Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 26, 2016 | May. 06, 2016 | Sep. 26, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | MONRO MUFFLER BRAKE INC | ||
Entity Central Index Key | 876,427 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 26, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --03-26 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 2,069,200,000 | ||
Entity Common Stock Shares Outstanding | 32,247,684 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 26, 2016 | Mar. 28, 2015 |
Current assets: | ||
Cash and equivalents | $ 7,985 | $ 7,730 |
Trade receivables | 4,301 | 2,561 |
Federal and state income taxes receivable | 80 | |
Inventories | 129,035 | 129,727 |
Other current assets | 28,674 | 21,324 |
Total current assets | 170,075 | 161,342 |
Property, plant and equipment | 639,936 | 592,206 |
Less - Accumulated depreciation and amortization | (288,354) | (265,454) |
Net property, plant and equipment | 351,582 | 326,752 |
Goodwill | 400,132 | 349,088 |
Intangible assets | 39,520 | 34,555 |
Other non-current assets | 12,774 | 11,947 |
Long-term deferred income tax assets | 25,355 | 24,110 |
Total assets | 999,438 | 907,794 |
Current liabilities: | ||
Current portion of capital leases and financing obligations | 11,244 | 8,908 |
Trade payables | 69,887 | 62,920 |
Federal and state income taxes payable | 385 | |
Accrued payroll, payroll taxes and other payroll benefits | 23,989 | 22,265 |
Accrued insurance | 35,967 | 32,373 |
Warranty reserves | 10,793 | 10,752 |
Other current liabilities | 15,691 | 18,190 |
Total current liabilities | 167,571 | 155,793 |
Long-term capital leases and financing obligations | 165,730 | 133,145 |
Long-term debt | 103,315 | 122,543 |
Accrued rent expense | 5,145 | 5,342 |
Other long-term liabilities | 18,363 | 14,458 |
Long-term income taxes payable | 3,119 | 2,902 |
Total liabilities | $ 463,243 | $ 434,183 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Class C Convertible Preferred Stock, $1.50 par value, $.064 conversion value; 150,000 shares authorized; 32,500 shares issued and outstanding | $ 49 | $ 49 |
Common Stock, $.01 par value, 65,000,000 shares authorized; 38,556,678 and 38,007,537 shares issued at March 26, 2016 and March 28, 2015, respectively | 386 | 380 |
Treasury Stock, 6,316,652 and 6,180,489 shares at March 26, 2016 and March 28, 2015, respectively, at cost | (105,856) | (95,638) |
Additional paid-in capital | 186,550 | 160,880 |
Accumulated other comprehensive loss | (4,576) | (4,584) |
Retained earnings | 459,642 | 412,524 |
Total shareholders' equity | 536,195 | 473,611 |
Total liabilities and shareholders' equity | $ 999,438 | $ 907,794 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 26, 2016 | Mar. 28, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Class C convertible preferred stock par value | $ 1.50 | $ 1.50 |
Class C convertible preferred stock, conversion value | $ 0.064 | $ 0.064 |
Class C convertible preferred stock shares authorized | 150,000 | 150,000 |
Class C convertible preferred stock shares issued | 32,500 | 32,500 |
Class C convertible preferred stock shares outstanding | 32,500 | 32,500 |
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 65,000,000 | 65,000,000 |
Common stock shares issued | 38,556,678 | 38,007,537 |
Treasury stock shares | 6,316,652 | 6,180,489 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Sales | $ 943,651 | $ 894,492 | $ 831,432 |
Cost of sales, including distribution and occupancy costs | 557,948 | 541,142 | 511,458 |
Gross profit | 385,703 | 353,350 | 319,974 |
Operating, selling, general and administrative expenses | 265,114 | 243,561 | 224,627 |
Operating income | 120,589 | 109,789 | 95,347 |
Interest expense, net of interest income | 15,542 | 11,342 | 9,470 |
Other income, net | (374) | (908) | (659) |
Income before provision for income taxes | 105,421 | 99,355 | 86,536 |
Provision for income taxes | 38,616 | 37,556 | 32,077 |
Net income | 66,805 | 61,799 | 54,459 |
Other comprehensive income (loss): | |||
Changes in pension, net of tax provision (benefit) of $65, ($888) and $556, respectively | 8 | (1,449) | 908 |
Other comprehensive income (loss) | 8 | (1,449) | 908 |
Comprehensive income | $ 66,813 | $ 60,350 | $ 55,367 |
Earnings per share: | |||
Basic | $ 2.07 | $ 1.94 | $ 1.72 |
Diluted | $ 2 | $ 1.88 | $ 1.67 |
Weighted average number of common shares outstanding used in computing earnings per share: | |||
Basic | 32,026 | 31,605 | 31,394 |
Diluted | 33,353 | 32,944 | 32,642 |
Consolidated Statements Of Com5
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Tax provision (benefit) related to changes in pension | $ 65 | $ (888) | $ 556 |
Consolidated Statement of Chang
Consolidated Statement 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] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total | |||
Balance beginning at Mar. 30, 2013 | $ 49 | $ 373 | $ (90,064) | $ 131,460 | $ 327,267 | $ (4,043) | $ 365,042 | |||
Beginning balance, preferred shares at Mar. 30, 2013 | 32,500 | |||||||||
Beginning balance, common shares at Mar. 30, 2013 | 37,328,000 | 6,074,000 | ||||||||
Net income | 54,459 | 54,459 | ||||||||
Other comprehensive (loss) income: | ||||||||||
Pension liability adjustment | 908 | 908 | ||||||||
Dividends: | ||||||||||
Preferred dividends | [1] | (334) | (334) | |||||||
Common dividends | [1] | (13,822) | (13,822) | |||||||
Tax benefit from exercise of stock options | 1,866 | 1,866 | ||||||||
Exercise of stock options | [2] | $ 3 | $ (177) | 4,488 | $ 4,314 | |||||
Exercise of stock options, shares | 240,000 | [2] | 3,000 | [2] | 239,935 | |||||
Stock option compensation | 3,551 | $ 3,551 | ||||||||
Balance ending at Mar. 29, 2014 | $ 49 | $ 376 | $ (90,241) | 141,365 | 367,570 | (3,135) | 415,984 | |||
Ending balance, preferred shares at Mar. 29, 2014 | 32,500 | |||||||||
Ending balance, common shares at Mar. 29, 2014 | 37,568,000 | 6,077,000 | ||||||||
Net income | 61,799 | 61,799 | ||||||||
Other comprehensive (loss) income: | ||||||||||
Pension liability adjustment | (1,449) | (1,449) | ||||||||
Dividends: | ||||||||||
Preferred dividends | [1] | (395) | (395) | |||||||
Common dividends | [1] | (16,450) | (16,450) | |||||||
Stock issuance costs | (14) | (14) | ||||||||
Tax benefit from exercise of stock options | 2,208 | 2,208 | ||||||||
Exercise of stock options | [2] | $ 4 | $ (5,397) | 14,057 | $ 8,664 | |||||
Exercise of stock options, shares | 440,000 | [2] | 103,000 | [2] | 439,635 | |||||
Stock option compensation | 3,264 | $ 3,264 | ||||||||
Balance ending at Mar. 28, 2015 | $ 49 | $ 380 | $ (95,638) | 160,880 | 412,524 | (4,584) | $ 473,611 | |||
Ending balance, preferred shares at Mar. 28, 2015 | 32,500 | 32,500 | ||||||||
Ending balance, common shares at Mar. 28, 2015 | 38,008,000 | 6,180,000 | ||||||||
Net income | 66,805 | $ 66,805 | ||||||||
Other comprehensive (loss) income: | ||||||||||
Pension liability adjustment | 8 | 8 | ||||||||
Dividends: | ||||||||||
Preferred dividends | [1] | (456) | (456) | |||||||
Common dividends | [1] | (19,231) | (19,231) | |||||||
Tax benefit from exercise of stock options | 6,677 | 6,677 | ||||||||
Exercise of stock options | [2] | $ 6 | $ (10,218) | 16,243 | $ 6,031 | |||||
Exercise of stock options, shares | 549,000 | [2] | 137,000 | [2] | 549,141 | |||||
Stock option compensation | 2,750 | $ 2,750 | ||||||||
Balance ending at Mar. 26, 2016 | $ 49 | $ 386 | $ (105,856) | $ 186,550 | $ 459,642 | $ (4,576) | $ 536,195 | |||
Ending balance, preferred shares at Mar. 26, 2016 | 32,500 | 32,500 | ||||||||
Ending balance, common shares at Mar. 26, 2016 | 38,557,000 | 6,317,000 | ||||||||
[1] | Dividends paid per common share or common share equivalent were $.60, $.52 and $.44, respectively, for the years ended March 26, 2016, March 28, 2015 and March 29, 2014. | |||||||||
[2] | Includes the receipt of treasury stock in connection with the exercise of stock options and to partially satisfy tax withholding obligations. |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Consolidated Statement of Changes in Shareholders' Equity [Abstract] | |||
Common stock cash dividends per share | $ 0.60 | $ 0.52 | $ 0.44 |
Pension liability adjustment - pre-tax | $ 73 | $ (2,337) | $ 1,464 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 66,805 | $ 61,799 | $ 54,459 |
Adjustments to reconcile net income to net cash provided by operating activities - | |||
Depreciation and amortization | 39,769 | 35,721 | 31,688 |
Stock-based compensation expense | 2,750 | 3,264 | 3,551 |
Excess tax benefits from share-based payment arrangements | (8) | (121) | (195) |
Net change in deferred income taxes | 6,589 | 6,338 | 4,520 |
Gain on bargain purchase | 0 | (386) | (217) |
(Gain) loss on disposal of assets | (41) | 265 | 373 |
Change in operating assets and liabilities (excluding acquisitions): | |||
Trade receivables | (1,477) | 168 | 107 |
Inventories | 1,555 | 805 | (5,192) |
Other current assets | (6,847) | 2,622 | 5,149 |
Other non-current assets | 2,886 | (498) | 1,844 |
Trade payables | 7,079 | 9,599 | (7,685) |
Accrued expenses | 2,414 | 2,937 | 3,656 |
Federal and state income taxes payable | 6,212 | 4,764 | 2,031 |
Other long-term liabilities | (1,399) | (1,037) | 491 |
Long-term income taxes payable | 217 | 109 | (637) |
Total adjustments | 59,699 | 64,550 | 39,484 |
Net cash provided by operating activities | 126,504 | 126,349 | 93,943 |
Cash flows from investing activities: | |||
Capital expenditures | (36,834) | (34,750) | (32,150) |
Acquisitions, net of cash acquired | (49,018) | (84,367) | (27,467) |
Proceeds from the disposal of assets | 2,625 | 409 | 3,916 |
Net cash used for investing activities | (83,227) | (118,708) | (55,701) |
Cash flows from financing activities: | |||
Proceeds from borrowings | 336,942 | 343,561 | 304,321 |
Principal payments on long-term debt, capital leases and financing obligations | (366,707) | (336,617) | (333,174) |
Exercise of stock options | 8,602 | 8,664 | 4,314 |
Excess tax benefits from share-based payment arrangements | 8 | 121 | 195 |
Dividends paid | (19,687) | (16,845) | (14,156) |
Deferred financing costs | (2,180) | ||
Net cash used for financing activities | (43,022) | (1,116) | (38,500) |
Increase (decrease) in cash | 255 | 6,525 | (258) |
Cash at beginning of year | 7,730 | 1,205 | 1,463 |
Cash at end of year | $ 7,985 | $ 7,730 | $ 1,205 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 26, 2016 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | N OTE 1 – SIGNIFICANT ACCOUNTING POLICIES Background Monro Muffler Brake, Inc. and its wholly owned subsidiar ies , Monro Service Corporation and Car-X, LLC (together, “Monro”, the “Company”, “we”, “us”, or “our”), are engaged principally in providing automotive undercar repair and tire services in the United States. Monro had 1,029 Company-operated stores, 135 franchised location s and 14 dealer-operated automotive repair centers located in 25 states as of March 2 6 , 201 6 . Monro’s operations are organized and managed in one operating segment. Accounting estimates The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles. 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 Monro reports its results on a 52/53 week fiscal year ending on the last Saturday of March of each year. The following are the dates represented by each fiscal period: “Year ended Fiscal March 201 6 ”: March 29 , 201 5 – March 26 , 201 6 (52 weeks) “Year ended Fiscal March 201 5 ”: March 30 , 201 4 – March 2 8 , 201 5 (52 weeks) “Year ended Fiscal March 201 4 ”: March 31, 2013 – March 29 , 201 4 (52 weeks) Consolidation The Consolidated Financial Statements include Monro Muffler Brake, Inc. and its wholly owned subsidiar ies , Monro Service Corporation and Car-X, LLC , after the elimination of intercompany transactions and balances. Reclassifications Cer tain amounts in these financial statements have been reclassified to maintain comparability among the periods presented. Revenue recognition Sales are recorded upon completion of automotive undercar repair and tire services provided to customers. The following was Monro’s sales mix for fiscal 201 6 , 201 5 and 201 4 : Year Ended Fiscal March 2016 2015 2014 Brakes 15 % 15 % 15 % Exhaust 3 3 4 Steering 10 10 9 Tires 45 44 44 Maintenance 27 28 28 Total 100 % 100 % 100 % Revenue from the sale of tire road hazard warranty agreements is recognized on a straight-line basis over the contract period or other method when costs are not incurred ratably. Cash equivalents We consider all highly liquid instruments with original maturities of three months or less to be cash equivalents. Inventories Our inventories consist of automotive parts and tires. Inventories are valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. Barter credits We value barter credits at the fair market value of the inventory exchanged, as determined by reference to price lists for buying groups and jobber pricing. We use these credits primarily to pay vendors for purchases (mainly inventory vendors for the purchase of parts and tires) or to purchase other goods or services from the barter company such as advertising and travel. Property, plant and equipment Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is provided on a straight-line basis. Buildings and improvements related to owned locations are depreciated over lives varying from 10 to 39 years; machinery, fixtures and equipment over lives varying from 3 to 15 years; and vehicles over lives varying from 4 to 10 years. Computer hardware and software is depreciated over lives varying from 3 to 7 years. Buildings and improvements related to leased locations are depreciated over the shorter of the asset’s useful life or the reasonably assured lease term, as defined in the accounting guidance on leases. When property is sold or retired, the cost and accumulated depreciation are eliminated from the accounts and a gain or loss is recorded in the Consolidated Statements of Comprehensive Income. Expenditures for maintenance and repairs are expensed as incurred. (See Note 4.) Long-lived assets We evaluate the ability to recover long-lived assets whenever events or circumstances indicate that the carrying value of the asset may not be recoverable. In the event assets are impaired, losses are recognized to the extent the carrying value exceeds the fair value. In addition, we report assets to be disposed of at the lower of the carrying amount or the fair market value less costs to sell . Store opening and closing costs New store opening costs are charged to expense in the fiscal year when incurred. When we close a store, the estimated unrecoverable costs, including the remaining lease obligation net of sublease income, if any, are charged to expense. Leases Financing Obligations – We are often involved in the construction of leased stores. In some cases, we are respons ible for construction cost over runs or non-standard tenant improvements. As a result of this involvement, we are deemed the “owner” for accounting purposes during the construction period, requiring us to capitalize the construction costs on our Consolidated Balance Sheet. Upon completion of the project, we perform a sale-leaseback analysis pursuant to guidance on accounting for leases to determine if we can remove the assets from our Consolidated Balance Sheet. For some of these leases, we are considered to have “continuing involvement”, which precludes us from derecognizing the assets from our Consolidated Balance Sheet when construction is complete (“failed sale-leaseback”). In conjunction with these leases, we capitalize the construction costs on our Consolidated Balance Sheet and also record financing obligations representing payments owed to the landlord. We do not report rent expense for the properties which are owned for accounting purposes. Rather, rental payments under the lease are recognized as a reduction of the financing obligation and as interest expense. Additionally, since we often assume leases in acquisition transactions, the accounting for a seller who was involved in the construction of leased stores passes to us. Capital Leases – Some of our property is held under capital leases. These assets are included in property, plant and equipment and depreciated over the term of the lease. We do not report rent expense for capital leases. Rather, rental payments under the lease are recognized as a reduction of the capital lease obligation and interest expense. Operating Leases – All other leases are considered operating leases. Rent expense, including rent escalations, is recognized on a straight-line basis over the reasonably assured lease term, as defined in the accounting guidance on leases. Generally, the lease term is the base lease term plus certain renewal option periods for which renewal is reasonably assured. 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 annual impairment reviews in accordance with accounting guidance on goodwill, which we typically perform in the third quarter of the fiscal year. Impairment reviews 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 acquisi tions. The goodwill impairment test consists of a t wo-step process, if necessary. We perform a qualitative assessment to determine if it is more likely than not that the fair value is less than t he 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 are triggered, we perform the two-step process. The first step is to compare the fair value of our reporting unit to the book value of our reporting unit. If the fair value is less than its carrying value, the second step of the impairment test must be performed in order to determine the amount of impairment loss, if any. The second step compares the implied fair value of goodwill with the carrying amount of that goodwill. If the carrying amount of goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. The loss recognized cannot exceed th e carrying amount of goodwill. Intangible assets primarily represent allocations of purchase price to identifiable intangible assets of acquired businesses and are amortized over their estimated useful lives. All intangibles and other long-lived assets are reviewed when events or changes in circumstances indicate that the asset’s carrying value may not be recoverable. 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 amounts. No such indicators were present in fiscal 201 6 , 201 5 or 201 4 . 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, as discussed above, in accordance with accounting guidance, we are required to ensure that assumptions used to determine fair value in our analyses are consistent with the assumptions a hypothetical market 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 its previously forecasted amounts. As a result of our annual qualitative assessment performed in the third quarter of fiscal 201 6 , there were no impairments. There have been no triggering events during the fourth quarter of fiscal 201 6 . 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 use the services of an actuary on an annual basis 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 at and for the years ended March 201 6 , 201 5 and 201 4 was not material to our financial position or results of operations. See additional discussion of tire road hazard warranty agreements under the “Revenue recognition” section of this footnote. Comprehensive income As it relates to Monro, comprehensive income is defined as net earnings as adjusted for pension liability adjustments and is reported net of related taxes in the Consolidated Statements of Comprehensive Income and in the Consolidated Statements of Changes in Shareholders’ Equity. Income taxes Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using tax rates based on currently enacted rules and legislation and anticipated rates that will be in effect when the differences are expected to reverse. The accounting guidance for uncertainties in income tax prescribes a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. 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. (See Note 7.) Treasury stock Treasury stock is accounted for using the par value method. During the year ended March 26, 2016, Monro’s Chief Executive Officer surrendered 32,000 shares of Monro’s Common Stock at fair market value to pay the exercise price and the related taxes on the exercise of 89,000 stock options. Additionally, Monro’s Executive Chairman surrendered 100,000 shares of Common Stock at fair market value to pay the exercise price and to satisfy tax withholding obligations on the exercise of 150,000 stock options. During the year ended March 28, 2015, Monro’s Chief Executive Officer surrendered 77,000 shares of Monro’s Common Stock at fair market value to pay the exercise price on the exercise of 113,000 stock options. There was no activity for the Chief Executive Officer or Executive Chairman during the year ended March 29, 2014. Stock-based compensation 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. Forfeitures are estimated on the grant date and revised in subsequent periods if actual forfeitures differ from those estimates. We recognize compensation expense related to stock options using the straight-line approach. Option awards generally vest equally over the service period established in the award, typically four years. We estimate fair value using the Black-Scholes valuation model. Assumptions used to estimate the compensation expense are determined as follows: · Expected life of an award is based on historical experience and on the terms and conditions of the stock awards granted to employees; · Expected volatility is measured using historical changes in the market price of Monro’s Common Stock; · Risk-free interest rate is equivalent to the implied yield on zero-coupon U.S. Treasury bonds with a remaining maturity equal to the expected term of the awards; · Forfeitures are based substantially on the history of cancellations of similar awards granted by Monro in prior years; and · Dividend yield is based on historical experience and expected future changes. The weighted average fair value of options granted during fiscal 201 6 , 201 5 and 201 4 was $13.10 , $11.27 and $10.10 , respectively. The fair values of the options granted were estimated on the date of their grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended Fiscal March 2016 2015 2014 Risk-free interest rate 1.25 % 1.23 % .86 % Expected life, in years 4 4 4 Expected volatility 27.2 % 27.7 % 29.7 % Expected dividend yield .96 % .99 % .97 % Total stock-based compensation expense included in cost of sales and selling, general and administrative expenses in Monro’s Consolidated Statements of Comprehensive Income for the years ended March 2 6 , 201 6 , March 2 8 , 201 5 and March 29 , 201 4 was $2.8 million, $3.3 million and $3.6 million, respectively. The related income tax benefit was $1.0 million, $1.2 million and $1.3 m illion, respectively. Earnings per share Basic earnings per share is calculated by dividing net income less preferred stock dividends by the weighted average number of shares of Common Stock outstanding during the year. Diluted earnings per share is calculated by dividing net income by the weighted average number of shares of Common Stock and equivalents outstanding during the year. Common Stock equivalents represent shares issuable upon the assumed exercise of stock options. (See Note 10.) Advertising We expense the production costs of advertising the first time the advertising takes place, except for direct response advertising which is capitalized and amortized over its expected period of future benefits. 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 2 6 , 201 6 and March 2 8 , 201 5 , and advertising expense for the years ended March 201 6 , 201 5 and 201 4, were not material to these financial statements. Vendor rebates and cooperative advertising credits We account for vendor rebates and cooperative advertising credits as a reduction of the cost of products purchased, except where the rebate or credit is a reimbursement of costs incurred to sell the vendor’s product, in which case it is offset against the costs incurred. Guarantees At the time we issue a guarantee, we recognize an initial liability for the fair value, or market value, of the obligation we assume under that guarantee. Monro has guaranteed certain lease payments, primarily related to franchisees, amounting to $10.4 million. This amount represents the maximum potential amount of future payments under the guarantees as of March 26, 2016. The leases are guaranteed through April 2020. In the event of default by the franchise owner, Monro generally retains the right to assume the lease of the related store, enabling Monro to re-franchise the location or to operate that location as a Company-operated store. As of March 26, 2016, and in conjunction with purchase accounting, we have recorded a liability of $.7 million related to anticipated defaults under the foregoing leases. Recent accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance for the reporting of revenue from contracts with customers. This guidance provides guidelines a company will apply to determine the measurement of revenue and timing of when it is recognized. In March 2016, the FASB finalized its amendments to this guidance on assessing whether an entity is a principal or an agent in a revenue transaction. The amendment provides clarification on principal versus agent considerations by providing indicators that suggest control. The guidance impacts whether an entity records revenue on a gross versus net basis. In August 2015, the FASB delayed the effective date of the guidance to fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date for public entities. We are currently evaluating the potential effect of the adoption of this guidance on our Consolidated Financial Statements. In April 2015, the FASB issued new accounting guidance related to the presentation of debt issuance costs. This guidance requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. These costs will continue to be amortized to interest expense using the effective interest method. This pronouncement is effective for fiscal years and for interim periods within those years beginning after December 15, 2015. Retrospective adoption is required. In September 2015, the FASB issued guidance clarifying that debt issuance costs related to revolver and line of credit arrangements can be recorded as an asset and amortized over the term of the arrangement, which is consistent with Monro’s current presentation. This guidance did not have a material effect on our Consolidated Financial Statements. In April 2015, the FASB issued new accounting guidance related to the measurement date of an employer's defined benefit obligation and plan assets. This guidance permits a reporting entity with a fiscal year-end that does not coincide with a month-end to measure defined benefit plan assets and obligations using the month-end that is closest to the entity's fiscal year-end and apply that practical expedient consistently from year to year. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. The new guidance is consistent with Monro’s current presentation. This guidance did not have a material impact on our Consolidated Financial Statements. In July 2015, the FASB issued new accounting guidance for the reporting of inventory. This guidance requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We have elected early adoption of this guidance during the fourth quarter of fiscal 2016. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements. In September 2015, the FASB issued new accounting guidance that is intended to simplify the accounting for adjustments made to provisional amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments. This guidance requires an entity to present separately on the face of the income statement or disclose in the notes the amount recorded in current period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This guidance is effective for fiscal years and for interim periods within those years beginning after December 15, 2015. We have adopted this guidance during the fourth quarter of fiscal 2016. Adoption of this guidance did not have a material effect on our Consolidated Financial Statements. In November 2015, the FASB issued new accounting guidance related to the balance sheet classification of deferred taxes. This guidance will require that deferred tax assets and liabilities be classified as noncurrent in a classified balance sheet. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016, with early adoption permitted. We have elected early adoption of this guidance during the fourth quarter of fiscal 2016, utilizing retrospective application as permitted. As a result, we have presented all net deferred tax assets and liabilities as noncurrent on our consolidated balance sheet as of March 26, 2016 and March 28, 2015. For the classified balance sheet as of March 28, 2015, we have reclassified current deferred tax assets of $13,942,000 as noncurrent deferred tax assets. In February 2016, the FASB issued new accounting guidance related to leases. This guidance establishes a right of use (ROU) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. Early adoption is permitted. We are currently evaluating the effect of the adoption of this guidance on our Consolidated Financial Statements. In March 2016, the FASB issued new accounting guidance intended to simplify various aspects related to accounting for share-based payments and their presentation in the financial statements. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements. Other recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification) and the Securities and Exchange Commission did not, or are not expected to have a material effect on our Consolidated Financial Statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 26, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | NOTE 2 – ACQUISITIONS Monro ’s acquisitions are strategic moves in our plan to fill in and expand our presence in our existing and contiguous markets, and leverage fixed operating costs such as distribution and advertising. Subsequent Events On May 1, 2016, we acquired 29 retail/commercial tire and automotive repair stores and one retread plant located in Florida from McGee Tire Stores, Inc. These stores will operate primarily under The Tire Choice name. The acquisition was financed through our existing credit facility. Fiscal 2016 During fiscal 2016, we acquired the following businesses for an aggregate purchase price of $51.1 million. The acquisitions were financed through our existing credit facility. The results of operations for these acquisitions are included in Monro’s financial results from the respective acquisition dates. · During fiscal 2016, we acquired three retail tire and automotive repair stores located in Illinois and Indiana from two former Car-X franchisees. These stores operate under the Car-X name. · On January 31, 2016, we acquired one retail tire and automotive repair store located in Georgia from Marietta Tire & Service, Inc. This store operates under the Mr. Tire name. · On December 13, 2015, we acquired four retail tire and automotive repair stores located in Wisconsin from McMar, Inc., a former Car-X franchisee. These stores operate under the Car-X name. · On December 13, 2015, we acquired one retail tire and automotive repair store located in Florida from Host Tires of Lakeland, Inc. This store operates under The Tire Choice name. · On August 16, 2015, we acquired 27 retail tire and automotive repair stores located in New York and Pennsylvania from Kost Tire. These stores operate under the Mr. Tire name. · On July 12, 2015, we acquired four retail tire and automotive repair stores located in Massachusetts from Windsor Tire Co., Inc. These stores operate under the Monro Brake & Tire name. · On April 25, 2015, we acquired the Car-X Brand, as well as the franchise rights for 146 auto service centers from Car-X Associates Corp., a subsidiary of Tuffy Associates Corp. At the time of acquisition, the Car-X stores were owned and operated by 32 independent Car-X franchisees in Illinois, Indiana, Iowa, Kentucky, Minnesota, Missouri, Ohio, Tennessee , Texas and Wisconsin. The franchise locations operate under the Car-X name. Monro operates as the franchisor through a standard royalty agreement, while Car-X remains a separate and independent brand and business through Car-X, LLC, Monro’s wholly-owned subsidiary, with franchise operations based in Illinois. These acquisitions resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combining these businesses with ours, and unidentifiable intangible assets. All of the goodwill is expected to be deductible for tax purposes. We have recorded finite-lived intangible assets at their estimated fair value related to customer relationships, trade name, franchise agreements and favorable leases. We expensed all costs related to acquisitions during fiscal 2016. The total costs related to completed acquisitions were $.7 million for the year ended March 26, 2016. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses. Sales, including franchise royalty income, and net income for the fiscal 2016 acquired entities totaled $24.8 million and approximately $1.4 million, respectively, for the period from acquisition date through March 26, 2016. Supplemental pro forma information for the current or prior reporting periods has not been presented due to the impracticability of obtaining detailed, accurate or reliable data for the periods the acquired entities were not owned by Monro. The preliminary fair values of identifiable assets acquired and liabilities assumed were based on preliminary valuation data and estimates. The excess of the net purchase price over the net tangible and intangible assets acquired was recorded as goodwill. The preliminary allocation of the aggregate purchase price as of March 26, 2016 was as follows: As of Acquisition Date (Dollars in thousands) Trade receivables $ 263 Inventories 922 Other current assets 502 Property, plant and equipment 11,177 Intangible assets 11,270 Other non-current assets 24 Long-term deferred income tax assets 5,465 Total assets acquired 29,623 Warranty reserves 162 Other current liabilities 1,617 Long-term capital leases and financing obligations 22,142 Other long-term liabilities 845 Total liabilities assumed 24,766 Total net identifiable assets acquired $ 4,857 Total consideration transferred $ 51,104 Less: total net identifiable assets acquired 4,857 Goodwill $ 46,247 The total consideration of $51.1 million is comprised of $45.1 million in cash, and a $6.0 million payable to a seller. The payable is being liquidated via equal monthly payments through August 2022. The following are the intangible assets acquired and their respective fair values and weighted average useful lives. As of Acquisition Date Weighted Dollars Average in thousands Useful Life Franchise agreements $ 7,200 18 years Trade name 2,100 15 years Favorable leases 1,281 15 years Customer lists 689 7 years Total $ 11,270 16 years We continue to refine the valuation data and estimates related to road hazard warranty, intangible assets, real estate and real property leases for the fiscal 2016 acquisitions and expect to complete the valuations no later than the first anniversary date of the respective acquisition. We anticipate that adjustments will continue to be made to the fair values of identifiable assets acquired and liabilities assumed and those adjustments may or may not be material. Fiscal 2015 During fiscal 2015, we acquired the following businesses for an aggregate purchase price of $87. 5 million. The acquisitions were financed through our existing credit facility. The results of operations for these acquisitions are included in Monro’s financial results from the respective acquisition dates. · On March 1, 2015, we acquired eight retail tire and automotive repair stores located in Florida from Martino Tire Stores. These stores operate under The Tire Choice name. · On December 7, 2014, we acquired nine retail tire and automotive repair stores located in Florida from Gold Coast Tire & Auto Centers. These stores operate under The Tire Choice name. · During July and December 2014 and March 2015, we acquired five retail tire and automotive repair stores located in New York, Georgia and New Jersey through five separate transactions. These stores operate under the Mr. Tire name. · On September 28, 2014, we acquired nine retail tire and automotive repair stores located in Georgia from Wood & Fullerton Stores, LLC. These stores operate under the Mr. Tire name. · On August 8, 2014, we acquired 35 retail tire and automotive repair stores located in Florida from Hennelly Tire & Auto, Inc. These stores operate under The Tire Choice name. · On June 15, 2014, we acquired ten and nine retail tire and automotive repair stores located in Michigan from Lentz U.S.A. Service Centers, Inc. and Kan Rock Tire Company, Inc., respectively. Two of the acquired stores were never opened. These stores operate under the Monro Brake & Tire name. · On April 13, 2014, we acquired two retail tire and automotive repair stores located in New Hampshire from Bald Tire & Auto, Inc. These stores were previously Tire Warehouse franchise locations and continue to operate under the Tire Warehouse 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, and unidentifiable intangible assets. All of the goodwill is expected to be deductible for tax purposes. We have recorded finite-lived intangible assets at their estimated fair value related to customer relationships, trade name and favorable leases. We expensed all costs related to acquisitions during fiscal 2015. The total costs related to completed acquisitions were $1.1 million for the year ended March 28, 2015. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses. Sales and net income for the fiscal 2015 acquired entities totaled $52.2 million and approximately $.5 million, respectively, for the period from acquisition date through March 28, 2015. Supplemental pro forma information for the current or prior reporting periods has not been presented due to the impracticability of obtaining detailed, accurate or reliable data for the periods the acquired entities were not owned by Monro. We finalized the purchase accounting relative to the fiscal 2015 acquisitions during fiscal 2016. As a result of the final purchase price allocations, certain of the fair value amounts previously estimated were adjusted during the measurement period. These measurement period adjustments related to updated valuation reports and appraisals received from our external valuation specialists, as well as revisions to internal estimates. The changes in estimates recorded in fiscal 2016 include an increase in property, plant and equipment of $4.1 million; a decrease in intangible assets of $.6 million; an increase in the long-term deferred income tax assets of $2.3 million; an increase in other current assets of $.4 million; an increase in the current portion of capital leases and financing obligations of $.8 million; an increase in long-term capital leases and financing obligations of $9.5 million; and an increase in other liabilities of $.2 million. The measurement period adjustments resulted in an increase to goodwill of $4.3 million. These adjustments were not material to the Consolidated Statements of Comprehensive Income for the years ended March 26, 2016 and March 28, 2015. We have recorded the identifiable assets acquired and liabilities assumed at their fair values as of their respective acquisition dates (including any measurement period adjustments), with the remainder recorded as goodwill as follows: As of Acquisition Date (Dollars in thousands) Inventories $ 5,588 Other current assets 567 Property, plant and equipment 35,355 Intangible assets 8,608 Other non-current assets 129 Long-term deferred income tax assets 17,649 Total assets acquired 67,896 Warranty reserves 990 Other current liabilities 3,719 Long-term capital leases and financing obligations 57,292 Other long-term liabilities 1,703 Total liabilities assumed 63,704 Total net identifiable assets acquired $ 4,192 Total consideration transferred $ 87,451 Plus: gain on bargain purchase 383 Less: total net identifiable assets acquired 4,192 Goodwill $ 83,642 The following are the intangible assets acquired and their respective fair values and weighted average useful lives. As of Acquisition Date Weighted Dollars Average in thousands Useful Life Trade name $ 1,900 10 years Favorable leases 4,482 14 years Customer lists 2,226 7 years Total $ 8,608 11 years |
Other Current Assets
Other Current Assets | 12 Months Ended |
Mar. 26, 2016 | |
Other Current Assets [Abstract] | |
Other Current Assets | NOTE 3 – OTHER CURRENT ASSETS The composition of other current assets is as follows: Year Ended Fiscal March 2016 2015 (Dollars in thousands) Vendor rebates receivable $ 11,984 $ 10,530 Other 16,690 10,794 $ 28,674 $ 21,324 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 26, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 4 – PROPERTY, PLANT AND EQUIPMENT The major classifications of property, plant and equipment are as follows: March 26, 2016 March 28, 2015 Assets Under Assets Under Capital Lease/ Capital Lease/ Assets Financing Assets Financing Owned Obligations Total Owned Obligations Total (Dollars in thousands) Land $ 80,195 $ 80,195 $ 77,499 $ 77,499 Buildings and improvements 212,421 $ 112,969 325,390 204,523 $ 89,148 293,671 Equipment, signage and fixtures 208,204 208,204 196,039 196,039 Vehicles 23,608 23,608 21,803 21,803 Construction-in-progress 2,539 2,539 3,194 3,194 526,967 112,969 639,936 503,058 89,148 592,206 Less - Accumulated depreciation and amortization 258,516 29,838 288,354 239,474 25,980 265,454 $ 268,451 $ 83,131 $ 351,582 $ 263,584 $ 63,168 $ 326,752 Depreciation expense totaled $36.0 million, $32.1 million and $28.6 million for the fiscal years ended March 201 6 , 201 5 and 201 4 , respectively. Amortization expense recorded under capital leases and financing obligations and included in depreciation expense above totaled $7.5 million, $5.7 million and $5.2 million for the fiscal years ended March 201 6 , 201 5 and 201 4 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 26, 2016 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | NOTE 5 – GOODWILL AND INTANGIBLE ASSETS The changes in goodwill during fiscal 201 6 and 201 5 were as follows: Dollars in thousands Balance at March 29, 2014 $ 270,039 Fiscal 2015 acquisitions 79,316 Adjustments to fiscal 2014 purchase accounting (267) Balance at March 28, 2015 349,088 Fiscal 2016 acquisitions 46,247 Adjustments to fiscal 2015 purchase accounting 4,326 Other adjustments 471 Balance at March 26, 2016 $ 400,132 In fiscal 2016, the other adjustments relate to an immaterial correction of an out of period error related to the lease liability for a fiscal 2013 acquisition. The composition of other intangible assets is as follows: Year Ended Fiscal March 2016 2015 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (Dollars in thousands) Customer lists $ 22,490 $ 13,283 $ 23,648 $ 11,024 Favorable leases 18,418 5,996 15,074 4,925 Trade names 18,002 6,960 17,550 5,791 Franchise agreements 7,320 487 120 120 Other intangible assets 540 524 540 517 Total intangible assets $ 66,770 $ 27,250 $ 56,932 $ 22,377 Monro’s intangible assets are being amortized over their estimated useful lives. The weighted average useful lives of Monro’s intangible assets are approximately nine years for customer lists, 14 years for favorable leases , 14 years for trade names, 18 years for franchise agreements and five years for other intangible assets. Amortization of intangible assets, excluding amortization of favorable leases included in rent expense, during fiscal 201 6 , 201 5 and 201 4 totaled $3.8 million, $3.6 million and $3.1 million, respectively. Estimated future amortization of intangible assets is as follows: Customer lists/ Trade names/ Franchise agreements/ Favorable Year Ending Fiscal March Other Leases (Dollars in thousands) 2017 $ 3,941 $ 1,320 2018 3,796 1,285 2019 3,495 1,247 2020 2,579 1,204 2021 1,860 1,139 |
Long-Term Debt, Capital Leases
Long-Term Debt, Capital Leases And Financing Obligations | 12 Months Ended |
Mar. 26, 2016 | |
Long-Term Debt, Capital Leases And Financing Obligations [Abstract] | |
Long-Term Debt, Capital Leases And Financing Obligations | NOTE 6 – LONG-TERM DEBT, CAPITAL LEASES AND FINANCING OBLIGATIONS Long-term debt, capital leases and financing obligations consist of the following: March 26, March 28, 2016 2015 (Dollars in thousands) Revolving Credit Facility, LIBOR-based (a) $ 103,315 $ 122,543 Long-term debt $ 103,315 $ 122,543 Obligations under capital leases and financing obligations at various interest rates, due in installments through 2045 $ 176,974 $ 142,053 Less – Current portion of capital leases and financing obligations (11,244) (8,908) Long-term capital leases and financing obligations $ 165,730 $ 133,145 _________________ (a) The London Interbank Offered Rate (LIBOR) at March 2 6 , 201 6 was .43% . In June 2011, we entered into a five -year, $175 million Revolving Credit Facility agreement with seven banks . Th is Revolving Credit Facility also provided an accordion feature permitting us to request an increase in availability of up to an additional $75 million. In December 2012, the Revolving Credit Facility was amended to include the following: the committed sum was increased by $75 million to $250 million; the term was extended for another one and a half years, such that the Revolving Credit Facility was to expire in December 2017 ; and the $75 million accordion feature was maintained. There were no other changes in terms including those related to co venants or interest rates. On January 25, 2016, we entered into a new five -year $600 million Revolving Credit Facility agreement with nine banks (the “Credit Facility”). Interest only is payable monthly throughout the Credit Facility’s term. The Credit Facility increases our current borrowing capacity from our prior financing agreement by $350 million to $600 million, and includes an accordion feature permitting us to request an increase in availability of up to an additional $100 million, an increase of $25 million from our prior financing agreement. The expanded facility bears interest at 75 to 175 basis points over LIBOR. The Credit Facility requires fees payable quarterly throughout the term between .15% and .35% of the amount of the average net availability under the Credit Facility during the preceding quarter. There was $103.3 million outstanding under the Credit Facility at March 26, 2016. We were in compliance with all debt covenants as of March 26, 2016. At March 2 6, 2016 and March 28, 2015 , the interest rate spread paid by the Company was 100 and 125 basis points over LIBOR , respectively . Within the Credit Facility, we have a sub-facility of $80 million for the purpose of issuing standby letters of credit. The line requires fees aggregating 87.5 to 187.5 basis points over LIBOR annually of the face amount of each standby letter of credit, payable quarterly in arrears. There was $23.7 million in an outstanding letter of credit at March 2 6, 2016 . The net availability under the Credit Facility at March 2 6, 2016 was $473.0 million. Specific terms of the Credit Facility permit the payment of cash dividends not to exceed 50% of the prior year’s net income, and permit mortgages and specific lease financing arrangements with other parties with certain limitations. Other specific terms and the maintenance of specified ratios are generally consistent with our prior financing agreement. Additionally, the Credit Facility is not secured by our real property, although we have agreed not to encumber our real property, with c ertain permissible exceptions. Long-term debt had a carrying amount and a fair value of $103.3 million as of March 2 6 , 201 6 , as compared to a carrying amount and a fair value of $122.5 million as of March 2 8 , 20 15 . The fair value of long-term debt was estimated based on discounted cash flow analyses using either quoted market prices for the same or similar issues, or the current interest rates offered to Monro for debt with similar maturities. In addition, we have financed certain store properties and vehicles with capital leases/financing obligations, which amount to $177.0 million and a re due in installments through 2045 . During fiscal 1995, Monro purchased 12.7 acres of land for $.7 million from the City of Rochester, New York, on which its office/warehouse facility is located. The City had provided financing for 100% of the cost of the land via a 20 -year non-amortizing, non-interest bearing mortgage. The mortgage was paid in full in fiscal 2015. Aggregate debt maturities over the next five years are as follows: Capital Leases/ Financing Obligations Aggregate Imputed All Other Year Ending Fiscal March Amount Interest Debt Total (Dollars in thousands) 2017 $ 24,042 $ (12,798) $ 11,244 2018 24,279 (12,042) 12,237 2019 24,289 (11,198) 13,091 2020 24,197 (9,724) 14,473 2021 24,034 (9,189) $ 103,315 118,160 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 26, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 7 – INCOME TAXES The components of the provision for income taxes are as follows: Year Ended Fiscal March 2016 2015 2014 (Dollars in thousands) Current - Federal $ 29,202 $ 28,262 $ 25,978 State 2,825 2,956 1,579 32,027 31,218 27,557 Deferred - Federal 6,216 6,194 4,793 State 373 144 (273) 6,589 6,338 4,520 Total $ 38,616 $ 37,556 $ 32,077 Deferred tax (liabilities) assets consist of the following: March 26, March 28, 2016 2015 (Dollars in thousands) Goodwill $ (31,075) $ (24,167) Other (981) (939) Total deferred tax liabilities (32,056) (25,106) Property and equipment 28,085 20,592 Insurance reserves 11,626 10,813 Warranty and other reserves 4,671 4,538 Stock options 3,040 3,729 Other 9,989 9,544 Total deferred tax assets 57,411 49,216 Net deferred tax assets $ 25,355 $ 24,110 We have $4.3 million of state net operating loss carryforwards available as of March 2 6 , 201 6 . The carryforwards expire in varying amounts through 2036 . Based on all available evidence, we have determined that it is more likely than not that sufficient taxable income of the appropriate character within the carryforward period will exist for the realization of the tax benefits on existing state net operating loss carryforwards. We believe it is more likely than not that all other future tax benefits will be realized as a result of current and future income. A reconciliation between the U. S. federal statutory tax rate and the effective tax rate reflected in the accompanying financial statements is as follows: Year Ended Fiscal March 2016 2015 2014 Amount Percent Amount Percent Amount Percent (Dollars in thousands) Federal income tax based on statutory tax rate applied to income before taxes $ 36,897 35.0 $ 34,774 35.0 $ 30,287 35.0 State income tax, net of federal income tax benefit 2,306 2.2 2,170 2.2 2,097 2.4 Other (587) (0.6) 612 0.6 (307) (0.3) $ 38,616 36.6 $ 37,556 37.8 $ 32,077 37.1 The following is a rollforward of Monro’s liability for income taxes associated with unrecognized tax benefits: Dollars in thousands Balance at March 30, 2013 $ 5,704 Tax positions related to current year: Additions 1,678 Reductions Tax positions related to prior years: Additions Reductions (88) Settlements (381) Lapses in statutes of limitations (1,013) Balance at March 29, 2014 5,900 Tax positions related to current year: Additions 2,066 Reductions Tax positions related to prior years: Additions 164 Reductions 33 Settlements Lapses in statutes of limitations (668) Balance at March 28, 2015 7,495 Tax positions related to current year: Additions 1,116 Reductions Tax positions related to prior years: Additions Reductions (922) Settlements Lapses in statutes of limitations (760) Balance at March 26, 2016 $ 6,929 The total amount of unrecognized tax benefits was $6.9 million at March 2 6 , 201 6 , 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 accordingly. During the year ended March 28, 2015, we recognized interest and penalties of approximately $.1 million, in income tax expense; and during the year ended March 29, 2014, we recorded a benefit from the reversal of accrued interest and penalties of approximately $.1 million in income tax expense. Additionally, we had approximately $.4 million of interest and penalties associated with uncertain tax benefits accrued as of March 2 6 , 201 6 and March 2 8 , 201 5 . We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Monro’s fiscal 201 3 through 2015 U.S. federal tax years and various state tax years remain subject to income tax examinations by tax authorities. |
Stock Ownership
Stock Ownership | 12 Months Ended |
Mar. 26, 2016 | |
Stock Ownership [Abstract] | |
Stock Ownership | NOTE 8 – STOCK OWNERSHIP A summary of the changes in the number of shares of Common Stock, Class C preferred stock and treasury stock is as follows: Class C Common Convertible Stock Preferred Treasury Shares Stock Shares Stock Issued Issued Shares Balance at March 30, 2013 37,327,967 32,500 6,073,836 Stock options exercised 239,935 3,115 Balance at March 29, 2014 37,567,902 32,500 6,076,951 Stock options exercised 439,635 103,538 Balance at March 28, 2015 38,007,537 32,500 6,180,489 Stock options exercised 549,141 136,163 Balance at March 26, 2016 38,556,678 32,500 6,316,652 Holders of at least 60% 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 $.064 per share at March 2 6 , 201 6 and March 2 8 , 201 5 . |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Mar. 26, 2016 | |
Share Based Compensation [Abstract] | |
Share Based Compensation | NOTE 9 – SHARE BASED COMPENSATION Monro currently grants stock option awards under the 2007 Incentive Stock Option Plan (the “2007 Plan”). The 2007 Plan was authorized by the Board of Directors in June 2007, initially reserving 873,000 shares (as retroactively adjusted for stock splits) of Common Stock for issuance to eligible employees and all non-employee directors. The 2007 Plan was approved by shareholders in August 2007. Prior to fiscal 2008, Monro had options outstanding under three other stock option plans: the 1994 Non-Employee Directors Stock Option Plan (the “1994 Plan”) (which was approved by shareholders in August 1995); the 1998 Incentive Stock Option Plan (the “1998 Plan”) (which was approved by shareholders in August 1999); and the 2003 Non-Employee Directors Stock Option Plan (the “2003 Plan”) (which was approved by shareholders in August 2003), collectively the “Prior Plans” . Upon shareholder approval of the 2007 Plan, all shares of Common Stock available for award under the 1998 and 2003 Plans were transferred to, and made available for award under the 2007 Plan. The 1994 Plan had no options available for grant upon adoption of the 2007 Plan. No further option grants may be made under the Prior Plans, although outstanding awards under the Prior Plans will remain outstanding in accordance with the terms of those plans and the stock option agreements entered into under those plans. The 1994 Plan had a total of 675,345 common shares authorized for issuance; the 1998 Plan had a total of 4,016,250 shares authorized for issuance; and the 2003 Plan had a total of 315,000 shares authorized for issuance (all as retroactively adjusted for stock splits). Upon authorization of the 2007 Plan by shareholders, 628,620 shares (as retroactively adjusted for stock splits) were transferred from the 1998 and 2003 Plans into the 2007 Plan, bringing the total authorized shares to 1,501,620 (as retroactively adjusted for stock splits). In addition, in May 2013 and 2010, the Compensation Committee of the Board of Directors authorized an additional 2,000,000 and 1,500,000 shares (as retroactively adjusted for stock splits), respectively, of common stock for grant under the 2007 Plan, which were approved by shareholders in August 2013 and August 2010, respectively. At March 2 6 , 201 6 , there was a total of 5,001,620 shares authorized for grant under the 2007 Plan (as retroactively adjusted for stock splits), including the shares transferred from the 1998 and 2003 Plans. Generally, employee options vest over a four year period , and have a duration of six to ten years. Outstanding options are exercisable for various periods through March 202 2 . A summary of changes in outstanding stock options is as follows: Weighted Average Exercise Options Price Outstanding At March 30, 2013 $ 28.66 1,864,114 Granted $ 45.38 181,400 Exercised $ 18.73 (239,935) Canceled $ 35.48 (32,178) At March 29, 2014 $ 31.58 1,773,401 Granted $ 52.73 211,225 Exercised $ 31.98 (439,635) Canceled $ 43.04 (26,661) At March 28, 2015 $ 34.21 1,518,330 Granted $ 62.28 243,410 Exercised $ 29.59 (549,141) Canceled $ 50.69 (23,808) At March 26, 2016 $ 41.75 1,188,791 The total shares exercisable at March 26, 2016, March 28, 2015 and March 29, 2014 was 789,422 , 1,098,601 and 1,160,572 , respectively. The weighted average exercise price of all shares exercisable at March 26, 2016 was $36.75 . There were 1,743,429 shares available for grant at March 2 6 , 201 6 . The weighted average contractual term of all options outstanding at March 26, 2016 and March 28, 2015 was 3.0 years and 2.7 years, respectively. The aggregate intrinsic value of all options (the amount by which the market price of the stock on the date of exercise exceeded the exercise price of the option) outstanding at March 26, 2016 and March 28, 2015 was $33.2 million and $46.7 million, respectively. The weighted average contractual term of all options exercisable at March 26, 2016 and March 28, 2015 was 2.5 years and 2.2 years, respectively. The aggregate intrinsic value of all options exercisable at March 26, 2016 and March 28, 2015 was $26.0 million and $37.2 million, respectively. A summary of the status of and changes in nonvested stock options granted is as follows: Weighted Average Grant-Date Fair Value Options (per Option) Non-vested at March 30, 2013 879,197 $ 8.52 Granted 181,400 $ 10.11 Vested (417,743) $ 8.66 Canceled (30,025) $ 8.90 Non-vested at March 29, 2014 612,829 $ 8.88 Granted 211,225 $ 11.27 Vested (382,197) $ 9.22 Canceled (22,128) $ 10.37 Non-vested at March 28, 2015 419,729 $ 9.70 Granted 243,410 $ 13.10 Vested (242,841) $ 10.38 Canceled (20,929) $ 10.18 Non-vested at March 26, 2016 399,369 $ 11.26 The following table summarizes information about fixed stock options outstanding at March 2 6 , 201 6 : Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Shares Average Range of Shares Remaining Exercise Under Exercise Exercise Prices Under Option Life Price Option Price $11.76 - $33.64 489,924 2.26 $ 27.90 414,799 $ 26.86 $33.65 - $44.46 204,877 1.92 $ 39.57 177,217 $ 39.61 $44.47 - $53.09 239,710 3.57 $ 50.57 122,281 $ 50.41 $53.10 - $79.76 254,280 4.88 $ 61.89 75,125 $ 62.33 During the fiscal years ended March 26, 2016, March 28, 2015 and March 29, 2014, the fair value of awards vested under Monro’s stock plans was $2.5 million, $3.5 million and $3.6 million, respectively. The aggregate intrinsic value is based on Monro’s closing stock price of $69.68 , $64.96 and $56.51 as of the last trading day of the periods ended March 26, 2016, March 28, 2015 and March 29, 2014, respectively. The aggregate intrinsic value of options exercised during the fiscal years ended March 26, 2016, March 28, 2015 and March 29, 2014 was $22.3 million, $10.3 million and $7.4 million, respe ctively. As of March 26, 2016, there was $3.3 million of unrecognized compensation expense related to non-vested fixed stock options that is expected to be recognized over a weighted average period of approximately two years . Cash received from option exercises under all stock option plans was $8.6 million, $8.7 million and $4.3 million for the fiscal years ended March 26, 2016, March 28, 2015 and March 29, 2014, respectively. The actual tax benefit realized for the tax deductions from option exercises was $6.7 million, $2.2 million and $1.9 million for the fiscal years ended March 26, 2016, March 28, 2015 and March 29, 2014, respectively. Monro issues new shares of Common Stock upon the exercise of stock options. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Mar. 26, 2016 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | NOTE 10 – EARNINGS PER COMMON SHARE The following is a reconciliation of basic and diluted earnings per common share for the respective years: Year Ended Fiscal March 2016 2015 2014 (Amounts in thousands, except per share data) Numerator for earnings per common share calculation: Net Income $ 66,805 $ 61,799 $ 54,459 Less: Preferred stock dividends (456) (395) (334) Income available to common stockholders $ 66,349 $ 61,404 $ 54,125 Denominator for earnings per common share calculation: Weighted average common shares, basic 32,026 31,605 31,394 Effect of dilutive securities: Preferred stock 760 760 760 Stock options 567 579 488 Weighted average common shares, diluted 33,353 32,944 32,642 Basic earnings per common share: $ 2.07 $ 1.94 $ 1.72 Diluted earnings per common share: $ 2.00 $ 1.88 $ 1.67 The computation of diluted earnings per common share for fiscal 201 6 , 201 5 and 201 4 excludes the effect of assumed exercise of approximately 171,000 , 145,000 and 91,000 of stock options, respectively, as the exercise price of these options was greater than the average market value of Monro’s Common Stock for those periods, resulting in an anti-dilutive effect on diluted earnings per share. |
Operating Leases and Other Comm
Operating Leases and Other Commitments | 12 Months Ended |
Mar. 26, 2016 | |
Operating Leases and Other Commitments [Abstract] | |
Operating Leases and Other Commitments | NOTE 11 – OPERATING LEASES AND OTHER COMMITMENTS We lease retail facilities under noncancellable lease agreements which expire a t various dates through fiscal 2041 . In addition to stated minimum payments, certain real estate leases have provisions for contingent rentals when retail sales exceed specified levels. Generally, the leases provide for renewal for various periods at stipulated rates. Most of the facilities’ leases require payment of property taxes, insurance and maintenance costs in addition to rental payments, and several provide an option to purchase the property at the end of the lease term. In recent years, we have entered into agreements for the sale/leaseback of certain stores. Realized gains are deferred and are credited to income as rent expense adjustments over the lease terms. We have lease renewal options under the real estate agreements at projected future fair market values. Future minimum payments required under noncancellable leases (including closed stores) are as follows: Less - Sublease Year Ending Fiscal March Leases Income Net (Dollars in thousands) 2017 $ 34,513 $ (34) $ 34,479 2018 28,126 (34) 28,092 2019 21,021 (8) 21,013 2020 15,229 (8) 15,221 2021 11,065 (8) 11,057 Thereafter 48,650 — 48,650 Total $ 158,604 $ (92) $ 158,512 Rent expense under operating leases, net of sublease income, totaled $36, 717 ,000 , $35, 848 ,000 and $3 3,093 ,000 in fiscal 201 6 , 201 5 and 201 4 , respectively, including contingent rentals of $59,000 , $44,000 and $59,000 in each respective fiscal year. Sublease income totaled $149 ,000 , $161 ,000 and $280 ,000 , respectively, in fiscal 201 6 , 201 5 and 201 4 . We enter into contracts with parts and tire suppliers, certain of which require us to buy (at market prices) up to 100% of our annual purchases of specific products. The agreements expire at various dates through July 2017 . We believe these agreements provide us with high quality, branded merchandise at preferred pricing, along with strong marketing and training support. In May 2015, we entered into a new employment agreement with our Executive Chairman, Robert G. Gross. Such agreement became effective October 1, 2015, has a three -year term and provides an annual base salary of $120,000 . On August 7, 2012, we entered into an employment agreement with Mr. Gross. Such agreement became effective on October 1, 2012, had a three -year term and provided an annual base salary of $420,000 . Effective October 2014, the salary of Mr. Gross was reduced by $60,000 . Such voluntary salary reduction was implemented at the direction of Mr. Gross, who requested that the Company use the funds made available by such reduction to provide assistance to Monro employees facing financial hardships. No other changes to Mr. Gross’ compensation were made. Mr. Gross’ new annual salary of $360,000 was effective beginning October 1, 2014. In connection with a previous employment agreement with Mr. Gross, in consideration for Mr. Gross’ covenant not-to-compete with Monro or to solicit its employees, Monro began paying him an additional $750,000 , payable in five equal installments of $150,000 , beginning on October 1, 2012. These payments will continue through October 1, 2016. On August 7, 2012, we entered into a new employment agreement with John W. Van Heel in recognition of his promotion to Chief Executive Officer . Such agreement became effective on October 1, 2012 , has a five -year term and provides a base salary of $550,000. On October 1, 2012, and in consideration of his execution of his employment a greement, Monro’s Compensation Committee awarded to Mr. Van Heel an option to purchase 300,000 shares of Monro’s Common Stock at an exercise price equal to the closing price of Monro’s Common Stock on the date of the award of $33.64 per share, pursuant to our 2007 Stock Incentive Plan. These options vest equally over four years, beginning October 1 , 2013. In February 2014, we entered into a new employment agreement with Joseph Tomarchio Jr., Executive Vice President. Such a greement became effective April 1, 2014 , and superseded Monro’s previous employment contract with Mr. Tomarchio, which was set to expire in December 2014. The a greement extends Mr. Tomarchio’s employment as an Executive Vice President of Monro through June 2017 at a reduced schedule , and provides a base salary of $242,500. In August 2014, we entered into a new employment a greement with Catherine D’Amico, Executive Vice President and Chief Financial Officer. The a greement became effective on September 1, 2014 and superseded Monro’s previous employment contract set to expire in December 2014. The a greement extends Ms. D’Amico’s employment with Monro through August 2018. During the term of the a greement, Ms. D’Amico will continue in her current role as Monro’s Executive Vice President and Chief Financial Officer until December 31, 2016 (the “Executive Period”). Following the Executive Period and until August 31, 2018, Ms. D’Amico will provide services on a part-time basis as requested by Monro (the “Transition Period”). Under the a greement and during the E xecutive Period, Ms. D’Amico was paid an annual base salary of $350,200 until March 31, 2015, and is paid an annual base salary of $3 75,000 from April 1, 2015 to the end of the Executive Period . During the Transition Period, Monro will pay Ms. D’Amico an hourly rate to be agreed upon between the parties. On August 27, 2014 , and in consideration of her execution of her a greement, Monro’s Compensation Committee awarded to Ms. D’Amico a five year option to purchase 35,000 shares of Monro’s Common Stock at an exercise price equal to the closing price of Monro’s Common Stock on the date of the award of $52.82 per share, pursuant to our 2007 Stock Incentive Plan. These options will vest equally over four years, beginning August 2 7 , 2015 . In accordance with the policy adopted by Monro’s Compensation Committee in May 2009, no executives’ contracts include any provision for the payment of what is commonly referred to as an “excise tax gross-up” with respect to payments received by an executive upon a Change in Control (as defined in the Agreements) . |
Employee Retirement and Profit
Employee Retirement and Profit Sharing Plans | 12 Months Ended |
Mar. 26, 2016 | |
Employee Retirement and Profit Sharing Plans [Abstract] | |
Employee Retirement and Profit Sharing Plans | NOTE 12 – EMPLOYEE RETIREMENT AND PROFIT SHARING PLANS We sponsor a noncontributory defined benefit pension plan for Monro employees and the former Kimmel Automotive, Inc. employees. In fiscal 2005, the previously separate Monro and Kimmel pension plans were merged. The merged plan provides benefits to certain full-time employees who were employed with Monro and with Kimmel prior to April 2, 1998 and May 15, 2001, respectively. Effective as of those dates, each company’s Board of Directors approved plan amendments whereby the benefits of each of the defined benefit plans would be frozen and the plans would be closed to new participants. Prior to these amendments, coverage under the plans began after employees completed one year of service and attained age 21 . Benefits under both plans, and now the merged plan, are based primarily on years of service and employees’ pay near retirement. The funding policy for Monro’s merged plan is consistent with the funding requirements of Federal law and regulations. The measurement date used to determine the pension plan measurements disclosed herein is March 31 for both 201 6 and 201 5 . The underfunded status of Monro’s defined benefit plan is recognized as an other long-term l iability in the Consolidated Balance Sheets as of March 26, 2016 and March 28, 2015, respectively. The under funded status of the plan is set forth below: Fiscal March 2016 2015 (Dollars in thousands) Change in Plan Assets: Fair value of plan assets at beginning of year $ 20,241 $ 19,369 Actual return on plan assets (95) 1,466 Employee contribution 0 0 Benefits paid (681) (594) Fair value of plan assets at end of year 19,465 20,241 Change in Projected Benefit Obligation: Benefit obligation at beginning of year 22,160 19,048 Interest cost 803 832 Actuarial (gain) loss (909) 2,874 Benefits paid (681) (594) Benefit obligation at end of year 21,373 22,160 Underfunded status of plan $ (1,908) $ (1,919) The projected and accumulated benefit obligations were equivalent at March 31 for both 2016 and 2015. Amounts recognized in accumulated other comprehensive loss consist of: Year Ended Fiscal March 2016 2015 (Dollars in thousands) Unamortized transition obligation $ 0 $ 0 Unamortized prior service cost 0 0 Unamortized net loss 7,320 7,393 Total $ 7,320 $ 7,393 Changes in plan assets and benefit obligations recognized in other comprehensive income consist of: Year Ended Fiscal March 2016 2015 (Dollars in thousands) Net transition obligation $ 0 $ 0 Prior service cost 0 0 Net actuarial income (loss) 73 (2,337) Total $ 73 $ (2,337) Pension expense (income) included the following components: Year Ended Fiscal March 2016 2015 2014 (Dollars in thousands) Interest cost on projected benefit obligation $ 803 $ 832 $ 776 Expected return on plan assets (1,389) (1,388) (1,193) Amortization of unrecognized actuarial loss 648 300 658 Net pension expense (income) $ 62 $ (256) $ 241 The weighted-average assumptions used to determine benefit obligations are as follows: Year Ended Fiscal March 2016 2015 Discount rate 3.83 % 3.69 % The weighted-average assumptions used to determine net periodic pension costs are as follows: Year Ended Fiscal March 2016 2015 2014 Discount rate 3.69 % 4.42 % 4.08 % Expected long-term return on assets 7.00 % 7.00 % 7.00 % The expected long-term rate of return on plan assets is established based upon assumptions related to historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. The investment strategy of the plan 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. Monro’s general target allocation for the plan is 40% fixed income and 60% equity securities. Monro’s asset allocations, by asset category, are as follows at the end of each year: March 26, March 28, 2016 2015 Cash and cash equivalents 3.4 % 2.8 % Fixed income 36.8 % 36.3 % Equity securities 59.8 % 60.9 % Total 100.0 % 100.0 % A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following table provides fair value measurement information for Monro’s major categories of defined benefit plan assets at March 26, 2016 and March 28, 2015, respectively: Fair Value Measurements at March 26, 2016 Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) (Dollars in thousands) Equity securities: U.S. companies $ 7,800 $ 7,623 $ 177 International companies 3,850 3,850 Fixed income: U.S. corporate bonds 6,788 6,788 U.S. Treasury Bill 374 374 Cash equivalents 653 653 Total $ 19,465 $ 11,847 $ 7,618 Fair Value Measurements at March 28, 2015 Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) (Dollars in thousands) Equity securities: U.S. companies $ 8,114 $ 7,729 $ 385 International companies 4,212 4,212 Fixed income: U.S. corporate bonds 7,354 7,354 Cash equivalents 561 561 Total $ 20,241 $ 11,941 $ 8,300 There are no required or expected contributions in fiscal 201 7 to the plan. The following pension benefit payments are expected to be paid: Year Ended Fiscal March (Dollars in thousands) 2017 $ 835 2018 855 2019 898 2020 946 2021 1,007 2022 - 2026 5,679 We have a 401(k)/Profit Sharing Plan that covers full-time employees who meet the age and service requirements of the plan. The 401(k) salary deferral option was added to the plan during fiscal 2000. The first employee deferral occurred in March 2000. We make matching contributions consistent with the provisions of the plan. Charges to expense for our matchi ng contributions for fiscal 2016, 2015 and 2014 amo unted to approximately $731,000 , $655,000 and $612,000 , respectively. We may also make annual profit sharing contributions to the plan at the discretion of Monro’s Compensation Committee. We have a deferred compensation plan (the “Deferred Compensation Plan”) to provide an opportunity for additional tax-deferred savings to a select group of management or highly compensated employees. 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. In addition, Monro will credit to the participants’ accounts such amounts as would have been contributed to Monro’s 401(k)/Profit Sharing Plan but for the limitations that are imposed under the Internal Revenue Code based upon the participants’ status as highly compensated employees. We may also make such additional discretionary allocations as are determined by the Compensation Committee. 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 26, 2016 and March 28, 2015 related to the Deferred Compensation Plan was $1,921,000 and $1,678,000 , respectively. Monro's management bonus plan provides for the payment of annual cash bonus awards to participating employees, as selected by our Board of Directors, based primarily on Monro's attaining pre-tax income targets established by our Board of Directors. During the years ended March 26, 2016 , March 28, 201 5 and March 29, 2014, we recorded charges to expense of $2,124,000, $1,092,000 and $1,066,000 , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 26, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 13 – RELATED PARTY TRANSACTIONS We are currently a party to leases for certain facilities where the lessor is an officer of Monro or a family member of such officer , or such officer or family member has an interest in entities that are lessors. Six leases were assumed in March 2004 in connection with the Mr. Tire Acquisition , as well as one additional lease entered into during the year ended March 26, 2016. In March 2015, Monro purchased the property and building of one of these leased locations from this same officer of Monro and a family member of such officer for approximately $1.0 million. The payments under such operating and capital leases amounte d to $711,000 , $717,000 and $702,000 for the years ended March 2016 , 2015 and 2014 , respectively. These payments are comparable to rents paid to u nrelated parties. No amounts were payable at March 26, 2016 or March 28, 2015. No related party leases exist, other than these six leases , and no new leases are contemplated. For many years, we had a consulting agreement with an investment banking firm associated with a principal shareholder/director of Monro to provide financial advice. In recent years, the agreement provided for an annual fee of $300,000, plus reimbursem ent of out-of-pocket expenses. Under this agreement, we incurred fees of $225,000 during fiscal year 2016 and $300,000 for each of fiscal years 2015 and 2014. No amounts were payable at March 26, 2016 or March 28, 2015. Approximately half of all payments made to the investment banking firm under the consulting agreement were paid to another principal shareholder/director of Monro . In addition, this investment banking firm, from time to time, has provided other investment banking services to us for additional fees. During fiscal year 2016, with approval by the independent members of the Board of Directors (excluding the Director associated with this firm), we paid additional fees of $1,000,000 to this firm in connection with financial and strategic advisory services that were provided related to three unsuccessful acquisitions. In connection with making this payment, we negotiated that the aforementioned consulting agreement would end immediately. |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 12 Months Ended |
Mar. 26, 2016 | |
Supplemental Disclosure of Cash Flow Information [Abstract] | |
Supplemental Disclosure of Cash Flow Information | NOTE 14 – SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION The following transactions represent non-cash investing and financing activities during the periods indicated: Year ended March 2 6, 2016 In connection with the fiscal 201 6 acquisitions and fiscal 2015 acquisition measurement period adjustments (see Note 2), liabilities were assumed as follows: Fair value of assets acquired $ 35,335,000 Goodwill 50,573,000 Cash paid, net of cash acquired (49,018,000) Amounts payable to seller (1,626,000) Liabilities assumed $ 35,264,000 In connection with the accounting for capital leases and financing obligations, we increased both property, plant and equipment and capital leases and financing obligations by $13,265,000 . Year ended March 2 8 , 201 5 In connection with the fiscal 201 5 acquisitions (see Note 2), liabilities were assumed as follows: Fair value of assets acquired $ 62,184,000 Goodwill 79,316,000 Gain on bargain purchase (386,000) Cash paid, net of cash acquired (84,403,000) Amounts payable to seller (3,507,000) Liabilities assumed $ 53,204,000 In connection with the accounting for capital leases and financing obligations, we increased both property , plant and equipment and capital leases and financing obligations by $11,599,000 . Year ended March 29 , 201 4 In connection with the fiscal 2014 acquisitions, liabilities were assumed as follows: Fair value of assets acquired $ 14,330,000 Goodwill 17,673,000 Gain on bargain purchase (217,000) Cash paid, net of cash acquired (27,482,000) Liabilities assumed $ 4,304,000 Year Ended Fiscal March 2016 2015 2014 (Dollars in thousands) Cash paid during the year: Interest, net $ 15,687 $ 11,119 $ 9,099 Income taxes, net $ 25,322 $ 26,141 $ 25,849 |
Litigation
Litigation | 12 Months Ended |
Mar. 26, 2016 | |
Litigation [Abstract] | |
Litigation | NOTE 1 5 – LITIGATION 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. However, based on currently available information, management believes that the ultimate outcome of any of these matters, individually and in the aggregate, will not have a material adverse effect on our financial position , overall trends in results of operations or cash flow . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 26, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 1 6 – SUBSEQUENT EVENTS In May 201 6 , Monro’s Board of Directors declared a regular quarterly cash dividend of $.17 per common share or common share equivalent to be paid to shareholders of record as of June 3 , 2016 . The dividend will be paid on June 13 , 2016 . See Note 2 for a discussion of an acquisition subsequent to March 26, 2016. |
Significant Accounting Polici25
Significant Accounting Policies (Policy) | 12 Months Ended |
Mar. 26, 2016 | |
Significant Accounting Policies [Abstract] | |
Background | Background Monro Muffler Brake, Inc. and its wholly owned subsidiar ies , Monro Service Corporation and Car-X, LLC (together, “Monro”, the “Company”, “we”, “us”, or “our”), are engaged principally in providing automotive undercar repair and tire services in the United States. Monro had 1,029 Company-operated stores, 135 franchised location s and 14 dealer-operated automotive repair centers located in 25 states as of March 2 6 , 201 6 . Monro’s operations are organized and managed in one operating segment. |
Accounting estimates | Accounting estimates The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles. 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 Monro reports its results on a 52/53 week fiscal year ending on the last Saturday of March of each year. The following are the dates represented by each fiscal period: “Year ended Fiscal March 201 6 ”: March 29 , 201 5 – March 26 , 201 6 (52 weeks) “Year ended Fiscal March 201 5 ”: March 30 , 201 4 – March 2 8 , 201 5 (52 weeks) “Year ended Fiscal March 201 4 ”: March 31, 2013 – March 29 , 201 4 (52 weeks) |
Consolidation | Consolidation The Consolidated Financial Statements include Monro Muffler Brake, Inc. and its wholly owned subsidiar ies , Monro Service Corporation and Car-X, LLC , after the elimination of intercompany transactions and balances. |
Reclassifications | Reclassifications Cer tain amounts in these financial statements have been reclassified to maintain comparability among the periods presented. |
Revenue recognition | Revenue recognition Sales are recorded upon completion of automotive undercar repair and tire services provided to customers. The following was Monro’s sales mix for fiscal 201 6 , 201 5 and 201 4 : Year Ended Fiscal March 2016 2015 2014 Brakes 15 % 15 % 15 % Exhaust 3 3 4 Steering 10 10 9 Tires 45 44 44 Maintenance 27 28 28 Total 100 % 100 % 100 % Revenue from the sale of tire road hazard warranty agreements is recognized on a straight-line basis over the contract period or other method when costs are not incurred ratably. |
Cash equivalents | Cash equivalents We consider all highly liquid instruments with original maturities of three months or less to be cash equivalents. |
Inventories | Inventories Our inventories consist of automotive parts and tires. Inventories are valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. |
Barter credits | Barter credits We value barter credits at the fair market value of the inventory exchanged, as determined by reference to price lists for buying groups and jobber pricing. We use these credits primarily to pay vendors for purchases (mainly inventory vendors for the purchase of parts and tires) or to purchase other goods or services from the barter company such as advertising and travel. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is provided on a straight-line basis. Buildings and improvements related to owned locations are depreciated over lives varying from 10 to 39 years; machinery, fixtures and equipment over lives varying from 3 to 15 years; and vehicles over lives varying from 4 to 10 years. Computer hardware and software is depreciated over lives varying from 3 to 7 years. Buildings and improvements related to leased locations are depreciated over the shorter of the asset’s useful life or the reasonably assured lease term, as defined in the accounting guidance on leases. When property is sold or retired, the cost and accumulated depreciation are eliminated from the accounts and a gain or loss is recorded in the Consolidated Statements of Comprehensive Income. Expenditures for maintenance and repairs are expensed as incurred. (See Note 4.) |
Long-lived assets | Long-lived assets We evaluate the ability to recover long-lived assets whenever events or circumstances indicate that the carrying value of the asset may not be recoverable. In the event assets are impaired, losses are recognized to the extent the carrying value exceeds the fair value. In addition, we report assets to be disposed of at the lower of the carrying amount or the fair market value less costs to sell . |
Store opening and closing costs | Store opening and closing costs New store opening costs are charged to expense in the fiscal year when incurred. When we close a store, the estimated unrecoverable costs, including the remaining lease obligation net of sublease income, if any, are charged to expense. |
Leases | Leases Financing Obligations – We are often involved in the construction of leased stores. In some cases, we are respons ible for construction cost over runs or non-standard tenant improvements. As a result of this involvement, we are deemed the “owner” for accounting purposes during the construction period, requiring us to capitalize the construction costs on our Consolidated Balance Sheet. Upon completion of the project, we perform a sale-leaseback analysis pursuant to guidance on accounting for leases to determine if we can remove the assets from our Consolidated Balance Sheet. For some of these leases, we are considered to have “continuing involvement”, which precludes us from derecognizing the assets from our Consolidated Balance Sheet when construction is complete (“failed sale-leaseback”). In conjunction with these leases, we capitalize the construction costs on our Consolidated Balance Sheet and also record financing obligations representing payments owed to the landlord. We do not report rent expense for the properties which are owned for accounting purposes. Rather, rental payments under the lease are recognized as a reduction of the financing obligation and as interest expense. Additionally, since we often assume leases in acquisition transactions, the accounting for a seller who was involved in the construction of leased stores passes to us. Capital Leases – Some of our property is held under capital leases. These assets are included in property, plant and equipment and depreciated over the term of the lease. We do not report rent expense for capital leases. Rather, rental payments under the lease are recognized as a reduction of the capital lease obligation and interest expense. Operating Leases – All other leases are considered operating leases. Rent expense, including rent escalations, is recognized on a straight-line basis over the reasonably assured lease term, as defined in the accounting guidance on leases. Generally, the lease term is the base lease term plus certain renewal option periods for which renewal is reasonably assured. |
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 annual impairment reviews in accordance with accounting guidance on goodwill, which we typically perform in the third quarter of the fiscal year. Impairment reviews 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 acquisi tions. The goodwill impairment test consists of a t wo-step process, if necessary. We perform a qualitative assessment to determine if it is more likely than not that the fair value is less than t he 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 are triggered, we perform the two-step process. The first step is to compare the fair value of our reporting unit to the book value of our reporting unit. If the fair value is less than its carrying value, the second step of the impairment test must be performed in order to determine the amount of impairment loss, if any. The second step compares the implied fair value of goodwill with the carrying amount of that goodwill. If the carrying amount of goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. The loss recognized cannot exceed th e carrying amount of goodwill. Intangible assets primarily represent allocations of purchase price to identifiable intangible assets of acquired businesses and are amortized over their estimated useful lives. All intangibles and other long-lived assets are reviewed when events or changes in circumstances indicate that the asset’s carrying value may not be recoverable. 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 amounts. No such indicators were present in fiscal 201 6 , 201 5 or 201 4 . 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, as discussed above, in accordance with accounting guidance, we are required to ensure that assumptions used to determine fair value in our analyses are consistent with the assumptions a hypothetical market 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 its previously forecasted amounts. As a result of our annual qualitative assessment performed in the third quarter of fiscal 201 6 , there were no impairments. There have been no triggering events during the fourth quarter of fiscal 201 6 . |
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 use the services of an actuary on an annual basis 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 at and for the years ended March 201 6 , 201 5 and 201 4 was not material to our financial position or results of operations. See additional discussion of tire road hazard warranty agreements under the “Revenue recognition” section of this footnote. |
Comprehensive income | Comprehensive income As it relates to Monro, comprehensive income is defined as net earnings as adjusted for pension liability adjustments and is reported net of related taxes in the Consolidated Statements of Comprehensive Income and in the Consolidated Statements of Changes in Shareholders’ Equity. |
Income taxes | Income taxes Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using tax rates based on currently enacted rules and legislation and anticipated rates that will be in effect when the differences are expected to reverse. The accounting guidance for uncertainties in income tax prescribes a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. 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. (See Note 7.) |
Treasury stock | Treasury stock Treasury stock is accounted for using the par value method. During the year ended March 26, 2016, Monro’s Chief Executive Officer surrendered 32,000 shares of Monro’s Common Stock at fair market value to pay the exercise price and the related taxes on the exercise of 89,000 stock options. Additionally, Monro’s Executive Chairman surrendered 100,000 shares of Common Stock at fair market value to pay the exercise price and to satisfy tax withholding obligations on the exercise of 150,000 stock options. During the year ended March 28, 2015, Monro’s Chief Executive Officer surrendered 77,000 shares of Monro’s Common Stock at fair market value to pay the exercise price on the exercise of 113,000 stock options. There was no activity for the Chief Executive Officer or Executive Chairman during the year ended March 29, 2014. |
Stock-based compensation | Stock-based compensation 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. Forfeitures are estimated on the grant date and revised in subsequent periods if actual forfeitures differ from those estimates. We recognize compensation expense related to stock options using the straight-line approach. Option awards generally vest equally over the service period established in the award, typically four years. We estimate fair value using the Black-Scholes valuation model. Assumptions used to estimate the compensation expense are determined as follows: · Expected life of an award is based on historical experience and on the terms and conditions of the stock awards granted to employees; · Expected volatility is measured using historical changes in the market price of Monro’s Common Stock; · Risk-free interest rate is equivalent to the implied yield on zero-coupon U.S. Treasury bonds with a remaining maturity equal to the expected term of the awards; · Forfeitures are based substantially on the history of cancellations of similar awards granted by Monro in prior years; and · Dividend yield is based on historical experience and expected future changes. The weighted average fair value of options granted during fiscal 201 6 , 201 5 and 201 4 was $13.10 , $11.27 and $10.10 , respectively. The fair values of the options granted were estimated on the date of their grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended Fiscal March 2016 2015 2014 Risk-free interest rate 1.25 % 1.23 % .86 % Expected life, in years 4 4 4 Expected volatility 27.2 % 27.7 % 29.7 % Expected dividend yield .96 % .99 % .97 % Total stock-based compensation expense included in cost of sales and selling, general and administrative expenses in Monro’s Consolidated Statements of Comprehensive Income for the years ended March 2 6 , 201 6 , March 2 8 , 201 5 and March 29 , 201 4 was $2.8 million, $3.3 million and $3.6 million, respectively. The related income tax benefit was $1.0 million, $1.2 million and $1.3 m illion, respectively. |
Earnings per share | Earnings per share Basic earnings per share is calculated by dividing net income less preferred stock dividends by the weighted average number of shares of Common Stock outstanding during the year. Diluted earnings per share is calculated by dividing net income by the weighted average number of shares of Common Stock and equivalents outstanding during the year. Common Stock equivalents represent shares issuable upon the assumed exercise of stock options. (See Note 10.) |
Advertising | Advertising We expense the production costs of advertising the first time the advertising takes place, except for direct response advertising which is capitalized and amortized over its expected period of future benefits. 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 2 6 , 201 6 and March 2 8 , 201 5 , and advertising expense for the years ended March 201 6 , 201 5 and 201 4, were not material to these financial statements. |
Vendor rebates and cooperative advertising credits | Vendor rebates and cooperative advertising credits We account for vendor rebates and cooperative advertising credits as a reduction of the cost of products purchased, except where the rebate or credit is a reimbursement of costs incurred to sell the vendor’s product, in which case it is offset against the costs incurred. |
Guarantees | Guarantees At the time we issue a guarantee, we recognize an initial liability for the fair value, or market value, of the obligation we assume under that guarantee. Monro has guaranteed certain lease payments, primarily related to franchisees, amounting to $10.4 million. This amount represents the maximum potential amount of future payments under the guarantees as of March 26, 2016. The leases are guaranteed through April 2020. In the event of default by the franchise owner, Monro generally retains the right to assume the lease of the related store, enabling Monro to re-franchise the location or to operate that location as a Company-operated store. As of March 26, 2016, and in conjunction with purchase accounting, we have recorded a liability of $.7 million related to anticipated defaults under the foregoing leases. |
Recent accounting pronouncements | Recent accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance for the reporting of revenue from contracts with customers. This guidance provides guidelines a company will apply to determine the measurement of revenue and timing of when it is recognized. In March 2016, the FASB finalized its amendments to this guidance on assessing whether an entity is a principal or an agent in a revenue transaction. The amendment provides clarification on principal versus agent considerations by providing indicators that suggest control. The guidance impacts whether an entity records revenue on a gross versus net basis. In August 2015, the FASB delayed the effective date of the guidance to fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date for public entities. We are currently evaluating the potential effect of the adoption of this guidance on our Consolidated Financial Statements. In April 2015, the FASB issued new accounting guidance related to the presentation of debt issuance costs. This guidance requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. These costs will continue to be amortized to interest expense using the effective interest method. This pronouncement is effective for fiscal years and for interim periods within those years beginning after December 15, 2015. Retrospective adoption is required. In September 2015, the FASB issued guidance clarifying that debt issuance costs related to revolver and line of credit arrangements can be recorded as an asset and amortized over the term of the arrangement, which is consistent with Monro’s current presentation. This guidance did not have a material effect on our Consolidated Financial Statements. In April 2015, the FASB issued new accounting guidance related to the measurement date of an employer's defined benefit obligation and plan assets. This guidance permits a reporting entity with a fiscal year-end that does not coincide with a month-end to measure defined benefit plan assets and obligations using the month-end that is closest to the entity's fiscal year-end and apply that practical expedient consistently from year to year. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. The new guidance is consistent with Monro’s current presentation. This guidance did not have a material impact on our Consolidated Financial Statements. In July 2015, the FASB issued new accounting guidance for the reporting of inventory. This guidance requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We have elected early adoption of this guidance during the fourth quarter of fiscal 2016. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements. In September 2015, the FASB issued new accounting guidance that is intended to simplify the accounting for adjustments made to provisional amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments. This guidance requires an entity to present separately on the face of the income statement or disclose in the notes the amount recorded in current period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This guidance is effective for fiscal years and for interim periods within those years beginning after December 15, 2015. We have adopted this guidance during the fourth quarter of fiscal 2016. Adoption of this guidance did not have a material effect on our Consolidated Financial Statements. In November 2015, the FASB issued new accounting guidance related to the balance sheet classification of deferred taxes. This guidance will require that deferred tax assets and liabilities be classified as noncurrent in a classified balance sheet. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016, with early adoption permitted. We have elected early adoption of this guidance during the fourth quarter of fiscal 2016, utilizing retrospective application as permitted. As a result, we have presented all net deferred tax assets and liabilities as noncurrent on our consolidated balance sheet as of March 26, 2016 and March 28, 2015. For the classified balance sheet as of March 28, 2015, we have reclassified current deferred tax assets of $13,942,000 as noncurrent deferred tax assets. In February 2016, the FASB issued new accounting guidance related to leases. This guidance establishes a right of use (ROU) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. Early adoption is permitted. We are currently evaluating the effect of the adoption of this guidance on our Consolidated Financial Statements. In March 2016, the FASB issued new accounting guidance intended to simplify various aspects related to accounting for share-based payments and their presentation in the financial statements. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the potential impact of the adoption of this guidance on our Consolidated Financial Statements. Other recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification) and the Securities and Exchange Commission did not, or are not expected to have a material effect on our Consolidated Financial Statements. |
Significant Accounting Polici26
Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 26, 2016 | |
Significant Accounting Policies [Abstract] | |
Company's sales mix | Year Ended Fiscal March 2016 2015 2014 Brakes 15 % 15 % 15 % Exhaust 3 3 4 Steering 10 10 9 Tires 45 44 44 Maintenance 27 28 28 Total 100 % 100 % 100 % |
Weighted average fair value of options assumptions | Year Ended Fiscal March 2016 2015 2014 Risk-free interest rate 1.25 % 1.23 % .86 % Expected life, in years 4 4 4 Expected volatility 27.2 % 27.7 % 29.7 % Expected dividend yield .96 % .99 % .97 % |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Mar. 26, 2016 | |
Fiscal 2016 Aquisitions [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation | As of Acquisition Date (Dollars in thousands) Trade receivables $ 263 Inventories 922 Other current assets 502 Property, plant and equipment 11,177 Intangible assets 11,270 Other non-current assets 24 Long-term deferred income tax assets 5,465 Total assets acquired 29,623 Warranty reserves 162 Other current liabilities 1,617 Long-term capital leases and financing obligations 22,142 Other long-term liabilities 845 Total liabilities assumed 24,766 Total net identifiable assets acquired $ 4,857 Total consideration transferred $ 51,104 Less: total net identifiable assets acquired 4,857 Goodwill $ 46,247 |
Schedule Of Intangible Assets Acquired | As of Acquisition Date Weighted Dollars Average in thousands Useful Life Franchise agreements $ 7,200 18 years Trade name 2,100 15 years Favorable leases 1,281 15 years Customer lists 689 7 years Total $ 11,270 16 years |
Fiscal 2015 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation | As of Acquisition Date (Dollars in thousands) Inventories $ 5,588 Other current assets 567 Property, plant and equipment 35,355 Intangible assets 8,608 Other non-current assets 129 Long-term deferred income tax assets 17,649 Total assets acquired 67,896 Warranty reserves 990 Other current liabilities 3,719 Long-term capital leases and financing obligations 57,292 Other long-term liabilities 1,703 Total liabilities assumed 63,704 Total net identifiable assets acquired $ 4,192 Total consideration transferred $ 87,451 Plus: gain on bargain purchase 383 Less: total net identifiable assets acquired 4,192 Goodwill $ 83,642 |
Schedule Of Intangible Assets Acquired | As of Acquisition Date Weighted Dollars Average in thousands Useful Life Trade name $ 1,900 10 years Favorable leases 4,482 14 years Customer lists 2,226 7 years Total $ 8,608 11 years |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Mar. 26, 2016 | |
Other Current Assets [Abstract] | |
Composition of other current assets | Year Ended Fiscal March 2016 2015 (Dollars in thousands) Vendor rebates receivable $ 11,984 $ 10,530 Other 16,690 10,794 $ 28,674 $ 21,324 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 26, 2016 | |
Property, Plant and Equipment [Abstract] | |
Major Classifications Of Property, Plant And Equipment | March 26, 2016 March 28, 2015 Assets Under Assets Under Capital Lease/ Capital Lease/ Assets Financing Assets Financing Owned Obligations Total Owned Obligations Total (Dollars in thousands) Land $ 80,195 $ 80,195 $ 77,499 $ 77,499 Buildings and improvements 212,421 $ 112,969 325,390 204,523 $ 89,148 293,671 Equipment, signage and fixtures 208,204 208,204 196,039 196,039 Vehicles 23,608 23,608 21,803 21,803 Construction-in-progress 2,539 2,539 3,194 3,194 526,967 112,969 639,936 503,058 89,148 592,206 Less - Accumulated depreciation and amortization 258,516 29,838 288,354 239,474 25,980 265,454 $ 268,451 $ 83,131 $ 351,582 $ 263,584 $ 63,168 $ 326,752 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 26, 2016 | |
Goodwill and Intangible Assets [Abstract] | |
Changes in goodwill | Dollars in thousands Balance at March 29, 2014 $ 270,039 Fiscal 2015 acquisitions 79,316 Adjustments to fiscal 2014 purchase accounting (267) Balance at March 28, 2015 349,088 Fiscal 2016 acquisitions 46,247 Adjustments to fiscal 2015 purchase accounting 4,326 Other adjustments 471 Balance at March 26, 2016 $ 400,132 |
Composition of other intangible assets | Year Ended Fiscal March 2016 2015 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (Dollars in thousands) Customer lists $ 22,490 $ 13,283 $ 23,648 $ 11,024 Favorable leases 18,418 5,996 15,074 4,925 Trade names 18,002 6,960 17,550 5,791 Franchise agreements 7,320 487 120 120 Other intangible assets 540 524 540 517 Total intangible assets $ 66,770 $ 27,250 $ 56,932 $ 22,377 |
Estimated future amortization of intangible assets | Customer lists/ Trade names/ Franchise agreements/ Favorable Year Ending Fiscal March Other Leases (Dollars in thousands) 2017 $ 3,941 $ 1,320 2018 3,796 1,285 2019 3,495 1,247 2020 2,579 1,204 2021 1,860 1,139 |
Long-Term Debt, Capital Lease31
Long-Term Debt, Capital Leases And Financing Obligations (Tables) | 12 Months Ended |
Mar. 26, 2016 | |
Long-Term Debt, Capital Leases And Financing Obligations [Abstract] | |
Long-term debt | March 26, March 28, 2016 2015 (Dollars in thousands) Revolving Credit Facility, LIBOR-based (a) $ 103,315 $ 122,543 Long-term debt $ 103,315 $ 122,543 Obligations under capital leases and financing obligations at various interest rates, due in installments through 2045 $ 176,974 $ 142,053 Less – Current portion of capital leases and financing obligations (11,244) (8,908) Long-term capital leases and financing obligations $ 165,730 $ 133,145 _________________ (a) The London Interbank Offered Rate (LIBOR) at March 2 6 , 201 6 was .43% . |
Aggregate debt maturities over the next five years | Capital Leases/ Financing Obligations Aggregate Imputed All Other Year Ending Fiscal March Amount Interest Debt Total (Dollars in thousands) 2017 $ 24,042 $ (12,798) $ 11,244 2018 24,279 (12,042) 12,237 2019 24,289 (11,198) 13,091 2020 24,197 (9,724) 14,473 2021 24,034 (9,189) $ 103,315 118,160 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 26, 2016 | |
Income Taxes [Abstract] | |
Components of the provision for income taxes | Year Ended Fiscal March 2016 2015 2014 (Dollars in thousands) Current - Federal $ 29,202 $ 28,262 $ 25,978 State 2,825 2,956 1,579 32,027 31,218 27,557 Deferred - Federal 6,216 6,194 4,793 State 373 144 (273) 6,589 6,338 4,520 Total $ 38,616 $ 37,556 $ 32,077 |
Deferred tax (liabilities) assets | March 26, March 28, 2016 2015 (Dollars in thousands) Goodwill $ (31,075) $ (24,167) Other (981) (939) Total deferred tax liabilities (32,056) (25,106) Property and equipment 28,085 20,592 Insurance reserves 11,626 10,813 Warranty and other reserves 4,671 4,538 Stock options 3,040 3,729 Other 9,989 9,544 Total deferred tax assets 57,411 49,216 Net deferred tax assets $ 25,355 $ 24,110 |
Reconciliation between Federal statutory tax rate and effective tax rate reflected in accompanying financial statements | Year Ended Fiscal March 2016 2015 2014 Amount Percent Amount Percent Amount Percent (Dollars in thousands) Federal income tax based on statutory tax rate applied to income before taxes $ 36,897 35.0 $ 34,774 35.0 $ 30,287 35.0 State income tax, net of federal income tax benefit 2,306 2.2 2,170 2.2 2,097 2.4 Other (587) (0.6) 612 0.6 (307) (0.3) $ 38,616 36.6 $ 37,556 37.8 $ 32,077 37.1 |
Income taxes associated with unrecognized tax benefits | Dollars in thousands Balance at March 30, 2013 $ 5,704 Tax positions related to current year: Additions 1,678 Reductions Tax positions related to prior years: Additions Reductions (88) Settlements (381) Lapses in statutes of limitations (1,013) Balance at March 29, 2014 5,900 Tax positions related to current year: Additions 2,066 Reductions Tax positions related to prior years: Additions 164 Reductions 33 Settlements Lapses in statutes of limitations (668) Balance at March 28, 2015 7,495 Tax positions related to current year: Additions 1,116 Reductions Tax positions related to prior years: Additions Reductions (922) Settlements Lapses in statutes of limitations (760) Balance at March 26, 2016 $ 6,929 |
Stock Ownership (Tables)
Stock Ownership (Tables) | 12 Months Ended |
Mar. 26, 2016 | |
Stock Ownership [Abstract] | |
Summary of the changes in the number of shares of common stock, Class C preferred stock and treasury stock | Class C Common Convertible Stock Preferred Treasury Shares Stock Shares Stock Issued Issued Shares Balance at March 30, 2013 37,327,967 32,500 6,073,836 Stock options exercised 239,935 3,115 Balance at March 29, 2014 37,567,902 32,500 6,076,951 Stock options exercised 439,635 103,538 Balance at March 28, 2015 38,007,537 32,500 6,180,489 Stock options exercised 549,141 136,163 Balance at March 26, 2016 38,556,678 32,500 6,316,652 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Mar. 26, 2016 | |
Share Based Compensation [Abstract] | |
Summary of changes in outstanding stock options | Weighted Average Exercise Options Price Outstanding At March 30, 2013 $ 28.66 1,864,114 Granted $ 45.38 181,400 Exercised $ 18.73 (239,935) Canceled $ 35.48 (32,178) At March 29, 2014 $ 31.58 1,773,401 Granted $ 52.73 211,225 Exercised $ 31.98 (439,635) Canceled $ 43.04 (26,661) At March 28, 2015 $ 34.21 1,518,330 Granted $ 62.28 243,410 Exercised $ 29.59 (549,141) Canceled $ 50.69 (23,808) At March 26, 2016 $ 41.75 1,188,791 |
A summary of the status of and changes in nonvested stock options granted | Weighted Average Grant-Date Fair Value Options (per Option) Non-vested at March 30, 2013 879,197 $ 8.52 Granted 181,400 $ 10.11 Vested (417,743) $ 8.66 Canceled (30,025) $ 8.90 Non-vested at March 29, 2014 612,829 $ 8.88 Granted 211,225 $ 11.27 Vested (382,197) $ 9.22 Canceled (22,128) $ 10.37 Non-vested at March 28, 2015 419,729 $ 9.70 Granted 243,410 $ 13.10 Vested (242,841) $ 10.38 Canceled (20,929) $ 10.18 Non-vested at March 26, 2016 399,369 $ 11.26 |
Summarizes information about fixed stock options outstanding | Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Shares Average Range of Shares Remaining Exercise Under Exercise Exercise Prices Under Option Life Price Option Price $11.76 - $33.64 489,924 2.26 $ 27.90 414,799 $ 26.86 $33.65 - $44.46 204,877 1.92 $ 39.57 177,217 $ 39.61 $44.47 - $53.09 239,710 3.57 $ 50.57 122,281 $ 50.41 $53.10 - $79.76 254,280 4.88 $ 61.89 75,125 $ 62.33 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Mar. 26, 2016 | |
Earnings Per Common Share [Abstract] | |
Reconciliation Of Basic And Diluted Earnings Per Share | Year Ended Fiscal March 2016 2015 2014 (Amounts in thousands, except per share data) Numerator for earnings per common share calculation: Net Income $ 66,805 $ 61,799 $ 54,459 Less: Preferred stock dividends (456) (395) (334) Income available to common stockholders $ 66,349 $ 61,404 $ 54,125 Denominator for earnings per common share calculation: Weighted average common shares, basic 32,026 31,605 31,394 Effect of dilutive securities: Preferred stock 760 760 760 Stock options 567 579 488 Weighted average common shares, diluted 33,353 32,944 32,642 Basic earnings per common share: $ 2.07 $ 1.94 $ 1.72 Diluted earnings per common share: $ 2.00 $ 1.88 $ 1.67 |
Operating Leases and Other Co36
Operating Leases and Other Commitments (Tables) | 12 Months Ended |
Mar. 26, 2016 | |
Operating Leases and Other Commitments [Abstract] | |
Future minimum payments required under non-cancellable leases | Less - Sublease Year Ending Fiscal March Leases Income Net (Dollars in thousands) 2017 $ 34,513 $ (34) $ 34,479 2018 28,126 (34) 28,092 2019 21,021 (8) 21,013 2020 15,229 (8) 15,221 2021 11,065 (8) 11,057 Thereafter 48,650 — 48,650 Total $ 158,604 $ (92) $ 158,512 |
Employee Retirement and Profi37
Employee Retirement and Profit Sharing Plans (Tables) | 12 Months Ended |
Mar. 26, 2016 | |
Employee Retirement and Profit Sharing Plans [Abstract] | |
Funded status of plan | Fiscal March 2016 2015 (Dollars in thousands) Change in Plan Assets: Fair value of plan assets at beginning of year $ 20,241 $ 19,369 Actual return on plan assets (95) 1,466 Employee contribution 0 0 Benefits paid (681) (594) Fair value of plan assets at end of year 19,465 20,241 Change in Projected Benefit Obligation: Benefit obligation at beginning of year 22,160 19,048 Interest cost 803 832 Actuarial (gain) loss (909) 2,874 Benefits paid (681) (594) Benefit obligation at end of year 21,373 22,160 Underfunded status of plan $ (1,908) $ (1,919) |
Amounts recognized in accumulated other comprehensive loss | Year Ended Fiscal March 2016 2015 (Dollars in thousands) Unamortized transition obligation $ 0 $ 0 Unamortized prior service cost 0 0 Unamortized net loss 7,320 7,393 Total $ 7,320 $ 7,393 |
Changes in plan assets and benefit obligations recognized in other comprehensive income | Year Ended Fiscal March 2016 2015 (Dollars in thousands) Net transition obligation $ 0 $ 0 Prior service cost 0 0 Net actuarial income (loss) 73 (2,337) Total $ 73 $ (2,337) |
Components of pension (income) expense | Year Ended Fiscal March 2016 2015 2014 (Dollars in thousands) Interest cost on projected benefit obligation $ 803 $ 832 $ 776 Expected return on plan assets (1,389) (1,388) (1,193) Amortization of unrecognized actuarial loss 648 300 658 Net pension expense (income) $ 62 $ (256) $ 241 |
Weighted average assumptions used to determine benefit obligations | Year Ended Fiscal March 2016 2015 Discount rate 3.83 % 3.69 % |
Weighted average assumptions used to determine net periodic pension costs | Year Ended Fiscal March 2016 2015 2014 Discount rate 3.69 % 4.42 % 4.08 % Expected long-term return on assets 7.00 % 7.00 % 7.00 % |
Company's asset allocations by asset category | March 26, March 28, 2016 2015 Cash and cash equivalents 3.4 % 2.8 % Fixed income 36.8 % 36.3 % Equity securities 59.8 % 60.9 % Total 100.0 % 100.0 % |
Fair value measurement information for the Company's major categories of defined benefit plan assets | Fair Value Measurements at March 26, 2016 Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) (Dollars in thousands) Equity securities: U.S. companies $ 7,800 $ 7,623 $ 177 International companies 3,850 3,850 Fixed income: U.S. corporate bonds 6,788 6,788 U.S. Treasury Bill 374 374 Cash equivalents 653 653 Total $ 19,465 $ 11,847 $ 7,618 Fair Value Measurements at March 28, 2015 Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) (Dollars in thousands) Equity securities: U.S. companies $ 8,114 $ 7,729 $ 385 International companies 4,212 4,212 Fixed income: U.S. corporate bonds 7,354 7,354 Cash equivalents 561 561 Total $ 20,241 $ 11,941 $ 8,300 |
Pension benefit payments | Year Ended Fiscal March (Dollars in thousands) 2017 $ 835 2018 855 2019 898 2020 946 2021 1,007 2022 - 2026 5,679 |
Supplemental Disclosure of Ca38
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended |
Mar. 26, 2016 | |
Supplemental Disclosure of Cash Flow Information [Abstract] | |
Liabilities on acquisitions assumed | Year ended March 2 6, 2016 In connection with the fiscal 201 6 acquisitions and fiscal 2015 acquisition measurement period adjustments (see Note 2), liabilities were assumed as follows: Fair value of assets acquired $ 35,335,000 Goodwill 50,573,000 Cash paid, net of cash acquired (49,018,000) Amounts payable to seller (1,626,000) Liabilities assumed $ 35,264,000 In connection with the accounting for capital leases and financing obligations, we increased both property, plant and equipment and capital leases and financing obligations by $13,265,000 . Year ended March 2 8 , 201 5 In connection with the fiscal 201 5 acquisitions (see Note 2), liabilities were assumed as follows: Fair value of assets acquired $ 62,184,000 Goodwill 79,316,000 Gain on bargain purchase (386,000) Cash paid, net of cash acquired (84,403,000) Amounts payable to seller (3,507,000) Liabilities assumed $ 53,204,000 In connection with the accounting for capital leases and financing obligations, we increased both property , plant and equipment and capital leases and financing obligations by $11,599,000 . Year ended March 29 , 201 4 In connection with the fiscal 2014 acquisitions, liabilities were assumed as follows: Fair value of assets acquired $ 14,330,000 Goodwill 17,673,000 Gain on bargain purchase (217,000) Cash paid, net of cash acquired (27,482,000) Liabilities assumed $ 4,304,000 |
Interest and income taxes paid | Year Ended Fiscal March 2016 2015 2014 (Dollars in thousands) Cash paid during the year: Interest, net $ 15,687 $ 11,119 $ 9,099 Income taxes, net $ 25,322 $ 26,141 $ 25,849 |
Significant Accounting Polici39
Significant Accounting Policies (Narrative) (Details) $ / shares in Units, $ in Thousands | Oct. 01, 2012 | Mar. 26, 2016USD ($)statesegmentstoreitem$ / sharesshares | Mar. 28, 2015USD ($)$ / sharesshares | Mar. 29, 2014USD ($)$ / shares |
Significant Accounting Policies [Line Items] | ||||
Company operated stores | store | 1,029 | |||
Franchised locations | store | 135 | |||
Dealer-operated automotive repair centers | store | 14 | |||
Number of States in which Entity Operates | state | 25 | |||
Number of operating segments | segment | 1 | |||
Number of reporting units | item | 1 | |||
Weighted average fair value of options granted | $ / shares | $ 13.10 | $ 11.27 | $ 10.10 | |
Stock based compensation expense | $ 2,800 | $ 3,300 | $ 3,600 | |
Income tax benefit related to stock based compensation | $ 1,000 | $ 1,200 | $ 1,300 | |
Advertising expenses amortization period | 2 months | |||
Restatement Adjustment [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Deferred income tax assets | $ 13,942 | |||
Property Lease Guarantee [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Maximum potential guarantee payments | 10,400 | |||
Liability for anticipated lease defaults | $ 700 | |||
Employee Stock Option [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Options award vesting period | 4 years | |||
Chief Executive Officer [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Number of shares surrendered in settlement of stock options exercised | shares | 32,000 | 77,000 | ||
Number of stock options exercised in settlement of surrendered shares | shares | 89,000 | 113,000 | ||
Options award vesting period | 4 years | |||
Board of Directors Chairman [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Number of shares surrendered in settlement of stock options exercised | shares | 100,000 | |||
Number of stock options exercised in settlement of surrendered shares | shares | 150,000 | |||
Buildings and Improvements [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful lives | 39 years | |||
Buildings and Improvements [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful lives | 10 years | |||
Machinery, Fixtures And Equipment [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful lives | 15 years | |||
Machinery, Fixtures And Equipment [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful lives | 3 years | |||
Vehicles [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful lives | 10 years | |||
Vehicles [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful lives | 4 years | |||
Computer Hardware And Software [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful lives | 7 years | |||
Computer Hardware And Software [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful lives | 3 years |
Significant Accounting Polici40
Significant Accounting Policies (Leases, Goodwill And Intangible Assets Narrative) (Details) $ in Thousands | 3 Months Ended |
Dec. 26, 2015USD ($) | |
Significant Accounting Policies [Abstract] | |
Impairment of intangible assets | $ 0 |
Significant Accounting Polici41
Significant Accounting Policies (Company's sales mix) (Details) | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Company's sales mix | |||
Revenue recognition | 100.00% | 100.00% | 100.00% |
Brakes [Member] | |||
Company's sales mix | |||
Revenue recognition | 15.00% | 15.00% | 15.00% |
Exhaust [Member] | |||
Company's sales mix | |||
Revenue recognition | 3.00% | 3.00% | 4.00% |
Steering [Member] | |||
Company's sales mix | |||
Revenue recognition | 10.00% | 10.00% | 9.00% |
Tires [Member] | |||
Company's sales mix | |||
Revenue recognition | 45.00% | 44.00% | 44.00% |
Maintenance [Member] | |||
Company's sales mix | |||
Revenue recognition | 27.00% | 28.00% | 28.00% |
Significant Accounting Polici42
Significant Accounting Policies (Weighted average fair value of options assumptions) (Details) | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Weighted average fair value of options granted | |||
Risk-free interest rate | 1.25% | 1.23% | 0.86% |
Expected life, in years | 4 years | 4 years | 4 years |
Expected volatility | 27.20% | 27.70% | 29.70% |
Expected dividend yield | 0.96% | 0.99% | 0.97% |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | May. 01, 2016storeproperty | Jan. 31, 2016store | Dec. 13, 2015store | Aug. 16, 2015store | Jul. 12, 2015store | Apr. 25, 2015storeitem | Mar. 01, 2015store | Dec. 07, 2014store | Sep. 28, 2014store | Aug. 08, 2014store | Jun. 15, 2014store | Apr. 13, 2014store | Mar. 26, 2016USD ($)storeitem | Mar. 28, 2015USD ($)agreementstore |
Business Acquisition [Line Items] | ||||||||||||||
Number of stores never opened | store | 2 | |||||||||||||
Total consideration transferred, portion in cash | $ 45,100 | |||||||||||||
Total consideration transferred, portion payable | 6,000 | |||||||||||||
Change in estimates, property, plant and equipment | 4,100 | |||||||||||||
Change in estimates, intangible assets | 600 | |||||||||||||
Change in estimates, other current assets | 400 | |||||||||||||
Change in estimates, long-term deferred income tax assets | 2,300 | |||||||||||||
Change in estimates, current potion of capital leases and financing obligations | 800 | |||||||||||||
Change in estimates, long-term capital leases and financing obligations | 9,500 | |||||||||||||
Change in estimates, other liabilities | (200) | |||||||||||||
Adjustments to goodwill related to purchase accounting | $ 4,326 | $ (267) | ||||||||||||
Subsequent Event [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 29 | |||||||||||||
Number of plants acquired | property | 1 | |||||||||||||
Former Car-X Franchised Stores Acquisitions [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 3 | |||||||||||||
Number of franchisees | item | 2 | |||||||||||||
Marietta Tire & Service, Inc. Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 1 | |||||||||||||
McMar, Inc. Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 4 | |||||||||||||
Host Tires of Lakeland, Inc. Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 1 | |||||||||||||
Kost Tire [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 27 | |||||||||||||
Windsor Tire Co. Aquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 4 | |||||||||||||
Car-X Associates Corp. Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 146 | |||||||||||||
Number of franchisees | item | 32 | |||||||||||||
Hennelly Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 35 | |||||||||||||
Lentz Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 10 | |||||||||||||
Kan Rock Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 9 | |||||||||||||
Bald Tire Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 2 | |||||||||||||
Wood & Fullerton Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 9 | |||||||||||||
Martino Tire Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 8 | |||||||||||||
Gold Coast Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 9 | |||||||||||||
Fiscal 2015 Acquisitions [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Costs related to acquisitions | $ 1,100 | |||||||||||||
Sales for acquired entities | 52,200 | |||||||||||||
Net income for acquired entities | 500 | |||||||||||||
Total consideration transferred | $ 87,451 | |||||||||||||
Fiscal 2016 Aquisitions [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Costs related to acquisitions | 700 | |||||||||||||
Sales for acquired entities | 24,800 | |||||||||||||
Net income for acquired entities | 1,400 | |||||||||||||
Total consideration transferred | $ 51,104 | |||||||||||||
New York, Georgia, and New Jersey [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 5 | |||||||||||||
Number of separate transactions | agreement | 5 |
Acquisitions (Schedule Of Purch
Acquisitions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Purchase price of acquisitions allocation | |||
Plus: gain on bargain purchase | $ 0 | $ 386 | $ 217 |
Goodwill | 400,132 | 349,088 | $ 270,039 |
Fiscal 2016 Aquisitions [Member] | |||
Purchase price of acquisitions allocation | |||
Trade receivables | 263 | ||
Inventories | 922 | ||
Other current assets | 502 | ||
Property, plant and equipment | 11,177 | ||
Intangible assets | 11,270 | ||
Other non-current assets | 24 | ||
Long-term deferred income tax assets | 5,465 | ||
Total assets acquired | 29,623 | ||
Warranty reserves | 162 | ||
Other current liabilities | 1,617 | ||
Long-term capital leases and financing obligations | 22,142 | ||
Other long-term liabilities | 845 | ||
Total liabilities assumed | 24,766 | ||
Total net identifiable assets acquired | 4,857 | ||
Total consideration transferred | 51,104 | ||
Less: total net identifiable assets acquired | 4,857 | ||
Goodwill | $ 46,247 | ||
Fiscal 2015 Acquisitions [Member] | |||
Purchase price of acquisitions allocation | |||
Inventories | 5,588 | ||
Other current assets | 567 | ||
Property, plant and equipment | 35,355 | ||
Intangible assets | 8,608 | ||
Other non-current assets | 129 | ||
Long-term deferred income tax assets | 17,649 | ||
Total assets acquired | 67,896 | ||
Warranty reserves | 990 | ||
Other current liabilities | 3,719 | ||
Long-term capital leases and financing obligations | 57,292 | ||
Other long-term liabilities | 1,703 | ||
Total liabilities assumed | 63,704 | ||
Total net identifiable assets acquired | 4,192 | ||
Total consideration transferred | 87,451 | ||
Plus: gain on bargain purchase | 383 | ||
Less: total net identifiable assets acquired | 4,192 | ||
Goodwill | $ 83,642 |
Acquisitions (Schedule Of Intan
Acquisitions (Schedule Of Intangible Assets Acquired) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 11,270 | $ 8,608 |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 16 years | 11 years |
Franchise Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 7,200 | |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 18 years | |
Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 2,100 | $ 1,900 |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 15 years | 10 years |
Favorable Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 1,281 | $ 4,482 |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 15 years | 14 years |
Customer Lists [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 689 | $ 2,226 |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 7 years | 7 years |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Mar. 28, 2015 |
Composition of other current assets | ||
Vendor rebates receivable | $ 11,984 | $ 10,530 |
Other | 16,690 | 10,794 |
Prepaid expense and other assets, current, total | $ 28,674 | $ 21,324 |
Property, Plant and Equipment47
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 36 | $ 32.1 | $ 28.6 |
Amortization expense | $ 7.5 | $ 5.7 | $ 5.2 |
Property, Plant and Equipment48
Property, Plant and Equipment (Major Classifications Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Mar. 28, 2015 |
Major classifications of property, plant and equipment | ||
Property, plant and equipment | $ 639,936 | $ 592,206 |
Less - Accumulated depreciation and amortization | 288,354 | 265,454 |
Net property, plant and equipment | 351,582 | 326,752 |
Land [Member] | ||
Major classifications of property, plant and equipment | ||
Property, plant and equipment | 80,195 | 77,499 |
Buildings and Improvements [Member] | ||
Major classifications of property, plant and equipment | ||
Property, plant and equipment | 325,390 | 293,671 |
Equipment, Signage and Fixtures [Member] | ||
Major classifications of property, plant and equipment | ||
Property, plant and equipment | 208,204 | 196,039 |
Vehicles [Member] | ||
Major classifications of property, plant and equipment | ||
Property, plant and equipment | 23,608 | 21,803 |
Construction-in-Progress [Member] | ||
Major classifications of property, plant and equipment | ||
Property, plant and equipment | 2,539 | 3,194 |
Assets Owned [Member] | ||
Major classifications of property, plant and equipment | ||
Property, plant and equipment | 526,967 | 503,058 |
Less - Accumulated depreciation and amortization | 258,516 | 239,474 |
Net property, plant and equipment | 268,451 | 263,584 |
Assets Owned [Member] | Land [Member] | ||
Major classifications of property, plant and equipment | ||
Property, plant and equipment | 80,195 | 77,499 |
Assets Owned [Member] | Buildings and Improvements [Member] | ||
Major classifications of property, plant and equipment | ||
Property, plant and equipment | 212,421 | 204,523 |
Assets Owned [Member] | Equipment, Signage and Fixtures [Member] | ||
Major classifications of property, plant and equipment | ||
Property, plant and equipment | 208,204 | 196,039 |
Assets Owned [Member] | Vehicles [Member] | ||
Major classifications of property, plant and equipment | ||
Property, plant and equipment | 23,608 | 21,803 |
Assets Owned [Member] | Construction-in-Progress [Member] | ||
Major classifications of property, plant and equipment | ||
Property, plant and equipment | 2,539 | 3,194 |
Assets Under Capital Lease [Member] | ||
Major classifications of property, plant and equipment | ||
Property, plant and equipment | 112,969 | 89,148 |
Less - Accumulated depreciation and amortization | 29,838 | 25,980 |
Net property, plant and equipment | 83,131 | 63,168 |
Assets Under Capital Lease [Member] | Buildings and Improvements [Member] | ||
Major classifications of property, plant and equipment | ||
Property, plant and equipment | $ 112,969 | $ 89,148 |
Goodwill and Intangible Asset49
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 3.8 | $ 3.6 | $ 3.1 |
Customer Lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful lives, in years | 9 years | ||
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful lives, in years | 14 years | ||
Favorable Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful lives, in years | 14 years | ||
Franchise Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful lives, in years | 18 years | ||
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful lives, in years | 5 years |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets (Changes in goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Changes in goodwill | ||
Goodwill, Beginning Balance | $ 349,088 | $ 270,039 |
Additions to goodwill from current year acquisitions | 46,247 | 79,316 |
Adjustments to goodwill related to purchase accounting | 4,326 | (267) |
Other adjustments | 471 | |
Goodwill, Ending Balance | $ 400,132 | $ 349,088 |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets (Composition of other intangible assets) (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Mar. 28, 2015 |
Composition of other intangible assets | ||
Gross carrying amount | $ 66,770 | $ 56,932 |
Accumulated Amortization | 27,250 | 22,377 |
Customer Lists [Member] | ||
Composition of other intangible assets | ||
Gross carrying amount | 22,490 | 23,648 |
Accumulated Amortization | 13,283 | 11,024 |
Favorable Leases [Member] | ||
Composition of other intangible assets | ||
Gross carrying amount | 18,418 | 15,074 |
Accumulated Amortization | 5,996 | 4,925 |
Trade Names [Member] | ||
Composition of other intangible assets | ||
Gross carrying amount | 18,002 | 17,550 |
Accumulated Amortization | 6,960 | 5,791 |
Franchise Agreements [Member] | ||
Composition of other intangible assets | ||
Gross carrying amount | 7,320 | 120 |
Accumulated Amortization | 487 | 120 |
Other Intangible Assets [Member] | ||
Composition of other intangible assets | ||
Gross carrying amount | 540 | 540 |
Accumulated Amortization | $ 524 | $ 517 |
Goodwill and Intangible Asset52
Goodwill and Intangible Assets (Estimated future amortization of intangible assets) (Details) $ in Thousands | Mar. 26, 2016USD ($) |
Customer Lists, Trade Names, Franchise Agreements And Other [Member] | |
Estimated future amortization of intangible assets | |
2,016 | $ 3,941 |
2,017 | 3,796 |
2,018 | 3,495 |
2,019 | 2,579 |
2,020 | 1,860 |
Favorable Leases [Member] | |
Estimated future amortization of intangible assets | |
2,016 | 1,320 |
2,017 | 1,285 |
2,018 | 1,247 |
2,019 | 1,204 |
2,020 | $ 1,139 |
Long-Term Debt, Capital Lease53
Long-Term Debt, Capital Leases And Financing Obligations (Narrative) (Details) | 12 Months Ended | ||
Mar. 26, 2016USD ($)entityitem | Mar. 28, 2015USD ($) | Mar. 31, 1995USD ($)a | |
Debt Instrument [Line Items] | |||
Net availability under the credit facility | $ 473,000,000 | ||
Carrying amount of long-term debt (including current portion) | 103,315,000 | $ 122,543,000 | |
Fair value of long-term debt (including current portion) | 103,300,000 | $ 122,500,000 | |
The total amount financed for properties with capital leases and financing obligations | 177,000,000 | ||
Acres of land purchased | a | 12.7 | ||
Purchase price of land purchased | $ 700,000 | ||
Percentage of land purchased via a non-interest mortgage | 100.00% | ||
Period of non-interest bearing mortgage | 20 years | ||
Revolving Credit Facility, June 2011 [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility agreement | 175,000,000 | ||
Credit Facility Increased Availability | $ 75,000,000 | ||
Revolving credit facility agreement term | 5 years | ||
Revolving credit facility agreement, number of participating banks | item | 7 | ||
Revolving Credit Facility, December 2012 [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility agreement | $ 250,000,000 | ||
Credit Facility Increased Availability | $ 75,000,000 | ||
Debt Instrument, Maturity Date | Dec. 1, 2017 | ||
Provision allowing to expand the amount of overall facility | $ 75,000,000 | ||
Term extension of credit facility | 1 year 6 months | ||
Revolving Credit Facility, January 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility agreement | $ 600,000,000 | ||
Credit Facility Increased Availability | $ 350,000,000 | ||
Revolving credit facility agreement term | 5 years | ||
Revolving credit facility agreement, number of participating banks | entity | 9 | ||
Provision allowing to expand the amount of overall facility | $ 100,000,000 | ||
Credit facility, Change in increased availability | 25,000,000 | ||
Standby Letters of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit sub-facility for issuing standby letters of credit | 80,000,000 | ||
Letters of credit outstanding | $ 23,700,000 | ||
Minimum [Member] | Revolving Credit Facility, January 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate over LIBOR on the facility | 0.75% | ||
Percentage of face amount of standby letter of credit payable as fees | 0.15% | ||
Minimum [Member] | Revolving Credit Facility, January 2016 [Member] | Scenario, Actual [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate over LIBOR on the facility | 1.00% | 1.00% | |
Minimum [Member] | Standby Letters of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of face amount of standby letter of credit payable as fees | 0.875% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of net income permit as cash dividend, maximum | 50.00% | ||
Maximum [Member] | Revolving Credit Facility, January 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate over LIBOR on the facility | 1.75% | ||
Percentage of face amount of standby letter of credit payable as fees | 0.35% | ||
Maximum [Member] | Revolving Credit Facility, January 2016 [Member] | Scenario, Actual [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate over LIBOR on the facility | 1.25% | 1.25% | |
Maximum [Member] | Standby Letters of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of face amount of standby letter of credit payable as fees | 1.875% |
Long-Term Debt, Capital Lease54
Long-Term Debt, Capital Leases And Financing Obligations (Long-Term Debt) (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Mar. 28, 2015 | |
Long-term Debt, Unclassified [Abstract] | |||
Revolving Credit Facility, LIBOR-based | [1] | $ 103,315 | $ 122,543 |
Long-term Debt, Total | 103,315 | 122,543 | |
Long-term Debt and Capital Lease Obligations Current and Long Term | 176,974 | 142,053 | |
Less – Current portion of capital leases and financing obligations | (11,244) | (8,908) | |
Long-term capital leases and financing obligations | $ 165,730 | $ 133,145 | |
London Interbank Offered Rate (LIBOR) | 0.43% | ||
[1] | The London Interbank Offered Rate (LIBOR) at March 26, 2016 was .43%. |
Long-Term Debt, Capital Lease55
Long-Term Debt, Capital Leases And Financing Obligations (Aggregate debt maturities over the next five years) (Details) $ in Thousands | Mar. 26, 2016USD ($) |
Long-term Debt, by Maturity [Abstract] | |
2,017 | $ 11,244 |
2,018 | 12,237 |
2,019 | 13,091 |
2,020 | 14,473 |
2,021 | 118,160 |
Capital Lease Obligations, Aggregate Amount [Member] | |
Long-term Debt, by Maturity [Abstract] | |
2,017 | 24,042 |
2,018 | 24,279 |
2,019 | 24,289 |
2,020 | 24,197 |
2,021 | 24,034 |
Capital Lease Obligations, Imputed Interest [Member] | |
Long-term Debt, by Maturity [Abstract] | |
2,017 | (12,798) |
2,018 | (12,042) |
2,019 | (11,198) |
2,020 | (9,724) |
2,021 | (9,189) |
All Other Debt [Member] | |
Long-term Debt, by Maturity [Abstract] | |
2,021 | $ 103,315 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Unrecognized tax benefits | $ 6,929 | $ 7,495 | $ 5,900 | $ 5,704 |
Interest and penalties recognized related to uncertain tax positions | 100 | $ (100) | ||
Interest and penalties accrued related to unrecognized tax benefits | 400 | $ 400 | ||
State net operating loss carryforwards available | $ 4,300 | |||
Carryforward expiration period | Mar. 31, 2036 | |||
Maximum [Member] | ||||
Years under examination | 2,015 | |||
Minimum [Member] | ||||
Years under examination | 2,013 |
Income Taxes (Components of the
Income Taxes (Components of the provision for income taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Current - | |||
Federal | $ 29,202 | $ 28,262 | $ 25,978 |
State | 2,825 | 2,956 | 1,579 |
Total | 32,027 | 31,218 | 27,557 |
Deferred - | |||
Federal | 6,216 | 6,194 | 4,793 |
State | 373 | 144 | (273) |
Total | 6,589 | 6,338 | 4,520 |
Income tax expense, total | $ 38,616 | $ 37,556 | $ 32,077 |
Income Taxes (Deferred tax (lia
Income Taxes (Deferred tax (liabilities) assets) (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Mar. 28, 2015 |
Deferred tax (liabilities) assets | ||
Goodwill | $ (31,075) | $ (24,167) |
Other | (981) | (939) |
Total deferred tax liabilities | (32,056) | (25,106) |
Property and Equipment | 28,085 | 20,592 |
Insurance reserves | 11,626 | 10,813 |
Warranty and other reserves | 4,671 | 4,538 |
Stock options | 3,040 | 3,729 |
Other | 9,989 | 9,544 |
Total deferred tax assets | 57,411 | 49,216 |
Net deferred tax assets | $ 25,355 | $ 24,110 |
Income Taxes (Reconciliation be
Income Taxes (Reconciliation between Federal statutory tax rate and effective tax rate reflected in accompanying financial statements) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Reconciliation between Federal statutory tax rate and effective tax rate reflected in accompanying financial statements | |||
Federal income tax based on statutory tax rate applied to income before taxes | $ 36,897 | $ 34,774 | $ 30,287 |
State income tax, net of federal income tax benefit | 2,306 | 2,170 | 2,097 |
Other | (587) | 612 | (307) |
Income tax expense, total | $ 38,616 | $ 37,556 | $ 32,077 |
Federal income tax based on statutory tax rate applied to income before taxes, percentage | 35.00% | 35.00% | 35.00% |
State income tax, net of federal income tax benefit, percentage | 2.20% | 2.20% | 2.40% |
Other, percentage | (0.60%) | 0.60% | (0.30%) |
Income tax expense, percentage | 36.60% | 37.80% | 37.10% |
Income Taxes (Income taxes asso
Income Taxes (Income taxes associated with unrecognized tax benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Income taxes associated with unrecognized tax benefits | |||
Unrecognized Tax Benefits, Beginning Balance | $ 7,495 | $ 5,900 | $ 5,704 |
Tax positions related to current year: | |||
Additions | $ 1,116 | $ 2,066 | $ 1,678 |
Reductions | |||
Tax positions related to prior years: | |||
Additions | $ 164 | ||
Reductions | $ (922) | $ 33 | $ (88) |
Settlements | (381) | ||
Lapses in statutes of limitations | $ (760) | $ (668) | (1,013) |
Unrecognized Tax Benefits, Ending Balance | $ 6,929 | $ 7,495 | $ 5,900 |
Stock Ownership (Narrative) (De
Stock Ownership (Narrative) (Details) - $ / shares | 12 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Stock Ownership [Abstract] | ||
Common stock shares authorized | 65,000,000 | 65,000,000 |
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% |
Stock Ownership (Summary of the
Stock Ownership (Summary of the changes in the number of shares of common stock, Class C preferred stock and treasury stock) (Details) - shares | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Treasury Stock [Member] | |||
Summary of the changes in the number of shares of common stock, Class C preferred stock and treasury stock | |||
Shares Issued, Beginning balance | 6,180,489 | 6,076,951 | 6,073,836 |
Stock options exercised | 136,163 | 103,538 | 3,115 |
Shares Issued, Ending balance | 6,316,652 | 6,180,489 | 6,076,951 |
Common Stock [Member] | |||
Summary of the changes in the number of shares of common stock, Class C preferred stock and treasury stock | |||
Shares Issued, Beginning balance | 38,007,537 | 37,567,902 | 37,327,967 |
Stock options exercised | 549,141 | 439,635 | 239,935 |
Shares Issued, Ending balance | 38,556,678 | 38,007,537 | 37,567,902 |
Class C Convertible Preferred Stock [Member] | |||
Summary of the changes in the number of shares of common stock, Class C preferred stock and treasury stock | |||
Shares Issued, Beginning balance | 32,500 | 32,500 | 32,500 |
Shares Issued, Ending balance | 32,500 | 32,500 | 32,500 |
Share Based Compensation (Narra
Share Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | May. 31, 2013 | May. 31, 2010 | Aug. 31, 2007 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common shares authorized for issuance | 5,001,620 | |||||
Total shares exercisable | 789,422 | 1,098,601 | 1,160,572 | |||
Weighted average exercise price, exercisable | $ 36.75 | |||||
Options available for grant | 1,743,429 | |||||
Weighted average contractual term, options outstanding | 3 years | 2 years 8 months 12 days | ||||
Weighted average contractual term of all options exercisable | 2 years 6 months | 2 years 2 months 12 days | ||||
Compensation expenses recognition period related to nonvested fixed stock options | 2 years | |||||
Aggregate intrinsic value, options outstanding | $ 33,200 | $ 46,700 | ||||
Aggregate intrinsic value of all options exercisable | 26,000 | 37,200 | ||||
Fair value of awards vested under the Company's stock plans | $ 2,500 | $ 3,500 | $ 3,600 | |||
Aggregate intrinsic value, Company's closing stock price | $ 69.68 | $ 64.96 | $ 56.51 | |||
Aggregate intrinsic value of options exercised | $ 22,300 | $ 10,300 | $ 7,400 | |||
Unrecognized compensation expense related to non-vested fixed stock options | 3,300 | |||||
Cash received from stock option exercises | 8,602 | 8,664 | 4,314 | |||
Tax benefit from exercise of stock options | $ 6,677 | $ 2,208 | $ 1,866 | |||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee options term | 6 years | |||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee options term | 10 years | |||||
Employee Stock Option [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 stock shares initially reserved for future issuance | 873,000 | |||||
Common shares authorized for issuance | 1,501,620 | |||||
Share based compensation arrangement by share based payment award shares transferred from previous plan | 628,620 | |||||
Share based compensation arrangement by share based payment award additional number of shares authorized | 2,000,000 | 1,500,000 | ||||
Incentive Stock Option Plan 2003 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common shares authorized for issuance | 315,000 | |||||
Incentive Stock Option Plan 1998 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common shares authorized for issuance | 4,016,250 | |||||
Incentive Stock Option Plan 1994 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common shares authorized for issuance | 675,345 |
Share Based Compensation (Summa
Share Based Compensation (Summary of changes in outstanding stock options) (Details) - $ / shares | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Summary of changes in outstanding stock options | |||
Weighted average exercise price, beginning of period | $ 34.21 | $ 31.58 | $ 28.66 |
Weighted average exercise price, granted | 62.28 | 52.73 | 45.38 |
Weighted average exercise price, exercised | 29.59 | 31.98 | 18.73 |
Weighted average exercise price, canceled | 50.69 | 43.04 | 35.48 |
Weighted average exercise price, end of period | $ 41.75 | $ 34.21 | $ 31.58 |
Options outstanding, beginning balance | 1,518,330 | 1,773,401 | 1,864,114 |
Options outstanding, granted | 243,410 | 211,225 | 181,400 |
Options outstanding, exercised | (549,141) | (439,635) | (239,935) |
Options outstanding, canceled | (23,808) | (26,661) | (32,178) |
Options outstanding, ending balance | 1,188,791 | 1,518,330 | 1,773,401 |
Share Based Compensation (A sum
Share Based Compensation (A summary of the status of and changes in nonvested stock options granted) (Details) - $ / shares | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
A summary of the status of and changes in nonvested stock options granted | |||
Non-vested, shares, beginning balance | 419,729 | 612,829 | 879,197 |
Granted, shares | 243,410 | 211,225 | 181,400 |
Vested, shares | (242,841) | (382,197) | (417,743) |
Canceled, shares | (20,929) | (22,128) | (30,025) |
Non-vested, shares, ending balance | 399,369 | 419,729 | 612,829 |
Weighted average grant date fair value, beginning of period | $ 9.70 | $ 8.88 | $ 8.52 |
Weighted average grant date fair value, granted | 13.10 | 11.27 | 10.11 |
Weighted average grant date fair value, vested | 10.38 | 9.22 | 8.66 |
Weighted average grant date fair value, canceled | 10.18 | 10.37 | 8.90 |
Weighted average grant date fair value, end of period | $ 11.26 | $ 9.70 | $ 8.88 |
Share Based Compensation (Sum66
Share Based Compensation (Summarizes information about fixed stock options outstanding) (Details) | 12 Months Ended |
Mar. 26, 2016$ / sharesshares | |
Exercise Price Range One [Member] | |
Summarizes information about fixed stock options outstanding | |
Range of exercise price, lower limit | $ 11.76 |
Range of exercise price, upper limit | $ 33.64 |
Options outstanding, shares under option | shares | 489,924 |
Options outstanding, weighted average remaining life | 2 years 3 months 4 days |
Options outstanding, weighted average exercise price | $ 27.90 |
Options exercisable, shares under option | shares | 414,799 |
Options exercisable, weighted average exercise price | $ 26.86 |
Exercise Price Range Two [Member] | |
Summarizes information about fixed stock options outstanding | |
Range of exercise price, lower limit | 33.65 |
Range of exercise price, upper limit | $ 44.46 |
Options outstanding, shares under option | shares | 204,877 |
Options outstanding, weighted average remaining life | 1 year 11 months 1 day |
Options outstanding, weighted average exercise price | $ 39.57 |
Options exercisable, shares under option | shares | 177,217 |
Options exercisable, weighted average exercise price | $ 39.61 |
Exercise Price Range Three [Member] | |
Summarizes information about fixed stock options outstanding | |
Range of exercise price, lower limit | 44.47 |
Range of exercise price, upper limit | $ 53.09 |
Options outstanding, shares under option | shares | 239,710 |
Options outstanding, weighted average remaining life | 3 years 6 months 26 days |
Options outstanding, weighted average exercise price | $ 50.57 |
Options exercisable, shares under option | shares | 122,281 |
Options exercisable, weighted average exercise price | $ 50.41 |
Exercise Price Range Four [Member] | |
Summarizes information about fixed stock options outstanding | |
Range of exercise price, lower limit | 53.10 |
Range of exercise price, upper limit | $ 79.76 |
Options outstanding, shares under option | shares | 254,280 |
Options outstanding, weighted average remaining life | 4 years 10 months 17 days |
Options outstanding, weighted average exercise price | $ 61.89 |
Options exercisable, shares under option | shares | 75,125 |
Options exercisable, weighted average exercise price | $ 62.33 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Earnings Per Common Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share | 171 | 145 | 91 |
Earnings Per Common Share (Reco
Earnings Per Common Share (Reconciliation Of Basic And Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | ||
Numerator For Earnings Per Share Calculation [Abstract] | ||||
Net income | $ 66,805 | $ 61,799 | $ 54,459 | |
Less: Preferred stock dividends | [1] | (456) | (395) | (334) |
Income available to common shareholders | $ 66,349 | $ 61,404 | $ 54,125 | |
Denominator for earnings per common share calculation: | ||||
Weighted average common shares, basic | 32,026 | 31,605 | 31,394 | |
Effect of dilutive securities: | ||||
Preferred stock | 760 | 760 | 760 | |
Stock options | 567 | 579 | 488 | |
Weighted average common shares, diluted | 33,353 | 32,944 | 32,642 | |
Basic Earnings per common share: | $ 2.07 | $ 1.94 | $ 1.72 | |
Diluted Earnings per common share: | $ 2 | $ 1.88 | $ 1.67 | |
[1] | Dividends paid per common share or common share equivalent were $.60, $.52 and $.44, respectively, for the years ended March 26, 2016, March 28, 2015 and March 29, 2014. |
Operating Leases and Other Co69
Operating Leases and Other Commitments (Narrative) (Details) - USD ($) | Oct. 01, 2015 | Oct. 01, 2014 | Aug. 27, 2014 | Feb. 28, 2014 | Oct. 01, 2012 | Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 31, 2015 |
Operating Leases And Other Commitments [Line Items] | |||||||||
Rent expense under operating leases, net of sublease income | $ 36,717,000 | $ 35,848,000 | $ 33,093,000 | ||||||
Contingent rentals | 59,000 | 44,000 | 59,000 | ||||||
Sublease income | $ 149,000 | $ 161,000 | $ 280,000 | ||||||
Percentage of annual purchases of specific products bought from entering contracts | 100.00% | ||||||||
Maximum purchase commitment expiration date | July 2,017 | ||||||||
Chief Executive Officer [Member] | |||||||||
Operating Leases And Other Commitments [Line Items] | |||||||||
Stated base salary per agreement | $ 550,000 | ||||||||
Number of stock options awarded | 300,000 | ||||||||
Stock option exercise price | $ 33.64 | ||||||||
New employment agreement period | 5 years | ||||||||
Vesting period of employee options | 4 years | ||||||||
Executive Vice President [Member] | |||||||||
Operating Leases And Other Commitments [Line Items] | |||||||||
Stated base salary per agreement | $ 242,500 | ||||||||
Employment Period Start Date | Apr. 1, 2014 | ||||||||
Employment Period End Date | Jun. 1, 2017 | ||||||||
Executive Vice President And Chief Financial Officer [Member] | |||||||||
Operating Leases And Other Commitments [Line Items] | |||||||||
Stated base salary per agreement | $ 375,000 | ||||||||
Number of stock options awarded | 35,000 | ||||||||
Stock option exercise price | $ 52.82 | ||||||||
Option term | 5 years | ||||||||
Vesting period of employee options | 4 years | ||||||||
Executive Chairman [Member] | |||||||||
Operating Leases And Other Commitments [Line Items] | |||||||||
Stated base salary per agreement | $ 120,000 | $ 360,000 | $ 420,000 | ||||||
Salary reduction | $ 60,000 | ||||||||
New employment agreement period | 3 years | 3 years | |||||||
Total amount of additional bonus payable in five annual installments | $ 750,000 | ||||||||
Future additional bonus payable per annum installment | $ 150,000 |
Operating Leases and Other Co70
Operating Leases and Other Commitments (Future minimum payments required under non-cancellable leases) (Details) $ in Thousands | Mar. 26, 2016USD ($) |
Operating Leases and Other Commitments [Abstract] | |
Leases, 2017 | $ 34,513 |
Leases, 2018 | 28,126 |
Leases, 2019 | 21,021 |
Leases, 2020 | 15,229 |
Leases, 2021 | 11,065 |
Leases, Thereafter | 48,650 |
Leases, Total | 158,604 |
Less - Sublease Income, 2017 | (34) |
Less - Sublease Income, 2018 | (34) |
Less - Sublease Income, 2019 | (8) |
Less - Sublease Income, 2020 | (8) |
Less - Sublease Income, 2021 | (8) |
Less - Sublease Income, Total | (92) |
Net, 2017 | 34,479 |
Net, 2018 | 28,092 |
Net, 2019 | 21,013 |
Net, 2020 | 15,221 |
Net, 2021 | 11,057 |
Net, Thereafter | 48,650 |
Net, Total | $ 158,512 |
Employee Retirement and Profi71
Employee Retirement and Profit Sharing Plans (Narrative) (Details) | 12 Months Ended | ||
Mar. 26, 2016USD ($)item | Mar. 28, 2015USD ($) | Mar. 29, 2014USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum term criteria for availing defined benefit plans | 1 year | ||
Minimum age criteria for availing defined benefit plans | item | 21 | ||
Charges to expense for the Company's matching contributions | $ 731,000 | $ 655,000 | $ 612,000 |
Total liability, Deferred Compensation Plan | 1,921,000 | 1,678,000 | |
Charges to expense (benefit) applicable to the management bonus plan | $ 2,124,000 | $ 1,092,000 | $ 1,066,000 |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company's general target allocation for the plan | 40.00% | ||
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company's general target allocation for the plan | 60.00% |
Employee Retirement and Profi72
Employee Retirement and Profit Sharing Plans (Funded status of plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | $ 20,241 | $ 19,369 | |
Actual return on plan assets | (95) | 1,466 | |
Employee contribution | 0 | 0 | |
Benefits paid | (681) | (594) | |
Fair value of plan assets at end of year | 19,465 | 20,241 | $ 19,369 |
Change in Projected Benefit Obligation: | |||
Benefit obligation at beginning of year | 22,160 | 19,048 | |
Interest cost | 803 | 832 | 776 |
Actuarial (gain) loss | (909) | 2,874 | |
Benefits paid | (681) | (594) | |
Benefit obligation at end of year | 21,373 | 22,160 | $ 19,048 |
Underfunded status of plan | $ (1,908) | $ (1,919) |
Employee Retirement and Profi73
Employee Retirement and Profit Sharing Plans (Amounts recognized in accumulated other comprehensive loss) (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Mar. 28, 2015 |
Employee Retirement and Profit Sharing Plans [Abstract] | ||
Unamortized transition obligation | $ 0 | $ 0 |
Unamortized prior service cost | 0 | 0 |
Unamortized net loss | 7,320 | 7,393 |
Total | $ 7,320 | $ 7,393 |
Employee Retirement and Profi74
Employee Retirement and Profit Sharing Plans (Changes in plan assets and benefit obligations recognized in other comprehensive income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Employee Retirement and Profit Sharing Plans [Abstract] | ||
Net transition obligation | $ 0 | $ 0 |
Prior service cost | 0 | 0 |
Net actuarial income (loss) | 73 | (2,337) |
Total | $ 73 | $ (2,337) |
Employee Retirement and Profi75
Employee Retirement and Profit Sharing Plans (Components of pension (income) expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Employee Retirement and Profit Sharing Plans [Abstract] | |||
Interest cost on projected benefit obligation | $ 803 | $ 832 | $ 776 |
Expected return on plan assets | (1,389) | (1,388) | (1,193) |
Amortization of unrecognized actuarial loss | 648 | 300 | 658 |
Net pension expense (income) | $ 62 | $ (256) | $ 241 |
Employee Retirement and Profi76
Employee Retirement and Profit Sharing Plans (Weighted average assumptions used to determine benefit obligations) (Details) | Mar. 26, 2016 | Mar. 28, 2015 |
Employee Retirement and Profit Sharing Plans [Abstract] | ||
Discount rate | 3.83% | 3.69% |
Employee Retirement and Profi77
Employee Retirement and Profit Sharing Plans (Weighted average assumptions used to determine net periodic pension costs) (Details) | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Employee Retirement and Profit Sharing Plans [Abstract] | |||
Discount rate | 3.69% | 4.42% | 4.08% |
Expected long-term return on assets | 7.00% | 7.00% | 7.00% |
Employee Retirement and Profi78
Employee Retirement and Profit Sharing Plans (Company's asset allocations by asset category) (Details) | Mar. 26, 2016 | Mar. 28, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
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 | 3.40% | 2.80% |
Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 36.80% | 36.30% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 59.80% | 60.90% |
Employee Retirement and Profi79
Employee Retirement and Profit Sharing Plans (Fair value measurement information for the Company's major categories of defined benefit plan assets) (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of defined benefit plan assets | $ 19,465 | $ 20,241 | $ 19,369 |
U.S. Companies Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of defined benefit plan assets | 7,800 | 8,114 | |
International Companies Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of defined benefit plan assets | 3,850 | 4,212 | |
U.S. Corporate Bonds Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of defined benefit plan assets | 6,788 | 7,354 | |
US Treasury Bill [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of defined benefit plan assets | 374 | ||
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of defined benefit plan assets | 653 | 561 | |
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 | 11,847 | 11,941 | |
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 | 7,623 | 7,729 | |
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 | 3,850 | 4,212 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | US Treasury Bill [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of defined benefit plan assets | 374 | ||
Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of defined benefit plan assets | 7,618 | 8,300 | |
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 | 177 | 385 | |
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 | 6,788 | 7,354 | |
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of defined benefit plan assets | $ 653 | $ 561 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of defined benefit plan assets | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Companies Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of defined benefit plan assets | |||
Significant Unobservable Inputs (Level 3) [Member] | International Companies Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of defined benefit plan assets | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Corporate Bonds Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of defined benefit plan assets | |||
Significant Unobservable Inputs (Level 3) [Member] | US Treasury Bill [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of defined benefit plan assets | |||
Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of defined benefit plan assets |
Employee Retirement and Profi80
Employee Retirement and Profit Sharing Plans (Pension benefit payments) (Details) $ in Thousands | Mar. 26, 2016USD ($) |
Employee Retirement and Profit Sharing Plans [Abstract] | |
2,017 | $ 835 |
2,018 | 855 |
2,019 | 898 |
2,020 | 946 |
2,021 | 1,007 |
2022 - 2026 | $ 5,679 |
Related Party Transactions (Det
Related Party Transactions (Details) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2015USD ($)item | Mar. 31, 2004item | Mar. 26, 2016USD ($)item | Mar. 28, 2015USD ($) | Mar. 29, 2014USD ($) | |
Related Party Transaction [Line Items] | |||||
Related party lease entered into during period | 1 | ||||
Related party property and building purchased | 1 | ||||
Related party leases remaining | 6 | ||||
New leases contemplated | 0 | ||||
Purchased property and building of leased location | $ | $ 1,000,000 | ||||
Operating and capital leases | $ | $ 711,000 | $ 717,000 | $ 702,000 | ||
Financial and Strategic Advisory Services Fee | $ | 225,000 | 300,000 | 300,000 | ||
Amount payable | $ | $ 0 | $ 0 | $ 0 | ||
Number of unsuccessful acquisitions where advisory services fees were paid | 3 | ||||
Acquisition Advisory Services [Member] | |||||
Related Party Transaction [Line Items] | |||||
Financial and Strategic Advisory Services Fee | $ | $ 1,000,000 | ||||
Mr Tire Acquisition [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party leases assumed | 6 |
Supplemental Disclosure of Ca82
Supplemental Disclosure of Cash Flow Information (Narrative) (Details) - USD ($) | 12 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Supplemental Disclosure of Cash Flow Information [Abstract] | ||
Increase in capital leases and financing obligations | $ 13,265,000 | $ 11,599,000 |
Increase in property, plant and equipment | $ 13,265,000 | $ 11,599,000 |
Supplemental Disclosure of Ca83
Supplemental Disclosure of Cash Flow Information (Liabilities On Acquisitions Assumed) (Details) - USD ($) | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Fiscal 2016 Acquisitions And Fiscal 2015 Acquisition Measurment Period Adjustments [Member] | |||
Business Acquisition [Line Items] | |||
Fair value of assets acquired | $ 35,335,000 | ||
Goodwill | 50,573,000 | ||
Cash paid, net of cash acquired | (49,018,000) | ||
Amounts payable to seller | (1,626,000) | ||
Liabilities assumed | $ 35,264,000 | ||
Fiscal 2015 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Fair value of assets acquired | $ 62,184,000 | ||
Goodwill | 79,316,000 | ||
Gain on bargain purchase | (386,000) | ||
Cash paid, net of cash acquired | (84,403,000) | ||
Amounts payable to seller | (3,507,000) | ||
Liabilities assumed | $ 53,204,000 | ||
Fiscal 2014 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Fair value of assets acquired | $ 14,330,000 | ||
Goodwill | 17,673,000 | ||
Gain on bargain purchase | (217,000) | ||
Cash paid, net of cash acquired | (27,482,000) | ||
Liabilities assumed | $ 4,304,000 |
Supplemental Disclosure of Ca84
Supplemental Disclosure of Cash Flow Information (Interest and income taxes paid) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Supplemental Disclosure of Cash Flow Information [Abstract] | |||
Interest, net | $ 15,687 | $ 11,119 | $ 9,099 |
Income taxes, net | $ 25,322 | $ 26,141 | $ 25,849 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | 1 Months Ended |
May. 31, 2016$ / shares | |
Subsequent Event [Line Items] | |
Cash dividend per common share | $ 0.17 |
Dividends payable, date of record | Jun. 3, 2016 |
Cash dividend date to be paid | Jun. 13, 2016 |