Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 27, 2021 | May 21, 2021 | Sep. 25, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 27, 2021 | ||
Current Fiscal Year End Date | --03-27 | ||
Document Fiscal Year Focus | 2021 | ||
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 $.01 per share | ||
Trading Symbol | MNRO | ||
Security Exchange Name | NASDAQ | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
ICFR Auditor Attestation Flag | true | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,331,800,000 | ||
Entity Common Stock Shares Outstanding | 33,492,878 | ||
Documents Incorporated by Reference [Text Block] | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement for its 2021 Annual Meeting of Shareholders to be held hereafter are incorporated by reference into Part III of this report. | ||
Entity Central Index Key | 0000876427 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 27, 2021 | Mar. 28, 2020 |
Current assets | ||
Cash and equivalents | $ 29,960 | $ 345,476 |
Accounts receivable | 15,324 | 14,510 |
Federal and state income taxes receivable | 10,844 | 8,056 |
Inventories | 162,282 | 187,441 |
Other current assets | 48,115 | 40,537 |
Total current assets | 266,525 | 596,020 |
Property and equipment, net | 327,063 | 328,637 |
Finance lease and financing obligation assets, net | 275,360 | 196,575 |
Operating lease assets, net | 203,329 | 199,729 |
Goodwill | 689,524 | 671,843 |
Intangible assets, net | 26,068 | 29,781 |
Other non-current assets | 18,332 | 20,688 |
Long-term deferred income tax assets | 5,613 | 6,184 |
Total assets | 1,811,814 | 2,049,457 |
Current liabilities | ||
Current portion of finance leases and financing obligations | 37,803 | 32,257 |
Current portion of operating lease liabilities | 30,903 | 30,181 |
Accounts payable | 112,378 | 99,504 |
Accrued payroll, payroll taxes and other payroll benefits | 20,842 | 14,429 |
Accrued insurance | 49,681 | 43,387 |
Deferred revenue | 11,956 | 13,129 |
Other current liabilities | 27,053 | 22,049 |
Total current liabilities | 290,616 | 254,936 |
Long-term debt | 190,000 | 566,400 |
Long-term finance leases and financing obligations | 366,330 | 298,373 |
Long-term operating lease liabilities | 177,724 | 170,954 |
Other long-term liabilities | 16,649 | 12,873 |
Long-term deferred income tax liabilities | 19,783 | 10,069 |
Long-term income taxes payable | 1,028 | 1,412 |
Total liabilities | 1,062,130 | 1,315,017 |
Commitments and contingencies - Note 15 | ||
Shareholders' equity | ||
Class C Convertible Preferred Stock | 29 | 33 |
Common Stock | 398 | 396 |
Treasury Stock | (108,729) | (108,729) |
Additional paid-in capital | 238,244 | 229,774 |
Accumulated other comprehensive loss | (4,619) | (6,889) |
Retained earnings | 624,361 | 619,855 |
Total shareholders' equity | 749,684 | 734,440 |
Total liabilities and shareholders' equity | $ 1,811,814 | $ 2,049,457 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 27, 2021 | Mar. 28, 2020 |
Consolidated Balance Sheets [Abstract] | ||
Class C convertible preferred stock shares authorized | 150,000 | 150,000 |
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 issued | 19,664 | 21,802 |
Class C convertible preferred stock shares outstanding | 19,664 | 21,802 |
Common stock shares authorized | 65,000,000 | 65,000,000 |
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares issued | 39,848,093 | 39,644,228 |
Treasury stock shares | 6,359,871 | 6,359,871 |
Consolidated Statements Of Inco
Consolidated Statements Of Income And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Consolidated Statements Of Income And Comprehensive Income [Abstract] | |||
Sales | $ 1,125,721 | $ 1,256,524 | $ 1,200,230 |
Cost of sales, including distribution and occupancy costs | 730,526 | 779,866 | 735,002 |
Gross profit | 395,195 | 476,658 | 465,228 |
Operating, selling, general and administrative expenses | 322,957 | 374,956 | 338,485 |
Operating income | 72,238 | 101,702 | 126,743 |
Interest expense, net of interest income | 28,235 | 28,213 | 27,013 |
Other income, net of other loss | (188) | (785) | (630) |
Income before income taxes | 44,191 | 74,274 | 100,360 |
Provision for income taxes | 9,872 | 16,250 | 20,608 |
Net income | 34,319 | 58,024 | 79,752 |
Other comprehensive income (loss) | |||
Changes in pension, net of tax provision (benefit) | 2,270 | (2,353) | (288) |
Other comprehensive income (loss) | 2,270 | (2,353) | (288) |
Comprehensive income | $ 36,589 | $ 55,671 | $ 79,464 |
Earnings per share | |||
Basic | $ 1.02 | $ 1.73 | $ 2.41 |
Diluted | $ 1.01 | $ 1.71 | $ 2.37 |
Weighted average common shares outstanding | |||
Basic | 33,329 | 33,246 | 32,980 |
Diluted | 33,876 | 33,953 | 33,675 |
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]Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [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 | 79,752 | 79,752 | ||||||||
Other comprehensive loss | ||||||||||
Pension liability adjustment | (288) | (288) | ||||||||
Dividends declared | ||||||||||
Preferred | (408) | (408) | ||||||||
Common | (26,406) | (26,406) | ||||||||
Dividend payable | (50) | (50) | ||||||||
Stock options and restricted stock | [1] | $ 3 | $ (2,166) | 16,575 | 14,412 | |||||
Stock options and restricted stock, shares | [1] | 345,000 | 30,000 | |||||||
Stock-based compensation | 4,022 | 4,022 | ||||||||
Balance ending at Mar. 30, 2019 | $ 33 | $ 395 | $ (108,729) | 220,173 | (4,536) | $ (582) | 592,174 | $ (582) | 699,510 | |
Ending balance, preferred shares at Mar. 30, 2019 | 22,000 | |||||||||
Ending balance, common shares at Mar. 30, 2019 | 39,511,000 | 6,360,000 | ||||||||
Net income | 58,024 | 58,024 | ||||||||
Other comprehensive loss | ||||||||||
Pension liability adjustment | (2,353) | (2,353) | ||||||||
Dividends declared | ||||||||||
Preferred | (449) | (449) | ||||||||
Common | (29,266) | (29,266) | ||||||||
Dividend payable | (46) | (46) | ||||||||
Stock options and restricted stock | $ 1 | 5,788 | 5,789 | |||||||
Stock options and restricted stock, shares | 134,000 | |||||||||
Stock-based compensation | 3,813 | 3,813 | ||||||||
Balance ending at Mar. 28, 2020 | $ 33 | $ 396 | $ (108,729) | 229,774 | (6,889) | 619,855 | $ 734,440 | |||
Ending balance, preferred shares at Mar. 28, 2020 | 22,000 | 21,802 | ||||||||
Ending balance, common shares at Mar. 28, 2020 | 39,645,000 | 6,360,000 | ||||||||
Net income | 34,319 | $ 34,319 | ||||||||
Other comprehensive loss | ||||||||||
Pension liability adjustment | 2,270 | 2,270 | ||||||||
Dividends declared | ||||||||||
Preferred | (438) | (438) | ||||||||
Common | (29,344) | (29,344) | ||||||||
Dividend payable | (31) | (31) | ||||||||
Conversion of Class C Preferred Stock | $ (4) | $ 1 | 3 | |||||||
Conversion of Class C Preferred Stock, shares | (2,000) | 50,000 | ||||||||
Stock options and restricted stock | $ 1 | 6,076 | 6,077 | |||||||
Stock options and restricted stock, shares | 153,000 | |||||||||
Stock-based compensation | 2,391 | 2,391 | ||||||||
Balance ending at Mar. 27, 2021 | $ 29 | $ 398 | $ (108,729) | $ 238,244 | $ (4,619) | $ 624,361 | $ 749,684 | |||
Ending balance, preferred shares at Mar. 27, 2021 | 20,000 | 19,664 | ||||||||
Ending balance, common shares at Mar. 27, 2021 | 39,848,000 | 6,360,000 | ||||||||
[1] | Includes the receipt of treasury stock in connection with the exercise of stock options and to partially satisfy tax withholding obligations. |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | |||
Common stock cash dividends per share | $ 0.88 | $ 0.88 | $ 0.80 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Operating activities: | |||
Net income | $ 34,319,000 | $ 58,024,000 | $ 79,752,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 77,304,000 | 64,986,000 | 55,531,000 |
Share-based compensation expense | 2,391,000 | 3,813,000 | 4,022,000 |
(Gain) loss on disposal of assets | (491,000) | (257,000) | 56,000 |
Impairment of long-lived assets | 144,000 | 6,579,000 | 0 |
Deferred income tax expense | 10,854,000 | 11,473,000 | 12,517,000 |
Change in operating assets and liabilities (excluding acquisitions) | |||
Accounts receivables | (814,000) | 107,000 | (1,361,000) |
Inventories | 26,570,000 | (11,841,000) | (9,126,000) |
Other current assets | 22,566,000 | 5,379,000 | (514,000) |
Other non-current assets | 3,331,000 | 24,968,000 | (427,000) |
Accounts payables | 12,874,000 | (4,090,000) | 19,037,000 |
Accrued expenses | 21,355,000 | (3,871,000) | (3,019,000) |
Federal and state income taxes receivable | (2,788,000) | (2,470,000) | (1,401,000) |
Other long-term liabilities | (22,326,000) | (31,100,000) | (1,967,000) |
Long-term income taxes payable | (384,000) | (371,000) | (209,000) |
Cash provided by operating activities | 184,905,000 | 121,329,000 | 152,891,000 |
Investing activities | |||
Capital expenditures | (51,725,000) | (55,918,000) | (44,468,000) |
Acquisitions, net of cash acquired | (17,154,000) | (104,436,000) | (62,427,000) |
Proceeds from the disposal of assets | 659,000 | 967,000 | 723,000 |
Other | 1,960,000 | 576,000 | 289,000 |
Cash used for investing activities | (66,260,000) | (158,811,000) | (105,883,000) |
Financing activities: | |||
Proceeds from borrowings | 814,181,000 | 433,460,000 | |
Principal payments on long-term debt, capital leases and financing obligations | (409,783,000) | (412,725,000) | (463,989,000) |
Exercise of stock options | 6,278,000 | 6,171,000 | 14,640,000 |
Dividends paid | (29,782,000) | (29,715,000) | (26,814,000) |
Deferred financing costs | (874,000) | (1,168,000) | |
Cash (used for) provided by financing activities | (434,161,000) | 376,744,000 | (42,703,000) |
Net (decrease) increase in cash | (315,516,000) | 339,262,000 | 4,305,000 |
Cash at beginning of year | 345,476,000 | 6,214,000 | 1,909,000 |
Cash at end of year | 29,960,000 | 345,476,000 | 6,214,000 |
Supplemental information: | |||
Interest paid, net | 26,376,000 | 27,250,000 | 25,422,000 |
Income taxes | 2,334,000 | 12,745,000 | 9,680,000 |
Leased assets obtained in exchange for new finance lease liabilities | 104,165,000 | 64,393,000 | $ 14,632,000 |
Leased assets obtained in exchange for new operating lease liabilities | $ 24,409,000 | $ 6,980,000 |
Description Of Business, Basis
Description Of Business, Basis Of Presentation And Summary Of Significant Accounting Policies | 12 Months Ended |
Mar. 27, 2021 | |
Description Of Business, Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Description Of Business, Basis Of Presentation And Summary Of Significant Accounting Policies | Note 1 – Description of Business, Basis of Presentation and Summary of Significant Accounting Policies Description of business Monro, Inc. and its direct and indirect subsidiaries (together, “Monro”, the “Company”, “we”, “us”, or “our”), are engaged principally in providing automotive undercar repair and tire replacement sales and tire related services in the United States. Monro had 1,263 Company-operated stores, 96 franchised locations, seven wholesale locations and three retread facilities located in 32 states as of March 27, 2021. 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. Basis of presentation Principles of consolidation The consolidated financial statements include the accounts of Monro, Inc. and its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Management’s use of estimates The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements in conformity with such principles requires the use of estimates by management during the reporting period. Actual results could differ from those estimates. Fiscal year We operate on a 52/53 week fiscal year ending on the last Saturday in March. Fiscal years 2021 and 2020 each contained 52 weeks and fiscal year 2019 contained 53 weeks. Unless specifically indicated otherwise, any references to “2021” or “fiscal 2021,” “2020” or “fiscal 2020,” and “2019” or “fiscal 2019” relate to the years ended March 27, 2021, March 28, 2020 and March 30, 2019, respectively. Recent accounting pronouncements In August 2018, the Financial Accounting Standards Board (“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 adopted this guidance during the first quarter of 2021. The adoption of this guidance did not have a material impact 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 (“ASC”) 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. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. Other recent authoritative guidance issued by the FASB (including technical corrections to the ASC) and the Securities and Exchange Commission (“SEC”) did not, or are not expected to have a material effect on Monro’s consolidated financial statements. Summary of significant accounting policies Cash and cash equivalents Cash consists primarily of cash on hand and deposits with banks. Cash equivalents include highly liquid investments with an original maturity of three months or less from the time of purchase. Cash equivalents also include amounts due from third-party financial institutions for credit and debit card transactions. These receivables typically settle in three days or less. Inventories Our inventories, which consist of automotive parts and oil as well as tires, are valued at the lower of weighted average cost or net realizable value. Property and equipment, net Property and equipment, net is stated at historical cost less accumulated depreciation. Property and equipment is depreciated using the straight-line method over estimated useful lives. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the related lease terms. When assets are disposed of, the resulting gain or loss is recognized in other income, net of other loss on the Consolidated Statement of Income and Comprehensive Income. Expenditures for maintenance and repairs are expensed as incurred. Estimated Useful Lives Life (Years) Buildings and improvements 10 - 39 Equipment, signage and fixtures 3 - 15 Vehicles 5 - 10 Valuation of long-lived assets We assess potential impairments to our long-lived assets, which include property and equipment and operating right-of-use (“ROU”) assets, whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. Long-lived assets are grouped and evaluated for impairment at the lowest level for which there are identifiable cash flows that are independent of the cash flows of other groups of assets. If it is determined that the carrying amounts of such long-lived assets are not recoverable, the assets are written down to their estimated fair values. Fair value of the assets is determined based on the highest and best use of the asset group, considering external market participant assumptions. Since the determination of future cash flows is an estimate of future performance, there may be future impairments in the event that future cash flows do not meet expectations. During 2020, we evaluated certain stores having indicators of impairment based on operating performance and taking into consideration the negative impact of the novel coronavirus strain (“COVID-19”) pandemic on forecasted store performance. Based on the estimate of future recoverable cash flows, we recorded an impairment charge totaling $ 6.6 million of which $ 4.3 million was related to 36 stores that closed in 2021. As part of the impairment charge, we wrote off $ 4.4 million of operating lease ROU assets, $ 0.6 million of finance lease ROU assets and $ 1.6 million of leasehold improvements and equipment. No material impairment charges were recorded during 2021 or 2019. 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 borrowings and comparisons to comparable borrowings of similar terms. Lease term is defined as the non-cancelable period of the lease plus any option to extend the lease when it is reasonably certain that it will be exercised. 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 generally 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, including distribution and occupancy costs (“cost of sales”) or operating, selling, general and administrative (“OSG&A”) 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 OSG&A expense. Interest expense for finance leases is recognized using the effective interest method, and is included in interest expense, net of interest income. Variable payments, short-term rentals and payments associated with non-lease components are expensed as incurred. Effective March 31, 2019, we adopted using the modified retrospective approach an accounting standards update with new guidance related to leases. The adoption of this guidance resulted in a $ 165.3 million increase to total assets, a $ 165.9 million increase to total liabilities and a $ 0.6 million decrease in shareholder’s equity as of March 31, 2019. Periods prior to fiscal 2020 have not been restated for the adoption of this standard update. Goodwill and intangible assets We have a history of growth through acquisitions. Assets and liabilities of acquired businesses are recorded at their estimated fair values as of the date of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. The carrying value of goodwill is subject to an annual impairment test, which we perform in the third quarter of the fiscal year. Impairment tests may also be triggered by any significant events or changes in circumstances affecting our business. We have one reporting unit which encompasses all operations including new acquisitions. In performing our annual goodwill impairment test, we perform a qualitative assessment to determine if it is more likely than not that the fair value is less than the carrying value of goodwill. The qualitative assessment includes a review of business changes, economic outlook, financial trends and forecasts, growth rates, industry data, market capitalization and other relevant qualitative factors. If the qualitative factors indicate a potential impairment, we compare the fair value of our reporting unit to the carrying value of our reporting unit. If the fair value is less than its carrying value, an impairment charge is recognized in an amount equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill. As a result of our annual qualitative assessment performed in the third quarter of 2021, we determined that it is not more likely than not that the fair value is less than the carrying value. Subsequent to our prior year assessment performed in the third quarter of 2020, and due to developments associated with the COVID-19 pandemic, we considered our business performance expectations, as well as our share price as of 2020 year end in relation to the share price when the annual qualitative assessment was performed in the third quarter of 2020. Based on our analysis, we concluded that the events and circumstances related to the COVID-19 pandemic did not indicate an impairment of goodwill was more likely than not as of March 28, 2020. Our intangible assets primarily represent allocations of purchase price to identifiable intangible assets of acquired businesses and are amortized over their estimated useful lives. All intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that an impairment may exist. If such indicators are present, it is determined whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying values. Based on our review as of March 27, 2021, we concluded that the carrying values of our intangible assets were not impaired. No impairment was recorded in 2021, 2020 or 2019. A deterioration of macroeconomic conditions may not only negatively impact the estimated operating cash flows used in our cash flow models, but may also negatively impact other assumptions used in our analyses, including, but not limited to, the estimated cost of capital and/or discount rates. Additionally, we are required to ensure that assumptions used to determine fair value in our analyses are consistent with the assumptions a hypothetical marketplace participant would use. As a result, the cost of capital and/or discount rates used in our analyses may increase or decrease based on market conditions and trends, regardless of whether our actual cost of capital has changed. Therefore, we may recognize an impairment of an intangible asset or assets even though realized actual cash flows are approximately equal to or greater than our previously forecasted amounts. Self-insurance reserves We are largely self-insured with respect to workers’ compensation, general liability and employee medical claims. In order to reduce our risk and better manage our overall loss exposure, we purchase stop-loss insurance that covers individual claims in excess of the deductible amounts, and caps total losses in a fiscal year. We maintain an accrual for the estimated cost to settle open claims as well as an estimate of the cost of claims that have been incurred but not reported. These estimates take into consideration the historical average claim volume, the average cost for settled claims, current trends in claim costs, changes in our business and workforce, and general economic factors. These accruals are reviewed on a quarterly basis, or more frequently if factors dictate a more frequent review is warranted. For more complex reserve calculations, such as workers’ compensation, we periodically use the services of an actuary to assist in determining the required reserve for open claims. Warranty We provide an accrual for estimated future warranty costs for parts that we install based upon the historical relationship of warranty costs to sales. Warranty expense related to all product warranties for the fiscal years ended March 2021, 2020 and 2019 was not material to our financial position or results of operations. See Note 8 for additional information on tire road hazard warranty agreements. Comprehensive income As it relates to Monro, comprehensive income is defined as net income as adjusted for pension liability adjustments and is reported net of related taxes in the Consolidated Statements of Income and Comprehensive Income and in the Consolidated Statements of Changes in Shareholders’ Equity. Income taxes We account for income taxes pursuant to the asset and liability method which requires the recognition of deferred tax assets and liabilities related to the expected future tax consequences arising from temporary differences between the carrying amounts and tax bases of assets and liabilities based on enacted statutory tax rates applicable to the periods in which the temporary differences are expected to reverse. Any effects of changes in income tax rates or laws are included in income tax expense in the period of enactment. A valuation allowance is recognized if we determine it is more likely than not that all or a portion of a deferred tax asset will not be recognized. In making such determination, the Company considers all available evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent and expected future results of operation. Monro recognizes a tax benefit from an uncertain tax position in the financial statements only when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits and a consideration of the relevant taxing authority's administrative practices and precedents. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) to provide certain relief as a result of the COVID-19 pandemic. The CARES Act provides tax relief, along with other stimulus measures, including an employer deferral of the deposit of the employer’s share of social security taxes during the period beginning March 27, 2020 and ending December 31, 2020. We deferred the employer paid portion of social security taxes as permitted by the CARES Act during fiscal 2021 and may continue to defer payment prior to the applicable date the deposits must be paid. Treasury stock Treasury stock is accounted for using the par value method. Share-based compensation We provide share-based compensation through non-qualified stock options, restricted stock awards and restricted stock units. We measure compensation cost arising from the grant of share-based payments to an employee at fair value, and recognize such cost in income over the period during which the employee is required to provide service in exchange for the award, usually the vesting period. The fair value of each option award is estimated on the date of grant primarily using the Black-Scholes option valuation model. The assumptions used to estimate fair value require judgment and are subject to change in the future due to factors such as employee exercise behavior, stock price trends, and changes to type or provisions of share-based awards. Any material change in one or more of these assumptions could have an impact on the estimated fair value of a future award. Black-Scholes Valuation Model Assumptions (weighted-average) 2021 2020 2019 Risk-free interest rate (a) 0.27 % 1.85 % 2.81 % Expected term (years) (b) 4 4 4 Expected volatility (c) 33.3 % 30.4 % 28.3 % Dividend yield (d) 1.60 % 1.12 % 1.24 % (a) Risk-free interest rates are yields for zero coupon U.S. Treasury notes maturing approximately at the end of the expected option term. (b) Expected term is based on historical exercise behavior and on the terms and conditions of the stock option award. (c) Expected volatility is based on a combination of historical volatility, using Monro stock prices over a period equal to the expected term, and implied market volatility. (d) Dividend yield is based on historical dividend experience and expected future changes, if any. The fair value of restricted stock awards and restricted stock units (collectively “restricted stock”) is determined based on the stock price at the date of grant. We are required to estimate forfeitures and only record compensation costs for those awards that are expected to vest. The assumptions for forfeitures were determined based on type of award and historical experience. Forfeiture assumptions are adjusted at the point in time a significant change is identified, with any adjustment recorded in the period of change, and the final adjustment at the end of the requisite service period to equal actual forfeitures. We recognize compensation expense related to stock options and restricted stock using the straight-line approach. Option awards and restricted stock generally vest equally over the service period established in the award, typically three years or four years . In 2020 and 2019, the Company issued a limited number of restricted stock units to members of senior management which may vest upon the achievement of a three year average return on invested capital target. Earnings per common share Basic earnings per common share amounts are calculated by dividing income available to common shareholders, after deducting preferred stock dividends, by the weighted average number of shares of common stock outstanding. Diluted earnings per common share amounts are calculated by dividing net income by the weighted average number of shares of common stock and common stock equivalents outstanding. Common stock equivalents represent shares issuable upon the assumed exercise of common stock options outstanding. Advertising The cost of advertising is generally expensed at the first time the advertising takes place, except for direct response advertising which is capitalized and amortized over its expected period of future benefit. Direct response advertising consists primarily of coupons for Monro’s services. The capitalized costs of this advertising are amortized over the period of the coupon’s validity, which is typically two months . Prepaid advertising at March 27, 2021 and March 28, 2020, and advertising expense for 2021, 2020 and 2019, were not material to these financial statements. Vendor rebates We receive vendor support in the form of allowances through a variety of vendor-sponsored programs, such as volume rebates, promotions, and advertising allowances, referred to as “vendor rebates”. Vendor rebates are recorded as a reduction of cost of sales. We establish a receivable for vendor rebates that are earned but not yet received. Based on purchase data and the terms of the applicable vendor-sponsored programs, we estimate the amount earned. The majority of the year-end vendor rebates receivable is collected within the following first quarter. See Note 4 for additional information. |
Impact Of The COVID-19 Pandemic
Impact Of The COVID-19 Pandemic | 12 Months Ended |
Mar. 27, 2021 | |
Impact Of The COVID-19 Pandemic [Abstract] | |
Impact Of The COVID-19 Pandemic | Note 2 – Impact of the COVID-19 Pandemic In response to the unprecedented and rapid spread of COVID-19, many U.S. state governments, in states in which we operate, enacted stay-at-home restrictions and social distancing measures during fiscal 2021. State and local governments ordered restrictions on the operations of certain businesses, including temporary closures of some businesses, and numerous other businesses temporarily closed voluntarily or transitioned their workforces to working remotely. Further, individuals’ ability to travel was curtailed through mandated travel restrictions. Throughout 2021, store traffic changed significantly and unpredictably in reaction to the COVID-19 pandemic. Substantially all Company-operated retail stores operated under a reduced schedule throughout the year to match demand. Given the uncertainties surrounding the impacts of the COVID-19 pandemic on our future financial condition, results of operations and cash flows, we have taken a number of actions in response to prevailing uncertain market conditions. In order to enhance our liquidity position, we took a precautionary measure and borrowed $ 350 million available to us under our Credit Facility (as defined in Note 7 below) in March 2020. We subsequently repaid the $ 350 million previously borrowed in March 2020 during 2021. Additionally, we negotiated rent deferrals for a significant number of our stores, as well as other rent reductions. See additional discussion of these rent deferrals and reductions in Note 15 . |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 27, 2021 | |
Acquisitions [Abstract] | |
Acquisitions | Note 3 – Acquisitions Monro’s acquisitions are strategic moves in our plan to fill in and expand our presence in our 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. Subsequent Event On April 25, 2021, we acquired 30 retail tire and automotive repair stores located in California from Mountain View Tire & Service, Inc. These stores will operate under the Mountain View Tire & Service name. The acquisition was financed through our Credit Facility. 2021 On December 6, 2020, we acquired 17 retail tire and automotive repair stores located in California from Fred Allen Enterprises, Inc. for $ 17.1 million. These stores will operate under the Tire Choice name. The acquisition was financed through our Credit Facility. The results of operation for the acquisition are included in our financial results from the acquisition date. Prior to this acquisition, our acquisition activity was paused due to the impact of the COVID-19 pandemic. The acquisition resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combining the business with ours, as well as unidentifiable intangible assets. All of the goodwill is expected to be deductible for tax purposes. We have recorded a customer list intangible asset with a useful life of seven years at its estimated fair value of approximately $ 0.4 million. We have recorded acquired ROU assets at the present value of remaining lease payments adjusted to reflect favorable or unfavorable market terms of the lease. We expensed all costs related to the acquisition during 2021. The total costs related to the completed acquisition were $ 0.3 million and these costs are included in the Consolidated Statement of Income and Comprehensive Income primarily under OSG&A expenses. Sales and net income related to the completed acquisition totaled $ 5.8 million and $ 0.1 million, respectively for the period from acquisition date through March 27, 2021. The net income of $ 0.1 million includes an allocation of certain traditional corporate related items, including vendor rebates, interest expense and income taxes. 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 entity was not owned by Monro. We accounted for the acquisition as a business combination using the acquisition method of accounting in accordance with the FASB ASC Topic 805, “Business Combinations.” The acquired assets and liabilities assumed were recorded at their acquisition-date fair values and were consolidated with those of the Company as of the acquisition date. The acquisition-date fair values were assigned based on preliminary valuations and estimates, and the consideration transferred and net liabilities assumed were recorded as goodwill. 2021 Acquisition-date Fair Values Assigned (thousands) Inventory $ 1,046 Other current assets 172 Property and equipment 674 Finance lease and financing obligation assets, net 5,089 Operating lease assets, net 8,980 Intangible asset 418 Other non-current assets 30 Long-term deferred income tax assets 1,331 Total assets acquired 17,740 Current portion of finance leases and financing obligations 748 Current portion of operating lease liabilities 976 Deferred revenue 697 Other current liabilities 4 Long-term finance leases and financing obligations 7,911 Long-term operating lease liabilities 7,433 Other long-term liabilities 536 Total liabilities assumed 18,305 Total net identifiable liabilities assumed $ ( 565 ) Total consideration transferred $ 17,112 Less: total net identifiable liabilities assumed ( 565 ) Goodwill $ 17,677 The total consideration of $ 17.1 million is comprised of $ 16.3 million in cash, and a $ 0.8 million payable to the seller. The payable is due upon finalization of a lease assignment for one store location. We continue to refine the valuation data and estimates primarily related to inventory, warranty reserves, intangible assets and real property leases and certain liabilities for the 2021 acquisition and expect to complete the valuations no later than the first anniversary date of the 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. 2020 During 2020, we acquired the following businesses for an aggregate purchase price of $ 103.7 million. The acquisitions were financed through our 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. These stores 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. Once converted, expected in fiscal 2022, 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. Once converted, expected in fiscal 2022, 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 certain customer list intangible assets with an average useful life of seven years at their total estimated fair value of approximately $ 2.8 million. We have recorded acquired ROU assets at the present value of remaining lease payments adjusted to reflect favorable or unfavorable market terms of the lease. We expensed all costs related to these acquisitions during 2020. The total costs related to the completed acquisitions were $ 1.4 million for the year ended March 28, 2020. These costs are included in the Consolidated Statement of Income and Comprehensive Income primarily under OSG&A expense. Sales and net loss for the 2020 acquired locations totaled $ 59.3 million and ($ 3.9 ) million, respectively, for the period from acquisition date through March 28, 2020. The net loss of ($ 3.9 ) million includes an allocation of certain traditional corporate related items, including vendor rebates, interest expense and the benefit from income taxes. 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 accounted for each 2020 acquisition as a business combination using the acquisition method of accounting and we finalized the purchase accounting related to the 2020 acquisitions during 2021. As a result of the final purchase accounting, 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 measurement period adjustments were not material to the Consolidated Balance Sheet as of March 27, 2021 and March 28, 2020 and the Consolidated Statement of Income and Comprehensive Income for 2021 and 2020. The acquired assets and liabilities assumed were recorded at their assigned acquisition-date fair values and were consolidated with those of the Company as of the acquisition date. The consideration transferred and net liabilities assumed were recorded as goodwill. 2020 Acquisition-date Fair Values Assigned (thousands) Inventories $ 4,433 Other current assets 706 Property and equipment 2,405 Finance lease and financing obligation assets, net 29,147 Operating lease assets, net 42,680 Intangible assets 2,847 Other non-current assets 374 Long-term deferred income tax assets 4,870 Total assets acquired 87,462 Current portion of finance leases and financing obligations 2,672 Current portion of operating lease liabilities 4,416 Deferred revenue 1,618 Other current liabilities 358 Long-term finance leases and financing obligations 36,225 Long-term operating lease liabilities 43,668 Other long-term liabilities 1,747 Total liabilities assumed 90,704 Total net identifiable liabilities assumed $ ( 3,242 ) Total consideration transferred $ 103,692 Less: total net identifiable liabilities assumed ( 3,242 ) Goodwill $ 106,934 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Mar. 27, 2021 | |
Other Current Assets [Abstract] | |
Other Current Assets | Note 4 – Other Current Assets Other Current Assets (thousands) March 27, 2021 March 28, 2020 Vendor rebates receivable $ 15,068 $ 16,232 Other 33,047 24,305 Total $ 48,115 $ 40,537 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 27, 2021 | |
Property and Equipment [Abstract] | |
Property and Equipment | Note 5 – Property and Equipment The major classifications of property, plant and equipment are as follows: Property and Equipment (thousands) March 27, 2021 March 28, 2020 Land $ 84,485 $ 84,765 Buildings and improvements 289,328 272,724 Equipment, signage and fixtures 291,179 278,324 Vehicles 37,684 38,356 Construction-in-progress 7,073 8,763 Property and equipment 709,749 682,932 Less - Accumulated depreciation 382,686 354,295 Property and equipment, net $ 327,063 $ 328,637 Depreciation expense totaled $ 42.9 million, $ 39.2 million and $ 35.5 million for 2021, 2020 and 2019, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 27, 2021 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | Note 6 – Goodwill and Intangible Assets Reconciliation of Changes in Goodwill (thousands) 2021 2020 Balance at beginning of period $ 671,843 $ 565,503 Current fiscal year acquisitions 17,677 106,930 Adjustments to prior fiscal year acquisitions 4 ( 590 ) Balance at end of period $ 689,524 $ 671,843 Intangible Assets March 27, 2021 March 28, 2020 Gross Accumulated Gross Accumulated (thousands) Carrying Amount Amortization Carrying Amount Amortization Customer lists $ 36,000 $ 21,932 $ 42,511 $ 26,333 Trade names 18,452 10,321 21,252 12,072 Franchise agreements 7,100 3,231 7,220 2,805 Other intangible assets 50 50 590 582 Total $ 61,602 $ 35,534 $ 71,573 $ 41,792 Estimated Weighted Average Useful Lives Life (Years) Customer lists 10 Trade names 15 Franchise agreements 13 Other intangible assets 20 Amortization expense was $ 4.1 million, $ 4.8 million and $ 5.3 million for 2021, 2020 and 2019, respectively. Estimated Future Amortization Expense (thousands) Amortization 2022 $ 3,838 2023 3,583 2024 3,223 2025 2,866 2026 2,646 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Mar. 27, 2021 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Note 7 – Long-term Debt Credit Facility In April 2019, we entered into a new five year $ 600 million revolving credit facility agreement with eight banks (the “Credit Facility”). 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. On June 11, 2020, we entered into a First Amendment to the Credit Facility (the “First Amendment”), which, among other things, amended the terms of certain of the financial and restrictive covenants in the credit agreement through the first quarter of 2022 to provide us with additional flexibility to operate our business. The First Amendment permanently amended the interest rate charged on borrowings to be based on the greater of adjusted one-month LIBOR or 0.75 percent . For the period from June 30, 2020 to June 30, 2021, the minimum interest rate spread charged on borrowings will be 225 basis points over LIBOR. Additionally, during the same period, we may declare, make or pay any dividend or distribution up to $ 38.5 million in the aggregate and the acquisition of stores or other businesses up to $ 100 million in the aggregate are permitted if we are in compliance with the financial covenants and other restrictions in the First Amendment and Credit Facility. The Credit Facility requires fees payable quarterly throughout the term between 0.125 percent and 0.35 percent of the amount of the average net availability under the Credit Facility during the preceding quarter. Except as amended by the First Amendment, the remaining terms of the credit agreement remain in full force and effect. At March 27, 2021 and March 28, 2020, the interest rate spread paid by the Company was 225 basis points and 100 basis points over LIBOR, respectively. Within the Credit Facility, we have a sub-facility of $ 80 million available for the purpose of issuing standby letters of credit. The sub-facility 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. There was a $ 33.6 million outstanding letter of credit at March 27, 2021. Mortgages and specific lease financing arrangements with other parties (with certain limitations) are permitted under the Credit Facility. Other specific terms and the maintenance of specified ratios are generally consistent with our prior financing agreement that was replaced with the new agreement entered into in April 2019. 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. There was $ 190.0 million outstanding and $ 376.4 million available under the Credit Facility at March 27, 2021. We were in compliance with all debt covenants at March 27, 2021. Long-term debt had a carrying amount and a fair value of $ 190.0 million as of March 27, 2021, as compared to a carrying amount and a fair value of $ 566.4 million as of March 28, 2020. The carrying value of our debt approximated its fair value due to the variable interest nature of the debt. |
Revenue
Revenue | 12 Months Ended |
Mar. 27, 2021 | |
Revenue [Abstract] | |
Revenue | Note 8 – Revenue Automotive undercar repair, tire replacement sales and tire related 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 replacement sales and tire related 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. Revenues (thousands) 2021 2020 2019 Brakes $ 130,179 $ 169,138 $ 162,709 Exhaust 20,201 25,058 28,713 Steering 85,290 100,230 95,711 Tires (a) 617,815 634,513 601,295 Maintenance 269,337 324,494 308,668 Other 2,899 3,091 3,134 Total $ 1,125,721 $ 1,256,524 $ 1,200,230 (a) Includes the sale of tire road hazard warranty agreements and tire delivery commissions. Revenue from the sale of tire road hazard warranty agreements 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 deferred revenue balances at March 27, 2021 and March 28, 2020 were $ 16.7 million and $ 18.5 million, respectively, of which $ 12.0 million and $ 13.1 million, respectively, are reported in Deferred revenue and $ 4.7 million and $ 5.4 million, respectively, are reported in Other long-term liabilities in our Consolidated Balance Sheets. Changes in Deferred Revenue (thousands) 2021 2020 Balance at beginning of period $ 18,506 $ 17,150 Deferral of revenue 14,958 17,466 Deferral of revenue from acquisitions 1,225 2,916 Recognition of revenue ( 17,977 ) ( 19,026 ) Balance at end of period $ 16,712 $ 18,506 We expect to recognize $ 12.0 million of deferred revenue related to road hazard warranty agreements during our fiscal year ending March 26, 2022, and $ 4.7 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 27, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Note 9 – Income Taxes Provision for Income Taxes (thousands) 2021 2020 2019 Current: Federal $ ( 1,809 ) $ 2,783 $ 5,682 State 827 1,994 2,409 Total current ( 982 ) 4,777 8,091 Deferred: Federal 10,169 11,397 11,563 State 685 76 954 Total deferred 10,854 11,473 12,517 Total provision $ 9,872 $ 16,250 $ 20,608 Income Tax Rate Reconciliation 2021 2020 2019 Expected U.S. federal income taxes at statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 2.9 1.9 2.8 Tax settlements and adjustments (a) ( 1.1 ) — ( 1.9 ) Other ( 0.5 ) ( 1.0 ) ( 1.4 ) Effective tax rate 22.3 % 21.9 % 20.5 % (a) For 2021, adjustments reflect benefit due to differences in statutory tax rates from loss years to years in which net operating losses may be carried back. For 2019, settlements reflect benefit from Internal Revenue Service’s examination of our 2016 and 2017 tax returns . Net Deferred Tax Asset/(Liability) (thousands) March 27, 2021 March 28, 2020 Gross deferred tax assets: Lease liabilities $ 186,168 $ 169,366 Insurance reserves 11,441 10,192 Other 15,282 14,765 Total gross deferred tax assets 212,891 194,323 Gross deferred tax liabilities: Leased assets ( 148,496 ) ( 131,484 ) Goodwill ( 56,623 ) ( 47,204 ) Property and equipment ( 21,032 ) ( 18,232 ) Other ( 910 ) ( 1,288 ) Total deferred tax liabilities ( 227,061 ) ( 198,208 ) Total net deferred tax liability $ ( 14,170 ) $ ( 3,885 ) We have $ 7.5 million of state net operating loss carryforwards and $ 3.5 million of federal net operating loss carrybacks available as of March 27, 2021. The state net operating loss carryforwards expire in varying amounts through 20 41 . The federal net operating loss may be carried back to 2016, as permitted under the CARES Act. We evaluate the realizability of our deferred tax assets on a quarterly basis and establish valuation allowances when it is more likely than not that all or a portion of a deferred tax asset may not be realized. As of March 27, 2021, we concluded, based on the weight of all available positive and negative evidence, that all of our deferred tax assets are more likely than not to be realized. Changes in Liability for Unrecognized Tax Benefits (thousands) 2021 2020 2019 Balance at beginning of period $ 5,212 $ 6,424 $ 6,209 Additions based on tax positions related to the current year 915 644 1,178 Additions for tax positions of prior years — — 166 Reductions for tax positions of prior years — ( 30 ) ( 6 ) Settlements — — — Lapse in statutes of limitation ( 1,092 ) ( 1,826 ) ( 1,123 ) Balance at end of period $ 5,035 $ 5,212 $ 6,424 The total amount of unrecognized tax benefits was $ 5.0 million, $ 5.2 million and $6.4 million at March 27, 2021, March 28, 2020 and March 30, 2019, respectively, the majority of which, if recognized, would affect the effective tax rate. In the normal course of business, Monro provides for uncertain tax positions and the related interest and penalties, and adjusts its unrecognized tax benefits and accrued interest and penalties and, accordingly, we had approximately $ 0.2 million and $ 0.3 million of interest and penalties associated with uncertain tax benefits accrued as of March 27, 2021 and March 28, 2020, respectively. We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Monro’s fiscal 2020 , 2019 and 2018 U.S. federal tax year and various state tax years remain subject to income tax examinations by tax authorities. |
Stock Ownership
Stock Ownership | 12 Months Ended |
Mar. 27, 2021 | |
Stock Ownership [Abstract] | |
Stock Ownership | Note 10 – Stock Ownership Holders of at least 60 percent of the Class C preferred stock must approve any action authorized by the holders of Common Stock. In addition, there are certain restrictions on the transferability of shares of Class C preferred stock. In the event of a liquidation, dissolution or winding-up of Monro, the holders of the Class C preferred stock would be entitled to receive $ 1.50 per share out of the assets of Monro before any amount would be paid to holders of Common Stock. The conversion value of the Class C convertible preferred stock was $ 0.064 per share at March 27, 2021 and March 28, 2020. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Mar. 27, 2021 | |
Share Based Compensation [Abstract] | |
Share Based Compensation | Note 11 – Share-based Compensation We maintain a long-term incentive plan whereby eligible employees and non-employee directors may be granted non-qualified service condition stock options, non-qualified market condition stock options, restricted stock awards and restricted stock units. We grant share-based awards to continue to attract and retain employees and to better align employees’ interests with those of our shareholders. Monro issues new shares of Common Stock upon the exercise of stock options. Share-based compensation expense included in cost of sales and OSG&A expense in Monro’s Consolidated Statements of Income and Comprehensive Income for 2021, 2020 and 2019 was $ 2.4 million, $ 3.8 million and $ 4.0 million, respectively, and the related income tax benefit for each year was $ 0.6 million, $ 0.9 million and $ 1.0 million, respectively. Monro currently grants stock option awards and restricted stock under the 2007 Incentive Stock Option Plan (the “2007 Plan”), as amended and restated effective August 2017. At March 27, 2021, there were a total of 5,001,620 shares and 1,064,945 shares that were authorized and available for grant under the 2007 Plan, respectively. Non-Qualified Stock Options Generally, employee options vest over a four year period, and have a duration of six years . Outstanding options are exercisable for various periods through March 2027. Stock Option Activity Weighted-average Remaining Stock Weighted-average Contractual Aggregate Intrinsic Options Exercise Price Term (years) Value (a) Outstanding as of March 28, 2020 802,766 $ 58.55 Granted 166,193 55.29 Exercised ( 130,998 ) 47.93 Canceled ( 324,094 ) 56.14 Outstanding as of March 27, 2021 513,867 $ 61.75 3.12 $ 3,483,001 Vested and exercisable as of March 27, 2021 286,549 $ 61.30 1.93 $ 1,805,603 (a) Total shares valued at the market price of the underlying stock as of March 27, 2021 less the exercise price. As of March 27, 2021, the total unrecognized compensation expense related to unvested stock option awards was $ 2.7 million, which is expected to be recognized over a weighted average period of approximately three years . The weighted-average grant date fair value of options granted during 2021, 2020 and 2019 was $ 12.53 , $ 18.92 and $ 15.44 , respectively. The total fair value of stock options vested during 2021, 2020 and 2019 was $ 2.0 million, $ 2.0 million and $ 2.8 million, respectively. Stock Option Exercises (millions) 2021 2020 2019 Total intrinsic value of stock options exercised $ 1.5 $ 2.9 $ 7.4 Cash received for exercise price 6.3 6.2 14.6 Income tax benefit — 0.4 1.0 Stock Options Outstanding Options Outstanding Options Exercisable and Exercisable Weighted- Weighted- average Weighted- average Weighted- Shares Remaining average Shares Remaining average Outstanding Contractual Exercise Exercisable Contractual Exercise Range of Exercise Prices at 3/27/2021 Term (years) Price at 3/27/2021 Term (years) Price $ 40.71 - $ 55.15 129,817 3.77 $ 50.86 53,993 2.35 $ 47.88 $ 55.16 - $ 57.78 131,696 2.93 56.97 66,393 0.86 $ 57.28 $ 57.79 - $ 66.90 134,126 2.36 64.38 113,151 2.03 $ 64.37 $ 66.91 - $ 87.17 118,228 3.49 76.04 53,012 2.62 $ 73.44 Restricted Stock Monro issues restricted stock to certain members of senior management as well as non-employee directors of the Company. Restricted stock units represent shares issued upon vesting in the future whereas restricted stock awards represent shares issued upon grant that are restricted. The fair value for restricted stock units and restricted stock awards is calculated based on the stock price on the date of grant. Restricted stock units do not have voting rights but earn dividends during the vesting period. The recipients of the restricted stock awards have voting rights and earn dividends during the vesting period. The dividends are paid to the recipient at the time the restricted stock becomes vested. If the recipient leaves Monro prior to the vesting date for any reason, the shares of restricted stock and the dividends accrued on those shares will be forfeited and returned to Monro. The restricted stock units and awards vest equally over three years or four years . In 2020 and 2019, the Company issued a limited number of restricted stock units to members of senior management which may vest upon the achievement of a three year average return on invested capital target. Subsequent to fiscal 2021, the Company granted 40,000 restricted stock units in connection with the appointment of its new President and Chief Executive Officer effective April 5, 2021. The restricted stock units will vest upon time or the Company’s common stock price meeting certain market conditions between April 2021 and December 2023. Non-vested Restricted Stock Activity Weighted-average Restricted Stock Grant-date Shares Fair Value per Share Outstanding as of March 28, 2020 55,730 $ 64.96 Granted 35,019 52.75 Vested ( 26,333 ) 56.52 Forfeited ( 12,703 ) 63.90 Outstanding as of March 27, 2021 51,713 $ 61.24 As of March 27, 2021, the total unrecognized compensation expense related to unvested restricted stock shares was $ 1.4 million, which is expected to be recognized over a weighted average period of approximately two years . The weighted-average grant date fair value of restricted stock shares granted during 2021, 2020 and 2019 was $ 52.75 , $ 75.33 and $ 67.80 , respectively. The total fair value of restricted stock shares vested during 2021, 2020 and 2019 was $ 1.4 million, $ 1.8 million and $ 1.0 million, respectively. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Mar. 27, 2021 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | Note 12 – Earnings per Common Share Earnings per Common Share (thousands, except per share data) 2021 2020 2019 Numerator for earnings per common share calculation: Net income $ 34,319 $ 58,024 $ 79,752 Less: Preferred stock dividends ( 438 ) ( 449 ) ( 408 ) Income available to common stockholders $ 33,881 $ 57,575 $ 79,344 Denominator for earnings per common share calculation: Weighted average common shares - basic 33,329 33,246 32,980 Effect of dilutive securities: Preferred stock 503 510 510 Stock options 26 167 154 Restricted stock 18 30 31 Weighted average common shares - diluted 33,876 33,953 33,675 Basic earnings per common share $ 1.02 $ 1.73 $ 2.41 Diluted earnings per common share $ 1.01 $ 1.71 $ 2.37 The computation of diluted earnings per common share for 2021, 2020 and 2019 excludes the effect of assumed exercise of approximately 456,000 , 177,000 and 146,000 of stock options, respectively, as the exercise price of these 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. |
Leases
Leases | 12 Months Ended |
Mar. 27, 2021 | |
Leases [Abstract] | |
Leases | Note 13 – Leases We lease certain retail stores, distribution centers, office space and land as well as service contracts that are considered leases. Our leases have remaining lease terms, including renewals reasonably certain to be exercised, of less than one year to approximately 37 years. Most of our leases include one or more options to extend the lease, for periods ranging from three years to 25 years or more. 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 March 27, 2021 and March 28, 2020, net assets of $ 4.4 million and $ 4.5 million, respectively, and liabilities of $ 7.2 million and $ 7.5 million, respectively, due to failed sale leaseback arrangements were included with finance lease assets and liabilities, respectively, on the Consolidated Balance Sheets. Lease Cost (thousands) 2021 2020 Operating lease cost $ 35,998 $ 38,525 Finance lease/financing obligations cost: Amortization of leased assets 30,428 21,033 Interest on lease liabilities 18,344 21,330 Short term and variable lease cost 321 2,194 Sublease income ( 95 ) ( 166 ) Total lease cost $ 84,996 $ 82,916 As reported under the previous accounting standard, net rental expense and amortization of finance lease assets was $ 38.0 million and $ 14.7 million, respectively, for 2019. Maturity of Lease Liabilities Finance Leases and (thousands) Operating Leases (a) Financing Obligations (b) 2022 $ 36,451 $ 55,389 2023 34,381 55,487 2024 31,685 54,405 2025 28,414 51,494 2026 25,161 48,992 Thereafter 83,454 250,812 Total undiscounted lease obligations $ 239,546 $ 516,579 Less: imputed interest ( 30,919 ) ( 112,446 ) Present value of lease obligations $ 208,627 $ 404,133 (a) Operating lease obligations include $ 61.0 million related to options to extend operating leases that are reasonably certain of being exercised. (b) Finance lease payments include $ 108.4 million related to options to extend finance leases that are reasonably certain of being exercised. Total lease payments exclude $ 2.4 million of legally binding minimum lease payments for leases signed but not yet commenced. Lease Term and Discount Rate 2021 2020 Weighted average remaining lease term (years) Operating leases 8.6 9.4 Finance leases and financing obligations 10.3 9.9 Weighted average discount rate Operating leases 2.96 % 3.51 % Finance leases and financing obligations 6.20 % 8.73 % Other Information (thousands) 2021 2020 Cash paid for amounts included in measurement of lease obligations: Operating cash flows from operating leases $ 34,931 $ 36,808 Operating cash flows from finance leases and financing obligations 18,602 21,340 Financing cash flows from finance leases and financing obligations 33,032 27,212 0 |
Defined Benefit and Defined Con
Defined Benefit and Defined Contribution Plans | 12 Months Ended |
Mar. 27, 2021 | |
Defined Benefit and Defined Contribution Plans [Abstract] | |
Defined Benefit and Defined Contribution Plans | Note 14 – Defined Benefit and Defined Contribution Plans Defined Benefit Plan We have a defined benefit pension plan covering employees who meet eligibility requirements. This plan is closed to new participants. Eligibility and the level of benefits under the plan are primarily dependent on date of hire, age, length of service and compensation. The funding policy for our plan is consistent with the funding requirements of U.S. federal law and regulations. The measurement date used to determine the pension plan measurements disclosed herein is March 31 for both 2021 and 2020. The underfunded status of Monro’s defined benefit plan is recognized as an Other long-term liability in the Consolidated Balance Sheets as of March 27, 2021 and March 28, 2020, respectively. Underfunded Status (thousands) 2021 2020 Projected benefit obligations $ 22,096 $ 21,646 Fair value of plan assets 21,666 18,611 Underfunded status $ ( 430 ) $ ( 3,035 ) Contributions and Estimated Future Benefit Payment Our obligations to plan participants can be met over time through a combination of company contributions to these plans and earnings on plan assets. There are no required or expected contributions in fiscal 2022 to the plan. However, depending on investment performance and plan funded status, we may elect to make a contribution. Estimated Future Benefit Payments (thousands) Pension Benefits 2022 $ 1,065 2023 1,098 2024 1,114 2025 1,147 2026 1,188 2027 - 2031 6,322 Cost of Plans Net Pension Benefits Expense (Income) (thousands) 2021 2020 2019 Interest cost on projected benefit obligation $ 692 $ 752 $ 781 Expected return on plan assets ( 1,162 ) ( 1,423 ) ( 1,409 ) Amortization of unrecognized actuarial loss 892 455 403 Total $ 422 $ ( 216 ) $ ( 225 ) Assumptions Benefit Obligation Weighted Average Assumption 2021 2020 Discount rate 3.01 % 3.34 % Net Periodic Benefit Expense Weighted Average Assumptions 2021 2020 2019 Discount rate 3.34 % 3.72 % 3.89 % Expected long-term rate of return on plan assets 6.50 % 7.00 % 7.00 % Our expected long-term rate of return on plan assets assumption is based upon historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. Benefit Obligation Change in Projected Benefit Obligation (thousands) 2021 2020 Benefit obligation at beginning of year $ 21,646 $ 20,972 Interest cost 692 752 Actuarial loss 391 642 Benefits paid ( 633 ) ( 720 ) Benefit obligation at end of year (a) $ 22,096 $ 21,646 (a) Accumulated benefit obligation-the present value of benefits earned to date assuming no future salary growth-is materially consistent with the projected benefit obligation in each period presented. Plan Assets Change in Plan Assets (thousands) 2021 2020 Fair value of plan assets at beginning of year $ 18,611 $ 20,838 Actual return (loss) on plan assets 3,688 ( 1,507 ) Benefits paid ( 633 ) ( 720 ) Fair value of plan assets at end of year $ 21,666 $ 18,611 Our asset allocation strategy is to conservatively manage the assets in order to meet the plan’s long-term obligations while maintaining sufficient liquidity to pay current benefits. This is achieved by holding equity investments while investing a portion of assets in long duration bonds to match the long-term nature of the liabilities. Asset Category Current Targeted Actual Allocation Allocation 2021 2020 Cash and cash equivalents 53.3 % 4.1 % Fixed income 50.0 % 24.7 % 37.9 % Equity securities 50.0 % 22.0 % 58.0 % Total 100.0 % 100.0 % 100.0 % The allocation of assets as of March 2021 was weighted heavier in cash and cash equivalents as the Plan’s assets were transferred from its previous custodian to a new custodian late in 2021 by the Plan’s new asset manager. As such, cash and cash equivalent assets were being reinvested into new assets in accordance with our asset allocation strategy late in fiscal 2021 and into 2022. Fair Value Measurements Fair Value at (thousands) Pricing Category (a) March 27, 2021 March 28, 2020 Cash equivalents Level 1 $ 11,542 $ 761 Equity securities: U.S. companies Level 1 3,372 7,383 U.S. companies Level 2 — 283 International companies Level 1 1,391 3,137 Fixed income: U.S. corporate bonds Level 2 5,361 6,686 International bonds Level 2 — 361 Total plan assets $ 21,666 $ 18,611 (a) Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). Amounts included in Shareholders’ Equity Amounts in Accumulated Other Comprehensive Loss (thousands) 2021 2020 Unamortized net actuarial loss $ 6,147 $ 9,174 Amounts in Accumulated Other Comprehensive Loss (a) $ 6,147 $ 9,174 (a) $ 4,619 and $ 6,889 , net of tax, at the end of 2021 and 2020, respectively. Amounts included in Comprehensive Income Amounts in Other Comprehensive Income (Loss) (thousands) 2021 2020 2019 Net actuarial income (loss) $ 3,027 $ ( 3,117 ) $ ( 382 ) Amounts in Other Comprehensive Income (Loss) (a) $ 3,027 $ ( 3,117 ) $ ( 382 ) (a) $ 2,270 , ($ 2,353 ) and ($ 288 ), net of tax, during 2021, 2020 and 2019, respectively. Defined Contribution Plan Our employees are eligible to participate in a defined contribution 401(k) plan that covers full-time employees who meet the age and service requirements of the plan. The plan is funded by employee and employer contributions. We match 50 percent of the first 6 percent of employee contributions. Employer contributions totaled approximately $ 1.6 million, $ 1.7 million and $ 1.4 million for 2021, 2020 and 2019, respectively. We may also make annual profit sharing contributions to the plan at the discretion of Monro’s Compensation Committee of the Board of Directors. In addition, we maintain a deferred compensation plan (the “Deferred Compensation Plan”) for a broad management group whose participation in our 401(k) plan is limited by statute or regulation. The Deferred Compensation Plan permits participants to defer all or any portion of the compensation that would otherwise be payable to them for the calendar year. We credit to the participants’ accounts such amounts as would have been contributed to Monro’s 401(k) plan but for the limitations that are imposed by statute or regulation. The Deferred Compensation Plan is an unfunded arrangement and the participants or their beneficiaries have an unsecured claim against the general assets of Monro to the extent of their Deferred Compensation Plan benefits. We maintain accounts to reflect the amounts owed to each participant. At least annually, the accounts are credited with earnings or losses calculated on the basis of an interest rate or other formula as determined by Monro’s Compensation Committee. The total liability recorded in our financial statements at March 27, 2021 and March 28, 2020 related to the Deferred Compensation Plan was approximately $ 2.1 million and $ 2.2 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 27, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 15 – Commitments and Contingencies Commitments Commitments Due by Period Within 2 to 4 to After (thousands) Total 1 Year 3 Years 5 Years 5 Years Principal payments on long-term debt $ 190,000 $ 190,000 Finance lease commitments/financing obligations (a) 516,579 $ 55,389 $ 109,892 100,486 $ 250,812 Operating lease commitments (a) 239,546 36,451 66,066 53,575 83,454 Accrued rent 1,807 1,563 132 42 70 Other liabilities 1,133 800 333 — — Total $ 949,065 $ 94,203 $ 176,423 $ 344,103 $ 334,336 (a) Finance and operating lease commitments represent future undiscounted lease payments and include $ 108.4 million and $ 61.0 million, respectively, related to options to extend lease terms that are reasonably certain of being exercised. During 2021, we negotiated rent deferrals, with repayment at later dates, for a significant number of our store leases. These concessions provide a deferral of rent payments with no substantive changes to the original contract. Consistent with updated guidance from the FASB in April 2020, we have elected to treat the rent deferrals as accrued liabilities. The accrued rent reflected in the table above includes $ 0.8 million related to rent deferrals due primarily in the first and second quarter of 2022 and $ 1.0 million due to timing of other lease related expenses. We will continue to recognize expense during the deferral periods. In addition, during 2021, we negotiated rent reductions with certain landlords on approximately 23 percent of our lease contracts in exchange for extending our current lease term. As these agreements represent substantive changes to our contractual obligations, the leases were remeasured. As a result, finance lease and financing obligation assets, net and finance leases and financing obligations were increased by $ 67.7 million and $ 64.0 million, respectively, and operating lease assets, net and operating lease liabilities were increased by $ 16.2 million and $ 20.0 million, respectively. The negotiated terms were generally consistent with terms of normal renewal agreements. We believe that we can fulfill our commitments utilizing our cash flow from operations and, if necessary, cash on hand and/or bank financing. Contingencies We are currently a party to various claims and legal proceedings incidental to the conduct of our business. If management believes that a loss arising from any of these matters is probable and can reasonably be estimated, we will record the amount of the loss, or the minimum estimated liability when the loss is estimated using a range, and no point within the range is more probable than another. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Litigation is subject to inherent uncertainties, and unfavorable rulings could occur and may include monetary damages. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the financial position and results of operations of the period in which any such ruling occurs, or in future periods. As disclosed in Part I , Item 3 , “ Legal Proceedings ,” an action has been brought against us by an individual seeking to represent a putative class of store managers for unpaid overtime wages, damages and attorneys’ fees under the Fair Labor Standards Act and class certification under Pennsylvania law for alleged violations of state wage payment laws. Plaintiff alleges that improper deductions were made from store managers’ pay. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 27, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16 – Subsequent Events On April 5, 2021, Michael T. Broderick joined Monro as President and Chief Executive Officer. See Note 11 for a discussion of r estricted stock units granted subsequent to March 27, 2021. In May 2021, Monro’s Board of Directors declared a cash dividend of $ 0.24 per share or share equivalent to be paid to shareholders of record as of June 7, 2021 . The dividend will be paid on June 21, 2021 . See Note 3 for a discussion of an acquisition subsequent to March 27, 2021. |
Description Of Business, Basi_2
Description Of Business, Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Mar. 27, 2021 | |
Description Of Business, Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Description of business | Monro had 1,263 Company-operated stores, 96 franchised locations, seven wholesale locations and three retread facilities located in 32 states as of March 27, 2021. 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. |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the accounts of Monro, Inc. and its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Management’s use of estimates | Management’s use of estimates The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements in conformity with such principles requires the use of estimates by management during the reporting period. Actual results could differ from those estimates. |
Fiscal year | Fiscal year We operate on a 52/53 week fiscal year ending on the last Saturday in March. Fiscal years 2021 and 2020 each contained 52 weeks and fiscal year 2019 contained 53 weeks. Unless specifically indicated otherwise, any references to “2021” or “fiscal 2021,” “2020” or “fiscal 2020,” and “2019” or “fiscal 2019” relate to the years ended March 27, 2021, March 28, 2020 and March 30, 2019, respectively. |
Recent Accounting Pronouncements | Recent accounting pronouncements In August 2018, the Financial Accounting Standards Board (“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 adopted this guidance during the first quarter of 2021. The adoption of this guidance did not have a material impact 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 (“ASC”) 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. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. Other recent authoritative guidance issued by the FASB (including technical corrections to the ASC) and the Securities and Exchange Commission (“SEC”) did not, or are not expected to have a material effect on Monro’s consolidated financial statements. |
Cash and cash equivalents | Cash and cash equivalents Cash consists primarily of cash on hand and deposits with banks. Cash equivalents include highly liquid investments with an original maturity of three months or less from the time of purchase. Cash equivalents also include amounts due from third-party financial institutions for credit and debit card transactions. These receivables typically settle in three days or less. |
Inventories | Inventories Our inventories, which consist of automotive parts and oil as well as tires, are valued at the lower of weighted average cost or net realizable value. |
Property and equipment, net | Property and equipment, net Property and equipment, net is stated at historical cost less accumulated depreciation. Property and equipment is depreciated using the straight-line method over estimated useful lives. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the related lease terms. When assets are disposed of, the resulting gain or loss is recognized in other income, net of other loss on the Consolidated Statement of Income and Comprehensive Income. Expenditures for maintenance and repairs are expensed as incurred. Estimated Useful Lives Life (Years) Buildings and improvements 10 - 39 Equipment, signage and fixtures 3 - 15 Vehicles 5 - 10 |
Valuation of long-lived assets | Valuation of long-lived assets We assess potential impairments to our long-lived assets, which include property and equipment and operating right-of-use (“ROU”) assets, whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. Long-lived assets are grouped and evaluated for impairment at the lowest level for which there are identifiable cash flows that are independent of the cash flows of other groups of assets. If it is determined that the carrying amounts of such long-lived assets are not recoverable, the assets are written down to their estimated fair values. Fair value of the assets is determined based on the highest and best use of the asset group, considering external market participant assumptions. Since the determination of future cash flows is an estimate of future performance, there may be future impairments in the event that future cash flows do not meet expectations. During 2020, we evaluated certain stores having indicators of impairment based on operating performance and taking into consideration the negative impact of the novel coronavirus strain (“COVID-19”) pandemic on forecasted store performance. Based on the estimate of future recoverable cash flows, we recorded an impairment charge totaling $ 6.6 million of which $ 4.3 million was related to 36 stores that closed in 2021. As part of the impairment charge, we wrote off $ 4.4 million of operating lease ROU assets, $ 0.6 million of finance lease ROU assets and $ 1.6 million of leasehold improvements and equipment. No material impairment charges were recorded during 2021 or 2019. |
Leases | 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 borrowings and comparisons to comparable borrowings of similar terms. Lease term is defined as the non-cancelable period of the lease plus any option to extend the lease when it is reasonably certain that it will be exercised. 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 generally 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, including distribution and occupancy costs (“cost of sales”) or operating, selling, general and administrative (“OSG&A”) 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 OSG&A expense. Interest expense for finance leases is recognized using the effective interest method, and is included in interest expense, net of interest income. Variable payments, short-term rentals and payments associated with non-lease components are expensed as incurred. Effective March 31, 2019, we adopted using the modified retrospective approach an accounting standards update with new guidance related to leases. The adoption of this guidance resulted in a $ 165.3 million increase to total assets, a $ 165.9 million increase to total liabilities and a $ 0.6 million decrease in shareholder’s equity as of March 31, 2019. Periods prior to fiscal 2020 have not been restated for the adoption of this standard update. |
Goodwill and intangible assets | Goodwill and intangible assets We have a history of growth through acquisitions. Assets and liabilities of acquired businesses are recorded at their estimated fair values as of the date of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. The carrying value of goodwill is subject to an annual impairment test, which we perform in the third quarter of the fiscal year. Impairment tests may also be triggered by any significant events or changes in circumstances affecting our business. We have one reporting unit which encompasses all operations including new acquisitions. In performing our annual goodwill impairment test, we perform a qualitative assessment to determine if it is more likely than not that the fair value is less than the carrying value of goodwill. The qualitative assessment includes a review of business changes, economic outlook, financial trends and forecasts, growth rates, industry data, market capitalization and other relevant qualitative factors. If the qualitative factors indicate a potential impairment, we compare the fair value of our reporting unit to the carrying value of our reporting unit. If the fair value is less than its carrying value, an impairment charge is recognized in an amount equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill. As a result of our annual qualitative assessment performed in the third quarter of 2021, we determined that it is not more likely than not that the fair value is less than the carrying value. Subsequent to our prior year assessment performed in the third quarter of 2020, and due to developments associated with the COVID-19 pandemic, we considered our business performance expectations, as well as our share price as of 2020 year end in relation to the share price when the annual qualitative assessment was performed in the third quarter of 2020. Based on our analysis, we concluded that the events and circumstances related to the COVID-19 pandemic did not indicate an impairment of goodwill was more likely than not as of March 28, 2020. Our intangible assets primarily represent allocations of purchase price to identifiable intangible assets of acquired businesses and are amortized over their estimated useful lives. All intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that an impairment may exist. If such indicators are present, it is determined whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying values. Based on our review as of March 27, 2021, we concluded that the carrying values of our intangible assets were not impaired. No impairment was recorded in 2021, 2020 or 2019. A deterioration of macroeconomic conditions may not only negatively impact the estimated operating cash flows used in our cash flow models, but may also negatively impact other assumptions used in our analyses, including, but not limited to, the estimated cost of capital and/or discount rates. Additionally, we are required to ensure that assumptions used to determine fair value in our analyses are consistent with the assumptions a hypothetical marketplace participant would use. As a result, the cost of capital and/or discount rates used in our analyses may increase or decrease based on market conditions and trends, regardless of whether our actual cost of capital has changed. Therefore, we may recognize an impairment of an intangible asset or assets even though realized actual cash flows are approximately equal to or greater than our previously forecasted amounts. |
Self-insurance reserves | Self-insurance reserves We are largely self-insured with respect to workers’ compensation, general liability and employee medical claims. In order to reduce our risk and better manage our overall loss exposure, we purchase stop-loss insurance that covers individual claims in excess of the deductible amounts, and caps total losses in a fiscal year. We maintain an accrual for the estimated cost to settle open claims as well as an estimate of the cost of claims that have been incurred but not reported. These estimates take into consideration the historical average claim volume, the average cost for settled claims, current trends in claim costs, changes in our business and workforce, and general economic factors. These accruals are reviewed on a quarterly basis, or more frequently if factors dictate a more frequent review is warranted. For more complex reserve calculations, such as workers’ compensation, we periodically use the services of an actuary to assist in determining the required reserve for open claims. |
Warranty | Warranty We provide an accrual for estimated future warranty costs for parts that we install based upon the historical relationship of warranty costs to sales. Warranty expense related to all product warranties for the fiscal years ended March 2021, 2020 and 2019 was not material to our financial position or results of operations. See Note 8 for additional information on tire road hazard warranty agreements. |
Comprehensive income | Comprehensive income As it relates to Monro, comprehensive income is defined as net income as adjusted for pension liability adjustments and is reported net of related taxes in the Consolidated Statements of Income and Comprehensive Income and in the Consolidated Statements of Changes in Shareholders’ Equity. |
Income taxes | Income taxes We account for income taxes pursuant to the asset and liability method which requires the recognition of deferred tax assets and liabilities related to the expected future tax consequences arising from temporary differences between the carrying amounts and tax bases of assets and liabilities based on enacted statutory tax rates applicable to the periods in which the temporary differences are expected to reverse. Any effects of changes in income tax rates or laws are included in income tax expense in the period of enactment. A valuation allowance is recognized if we determine it is more likely than not that all or a portion of a deferred tax asset will not be recognized. In making such determination, the Company considers all available evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent and expected future results of operation. Monro recognizes a tax benefit from an uncertain tax position in the financial statements only when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits and a consideration of the relevant taxing authority's administrative practices and precedents. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) to provide certain relief as a result of the COVID-19 pandemic. The CARES Act provides tax relief, along with other stimulus measures, including an employer deferral of the deposit of the employer’s share of social security taxes during the period beginning March 27, 2020 and ending December 31, 2020. We deferred the employer paid portion of social security taxes as permitted by the CARES Act during fiscal 2021 and may continue to defer payment prior to the applicable date the deposits must be paid. |
Treasury stock | Treasury stock Treasury stock is accounted for using the par value method. |
Stock-based compensation | Share-based compensation We provide share-based compensation through non-qualified stock options, restricted stock awards and restricted stock units. We measure compensation cost arising from the grant of share-based payments to an employee at fair value, and recognize such cost in income over the period during which the employee is required to provide service in exchange for the award, usually the vesting period. The fair value of each option award is estimated on the date of grant primarily using the Black-Scholes option valuation model. The assumptions used to estimate fair value require judgment and are subject to change in the future due to factors such as employee exercise behavior, stock price trends, and changes to type or provisions of share-based awards. Any material change in one or more of these assumptions could have an impact on the estimated fair value of a future award. Black-Scholes Valuation Model Assumptions (weighted-average) 2021 2020 2019 Risk-free interest rate (a) 0.27 % 1.85 % 2.81 % Expected term (years) (b) 4 4 4 Expected volatility (c) 33.3 % 30.4 % 28.3 % Dividend yield (d) 1.60 % 1.12 % 1.24 % (a) Risk-free interest rates are yields for zero coupon U.S. Treasury notes maturing approximately at the end of the expected option term. (b) Expected term is based on historical exercise behavior and on the terms and conditions of the stock option award. (c) Expected volatility is based on a combination of historical volatility, using Monro stock prices over a period equal to the expected term, and implied market volatility. (d) Dividend yield is based on historical dividend experience and expected future changes, if any. The fair value of restricted stock awards and restricted stock units (collectively “restricted stock”) is determined based on the stock price at the date of grant. We are required to estimate forfeitures and only record compensation costs for those awards that are expected to vest. The assumptions for forfeitures were determined based on type of award and historical experience. Forfeiture assumptions are adjusted at the point in time a significant change is identified, with any adjustment recorded in the period of change, and the final adjustment at the end of the requisite service period to equal actual forfeitures. We recognize compensation expense related to stock options and restricted stock using the straight-line approach. Option awards and restricted stock generally vest equally over the service period established in the award, typically three years or four years . In 2020 and 2019, the Company issued a limited number of restricted stock units to members of senior management which may vest upon the achievement of a three year average return on invested capital target. |
Earnings per common share | Earnings per common share Basic earnings per common share amounts are calculated by dividing income available to common shareholders, after deducting preferred stock dividends, by the weighted average number of shares of common stock outstanding. Diluted earnings per common share amounts are calculated by dividing net income by the weighted average number of shares of common stock and common stock equivalents outstanding. Common stock equivalents represent shares issuable upon the assumed exercise of common stock options outstanding. |
Advertising | Advertising The cost of advertising is generally expensed at the first time the advertising takes place, except for direct response advertising which is capitalized and amortized over its expected period of future benefit. Direct response advertising consists primarily of coupons for Monro’s services. The capitalized costs of this advertising are amortized over the period of the coupon’s validity, which is typically two months . Prepaid advertising at March 27, 2021 and March 28, 2020, and advertising expense for 2021, 2020 and 2019, were not material to these financial statements. |
Vendor rebates | Vendor rebates We receive vendor support in the form of allowances through a variety of vendor-sponsored programs, such as volume rebates, promotions, and advertising allowances, referred to as “vendor rebates”. Vendor rebates are recorded as a reduction of cost of sales. We establish a receivable for vendor rebates that are earned but not yet received. Based on purchase data and the terms of the applicable vendor-sponsored programs, we estimate the amount earned. The majority of the year-end vendor rebates receivable is collected within the following first quarter. See Note 4 for additional information. |
Description Of Business, Basi_3
Description Of Business, Basis Of Presentation And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Description Of Business, Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives | Estimated Useful Lives Life (Years) Buildings and improvements 10 - 39 Equipment, signage and fixtures 3 - 15 Vehicles 5 - 10 |
Schedule of Share-Based Compensation Valuation Assumptions | Black-Scholes Valuation Model Assumptions (weighted-average) 2021 2020 2019 Risk-free interest rate (a) 0.27 % 1.85 % 2.81 % Expected term (years) (b) 4 4 4 Expected volatility (c) 33.3 % 30.4 % 28.3 % Dividend yield (d) 1.60 % 1.12 % 1.24 % (a) Risk-free interest rates are yields for zero coupon U.S. Treasury notes maturing approximately at the end of the expected option term. (b) Expected term is based on historical exercise behavior and on the terms and conditions of the stock option award. (c) Expected volatility is based on a combination of historical volatility, using Monro stock prices over a period equal to the expected term, and implied market volatility. (d) Dividend yield is based on historical dividend experience and expected future changes, if any. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Fiscal 2020 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation | 2020 Acquisition-date Fair Values Assigned (thousands) Inventories $ 4,433 Other current assets 706 Property and equipment 2,405 Finance lease and financing obligation assets, net 29,147 Operating lease assets, net 42,680 Intangible assets 2,847 Other non-current assets 374 Long-term deferred income tax assets 4,870 Total assets acquired 87,462 Current portion of finance leases and financing obligations 2,672 Current portion of operating lease liabilities 4,416 Deferred revenue 1,618 Other current liabilities 358 Long-term finance leases and financing obligations 36,225 Long-term operating lease liabilities 43,668 Other long-term liabilities 1,747 Total liabilities assumed 90,704 Total net identifiable liabilities assumed $ ( 3,242 ) Total consideration transferred $ 103,692 Less: total net identifiable liabilities assumed ( 3,242 ) Goodwill $ 106,934 |
Fiscal 2021 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation | 2021 Acquisition-date Fair Values Assigned (thousands) Inventory $ 1,046 Other current assets 172 Property and equipment 674 Finance lease and financing obligation assets, net 5,089 Operating lease assets, net 8,980 Intangible asset 418 Other non-current assets 30 Long-term deferred income tax assets 1,331 Total assets acquired 17,740 Current portion of finance leases and financing obligations 748 Current portion of operating lease liabilities 976 Deferred revenue 697 Other current liabilities 4 Long-term finance leases and financing obligations 7,911 Long-term operating lease liabilities 7,433 Other long-term liabilities 536 Total liabilities assumed 18,305 Total net identifiable liabilities assumed $ ( 565 ) Total consideration transferred $ 17,112 Less: total net identifiable liabilities assumed ( 565 ) Goodwill $ 17,677 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Other Current Assets [Abstract] | |
Composition of other current assets | Other Current Assets (thousands) March 27, 2021 March 28, 2020 Vendor rebates receivable $ 15,068 $ 16,232 Other 33,047 24,305 Total $ 48,115 $ 40,537 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Property and Equipment [Abstract] | |
Major Classifications Of Property, Plant And Equipment | Property and Equipment (thousands) March 27, 2021 March 28, 2020 Land $ 84,485 $ 84,765 Buildings and improvements 289,328 272,724 Equipment, signage and fixtures 291,179 278,324 Vehicles 37,684 38,356 Construction-in-progress 7,073 8,763 Property and equipment 709,749 682,932 Less - Accumulated depreciation 382,686 354,295 Property and equipment, net $ 327,063 $ 328,637 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Goodwill and Intangible Assets [Abstract] | |
Changes in goodwill | Reconciliation of Changes in Goodwill (thousands) 2021 2020 Balance at beginning of period $ 671,843 $ 565,503 Current fiscal year acquisitions 17,677 106,930 Adjustments to prior fiscal year acquisitions 4 ( 590 ) Balance at end of period $ 689,524 $ 671,843 |
Composition of other intangible assets | Intangible Assets March 27, 2021 March 28, 2020 Gross Accumulated Gross Accumulated (thousands) Carrying Amount Amortization Carrying Amount Amortization Customer lists $ 36,000 $ 21,932 $ 42,511 $ 26,333 Trade names 18,452 10,321 21,252 12,072 Franchise agreements 7,100 3,231 7,220 2,805 Other intangible assets 50 50 590 582 Total $ 61,602 $ 35,534 $ 71,573 $ 41,792 Estimated Weighted Average Useful Lives Life (Years) Customer lists 10 Trade names 15 Franchise agreements 13 Other intangible assets 20 |
Estimated future amortization of intangible assets | Estimated Future Amortization Expense (thousands) Amortization 2022 $ 3,838 2023 3,583 2024 3,223 2025 2,866 2026 2,646 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Revenue [Abstract] | |
Schedule Of Disaggregated Revenue By Product Group | Revenues (thousands) 2021 2020 2019 Brakes $ 130,179 $ 169,138 $ 162,709 Exhaust 20,201 25,058 28,713 Steering 85,290 100,230 95,711 Tires (a) 617,815 634,513 601,295 Maintenance 269,337 324,494 308,668 Other 2,899 3,091 3,134 Total $ 1,125,721 $ 1,256,524 $ 1,200,230 (a) Includes the sale of tire road hazard warranty agreements and tire delivery commissions. |
Schedule Of Changes In Deferred Revenue | Changes in Deferred Revenue (thousands) 2021 2020 Balance at beginning of period $ 18,506 $ 17,150 Deferral of revenue 14,958 17,466 Deferral of revenue from acquisitions 1,225 2,916 Recognition of revenue ( 17,977 ) ( 19,026 ) Balance at end of period $ 16,712 $ 18,506 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Income Taxes [Abstract] | |
Components of the provision for income taxes | Provision for Income Taxes (thousands) 2021 2020 2019 Current: Federal $ ( 1,809 ) $ 2,783 $ 5,682 State 827 1,994 2,409 Total current ( 982 ) 4,777 8,091 Deferred: Federal 10,169 11,397 11,563 State 685 76 954 Total deferred 10,854 11,473 12,517 Total provision $ 9,872 $ 16,250 $ 20,608 |
Reconciliation between Federal statutory tax rate and effective tax rate reflected in accompanying financial statements | Income Tax Rate Reconciliation 2021 2020 2019 Expected U.S. federal income taxes at statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 2.9 1.9 2.8 Tax settlements and adjustments (a) ( 1.1 ) — ( 1.9 ) Other ( 0.5 ) ( 1.0 ) ( 1.4 ) Effective tax rate 22.3 % 21.9 % 20.5 % (a) For 2021, adjustments reflect benefit due to differences in statutory tax rates from loss years to years in which net operating losses may be carried back. For 2019, settlements reflect benefit from Internal Revenue Service’s examination of our 2016 and 2017 tax returns . |
Deferred tax (liabilities) assets | Net Deferred Tax Asset/(Liability) (thousands) March 27, 2021 March 28, 2020 Gross deferred tax assets: Lease liabilities $ 186,168 $ 169,366 Insurance reserves 11,441 10,192 Other 15,282 14,765 Total gross deferred tax assets 212,891 194,323 Gross deferred tax liabilities: Leased assets ( 148,496 ) ( 131,484 ) Goodwill ( 56,623 ) ( 47,204 ) Property and equipment ( 21,032 ) ( 18,232 ) Other ( 910 ) ( 1,288 ) Total deferred tax liabilities ( 227,061 ) ( 198,208 ) Total net deferred tax liability $ ( 14,170 ) $ ( 3,885 ) |
Income taxes associated with unrecognized tax benefits | Changes in Liability for Unrecognized Tax Benefits (thousands) 2021 2020 2019 Balance at beginning of period $ 5,212 $ 6,424 $ 6,209 Additions based on tax positions related to the current year 915 644 1,178 Additions for tax positions of prior years — — 166 Reductions for tax positions of prior years — ( 30 ) ( 6 ) Settlements — — — Lapse in statutes of limitation ( 1,092 ) ( 1,826 ) ( 1,123 ) Balance at end of period $ 5,035 $ 5,212 $ 6,424 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Share Based Compensation [Abstract] | |
Summary of Changes in Outstanding Stock Options | Stock Option Activity Weighted-average Remaining Stock Weighted-average Contractual Aggregate Intrinsic Options Exercise Price Term (years) Value (a) Outstanding as of March 28, 2020 802,766 $ 58.55 Granted 166,193 55.29 Exercised ( 130,998 ) 47.93 Canceled ( 324,094 ) 56.14 Outstanding as of March 27, 2021 513,867 $ 61.75 3.12 $ 3,483,001 Vested and exercisable as of March 27, 2021 286,549 $ 61.30 1.93 $ 1,805,603 (a) Total shares valued at the market price of the underlying stock as of March 27, 2021 less the exercise price. |
Share-based Compensation Stock Option Excercises | Stock Option Exercises (millions) 2021 2020 2019 Total intrinsic value of stock options exercised $ 1.5 $ 2.9 $ 7.4 Cash received for exercise price 6.3 6.2 14.6 Income tax benefit — 0.4 1.0 |
Summary Of Stock Options Outstanding | Stock Options Outstanding Options Outstanding Options Exercisable and Exercisable Weighted- Weighted- average Weighted- average Weighted- Shares Remaining average Shares Remaining average Outstanding Contractual Exercise Exercisable Contractual Exercise Range of Exercise Prices at 3/27/2021 Term (years) Price at 3/27/2021 Term (years) Price $ 40.71 - $ 55.15 129,817 3.77 $ 50.86 53,993 2.35 $ 47.88 $ 55.16 - $ 57.78 131,696 2.93 56.97 66,393 0.86 $ 57.28 $ 57.79 - $ 66.90 134,126 2.36 64.38 113,151 2.03 $ 64.37 $ 66.91 - $ 87.17 118,228 3.49 76.04 53,012 2.62 $ 73.44 |
Summary Of Restricted Stock | Non-vested Restricted Stock Activity Weighted-average Restricted Stock Grant-date Shares Fair Value per Share Outstanding as of March 28, 2020 55,730 $ 64.96 Granted 35,019 52.75 Vested ( 26,333 ) 56.52 Forfeited ( 12,703 ) 63.90 Outstanding as of March 27, 2021 51,713 $ 61.24 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Earnings Per Common Share [Abstract] | |
Reconciliation Of Basic And Diluted Earnings Per Share | Earnings per Common Share (thousands, except per share data) 2021 2020 2019 Numerator for earnings per common share calculation: Net income $ 34,319 $ 58,024 $ 79,752 Less: Preferred stock dividends ( 438 ) ( 449 ) ( 408 ) Income available to common stockholders $ 33,881 $ 57,575 $ 79,344 Denominator for earnings per common share calculation: Weighted average common shares - basic 33,329 33,246 32,980 Effect of dilutive securities: Preferred stock 503 510 510 Stock options 26 167 154 Restricted stock 18 30 31 Weighted average common shares - diluted 33,876 33,953 33,675 Basic earnings per common share $ 1.02 $ 1.73 $ 2.41 Diluted earnings per common share $ 1.01 $ 1.71 $ 2.37 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Leases [Abstract] | |
Schedule Of Operating And Finance Lease Costs | Lease Cost (thousands) 2021 2020 Operating lease cost $ 35,998 $ 38,525 Finance lease/financing obligations cost: Amortization of leased assets 30,428 21,033 Interest on lease liabilities 18,344 21,330 Short term and variable lease cost 321 2,194 Sublease income ( 95 ) ( 166 ) Total lease cost $ 84,996 $ 82,916 |
Schedule Of Future Maturities of Lease Liabilities | Maturity of Lease Liabilities Finance Leases and (thousands) Operating Leases (a) Financing Obligations (b) 2022 $ 36,451 $ 55,389 2023 34,381 55,487 2024 31,685 54,405 2025 28,414 51,494 2026 25,161 48,992 Thereafter 83,454 250,812 Total undiscounted lease obligations $ 239,546 $ 516,579 Less: imputed interest ( 30,919 ) ( 112,446 ) Present value of lease obligations $ 208,627 $ 404,133 (a) Operating lease obligations include $ 61.0 million related to options to extend operating leases that are reasonably certain of being exercised. (b) Finance lease payments include $ 108.4 million related to options to extend finance leases that are reasonably certain of being exercised. |
Schedule Of Weighted Average Remaining Lease Terms And Discount Rates | Lease Term and Discount Rate 2021 2020 Weighted average remaining lease term (years) Operating leases 8.6 9.4 Finance leases and financing obligations 10.3 9.9 Weighted average discount rate Operating leases 2.96 % 3.51 % Finance leases and financing obligations 6.20 % 8.73 % |
Schedule Of Supplemental Cash Flow Information Related To Leases | Other Information (thousands) 2021 2020 Cash paid for amounts included in measurement of lease obligations: Operating cash flows from operating leases $ 34,931 $ 36,808 Operating cash flows from finance leases and financing obligations 18,602 21,340 Financing cash flows from finance leases and financing obligations 33,032 27,212 |
Defined Benefit and Defined C_2
Defined Benefit and Defined Contribution Plans (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Pension benefit payments | Estimated Future Benefit Payments (thousands) Pension Benefits 2022 $ 1,065 2023 1,098 2024 1,114 2025 1,147 2026 1,188 2027 - 2031 6,322 |
Components of pension income | Net Pension Benefits Expense (Income) (thousands) 2021 2020 2019 Interest cost on projected benefit obligation $ 692 $ 752 $ 781 Expected return on plan assets ( 1,162 ) ( 1,423 ) ( 1,409 ) Amortization of unrecognized actuarial loss 892 455 403 Total $ 422 $ ( 216 ) $ ( 225 ) |
Weighted average assumptions used to determine benefit obligations | Benefit Obligation Weighted Average Assumption 2021 2020 Discount rate 3.01 % 3.34 % |
Weighted average assumptions used to determine net periodic pension costs | Net Periodic Benefit Expense Weighted Average Assumptions 2021 2020 2019 Discount rate 3.34 % 3.72 % 3.89 % Expected long-term rate of return on plan assets 6.50 % 7.00 % 7.00 % |
Funded status of plan | Benefit Obligation Change in Projected Benefit Obligation (thousands) 2021 2020 Benefit obligation at beginning of year $ 21,646 $ 20,972 Interest cost 692 752 Actuarial loss 391 642 Benefits paid ( 633 ) ( 720 ) Benefit obligation at end of year (a) $ 22,096 $ 21,646 (a) Accumulated benefit obligation-the present value of benefits earned to date assuming no future salary growth-is materially consistent with the projected benefit obligation in each period presented. Plan Assets Change in Plan Assets (thousands) 2021 2020 Fair value of plan assets at beginning of year $ 18,611 $ 20,838 Actual return (loss) on plan assets 3,688 ( 1,507 ) Benefits paid ( 633 ) ( 720 ) Fair value of plan assets at end of year $ 21,666 $ 18,611 |
Company's asset allocations by asset category | Asset Category Current Targeted Actual Allocation Allocation 2021 2020 Cash and cash equivalents 53.3 % 4.1 % Fixed income 50.0 % 24.7 % 37.9 % Equity securities 50.0 % 22.0 % 58.0 % Total 100.0 % 100.0 % 100.0 % |
Fair value measurement information for the Company's major categories of defined benefit plan assets | Fair Value Measurements Fair Value at (thousands) Pricing Category (a) March 27, 2021 March 28, 2020 Cash equivalents Level 1 $ 11,542 $ 761 Equity securities: U.S. companies Level 1 3,372 7,383 U.S. companies Level 2 — 283 International companies Level 1 1,391 3,137 Fixed income: U.S. corporate bonds Level 2 5,361 6,686 International bonds Level 2 — 361 Total plan assets $ 21,666 $ 18,611 (a) Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). |
Amounts recognized in accumulated other comprehensive loss | Amounts in Accumulated Other Comprehensive Loss (thousands) 2021 2020 Unamortized net actuarial loss $ 6,147 $ 9,174 Amounts in Accumulated Other Comprehensive Loss (a) $ 6,147 $ 9,174 (a) $ 4,619 and $ 6,889 , net of tax, at the end of 2021 and 2020, respectively. |
Changes in plan assets and benefit obligations recognized in other comprehensive (loss) income | Amounts in Other Comprehensive Income (Loss) (thousands) 2021 2020 2019 Net actuarial income (loss) $ 3,027 $ ( 3,117 ) $ ( 382 ) Amounts in Other Comprehensive Income (Loss) (a) $ 3,027 $ ( 3,117 ) $ ( 382 ) (a) $ 2,270 , ($ 2,353 ) and ($ 288 ), net of tax, during 2021, 2020 and 2019, respectively. |
Defined Benefit Plan, Underfunded Plan [Member] | |
Funded status of plan | Underfunded Status (thousands) 2021 2020 Projected benefit obligations $ 22,096 $ 21,646 Fair value of plan assets 21,666 18,611 Underfunded status $ ( 430 ) $ ( 3,035 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Commitments and Contingencies [Abstract] | |
Schedule Of Payments Due By Period | Commitments Due by Period Within 2 to 4 to After (thousands) Total 1 Year 3 Years 5 Years 5 Years Principal payments on long-term debt $ 190,000 $ 190,000 Finance lease commitments/financing obligations (a) 516,579 $ 55,389 $ 109,892 100,486 $ 250,812 Operating lease commitments (a) 239,546 36,451 66,066 53,575 83,454 Accrued rent 1,807 1,563 132 42 70 Other liabilities 1,133 800 333 — — Total $ 949,065 $ 94,203 $ 176,423 $ 344,103 $ 334,336 (a) Finance and operating lease commitments represent future undiscounted lease payments and include $ 108.4 million and $ 61.0 million, respectively, related to options to extend lease terms that are reasonably certain of being exercised. |
Description Of Business, Basi_4
Description Of Business, Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative) (Details) | Mar. 31, 2019USD ($) | Mar. 27, 2021USD ($)segmentpropertystatestoreitem | Mar. 28, 2020USD ($) | Mar. 30, 2019USD ($) |
Significant Accounting Policies [Line Items] | ||||
Company operated stores | store | 1,263 | |||
Franchised locations | property | 96 | |||
Number of wholesale locations | property | 7 | |||
Number of retread facilities | property | 3 | |||
Number of States in which Entity Operates | state | 32 | |||
Number of operating segments | segment | 1 | |||
Total assets | $ 1,811,814,000 | $ 2,049,457,000 | ||
Total liabilities | $ 1,062,130,000 | 1,315,017,000 | ||
Number of store closures | store | 36 | |||
Impairment of long-lived assets | $ 144,000 | 6,579,000 | $ 0 | |
Number of reporting units | item | 1 | |||
Impairment of intangible assets | $ 0 | 0 | $ 0 | |
Advertising expenses amortization period | 2 months | |||
Operating Lease ROU Assets [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Impairment of long-lived assets | $ 4,400,000 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Total assets | $ 165,300,000 | |||
Total liabilities | 165,900,000 | |||
Decrease in shareholder’s equity | $ (600,000) | |||
COVID-19 Pandemic [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Impairment of long-lived assets | $ 6,600,000 | |||
Impairment of long-lived assets, related to store closures | 4,300,000 | |||
COVID-19 Pandemic [Member] | Finance Lease ROU Assets [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Impairment of long-lived assets | 600,000 | |||
COVID-19 Pandemic [Member] | Leasehold Improvements And Equipment [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Impairment of long-lived assets | $ 1,600,000 | |||
Stock Options [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Options award vesting period | 4 years | |||
Senior Management [Member] | Restricted Stock [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Options award vesting period | 3 years | 3 years | 3 years | |
Maximum [Member] | Stock Options [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Options award vesting period | 4 years | |||
Maximum [Member] | Restricted Stock [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Options award vesting period | 4 years | |||
Minimum [Member] | Stock Options [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Options award vesting period | 3 years | |||
Minimum [Member] | Restricted Stock [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Options award vesting period | 3 years |
Description Of Business, Basi_5
Description Of Business, Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives) (Details) | 12 Months Ended |
Mar. 27, 2021 | |
Buildings and Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
Buildings and Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 39 years |
Equipment, Signage And Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Equipment, Signage And Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 15 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
Description Of Business, Basi_6
Description Of Business, Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule of Share-Based Compensation Valuation Assumptions) (Details) | 12 Months Ended | |||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | ||
Weighted average fair value of options granted | ||||
Risk-free interest rate | [1] | 0.27% | 1.85% | 2.81% |
Expected term (years) | [2] | 4 years | 4 years | 4 years |
Expected volatility | [3] | 33.30% | 30.40% | 28.30% |
Dividend yield | [4] | 1.60% | 1.12% | 1.24% |
[1] | Risk-free interest rates are yields for zero coupon U.S. Treasury notes maturing approximately at the end of the expected option term. | |||
[2] | Expected term is based on historical exercise behavior and on the terms and conditions of the stock option award. | |||
[3] | Expected volatility is based on a combination of historical volatility, using Monro stock prices over a period equal to the expected term, and implied market volatility. | |||
[4] | Dividend yield is based on historical dividend experience and expected future changes, if any. |
Impact Of The COVID-19 Pandem_2
Impact Of The COVID-19 Pandemic (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Mar. 27, 2021 | |
Impact Of The COVID-19 Pandemic [Abstract] | ||
Revolving credit facility borrowed | $ 350 | |
Repayment of revolving credit facility | $ 350 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Apr. 25, 2021store | Dec. 06, 2020USD ($)store | Mar. 27, 2021USD ($)property | Mar. 28, 2020USD ($)storeproperty |
Business Acquisition [Line Items] | ||||
Store acquisitions related to acquisition growth strategy | property | 5 | |||
Total consideration transferred | $ | $ 103,700 | |||
Costs related to completed acquisitions | $ | $ 300 | 1,400 | ||
Sales for acquired entities | $ | 5,800 | 59,300 | ||
Net income (loss) for acquired entities | $ | $ 100 | $ (3,900) | ||
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 | |||
Fred Allen Enterprises, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Total consideration transferred | $ | $ 17,100 | |||
Number of stores acquired | 17 | |||
Nevada Tire Holdings, LLC and Idaho Tire Holdings, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition date | Nov. 17, 2019 | |||
Number of stores acquired | 18 | |||
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 centers acquired | property | 1 | |||
Allied Discount Tire And Brake, Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition date | Mar. 31, 2019 | |||
Number of stores acquired | 12 | |||
Mountain View Tire And Service [Member] | Subsequent Event [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of stores acquired | 30 | |||
Fiscal 2020 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Total consideration transferred | $ | $ 103,692 | |||
Fiscal 2020 Acquisitions [Member] | Customer Lists [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 7 years | |||
Intangible assets | $ | $ 2,800 | |||
Fiscal 2021 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Total consideration transferred | $ | $ 17,112 | |||
Total consideration transferred, portion in cash | $ | 16,300 | |||
Payable to a seller | $ | $ 800 | |||
Fiscal 2021 Acquisitions [Member] | Customer Lists [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 7 years | |||
Intangible assets | $ | $ 400 |
Acquisitions (Schedule Of Purch
Acquisitions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Purchase price of acquisitions allocation | |||
Total consideration transferred | $ 103,700 | ||
Goodwill | $ 689,524 | 671,843 | $ 565,503 |
Fiscal 2020 Acquisitions [Member] | |||
Purchase price of acquisitions allocation | |||
Inventories | 4,433 | ||
Other current assets | 706 | ||
Property and equipment | 2,405 | ||
Finance lease and financing obligation assets, net | 29,147 | ||
Operating lease assets, net | 42,680 | ||
Intangible assets | 2,847 | ||
Other non-current assets | 374 | ||
Long-term deferred income tax assets | 4,870 | ||
Total assets acquired | 87,462 | ||
Current portion of finance leases and financing obligations | 2,672 | ||
Current portion of operating lease liabilities | 4,416 | ||
Deferred revenue | 1,618 | ||
Other current liabilities | 358 | ||
Long-term finance leases and financing obligations | 36,225 | ||
Long-term operating lease liabilities | 43,668 | ||
Other long-term liabilities | 1,747 | ||
Total liabilities assumed | 90,704 | ||
Total net identifiable liabilities assumed | (3,242) | ||
Total consideration transferred | 103,692 | ||
Less: total net identifiable liabilities assumed | (3,242) | ||
Goodwill | $ 106,934 | ||
Fiscal 2021 Acquisitions [Member] | |||
Purchase price of acquisitions allocation | |||
Inventories | 1,046 | ||
Other current assets | 172 | ||
Property and equipment | 674 | ||
Finance lease and financing obligation assets, net | 5,089 | ||
Operating lease assets, net | 8,980 | ||
Intangible assets | 418 | ||
Other non-current assets | 30 | ||
Long-term deferred income tax assets | 1,331 | ||
Total assets acquired | 17,740 | ||
Current portion of finance leases and financing obligations | 748 | ||
Current portion of operating lease liabilities | 976 | ||
Deferred revenue | 697 | ||
Other current liabilities | 4 | ||
Long-term finance leases and financing obligations | 7,911 | ||
Long-term operating lease liabilities | 7,433 | ||
Other long-term liabilities | 536 | ||
Total liabilities assumed | 18,305 | ||
Total net identifiable liabilities assumed | (565) | ||
Total consideration transferred | 17,112 | ||
Less: total net identifiable liabilities assumed | (565) | ||
Goodwill | $ 17,677 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 27, 2021 | Mar. 28, 2020 |
Composition of other current assets | ||
Vendor rebates receivable | $ 15,068 | $ 16,232 |
Other | 33,047 | 24,305 |
Total | $ 48,115 | $ 40,537 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Property and Equipment [Abstract] | |||
Depreciation expense | $ 42.9 | $ 39.2 | $ 35.5 |
Property and Equipment (Major C
Property and Equipment (Major Classifications Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Mar. 27, 2021 | Mar. 28, 2020 |
Major classifications of property, plant and equipment | ||
Property and equipment | $ 709,749 | $ 682,932 |
Less - Accumulated depreciation and amortization | 382,686 | 354,295 |
Property and equipment, net | 327,063 | 328,637 |
Land [Member] | ||
Major classifications of property, plant and equipment | ||
Property and equipment | 84,485 | 84,765 |
Buildings and Improvements [Member] | ||
Major classifications of property, plant and equipment | ||
Property and equipment | 289,328 | 272,724 |
Equipment, Signage And Fixtures [Member] | ||
Major classifications of property, plant and equipment | ||
Property and equipment | 291,179 | 278,324 |
Vehicles [Member] | ||
Major classifications of property, plant and equipment | ||
Property and equipment | 37,684 | 38,356 |
Construction-in-Progress [Member] | ||
Major classifications of property, plant and equipment | ||
Property and equipment | $ 7,073 | $ 8,763 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Goodwill and Intangible Assets [Abstract] | |||
Amortization of intangible assets | $ 4.1 | $ 4.8 | $ 5.3 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Changes In Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Changes in goodwill | ||
Balance at beginning of period | $ 671,843 | $ 565,503 |
Current fiscal year acquisitions | 17,677 | 106,930 |
Adjustments to prior fiscal year acquisitions | 4 | (590) |
Balance at end of period | $ 689,524 | $ 671,843 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Composition of other intangible assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Composition of other intangible assets | ||
Gross carrying amount | $ 61,602 | $ 71,573 |
Accumulated amortization | 35,534 | 41,792 |
Customer Lists [Member] | ||
Composition of other intangible assets | ||
Gross carrying amount | 36,000 | 42,511 |
Accumulated amortization | $ 21,932 | 26,333 |
Estimated weighted average useful lives, in years | 10 years | |
Trade Names [Member] | ||
Composition of other intangible assets | ||
Gross carrying amount | $ 18,452 | 21,252 |
Accumulated amortization | $ 10,321 | 12,072 |
Estimated weighted average useful lives, in years | 15 years | |
Franchise Agreements [Member] | ||
Composition of other intangible assets | ||
Gross carrying amount | $ 7,100 | 7,220 |
Accumulated amortization | $ 3,231 | 2,805 |
Estimated weighted average useful lives, in years | 13 years | |
Other Intangible Assets [Member] | ||
Composition of other intangible assets | ||
Gross carrying amount | $ 50 | 590 |
Accumulated amortization | $ 50 | $ 582 |
Estimated weighted average useful lives, in years | 20 years |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Estimated future amortization of intangible assets) (Details) - Customer Lists, Trade Names, Franchise Agreements and Other Intangible Assets [Member] $ in Thousands | Mar. 27, 2021USD ($) |
Estimated future amortization of intangible assets | |
2022 | $ 3,838 |
2023 | 3,583 |
2024 | 3,223 |
2025 | 2,866 |
2026 | $ 2,646 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Jun. 11, 2020USD ($) | Mar. 27, 2021USD ($)entity | Mar. 28, 2020USD ($) |
Debt Instrument [Line Items] | |||
Fair value of long-term debt (including current portion) | $ 190,000,000 | $ 566,400,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility term | 5 years | ||
Revolving credit facility agreement | $ 600,000,000 | ||
Revolving credit facility agreement, number of participating banks | entity | 8 | ||
Credit Facility Increased Availability | $ 250,000,000 | ||
Amount outstanding under Credit Facility | 190,000,000 | ||
Net availability under the credit facility | $ 376,400,000 | ||
Revolving Credit Facility [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate at period end over LIBOR | 2.25% | 1.00% | |
First Amendment To Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Allowable dividend or distribution | $ 38,500,000 | ||
Allowable acquisitions | $ 100,000,000 | ||
Standby Letters of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility agreement | $ 80,000,000 | ||
Amount outstanding under Credit Facility | $ 33,600,000 | ||
Minimum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of fees on amount available | 0.125% | ||
Minimum [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate over LIBOR on the facility | 0.75% | ||
Minimum [Member] | First Amendment To Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.75% | ||
Minimum [Member] | First Amendment To Credit Facility [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate spread during debt covenant relief period | 2.25% | ||
Minimum [Member] | Standby Letters of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of fees on amount available | 0.875% | ||
Maximum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of fees on amount available | 0.35% | ||
Maximum [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate over LIBOR on the facility | 2.00% | ||
Maximum [Member] | Standby Letters of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of fees on amount available | 2.125% |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Deferred revenue | $ 16,712 | $ 18,506 | $ 17,150 |
Deferred revenue, current | 11,956 | 13,129 | |
Deferred revenue, noncurrent | $ 4,700 | $ 5,400 | |
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 |
Revenue (Narrative) (Performanc
Revenue (Narrative) (Performance Obligation) (Details) $ in Millions | Mar. 27, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-26 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue, performance obligation | $ 12 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-03-25 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue, performance obligation | $ 4.7 |
Revenue (Schedule Of Disaggrega
Revenue (Schedule Of Disaggregated Revenue By Product Group) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | ||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 1,125,721 | $ 1,256,524 | $ 1,200,230 | |
Brakes [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 130,179 | 169,138 | 162,709 | |
Exhaust [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 20,201 | 25,058 | 28,713 | |
Steering [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 85,290 | 100,230 | 95,711 | |
Tires [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | [1] | 617,815 | 634,513 | 601,295 |
Maintenance [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 269,337 | 324,494 | 308,668 | |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 2,899 | $ 3,091 | $ 3,134 | |
[1] | Includes the sale of tire road hazard warranty agreements and tire delivery commissions. |
Revenue (Schedule Of Changes In
Revenue (Schedule Of Changes In Deferred Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Revenue [Abstract] | ||
Balance | $ 18,506 | $ 17,150 |
Deferral of revenue | 14,958 | 17,466 |
Deferral of revenue from acquisitions | 1,225 | 2,916 |
Recognition of revenue | (17,977) | (19,026) |
Balance | $ 16,712 | $ 18,506 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
State net operating loss carryforwards available | $ 7,500 | |||
Federal net operating loss carrybacks | 3,500 | |||
Unrecognized tax benefits | 5,035 | $ 5,212 | $ 6,424 | $ 6,209 |
Interest and penalties accrued related to unrecognized tax benefits | $ 200 | $ 300 | ||
Tax Year 2018 [Member] | ||||
Fiscal years under examination | 2018 | |||
Tax Year 2019 [Member] | ||||
Fiscal years under examination | 2019 | |||
Tax Year 2020 [Member] | ||||
Fiscal years under examination | 2020 |
Income Taxes (Components Of Pro
Income Taxes (Components Of Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Current - | |||
Federal | $ (1,809) | $ 2,783 | $ 5,682 |
State | 827 | 1,994 | 2,409 |
Total current | (982) | 4,777 | 8,091 |
Deferred - | |||
Federal | 10,169 | 11,397 | 11,563 |
State | 685 | 76 | 954 |
Total deferred | 10,854 | 11,473 | 12,517 |
Total provision | $ 9,872 | $ 16,250 | $ 20,608 |
Income Taxes (Reconciliation Be
Income Taxes (Reconciliation Between Federal Statutory Tax Rate And Effective Tax Rate Reflected In Accompanying Financial Statements) (Details) | 12 Months Ended | |||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | ||
Reconciliation between Federal statutory tax rate and effective tax rate reflected in accompanying financial statements | ||||
Expected U.S. federal income taxes at statutory rate, percentage | 21.00% | 21.00% | 21.00% | |
State income taxes, net of federal income tax benefit, percentage | 2.90% | 1.90% | 2.80% | |
Tax settlements and adjustments, percentage | [1] | (1.10%) | (1.90%) | |
Other, percentage | (0.50%) | (1.00%) | (1.40%) | |
Effective tax rate, percentage | 22.30% | 21.90% | 20.50% | |
[1] | For 2021, adjustments reflect benefit due to differences in statutory tax rates from loss years to years in which net operating losses may be carried back. For 2019, settlements reflect benefit from Internal Revenue Service’s examination of our 2016 and 2017 tax returns . |
Income Taxes (Deferred Tax (Lia
Income Taxes (Deferred Tax (Liabilities) Assets) (Details) - USD ($) $ in Thousands | Mar. 27, 2021 | Mar. 28, 2020 |
Deferred tax (liabilities) assets | ||
Lease liabilities | $ (148,496) | $ (131,484) |
Goodwill | (56,623) | (47,204) |
Property and equipment | (21,032) | (18,232) |
Other | (910) | (1,288) |
Total deferred tax liabilities | (227,061) | (198,208) |
Leased assets | 186,168 | 169,366 |
Insurance reserves | 11,441 | 10,192 |
Other | 15,282 | 14,765 |
Total gross deferred tax assets | 212,891 | 194,323 |
Total net deferred tax liability | $ (14,170) | $ (3,885) |
Income Taxes (Income Taxes Asso
Income Taxes (Income Taxes Associated With Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Income taxes associated with unrecognized tax benefits | |||
Unrecognized Tax Benefits, Beginning Balance | $ 5,212 | $ 6,424 | $ 6,209 |
Tax positions related to current year: | |||
Additions | 915 | 644 | 1,178 |
Tax positions related to prior years: | |||
Additions | 166 | ||
Reductions | (30) | (6) | |
Lapses in statutes of limitations | (1,092) | (1,826) | (1,123) |
Unrecognized Tax Benefits, Ending Balance | $ 5,035 | $ 5,212 | $ 6,424 |
Stock Ownership (Narrative) (De
Stock Ownership (Narrative) (Details) - $ / shares | 12 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Stock Ownership [Abstract] | ||
Class C convertible preferred stock, conversion value | $ 0.064 | $ 0.064 |
Distribution amount per share of preferred stock on liquidation of company | $ 1.50 | |
Minimum percentage of preferred stock holders approval for authorization of action | 60.00% |
Share Based Compensation (Narra
Share Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 05, 2021 | Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 2.4 | $ 3.8 | $ 4 | |
Tax benefit from compensation expense | 0.6 | $ 0.9 | $ 1 | |
Unrecognized compensation expense related to non-vested fixed stock options | $ 2.7 | |||
Compensation expenses recognition period related to nonvested fixed stock options | 3 years | |||
Weighted average fair value of options granted | $ 12.53 | $ 18.92 | $ 15.44 | |
Fair value of awards vested under the Company's stock plans | $ 2 | $ 2 | $ 2.8 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period of employee options | 4 years | |||
Employee options term | 6 years | |||
Stock Options [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period of employee options | 3 years | |||
Stock Options [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period of employee options | 4 years | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to non-vested fixed stock options | $ 1.4 | |||
Compensation expenses recognition period related to nonvested fixed stock options | 2 years | |||
Share-based compensation stock units granted | 35,019 | |||
Weighted-average grant-date fair value per share, Granted | $ 52.75 | $ 75.33 | $ 67.80 | |
Fair value of restricted stock awards vested | $ 1.4 | $ 1.8 | $ 1 | |
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period of employee options | 3 years | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period of employee options | 4 years | |||
Incentive Stock Option Plan 2007 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares authorized for issuance | 5,001,620 | |||
Options available for grant | 1,064,945 | |||
Chief Executive Officer [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation stock units granted | 40,000 | |||
Senior Management [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period of employee options | 3 years | 3 years | 3 years |
Share Based Compensation (Summa
Share Based Compensation (Summary Of Changes In Outstanding Stock Options) (Details) | 12 Months Ended | |
Mar. 27, 2021$ / sharesshares | ||
Summary of changes in outstanding stock options | ||
Options outstanding, beginning balance | 802,766 | |
Options outstanding, granted | 166,193 | |
Options outstanding, exercised | (130,998) | |
Options outstanding, canceled | (324,094) | |
Options outstanding, ending balance | 513,867 | |
Options, vested and exercisable | 286,549 | |
Weighted average exercise price, beginning of period | $ / shares | $ 58.55 | |
Weighted average exercise price, granted | $ / shares | 55.29 | |
Weighted average exercise price, exercised | $ / shares | 47.93 | |
Weighted average exercise price, canceled | $ / shares | 56.14 | |
Weighted average exercise price, end of period | $ / shares | 61.75 | |
Weighted average exercise price, vested and exercisable | $ / shares | $ 61.30 | |
Weighted average remaining contractual term (years), options outstanding | 3 years 1 month 13 days | |
Weighted average remaining contractual term (years), vested and exercisable | 1 year 11 months 4 days | |
Aggregate value, options outstanding | 3,483,001 | [1] |
Aggregate value, vested and exercisable | 1,805,603 | [1] |
[1] | Total shares valued at the market price of the underlying stock as of March 27, 2021 less the exercise price. |
Share Based Compensation (Share
Share Based Compensation (Share-based Compensation Stock Option Excercises) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Exercise of stock options | $ 6,278 | $ 6,171 | $ 14,640 |
Stock Options [Member] | |||
Total intrinsic value of stock options exercised | 1,500 | 2,900 | 7,400 |
Exercise of stock options | $ 6,300 | 6,200 | 14,600 |
Income tax benefit | $ 400 | $ 1,000 |
Share Based Compensation (Sum_2
Share Based Compensation (Summary Of Stock Options Outstanding) (Details) | 12 Months Ended |
Mar. 27, 2021$ / sharesshares | |
Exercise Price Range One [Member] | |
Summarizes information about fixed stock options outstanding | |
Range of exercise price, lower limit | $ 40.71 |
Range of exercise price, upper limit | $ 55.15 |
Options outstanding, shares under option | shares | 129,817 |
Options outstanding, weighted average remaining life | 3 years 9 months 7 days |
Options outstanding, weighted average exercise price | $ 50.86 |
Options exercisable, shares under option | shares | 53,993 |
Options exercisable, weighted average remaining life | 2 years 4 months 6 days |
Options exercisable, weighted average exercise price | $ 47.88 |
Exercise Price Range Two [Member] | |
Summarizes information about fixed stock options outstanding | |
Range of exercise price, lower limit | 55.16 |
Range of exercise price, upper limit | $ 57.78 |
Options outstanding, shares under option | shares | 131,696 |
Options outstanding, weighted average remaining life | 2 years 11 months 4 days |
Options outstanding, weighted average exercise price | $ 56.97 |
Options exercisable, shares under option | shares | 66,393 |
Options exercisable, weighted average remaining life | 10 months 9 days |
Options exercisable, weighted average exercise price | $ 57.28 |
Exercise Price Range Three [Member] | |
Summarizes information about fixed stock options outstanding | |
Range of exercise price, lower limit | 57.79 |
Range of exercise price, upper limit | $ 66.90 |
Options outstanding, shares under option | shares | 134,126 |
Options outstanding, weighted average remaining life | 2 years 4 months 9 days |
Options outstanding, weighted average exercise price | $ 64.38 |
Options exercisable, shares under option | shares | 113,151 |
Options exercisable, weighted average remaining life | 2 years 10 days |
Options exercisable, weighted average exercise price | $ 64.37 |
Exercise Price Range Four [Member] | |
Summarizes information about fixed stock options outstanding | |
Range of exercise price, lower limit | 66.91 |
Range of exercise price, upper limit | $ 87.17 |
Options outstanding, shares under option | shares | 118,228 |
Options outstanding, weighted average remaining life | 3 years 5 months 26 days |
Options outstanding, weighted average exercise price | $ 76.04 |
Options exercisable, shares under option | shares | 53,012 |
Options exercisable, weighted average remaining life | 2 years 7 months 13 days |
Options exercisable, weighted average exercise price | $ 73.44 |
Share Based Compensation (Sum_3
Share Based Compensation (Summary Of Restricted Stock) (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Nonvested | 55,730 | ||
Shares, Granted | 35,019 | ||
Shares, Vested | (26,333) | ||
Shares, Forfeited | (12,703) | ||
Shares, Nonvested | 51,713 | 55,730 | |
Weighted-average grant-date fair value per share, Nonvested | $ 64.96 | ||
Weighted-average grant-date fair value per share, Granted | 52.75 | $ 75.33 | $ 67.80 |
Weighted-average grant-date fair value per share, Vested | 56.52 | ||
Weighted-average grant-date fair value per share, Forfeited | 63.90 | ||
Weighted-average grant-date fair value per share, Nonvested | $ 61.24 | $ 64.96 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Earnings Per Common Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share | 456 | 177 | 146 |
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 | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Numerator for earnings per common share calculation: | |||
Net income | $ 34,319 | $ 58,024 | $ 79,752 |
Less: Preferred stock dividends | (438) | (449) | (408) |
Income available to common shareholders | $ 33,881 | $ 57,575 | $ 79,344 |
Denominator for earnings per common share calculation: | |||
Weighted average common shares, basic | 33,329 | 33,246 | 32,980 |
Effect of dilutive securities: | |||
Preferred stock | 503 | 510 | 510 |
Weighted average common shares - diluted | 33,876 | 33,953 | 33,675 |
Basic earnings per common share: | $ 1.02 | $ 1.73 | $ 2.41 |
Diluted earnings per common share: | $ 1.01 | $ 1.71 | $ 2.37 |
Stock Options [Member] | |||
Effect of dilutive securities: | |||
Share based payment arrangements (in shares) | 26 | 167 | 154 |
Restricted Stock [Member] | |||
Effect of dilutive securities: | |||
Share based payment arrangements (in shares) | 18 | 30 | 31 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 30, 2019 | Mar. 28, 2020 | |
Sale Leaseback Transaction [Line Items] | |||
Finance lease and financing obligation assets, net | $ 275,360 | $ 196,575 | |
Long-term finance leases and financing obligations | 366,330 | 298,373 | |
Lease payments, leases signed but not yet commenced | 2,400 | ||
Rent expense under operating leases, net of sublease income | $ 38,000 | ||
Amortization of finance (capital) lease assets | $ 14,700 | ||
Failed Sale Leasebacks That Were Assumed Through Acquisitions [Member] | |||
Sale Leaseback Transaction [Line Items] | |||
Finance lease and financing obligation assets, net | 4,400 | 4,500 | |
Long-term finance leases and financing obligations | $ 7,200 | $ 7,500 | |
Minimum [Member] | |||
Sale Leaseback Transaction [Line Items] | |||
Remaining lease term | 1 year | ||
Option to extend, term of option | 3 years | ||
Maximum [Member] | |||
Sale Leaseback Transaction [Line Items] | |||
Remaining lease term | 37 years | ||
Option to extend, term of option | 25 years |
Leases (Schedule Of Operating A
Leases (Schedule Of Operating And Finance Lease Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 35,998 | $ 38,525 |
Amortization of leased assets | 30,428 | 21,033 |
Interest on lease liabilities | 18,344 | 21,330 |
Short term and variable lease cost | 321 | 2,194 |
Sublease income | (95) | (166) |
Total lease cost | $ 84,996 | $ 82,916 |
Leases (Schedule Of Future Matu
Leases (Schedule Of Future Maturities of Lease Liabilities) (Details) $ in Thousands | 12 Months Ended | |
Mar. 27, 2021USD ($) | ||
Operating Leases: | ||
2022 | $ 36,451 | [1] |
2023 | 34,381 | [1] |
2024 | 31,685 | [1] |
2025 | 28,414 | [1] |
2026 | 25,161 | [1] |
Thereafter | 83,454 | [1] |
Total undiscounted lease obligations | 239,546 | [1] |
Less: imputed interest | (30,919) | [1] |
Present value of lease obligations | 208,627 | [1] |
Finance Leases and Financing Obligations: | ||
2022 | 55,389 | [2],[3] |
2023 | 55,487 | [3] |
2024 | 54,405 | [3] |
2025 | 51,494 | [3] |
2026 | 48,992 | [3] |
Thereafter | 250,812 | [2],[3] |
Finance lease commitments/financing obligations, Total | 516,579 | [2],[3] |
Less: imputed interest | (112,446) | [3] |
Present value of lease obligations | 404,133 | [3] |
Finance lease payments, related to options to extend, reasonable certain of being exercised | 108,400 | |
Operating lease payments, related to options to extend, reasonably certain of being exercised | $ 61,000 | |
[1] | Operating lease obligations include $ 61.0 million related to options to extend operating leases that are reasonably certain of being exercised. | |
[2] | Finance and operating lease commitments represent future undiscounted lease payments and include $ 108.4 million and $ 61.0 million, respectively, related to options to extend lease terms that are reasonably certain of being exercised. | |
[3] | Finance lease payments include $ 108.4 million related to options to extend finance leases that are reasonably certain of being exercised. |
Leases (Schedule Of Weighted Av
Leases (Schedule Of Weighted Average Remaining Lease Terms And Discount Rates) (Details) | Mar. 27, 2021 | Mar. 28, 2020 |
Operating Leases | ||
Weighted average remaining lease term, in years | 8 years 7 months 6 days | 9 years 4 months 24 days |
Weighted average discount rate | 2.96% | 3.51% |
Finance Leases and Financing Obligations | ||
Weighted average remaining lease term | 10 years 3 months 18 days | 9 years 10 months 24 days |
Weighted average discount rate | 6.20% | 8.73% |
Leases (Schedule Of Supplementa
Leases (Schedule Of Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 34,931 | $ 36,808 |
Operating cash flows from finance leases and financing obligations | 18,602 | 21,340 |
Financing cash flows from finance leases and financing obligations | $ 33,032 | $ 27,212 |
Defined Benefit and Defined C_3
Defined Benefit and Defined Contribution Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Defined Benefit and Defined Contribution Plans [Abstract] | |||
Charges to expense for the Company's matching contributions | $ 1,600,000 | $ 1,700,000 | $ 1,400,000 |
Total liability, Deferred Compensation Plan | 2,100,000 | $ 2,200,000 | |
Expected contributions for fiscal 2022 | $ 0 |
Defined Benefit and Defined C_4
Defined Benefit and Defined Contribution Plans (Pension Benefit Payments) (Details) $ in Thousands | Mar. 27, 2021USD ($) |
Defined Benefit and Defined Contribution Plans [Abstract] | |
2022 | $ 1,065 |
2023 | 1,098 |
2024 | 1,114 |
2025 | 1,147 |
2026 | 1,188 |
2027-2031 | $ 6,322 |
Defined Benefit and Defined C_5
Defined Benefit and Defined Contribution Plans (Components Of Pension Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Defined Benefit and Defined Contribution Plans [Abstract] | |||
Interest cost on projected benefit obligation | $ 692 | $ 752 | $ 781 |
Expected return on plan assets | (1,162) | (1,423) | (1,409) |
Amortization of unrecognized actuarial loss | 892 | 455 | 403 |
Net pension income | $ 422 | $ (216) | $ (225) |
Defined Benefit and Defined C_6
Defined Benefit and Defined Contribution Plans (Weighted Average Assumptions Used To Determine Benefit Obligations) (Details) | Mar. 27, 2021 | Mar. 28, 2020 |
Defined Benefit and Defined Contribution Plans [Abstract] | ||
Discount rate | 3.01% | 3.34% |
Defined Benefit and Defined C_7
Defined Benefit and Defined Contribution Plans (Weighted Average Assumptions Used To Determine Net Periodic Pension Costs) (Details) | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Defined Benefit and Defined Contribution Plans [Abstract] | |||
Discount rate | 3.34% | 3.72% | 3.89% |
Expected long-term return on assets | 6.50% | 7.00% | 7.00% |
Defined Benefit and Defined C_8
Defined Benefit and Defined Contribution Plans (Funded Status Of Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |||
Change in Plan Assets: | |||||
Fair value of plan assets at beginning of year | $ 18,611 | $ 20,838 | |||
Actual return (loss) on plan assets | 3,688 | (1,507) | |||
Benefits paid | (633) | (720) | |||
Fair value of plan assets at end of year | 21,666 | 18,611 | $ 20,838 | ||
Change in Projected Benefit Obligation: | |||||
Benefit obligation at beginning of year | 21,646 | [1] | 20,972 | ||
Interest cost | 692 | 752 | 781 | ||
Actuarial loss | 391 | 642 | |||
Benefits paid | (633) | (720) | |||
Benefit obligation at end of year | 22,096 | [1] | 21,646 | [1] | $ 20,972 |
Underfunded status of plan | $ (430) | $ (3,035) | |||
[1] | Accumulated benefit obligation-the present value of benefits earned to date assuming no future salary growth-is materially consistent with the projected benefit obligation in each period presented. |
Defined Benefit and Defined C_9
Defined Benefit and Defined Contribution Plans (Company's Asset Allocations By Asset Category) (Details) | Mar. 27, 2021 | Mar. 28, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Current Targeted Plan Asset Allocations | 100.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 53.30% | 4.10% |
Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Current Targeted Plan Asset Allocations | 50.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 24.70% | 37.90% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Current Targeted Plan Asset Allocations | 50.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 22.00% | 58.00% |
Defined Benefit and Defined _10
Defined Benefit and Defined Contribution Plans (Fair Value Measurement Information For Major Categories Of Defined Benefit Plan Assets) (Details) - USD ($) $ in Thousands | Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value measurement of defined benefit plan assets | $ 21,666 | $ 18,611 | $ 20,838 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value measurement of defined benefit plan assets | 18,611 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Companies Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value measurement of defined benefit plan assets | [1] | 3,372 | 7,383 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | International Companies Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value measurement of defined benefit plan assets | [1] | 1,391 | 3,137 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value measurement of defined benefit plan assets | [1] | 11,542 | 761 | |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Companies Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value measurement of defined benefit plan assets | [1] | 283 | ||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Corporate Bonds Fixed Income [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value measurement of defined benefit plan assets | [1] | $ 5,361 | 6,686 | |
Significant Other Observable Inputs (Level 2) [Member] | International Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value measurement of defined benefit plan assets | [1] | $ 361 | ||
[1] | Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). |
Defined Benefit and Defined _11
Defined Benefit and Defined Contribution Plans (Amounts Recognized In Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Mar. 27, 2021 | Mar. 28, 2020 | |
Defined Benefit and Defined Contribution Plans [Abstract] | |||
Unamortized net actuarial loss | $ 6,147 | $ 9,174 | |
Amounts in Accumulated Other Comprehensive Loss | [1] | 6,147 | 9,174 |
Amounts in Accumulated Other Comprehensive Loss, net of tax | $ 4,619 | $ 6,889 | |
[1] | $ 4,619 and $ 6,889 , net of tax, at the end of 2021 and 2020, respectively. |
Defined Benefit and Defined _12
Defined Benefit and Defined Contribution Plans (Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | ||
Defined Benefit and Defined Contribution Plans [Abstract] | ||||
Net actuarial income (loss) | $ 3,027 | $ (3,117) | $ (382) | |
Amounts in Other Comprehensive Income (Loss) | [1] | 3,027 | (3,117) | (382) |
Amounts in Other Comprehensive Income (Loss), net of tax | $ 2,270 | $ (2,353) | $ (288) | |
[1] | $ 2,270 , ($ 2,353 ) and ($ 288 ), net of tax, during 2021, 2020 and 2019, respectively. |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | ||
Rent deferrals | $ 800 | ||
Timing of lease related expenses | 1,000 | ||
Finance lease and financing obligation assets, net | 275,360 | $ 196,575 | |
Finance leases liability | [1] | 404,133 | |
Operating lease assets, net | 203,329 | $ 199,729 | |
Operating lease obligations | [2] | $ 208,627 | |
Re-negotiated Rental Payments [Member] | |||
Percent of leases re-negotiated | 23.00% | ||
Finance lease and financing obligation assets, net | $ 67,700 | ||
Finance leases liability | 64,000 | ||
Operating lease assets, net | 16,200 | ||
Operating lease obligations | $ 20,000 | ||
[1] | Finance lease payments include $ 108.4 million related to options to extend finance leases that are reasonably certain of being exercised. | ||
[2] | Operating lease obligations include $ 61.0 million related to options to extend operating leases that are reasonably certain of being exercised. |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule Of Payments Due By Period) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | ||
Commitments and Contingencies [Abstract] | |||
Principal payments on long-term debt, Total | $ 190,000 | $ 566,400 | |
Principal payments on long-term debt, 4 to 5 years | 190,000 | ||
Finance lease commitments/financing obligations, Total | [1],[2] | 516,579 | |
Finance lease commitments/financing obligations, Within 1 Year | [1],[2] | 55,389 | |
Finance lease commitments/financing obligations, 2 to 3 Years | [1] | 109,892 | |
Finance lease commitments/financing obligations, 4 to 5 Years | [1] | 100,486 | |
Finance lease commitments/financing obligations, After 5 Years | [1],[2] | 250,812 | |
Operating lease commitments, Total | [1] | 239,546 | |
Operating lease commitments, Within 1 year | [1] | 36,451 | |
Operating lease commitments, 2 to 3 years | [1] | 66,066 | |
Operating lease commitments, 4 to 5 years | [1] | 53,575 | |
Operating lease commitments, After 5 years | [1] | 83,454 | |
Accrued rent, Total | 1,807 | ||
Accrued rent, Within 1 year | 1,563 | ||
Accrued rent, 2 to 3 Years | 132 | ||
Accrued rent, 4 to 5 Years | 42 | ||
Accrued rent, After 5 Years | 70 | ||
Other liabilities, Total | 1,133 | ||
Other liabilities, Within 1 year | 800 | ||
Other liabilities, 2 to 3 years | 333 | ||
Contractual commitments, Total | 949,065 | ||
Contractual commitments, Within 1 year | 94,203 | ||
Contractual commitments, 2 to 3 years | 176,423 | ||
Contractual commitments, 4 to 5 years | 344,103 | ||
Contractual commitments, After 5 years | 334,336 | ||
Operating lease payments, related to options to extend, reasonably certain of being exercised | 61,000 | ||
Finance lease payments, related to options to extend, reasonable certain of being exercised | $ 108,400 | ||
[1] | Finance and operating lease commitments represent future undiscounted lease payments and include $ 108.4 million and $ 61.0 million, respectively, related to options to extend lease terms that are reasonably certain of being exercised. | ||
[2] | Finance lease payments include $ 108.4 million related to options to extend finance leases that are reasonably certain of being exercised. |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | 1 Months Ended |
May 31, 2021$ / shares | |
Subsequent Event [Line Items] | |
Common stock cash dividends per share declared | $ 0.24 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Dividends payable, date of record | Jun. 7, 2021 |
Cash dividend date to be paid | Jun. 21, 2021 |