Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 30, 2014 | 13-May-14 | |
Document Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Mar-14 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'STATER BROS HOLDINGS INC | ' |
Entity Central Index Key | '0000882829 | ' |
Current Fiscal Year End Date | '--09-28 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 31,863 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 30, 2014 | Sep. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $245,950 | $242,818 |
Receivables, net of allowance of $975 and $1,106 | 37,626 | 36,080 |
Income tax receivable | 0 | 1,413 |
Inventories | 231,076 | 228,116 |
Prepaid expenses | 15,965 | 14,570 |
Deferred income taxes, current portion | 23,992 | 24,706 |
Note receivable, current portion | 600 | 600 |
Total current assets | 555,209 | 548,303 |
Property and equipment | ' | ' |
Land | 115,185 | 114,460 |
Buildings and improvements | 615,381 | 606,112 |
Store fixtures and equipment | 479,692 | 472,463 |
Property subject to capital leases | 16,365 | 11,615 |
Total property and equipment (gross) | 1,226,623 | 1,204,650 |
Less accumulated depreciation and amortization | 628,351 | 604,631 |
Total property and equipment (net) | 598,272 | 600,019 |
Deferred income taxes, less current portion | 41,585 | 36,310 |
Deferred debt issuance costs, net | 5,082 | 6,173 |
Note receivable, less current portion | 215 | 616 |
Other assets | 5,926 | 5,925 |
Total of deferred income taxes, deferred debt issuance cost and other assets | 52,808 | 49,024 |
Total assets | 1,206,289 | 1,197,346 |
Current liabilities | ' | ' |
Accounts payable | 137,617 | 144,214 |
Accrued payroll and related expenses | 89,437 | 89,227 |
Accrued income taxes | 5,882 | 0 |
Accrued interest | 17,271 | 17,940 |
Other accrued liabilities | 44,752 | 46,820 |
Current portion of capital lease obligations | 1,538 | 772 |
Total current liabilities | 368,833 | 323,783 |
Current portion of long-term debt | 72,336 | 24,810 |
Long-term debt, less current portion | 540,000 | 608,711 |
Capital lease obligations, less current portion | 3,427 | 414 |
Long-term portion of self-insurance and other reserves | 48,871 | 54,162 |
Long-term portion of deferred benefits | 74,826 | 71,224 |
Accrued pension and other | 26,675 | 25,602 |
Total liabilities | 1,062,632 | 1,083,896 |
Commitments and contingencies | ' | ' |
Stockholder’s equity | ' | ' |
Common Stock | 0 | 0 |
Additional paid-in capital | 8,270 | 8,270 |
Accumulated other comprehensive loss | -15,903 | -15,903 |
Retained earnings | 151,290 | 121,083 |
Total stockholder’s equity | 143,657 | 113,450 |
Total liabilities and stockholder’s equity | 1,206,289 | 1,197,346 |
Class A Common Stock [Member] | ' | ' |
Stockholder’s equity | ' | ' |
Common Stock | $0 | $0 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 30, 2014 | Sep. 29, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for receivables | $1,106 | $975 |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 100,000 | 100,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
Class A Common Stock [Member] | ' | ' |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 100,000 | 100,000 |
Common stock, shares issued (in shares) | 32,521 | 32,521 |
Common stock, shares outstanding (in shares) | 32,521 | 32,521 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Sales | $963,841 | $961,896 | $1,947,866 | $1,930,640 |
Cost of goods sold | 697,455 | 703,124 | 1,422,845 | 1,421,139 |
Gross profit | 266,386 | 258,772 | 525,021 | 509,501 |
Operating expenses | ' | ' | ' | ' |
Selling, general and administrative expenses | 212,223 | 215,965 | 429,361 | 436,044 |
(Gain) loss on sale of assets | -1,451 | 6 | -1,441 | -1,927 |
Depreciation and amortization | 11,859 | 11,566 | 23,232 | 23,249 |
Total operating expenses | 222,631 | 227,537 | 451,152 | 457,366 |
Operating profit | 43,755 | 31,235 | 73,869 | 52,135 |
Interest income | 13 | 21 | 28 | 44 |
Interest expense | -11,470 | -11,768 | -22,956 | -23,577 |
Income before income taxes | 32,298 | 19,488 | 50,941 | 28,602 |
Income taxes | 13,147 | 7,890 | 20,734 | 11,555 |
Net income and comprehensive income | $19,151 | $11,598 | $30,207 | $17,047 |
Earnings per average common share outstanding | $588.88 | $349.56 | $928.85 | $513.79 |
Average common shares outstanding | 32,521 | 33,179 | 32,521 | 33,179 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Operating activities: | ' | ' |
Net income | $30,207 | $17,047 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 28,758 | 28,951 |
Amortization of debt issuance costs | 1,091 | 1,119 |
Increase in deferred income taxes | -4,561 | -1,508 |
Gain on sale of assets | -1,441 | -1,927 |
Changes in operating assets and liabilities: | ' | ' |
Increase in receivables | -1,546 | -5,815 |
Decrease in income tax receivables | 1,413 | 6,513 |
Increase in inventories | -2,960 | -3,071 |
Increase in prepaid expenses | -1,395 | -1,610 |
Increase in other assets | -1 | -28 |
Increase (decrease) in accounts payable | -6,597 | 1,394 |
Increase in income taxes payable | 5,882 | 0 |
Decrease in other accrued liabilities | -2,527 | -13,273 |
Increase (decrease) in long-term liabilities | -616 | 12,492 |
Net cash provided by operating activities | 45,707 | 40,284 |
Investing activities: | ' | ' |
Collections on note receivable | 401 | 404 |
Purchase of property and equipment | -22,701 | -13,500 |
Proceeds from sale of assets | 1,881 | 3,209 |
Net cash used in investing activities | -20,419 | -9,887 |
Financing Activities: | ' | ' |
Principal payments on long-term debt | -21,185 | -7,794 |
Principal payments on capital lease obligations | -971 | -599 |
Dividends paid | 0 | -5,000 |
Net cash used in financing activities | -22,156 | -13,393 |
Net increase in cash and cash equivalents | 3,132 | 17,004 |
Cash and cash equivalents at beginning of period | 242,818 | 219,800 |
Cash and cash equivalents at end of period | 245,950 | 236,804 |
Interest paid | 22,667 | 22,557 |
Income taxes paid | 18,000 | 6,550 |
Capital lease additions | $4,750 | $0 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Mar. 30, 2014 | |
Text Block [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the twenty-six weeks ended March 30, 2014 are not necessarily indicative of the results that may be experienced for the fiscal year ending September 28, 2014. | |
The consolidated balance sheet at September 29, 2013 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. | |
For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s report on Form 10-K for the fiscal year ended September 29, 2013. |
Principles_of_Consolidation
Principles of Consolidation | 6 Months Ended |
Mar. 30, 2014 | |
Text Block [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Stater Bros. Markets (“Markets”) and Stater Bros. Development, Inc. (“Development”), and Markets’ wholly-owned subsidiaries, Super Rx, Inc. (“Super Rx”) and SBM Dairies, Inc. (“Dairies”). All significant inter-company transactions have been eliminated in consolidation. |
Use_of_Estimates
Use of Estimates | 6 Months Ended |
Mar. 30, 2014 | |
Text Block [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Income_Taxes
Income Taxes | 6 Months Ended |
Mar. 30, 2014 | |
Text Block [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company establishes deferred tax liabilities for anticipated tax timing differences where payment of tax is anticipated. Such amounts represent a reasonable provision for taxes ultimately expected to be paid, and the amounts may be adjusted over time as additional information becomes known. | |
The Company does not have any material tax positions that did not meet a “more-likely-than-not” recognition threshold. As such, the Company has not recorded any liabilities for uncertain tax positions. During the twenty-six weeks ended March 30, 2014, there were no material changes to the amount of uncertain tax positions. | |
The Company recognizes interest and penalties related to income tax deficiencies or assessments by taxing authorities for any underpayment of income taxes separately from income tax expenses as either interest expense or other operating expenses. | |
For federal and state tax purposes, the Company is subject to review of its fiscal 2010 through fiscal 2013 tax returns. |
Retirement_Plans
Retirement Plans | 6 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Retirement Plans | ' | |||||||||||||||
Retirement Plans | ||||||||||||||||
The Company has a Noncontributory Defined Benefit Pension Plan (the “Plan”) covering substantially all non-union employees. The Plan provides for benefits based on an employee’s compensation during the eligibility period while employed with the Company. The Company’s funding policy for the Plan is to contribute annually at a rate that is intended to provide sufficient assets to meet future benefit payment requirements. The Plan’s investments are recorded at fair value and include cash, which earns interest, governmental securities and corporate bonds and securities. | ||||||||||||||||
The following table provides the components of net periodic pension expense: | ||||||||||||||||
Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||||||||||||||
Mar 31, | Mar 30, | Mar 31, | Mar 30, | |||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Expected return on assets | $ | (1,175 | ) | $ | (1,325 | ) | $ | (2,350 | ) | $ | (2,658 | ) | ||||
Service cost | 1,223 | 872 | 2,445 | 1,908 | ||||||||||||
Interest cost | 1,119 | 1,222 | 2,239 | 2,479 | ||||||||||||
Amortization of prior service cost | 1 | 1 | 2 | 2 | ||||||||||||
Amortization of recognized losses | 747 | 258 | 1,494 | 556 | ||||||||||||
Net pension expense | $ | 1,915 | $ | 1,028 | $ | 3,830 | $ | 2,287 | ||||||||
Actuarial assumptions used to determine net pension expense were: | ||||||||||||||||
Discount rate | 3.7 | % | 4.7 | % | 3.7 | % | 4.7 | % | ||||||||
Rate of increase in compensation levels | 3.08 | % | 3.08 | % | 3.08 | % | 3.08 | % | ||||||||
Expected long-term rate of return on assets | 6 | % | 6 | % | 6 | % | 6 | % | ||||||||
The Company contributed approximately $1.0 million to the Plan in the twenty-six weeks ended March 30, 2014 and the Company expects to contribute an additional $3.0 million during the remainder of fiscal 2014. |
Credit_Facility
Credit Facility | 6 Months Ended |
Mar. 30, 2014 | |
Text Block [Abstract] | ' |
Credit Facility | ' |
Credit Facility | |
On November 29, 2010, the Company and Markets entered into a $245.0 million senior secured credit facility (the “Credit Facility”) with Bank of America, N.A., as administrative agent and a lender. Lenders under the Credit Facility consist of a consortium of banks. The Credit Facility consists of a four-year $145.0 million term loan (the “Term Loan”) and a $100.0 million revolving credit facility (the “Revolving Credit Facility”). The Credit Facility is secured by substantially all of the Company’s personal property excluding certain intangible assets consisting of trademarks and shares of capital stock. The Credit Facility is guaranteed by the Company, its direct subsidiary Development and by its indirect subsidiaries Super Rx and Dairies. | |
The Term Loan bears interest at the Eurodollar Rate plus 2.50% or the Base Rate plus 1.50% (as defined in the Credit Facility) and the interest under the Term Loan is payable quarterly in arrears and includes mandatory quarterly principal payments of 5.0%, of the original outstanding balance, in each of the first two years of the agreement and 10.0%, of the original outstanding balance, in each of the years three and four of the agreement. The Term Loan also includes additional mandatory principal payments on the Term Loan based on a percentage of “excess cash flow” as defined in the Credit Facility. The Term Loan is due November 29, 2014 with any remaining outstanding principal amounts under the Term Loan due as of that date. Accordingly, the Company has classified the entire $72.3 million outstanding on the Term Loan as of March 30, 2014 as current portion of long-term debt. The security held under the Credit Facility is held until the Term Loan is paid in full. | |
During the twenty-six weeks ended March 30, 2014, the Company made principal payments on the Term Loan of approximately $21.2 million which consisted of a contractual quarterly principal payment of $10.9 million and an excess cash payment of $10.3 million. | |
As of March 30, 2014, the interest rates on the Term Loan are based on the Eurodollar Rate and consisted of a 90 day rate of approximately 2.734% on approximately $7.2 million of outstanding principal amount and a 180 day rate of approximately 2.849% on approximately $65.1 million of outstanding principal amount. | |
Note 6 – Credit Facility (contd.) | |
Subject to certain restrictions, the entire amount of the Revolving Credit Facility may be used for loans, letters of credit or a combination thereof. Borrowing under the Revolving Credit Facility are secured and will be used for working capital, certain capital expenditures and other general corporate purposes. Letters of credit issued under the Revolving Credit Facility are expected to be used for workers’ compensation insurance obligations and may be used for new store construction and certain other corporate purposes. The availability of the loans and letters of credit are subject to certain borrowing restrictions. | |
Loans under the Revolving Credit Facility bear interest at a rate based upon either (i) the “Base Rate” (defined as the higher of (a) the federal funds rate plus 0.50% and (b) the Bank of America “prime rate”), plus 1.50%, or (ii) the “Eurodollar Rate” (defined as the British Bankers Association LIBOR Rate adjusted for the maximum reserve requirement for Eurocurrency funding), plus 2.50%. For Eurodollar Rate loans, the Company will be entitled to select interest periods of one, two, three, six, nine or twelve months, subject to availability. | |
The Credit Facility requires the Company and Markets to meet certain financial tests, including minimum net worth and the maintenance of minimum earnings levels. The Credit Facility contains covenants which, among other things, limit the ability of the Company and its subsidiaries to (i) incur indebtedness, grant liens and guarantee obligations, (ii) enter into mergers, consolidations, liquidations and dissolutions, asset sales, investments, leases and transactions with affiliates, (iii) make restricted payments and (iv) make certain amendments to the Indentures governing the $255.0 million 7.375% Senior Notes due November 15, 2018 (“7.375% Senior Notes”) and the $285.0 million 7.75% Senior Notes due April 15, 2015 (“7.75% Senior Notes”) (“Notes Indentures”). Markets and the Company’s other direct and indirect subsidiaries are not limited in their ability to transfer assets in the form of loans, advances or cash dividends to the Company. | |
As of March 30, 2014, the Company and Markets were in compliance with all restrictive financial covenants under the Credit Facility. | |
As of March 30, 2014, the Company had $62.7 million of outstanding letters of credit and had $37.3 million available under the Credit Facility. | |
The Company had no borrowings outstanding under the Revolving Credit Facility as of March 30, 2014 and the Company did not incur any borrowings under the Revolving Credit Facility during the twenty-six weeks ended March 30, 2014. |
Senior_Notes_and_Subsidiary_Gu
Senior Notes and Subsidiary Guarantee | 6 Months Ended |
Mar. 30, 2014 | |
Text Block [Abstract] | ' |
Senior Notes and Subsidiary Guarantee | ' |
Senior Notes and Subsidiary Guarantee | |
As of March 30, 2014, the Company had $285.0 million outstanding of the 7.75% Senior Notes and $255.0 million outstanding of the 7.375% Senior Notes, collectively (the “Notes”). | |
The Notes are guaranteed by the Company’s subsidiaries Markets and Development and the Company’s indirect subsidiaries Super Rx and Dairies (each a “subsidiary guarantor”, and collectively, the “subsidiary guarantors”). Condensed consolidating financial information with respect to the subsidiary guarantors is not provided because the Company has no independent assets or operations, the subsidiary guarantees are full and unconditional and joint and several and there are no subsidiaries of the Company other than the subsidiary guarantors. |
Refinancing
Refinancing | 6 Months Ended |
Mar. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Refinancing | ' |
Refinancing | |
On May 12, 2014, the Company refinanced and signed a new Credit Agreement with Bank of America, N.A., as Administrative Agent, which consist of a five year Revolving Credit Facility in the amount of $150.0 million, a five year Term Loan A in the amount of $325.0 million and a seven year Term Loan B in the amount of $250.0 million (collectively the “Facility”). Loans under the new Revolving Credit Facility will bear an interest rate at the Eurodollar Rate plus 2.50%. The new Term Loan A will bear an interest rate at the Eurodollar Rate plus 2.50%. The Term Loan B will bear an interest rate at the Eurodollar Rate plus 3.75%, with a minimum Eurodollar Rate floor of 1.0%. Lending parties to the Facility consists of Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and a consortium of other banks and institutional lenders. The Facility is secured by substantially all of the Company’s personal property excluding certain intangible assets consisting of trademarks and shares of the Company's capital stock. The Facility is guaranteed by the Company, its direct subsidiary Development and its indirect subsidiary Super RX. Covenants under the Facility will be similar to covenants under the Company’s old Revolving Credit Facility and Term Loan. | |
The proceeds from the Facility and cash on hand will be used to pay-off the remaining outstanding $72.3 million of the Company’s existing Term Loan, the $285.0 million outstanding on the Company’s 7.75% Senior Notes due April 2015, the $255.0 million outstanding on the Company’s 7.375% Senior Notes due November 2018 and to pay fees and expenses from the transaction. | |
On May 12, 2014, the Company issued irrevocable call notices to redeem its $285.0 million 7.75% Senior Notes and its $255.0 million 7.375% Senior Notes. The redemption on these notes will occur on June 11, 2014. |
Litigation_Matters
Litigation Matters | 6 Months Ended |
Mar. 30, 2014 | |
Text Block [Abstract] | ' |
Litigation Matters | ' |
Litigation Matters | |
In the ordinary course of business, the Company is party to various legal actions which it believes are incidental to the operation of its business and the business of its subsidiaries. The Company records an appropriate provision when the occurrence of loss is probable and can be reasonably estimated. The Company believes that the outcome of such legal proceedings to which it is currently a party will not have a material adverse effect upon its consolidated financial statements. |
Dividends_and_Stock_Redemption
Dividends and Stock Redemption | 6 Months Ended |
Mar. 30, 2014 | |
Text Block [Abstract] | ' |
Dividends and Stock Redemption | ' |
Dividends and Stock Redemption | |
On December 27, 2012, the Company paid a $5.0 million dividend to La Cadena Investments (“La Cadena”), the sole shareholder of the Company. On April 15, 2014, the Company declared a $10.0 million dividend to La Cadena which was paid on April 17, 2014. | |
On April 9, 2014, the Company redeemed 658 shares of its class A Common Stock for approximately $8.8 million. The redemption was for shares held by the two Trusts created under the Moseley Family Revocable Trust (the "MoseleyTrusts") which La Cadena had distributed to the Moseley Trusts prior to the redemption of the shares. | |
As of March 30, 2014, and after taking into consideration the stock redemption on April 9, 2014 and the dividend payment on April 17, 2014, the Company had the ability and right to make restricted payments, including dividends, of $27.5 million. |
Sale_of_Pharmacy_Prescription_
Sale of Pharmacy Prescription Files | 6 Months Ended |
Mar. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Sale of Pharmacy Prescription Files | ' |
Sale of Pharmacy Prescription Files | |
In the second quarter of fiscal 2014, the Company closed three under performing pharmacies and sold the prescription files associated with these closed pharmacies. It recognized a pre-tax gain from the sale of the prescription files of $1.2 million which has been recorded in gain on sale of assets the Consolidated Statements of Income and Comprehensive Income. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended |
Mar. 30, 2014 | |
Text Block [Abstract] | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: | |
Cash and Cash Equivalents | |
The carrying amount approximates fair value because of the short-term maturity of these instruments. | |
Receivables | |
The carrying amount approximates fair value because of the short-term maturity of these instruments. | |
Note Receivable | |
Although market quotes for the fair value of the Company’s note receivable are not readily available, the Company believes the stated value approximates fair value. | |
Long-Term Debt | |
The fair value of the 7.75% Senior Notes and the 7.375% Senior Notes are determined based on observable inputs that are corroborated by market data (Level 2 as defined by ASC Topic 820, “Fair Value Measurements and Disclosures”). Although market quotes for the fair value of the Company’s Term Loan are not readily available, the Company believes its stated value approximates fair value. | |
As of March 30, 2014, the estimated fair value of the Company’s Long-Term Debt was $627.1 million. |
Retirement_Plans_Tables
Retirement Plans (Tables) | 6 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Components of Net Pension Expense and Periodic Benefit Costs | ' | |||||||||||||||
The following table provides the components of net periodic pension expense: | ||||||||||||||||
Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||||||||||||||
Mar 31, | Mar 30, | Mar 31, | Mar 30, | |||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Expected return on assets | $ | (1,175 | ) | $ | (1,325 | ) | $ | (2,350 | ) | $ | (2,658 | ) | ||||
Service cost | 1,223 | 872 | 2,445 | 1,908 | ||||||||||||
Interest cost | 1,119 | 1,222 | 2,239 | 2,479 | ||||||||||||
Amortization of prior service cost | 1 | 1 | 2 | 2 | ||||||||||||
Amortization of recognized losses | 747 | 258 | 1,494 | 556 | ||||||||||||
Net pension expense | $ | 1,915 | $ | 1,028 | $ | 3,830 | $ | 2,287 | ||||||||
Actuarial Assumptions Used to Determine Net Pension Expense and Periodic Benefit Costs | ' | |||||||||||||||
Actuarial assumptions used to determine net pension expense were: | ||||||||||||||||
Discount rate | 3.7 | % | 4.7 | % | 3.7 | % | 4.7 | % | ||||||||
Rate of increase in compensation levels | 3.08 | % | 3.08 | % | 3.08 | % | 3.08 | % | ||||||||
Expected long-term rate of return on assets | 6 | % | 6 | % | 6 | % | 6 | % |
Retirement_Plans_Components_of
Retirement Plans - Components of Net Pension Expense and Periodic Benefit Costs (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
Disclosure Retirement Plans Components Of Net Pension Expense And Periodic Benefit Costs [Abstract] | ' | ' | ' | ' |
Expected return on assets | ($1,325) | ($1,175) | ($2,658) | ($2,350) |
Service cost | 872 | 1,223 | 1,908 | 2,445 |
Interest cost | 1,222 | 1,119 | 2,479 | 2,239 |
Amortization of prior service cost | 1 | 1 | 2 | 2 |
Amortization of recognized losses | 258 | 747 | 556 | 1,494 |
Net pension expense | $1,028 | $1,915 | $2,287 | $3,830 |
Retirement_Plans_Actuarial_Ass
Retirement Plans - Actuarial Assumptions Used to Determine Net Pension Expense and Periodic Benefit Costs (Detail) | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | |
Disclosure Retirement Plans Actuarial Assumptions Used To Determine Net Pension Expense And Periodic Benefit Costs [Abstract] | ' | ' | ' | ' |
Discount rate | 4.70% | 3.70% | 4.70% | 3.70% |
Rate of increase in compensation levels | 3.08% | 3.08% | 3.08% | 3.08% |
Expected long-term rate of return on assets | 6.00% | 6.00% | 6.00% | 6.00% |
Retirement_Plans_Additional_In
Retirement Plans - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2014 |
Disclosure Retirement Plans Additional Information [Abstract] | ' |
Company contribution to defined benefit pension plan | $1 |
Company contribution to defined benefit pension plan, expected | $3 |
Credit_Facility_Additional_Inf
Credit Facility - Additional Information (Detail) (USD $) | Mar. 30, 2014 | Sep. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Nov. 29, 2010 | Mar. 30, 2014 | Nov. 29, 2010 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Nov. 29, 2010 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 |
7.375% Senior Notes [Member] | 7.75% Senior Notes [Member] | Credit Facility [Member] | Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||
Eurodollar [Member] | Base Rate [Member] | 90 day rate [Member] | 12 month rate [Member] | Eurodollar [Member] | Federal Funds Rate [Member] | Prime Rate [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, amount | ' | ' | ' | ' | $245,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan maturity period | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan, amount | ' | ' | ' | ' | ' | ' | 145,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, amount | ' | ' | ' | ' | ' | 62,700,000 | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' |
Quarterly principal payments percentage in years one and two | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly principal payments percentage in years three and four | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 72,336,000 | 24,810,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 1.50% | 2.73% | 2.85% | ' | 2.50% | 0.50% | 1.50% |
Principal amount on interest loan | ' | ' | ' | ' | ' | ' | ' | 21,200,000 | ' | ' | 7,200,000 | 65,100,000 | ' | ' | ' | ' |
Contractual quarterly principal payment | ' | ' | ' | ' | ' | ' | ' | 10,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Excess cash payment | ' | ' | ' | ' | ' | ' | ' | 10,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes, amount outstanding | ' | ' | 255,000,000 | 285,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | 7.38% | 7.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | 15-Nov-18 | 15-Apr-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit available under the credit facility | ' | ' | ' | ' | ' | $37,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior_Notes_and_Subsidiary_Gu1
Senior Notes and Subsidiary Guarantee - Additional Information (Detail) (USD $) | Mar. 30, 2014 |
In Millions, unless otherwise specified | |
7.75% Senior Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Senior Notes, amount outstanding | $285 |
Debt instrument, interest rate | 7.75% |
7.375% Senior Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Senior Notes, amount outstanding | $255 |
Debt instrument, interest rate | 7.38% |
Refinancing_Details
Refinancing (Details) (USD $) | Mar. 30, 2014 | Mar. 30, 2014 | 12-May-14 | 12-May-14 | 12-May-14 | 12-May-14 | 12-May-14 | 12-May-14 | 12-May-14 | 12-May-14 | Jun. 11, 2014 | Jun. 11, 2014 |
7.75% Senior Notes [Member] | 7.375% Senior Notes [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Term Loan A [Member] | Term Loan A [Member] | Term Loan B [Member] | Term Loan B [Member] | 7.75% Senior Notes [Member] | 7.375% Senior Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Forecast [Member] | Forecast [Member] | |||
Eurodollar [Member] | Eurodollar [Member] | Eurodollar [Member] | 7.75% Senior Notes [Member] | 7.375% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of the loan | ' | ' | '5 years | ' | '7 years | ' | ' | ' | '5 years | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | $325,000,000 | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' |
Base rate | ' | ' | ' | 2.50% | ' | 3.75% | ' | ' | ' | 2.50% | ' | ' |
Interest rate floor | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' |
Repayment of debt | ' | ' | ' | ' | ' | ' | 285,000,000 | 255,000,000 | 72,300,000 | ' | ' | ' |
Debt instrument, interest rate | 7.75% | 7.38% | ' | ' | ' | ' | 7.75% | 7.38% | ' | ' | ' | ' |
Redemption of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $285,000,000 | $255,000,000 |
Dividends_and_Stock_Redemption1
Dividends and Stock Redemption - Additional Information (Detail) (USD $) | 0 Months Ended | 0 Months Ended | |||
Dec. 27, 2012 | Mar. 30, 2014 | Apr. 15, 2014 | Apr. 17, 2014 | Apr. 09, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' |
Payments of dividends | $5,000,000 | ' | ' | $10,000,000 | ' |
Dividends Payable | ' | ' | 10,000,000 | ' | ' |
Stock Redeemed or Called During Period, Shares | ' | ' | ' | ' | 658 |
Stock Redeemed or Called During Period, Value | ' | ' | ' | ' | 8,800,000 |
Restricted payments | ' | $27,500,000 | ' | ' | ' |
Sale_of_Pharmacy_Prescription_1
Sale of Pharmacy Prescription Files (Details) (Under Performing Pharmacies [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2014 |
business_unit | |
Under Performing Pharmacies [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Number of business units sold | 3 |
Gain on sale of prescription files | $1.20 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Mar. 30, 2014 |
In Millions, unless otherwise specified | |
Estimated Fair Value Of Financial Instruments [Line Items] | ' |
Fair value of Long-Term Debt | $627.10 |
7.75% Senior Notes [Member] | ' |
Estimated Fair Value Of Financial Instruments [Line Items] | ' |
Interest rate on Senior Notes | 7.75% |
7.375% Senior Notes [Member] | ' |
Estimated Fair Value Of Financial Instruments [Line Items] | ' |
Interest rate on Senior Notes | 7.38% |