(142,086)
Present value of minimum lease payments	$ 260,278