Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2018 | Jul. 27, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | MONRO, INC. | |
Entity Central Index Key | 876,427 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --03-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock Shares Outstanding | 32,885,752 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Current assets: | ||
Cash and equivalents | $ 12,662 | $ 1,909 |
Trade receivables | 16,979 | 11,582 |
Federal and state income taxes receivable | 728 | 4,185 |
Inventories | 158,049 | 152,367 |
Other current assets | 38,473 | 37,213 |
Total current assets | 226,891 | 207,256 |
Property, plant and equipment | 785,731 | 767,864 |
Less - Accumulated depreciation and amortization | (360,858) | (351,195) |
Net property, plant and equipment | 424,873 | 416,669 |
Goodwill | 533,507 | 522,892 |
Intangible assets | 55,877 | 49,143 |
Other non-current assets | 10,681 | 10,997 |
Long-term deferred income tax assets | 10,454 | 11,475 |
Total assets | 1,262,283 | 1,218,432 |
Current liabilities: | ||
Current portion of long-term debt, capital leases and financing obligations | 20,128 | 18,989 |
Trade payables | 90,683 | 84,568 |
Accrued payroll, payroll taxes and other payroll benefits | 25,917 | 20,197 |
Accrued insurance | 37,383 | 36,739 |
Warranty reserves | 12,354 | 12,381 |
Other current liabilities | 20,957 | 21,131 |
Total current liabilities | 207,422 | 194,005 |
Long-term debt | 158,040 | 148,068 |
Long-term capital leases and financing obligations | 232,625 | 227,220 |
Accrued rent expense | 4,183 | 4,530 |
Other long-term liabilities | 13,604 | 14,141 |
Long-term income taxes payable | 2,190 | 1,992 |
Total liabilities | 618,064 | 589,956 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Class C Convertible Preferred Stock, $1.50 par value, $.064 conversion value; 150,000 shares authorized; 21,802 shares issued and outstanding | 33 | 33 |
Common Stock, $.01 par value, 65,000,000 shares authorized; 39,204,404 and 39,166,392 shares issued at June 30, 2018 and March 31, 2018, respectively | 392 | 392 |
Treasury Stock, 6,337,747 and 6,330,008 shares at June 30, 2018 and March 31, 2018, respectively, at cost | (107,008) | (106,563) |
Additional paid-in capital | 201,883 | 199,576 |
Accumulated other comprehensive loss | (4,325) | (4,248) |
Retained earnings | 553,244 | 539,286 |
Total shareholders' equity | 644,219 | 628,476 |
Total liabilities and shareholders' equity | $ 1,262,283 | $ 1,218,432 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Mar. 31, 2018 |
Consolidated Balance Sheets [Abstract] | ||
Class C convertible preferred stock par value | $ 1.50 | $ 1.50 |
Class C convertible preferred stock, conversion value | $ 0.064 | $ 0.064 |
Class C convertible preferred stock shares authorized | 150,000 | 150,000 |
Class C convertible preferred stock shares issued | 21,802 | 21,802 |
Class C convertible preferred stock shares outstanding | 21,802 | 21,802 |
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 65,000,000 | 65,000,000 |
Common stock shares issued | 39,204,404 | 39,166,392 |
Treasury stock shares | 6,337,747 | 6,330,008 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Sales | $ 295,811 | $ 278,491 |
Cost of sales, including distribution and occupancy costs | 178,573 | 165,607 |
Gross profit | 117,238 | 112,884 |
Operating, selling, general and administrative expenses | 84,166 | 79,135 |
Operating income | 33,072 | 33,749 |
Interest expense, net of interest income | 6,580 | 5,742 |
Other income, net | (227) | (11) |
Income before provision for income taxes | 26,719 | 28,018 |
Provision for income taxes | 6,075 | 10,433 |
Net income | 20,644 | 17,585 |
Other comprehensive loss, net of tax: | ||
Changes in pension, net of tax benefit | (77) | (50) |
Comprehensive income | $ 20,567 | $ 17,535 |
Earnings per share: | ||
Basic | $ 0.63 | $ 0.53 |
Diluted | $ 0.62 | $ 0.53 |
Weighted average number of common shares outstanding used in computing earnings per share: | ||
Basic | 32,853 | 32,704 |
Diluted | 33,457 | 33,292 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes in Shareholders' Equity - 3 months ended Jun. 30, 2018 - USD ($) $ in Thousands | Class C Convertible Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total | |
Balance beginning at Mar. 31, 2018 | $ 33 | $ 392 | $ (106,563) | $ 199,576 | $ (4,248) | $ 539,286 | $ 628,476 | |
Beginning balance, preferred shares at Mar. 31, 2018 | 21,802 | 21,802 | ||||||
Beginning balance, common shares at Mar. 31, 2018 | 39,166,000 | 6,330,000 | ||||||
Net income | 20,644 | $ 20,644 | ||||||
Other comprehensive loss: | ||||||||
Pension liability adjustment [($101) pre-tax] | (77) | (77) | ||||||
Cash dividends: | ||||||||
Preferred dividends | [1] | (102) | (102) | |||||
Common dividends | [1] | (6,572) | (6,572) | |||||
Dividend payable | (12) | (12) | ||||||
Exercise of stock options | $ (445) | 1,223 | 778 | |||||
Exercise of stock options, shares | 38,000 | 8,000 | ||||||
Stock-based compensation | 1,084 | 1,084 | ||||||
Balance ending at Jun. 30, 2018 | $ 33 | $ 392 | $ (107,008) | $ 201,883 | $ (4,325) | $ 553,244 | $ 644,219 | |
Ending balance, preferred shares at Jun. 30, 2018 | 21,802 | 21,802 | ||||||
Ending balance, common shares at Jun. 30, 2018 | 39,204,000 | 6,338,000 | ||||||
[1] | First quarter fiscal year 2019 dividend payment of $.20 per common share or common share equivalent paid on June 14, 2018. |
Consolidated Statement Of Chan6
Consolidated Statement Of Changes in Shareholders' Equity (Parenthetical) $ in Thousands | 3 Months Ended |
Jun. 30, 2018USD ($)$ / shares | |
Consolidated Statement of Changes in Shareholders' Equity [Abstract] | |
Common stock cash dividends per share | $ / shares | $ 0.20 |
Pension liability adjustment - pre-tax | $ | $ (101) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 20,644 | $ 17,585 |
Adjustments to reconcile net income to net cash provided by operating activities - | ||
Depreciation and amortization | 13,227 | 11,839 |
Loss (gain) on disposal of assets | 397 | (121) |
Stock-based compensation expense | 1,084 | 488 |
Net change in deferred income taxes | 2,082 | 2,190 |
Change in operating assets and liabilities (excluding acquisitions): | ||
Trade receivables | (3,562) | (896) |
Inventories | 2,275 | (3,300) |
Other current assets | (1,465) | (2,398) |
Other non-current assets | 887 | 997 |
Trade payables | 6,115 | 12,113 |
Accrued expenses | 5,756 | (5,149) |
Federal and state income taxes payable | 3,457 | 7,910 |
Other long-term liabilities | (924) | (45) |
Long-term income taxes payable | 198 | 228 |
Total adjustments | 29,527 | 23,856 |
Net cash provided by operating activities | 50,171 | 41,441 |
Cash flows from investing activities: | ||
Capital expenditures | (11,440) | (6,736) |
Acquisitions, net of cash acquired | (27,518) | (3,971) |
Proceeds from the disposal of assets | 303 | 93 |
Net cash used for investing activities | (38,655) | (10,614) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 108,668 | 80,310 |
Principal payments on long-term debt, capital leases and financing obligations | (103,535) | (108,250) |
Exercise of stock options | 778 | 653 |
Dividends paid | (6,674) | (5,982) |
Net cash used for financing activities | (763) | (33,269) |
Increase (decrease) in cash | 10,753 | (2,442) |
Cash at beginning of period | 1,909 | 8,995 |
Cash at end of year | $ 12,662 | $ 6,553 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 3 Months Ended |
Jun. 30, 2018 | |
Condensed Consolidated Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | Note 1 – Condensed Consolidated Financial Statements The consolidated balance sheets as of June 30, 2018 and March 31, 2018, the consolidated statements of comprehensive income and cash flows for the quarters ended June 30, 2018 and June 24, 2017, and the consolidated statement of changes in shareholders’ equity for the quarter ended June 30, 2018, include financial information for Monro, Inc. and its wholly-owned subsidiaries, Monro Service Corporation and Car-X, LLC (collectively, “Monro,” “we,” “us,” “our”). These unaudited, condensed consolidated financial statements have been prepared by Monro. We believe all known adjustments (consisting of normal recurring accruals or adjustments) have been made to fairly state the financial position, results of operations and cash flows for the unaudited periods presented. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2018. We report our results on a 52 / 53 week fiscal year with the fiscal year ending on the last Saturday in March of each year. The following are the dates represented by each fiscal period reported in these condensed financial statements: “Quarter Ended Fiscal June 2018” April 1, 2018 – June 30, 2018 (13 weeks) “Quarter Ended Fiscal June 2017” March 26, 2017 – June 24, 2017 (13 weeks) Fiscal 2019, ending March 30, 2019, is a 52 week year. Monro’s operations are organized and managed in one operating segment. The internal management financial reporting that is the basis for evaluation in order to assess performance and allocate resources by our chief operating decision maker consists of consolidated data that includes the results of our retail, commercial and wholesale locations. As such, our one operating segment reflects how our operations are managed, how resources are allocated, how operating performance is evaluated by senior management and the structure of our internal financial reporting. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance for the reporting of revenue from contracts with customers. This guidance provides guidelines a company will apply to determine the measurement of revenue and timing of when it is recognized. Additional guidance has subsequently been issued to amend or clarify the reporting of revenue from contracts with customers. The guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption was permitted. We adopted this guidance and all related amendments during the first quarter of fiscal 2019 using the modified retrospective approach. The adoption of the guidance did not have a material impact on our Consolidated Financial Statements. See Note 7 for additional information. In February 2016, the FASB issued new accounting guidance related to leases. This guidance establishes a right of use (“ROU”) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Additional guidance has subsequently been issued in order to provide an additional transition method as well as an additional practical expedient to be available upon adoption. We are required to adopt the new lease guidance utilizing one of two methods: retrospective restatement for each reporting period presented at time of adoption, or a modified retrospective approach with the cumulative effect of initially applying this guidance recognized at the date of initial application. Under the modified retrospective approach, prior periods would not be restated. Early adoption is permitted, but we have not early adopted this guidance. We expect that the new lease standard will have a material impact on our Consolidated Financial Statements. While we are continuing to assess the effects of adoption, we currently believe the most significant changes relate to the recognition of new ROU assets and lease liabilities on the Consolidated Balance Sheet for real property operating leases as approximately 50% of our store leases and all of our land leases are currently not recorded on our balance sheet. We expect that substantially all of our operating lease commitments will be subject to the new guidance and will be recognized as operating lease liabilities and ROU assets upon adoption. Absent potential acquisitions, we do not anticipate any significant changes in the volume of our leasing activity until the period of adoption. In August 2016, the FASB issued new accounting guidance related to cash flow classification. This guidance clarifies and provides specific guidance on eight cash flow classification issues that are not addressed by current generally accepted accounting principles (“GAAP”) and thereby reduce the current diversity in practice. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption was permitted. We adopted this guidance during the first quarter of fiscal 2019. The adoption of the guidance did not have a material impact on our Consolidated Financial Statements. In January 2017, the FASB issued new accounting guidance which clarifies the definition of a business, particularly when evaluating whether transactions should be accounted for as acquisitions or dispositions of assets or businesses. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption was permitted for certain transactions. We adopted this guidance during the first quarter of fiscal 2019. The adoption of the guidance did not have a material impact on our Consolidated Financial Statements. In January 2017, the FASB issued new accounting guidance simplifying the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which required the determination of an implied fair value of goodwill. Under this guidance, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This guidance is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We have not early adopted this guidance. This guidance is not expected to have a material impact on our Consolidated Financial Statements. In March 2017, the FASB issued accounting guidance that amends how employers present the net benefit cost in the income statement. The new guidance requires employers to disaggregate and present separately the current service cost component from the other components of the net benefit cost within the Consolidated Statement of Comprehensive Income. This guidance is effective for fiscal years and interim periods beginning after December 15, 2017, and should be applied retrospectively. Early adoption was permitted. We adopted this guidance during the first quarter of fiscal 2019. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements. In May 2017, the FASB issued new accounting guidance which clarifies when to account for a change to the terms or conditions of a share based payment award as a modification. Under this guidance, modification is required only if the fair value, the vesting conditions, or the classification of an award as equity or liability changes as a result of the change in terms or conditions. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption was permitted. We adopted this guidance during the first quarter of fiscal 2019. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements. In June 2018, the FASB issued new accounting guidance that amends the accounting for nonemployee share-based awards. Under the new guidance, the existing guidance related to the accounting for employee share-based awards will apply to nonemployee share-based transactions, with certain exceptions. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2018. Early adoption 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. 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 $3.1 million. This amount represents the maximum potential amount of future payments under the guarantees as of June 30, 2018. 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. We have recorded a liability related to anticipated defaults under the foregoing leases of $.1 million and $.2 million as of June 30, 2018 and March 31, 2018, respectively. |
Acquisitions
Acquisitions | 3 Months Ended |
Jun. 30, 2018 | |
Acquisitions [Abstract] | |
Acquisitions | Note 2 – Acquisitions Monro’s acquisitions are strategic moves in our plan to fill in and expand our presence in existing and contiguous markets, and leverage fixed operating costs such as distribution, advertising and administration. Acquisitions in this footnote include acquisitions of five or more locations as well as acquisitions of one to four locations that are part of the Company’s greenfield store growth strategy. Subsequent Events We have signed definitive asset purchase agreements to complete the acquisition of 12 retail/commercial tire and automotive repair stores located primarily within our existing markets. These transactions are expected to close during the second quarter of fiscal 2019 and are expected to be financed through our existing credit facility. On July 15, 2018 , we acquired one retail tire and automotive repair store located in Pennsylvania from Mayfair Tire & Service Center, Inc. This store operates under the Mr. Tire name. The acquisition was financed through our existing credit facility. On July 8, 2018 , we acquired eight retail tire and automotive repair stores in Missouri from Sawyer Tire, Inc. These stores operate under the Car-X name. The acquisition was financed through our existing credit facility. Fiscal 2019 During the first quarter of fiscal 2019, we acquired the following businesses for an aggregate purchase price of $27.3 million. The acquisitions were financed through our existing credit facility. The results of operations for these acquisitions are included in our financial results from the respective acquisition dates. · On May 13, 2018 , we acquired 12 retail/commercial tire and automotive repair stores and one retread facility located in Tennessee, as well as four wholesale locations in North Carolina, Tennessee and Virginia, from Free Service Tire Company, Incorporated. These locations operate under the Free Service Tire name. · On April 1, 2018 , we acquired four retail tire and automotive repair stores located in Minnesota from Liberty Auto Group, Inc. These stores operate under the Car-X name. These acquisitions resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combining these businesses with ours, as well as unidentifiable intangible assets. All of the goodwill is expected to be deductible for tax purposes. We have recorded finite-lived intangible assets at their estimated fair value related to customer lists, favorable leases and a trade name. We expensed all costs related to acquisitions in the quarter ended June 30, 2018. The total costs related to completed acquisitions were $.2 million for the quarter ended June 30, 2018. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses. Sales for the fiscal 2019 acquired entities for the quarter ended June 30, 2018 totaled $5.4 million for the period from acquisition date through June 30, 2018. Supplemental pro forma information for the current or prior reporting periods has not been presented due to the impracticability of obtaining detailed, accurate or reliable data for the periods the acquired entities were not owned by Monro. The preliminary fair values of identifiable assets acquired and liabilities assumed were based on preliminary valuations and estimates. The excess of the net purchase price over net identifiable assets acquired was recorded as goodwill. The preliminary allocation of the aggregate purchase price as of June 30, 2018 was as follows: As of Acquisition Date (Dollars in thousands) Trade receivables $ 1,834 Inventories 7,949 Other current assets 138 Property, plant and equipment 5,015 Intangible assets 8,677 Long-term deferred income tax assets 1,036 Total assets acquired 24,649 Warranty reserves 115 Other current liabilities 985 Long-term capital leases and financing obligations 6,320 Other long-term liabilities 189 Total liabilities assumed 7,609 Total net identifiable assets acquired $ 17,040 Total consideration transferred $ 27,313 Less: total net identifiable assets acquired 17,040 Goodwill $ 10,273 The following are the intangible assets acquired and their respective fair values and weighted average useful lives: As of Acquisition Date Dollars in thousands Weighted Average Useful Life Customer lists $ 7,047 15 years Favorable leases 1,230 10 years Trade name 400 2 years Total $ 8,677 14 years Fiscal 2018 During the first quarter of fiscal 2018, we acquired the following businesses for an aggregate purchase price of $3.7 million. The acquisitions were financed through our existing credit facility. The results of operations for these acquisitions are included in our financial results from the respective acquisition dates. · On June 11, 2017 , we acquired two retail tire and automotive repair stores located in Minnesota and Wisconsin from J & R Diversified, Inc. These stores operate under the Car-X name. · On June 11, 2017 , we acquired one retail tire and automotive repair store located in Ohio from Michael N. McGroarty, Inc. This store operates under the Mr. Tire name. · On June 2, 2017 , we acquired one retail tire and automotive repair store located in Connecticut from Tires Plus LLC. This store operates under the Monro name. · On May 21, 2017 , we acquired one retail tire and automotive repair store located in Ohio from Bob Sumerel Tire Co., Inc. This store operates under the Mr. Tire name. · On April 23, 2017 , we acquired one retail tire and automotive repair store located in Florida from Collier Automotive Group, Inc. This store operates under The Tire Choice name. These acquisitions resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combining these businesses with ours, as well as unidentifiable intangible assets. All of the goodwill is expected to be deductible for tax purposes. We have recorded finite-lived intangible assets at their estimated fair value related to favorable leases and customer lists. We expensed all costs related to acquisitions in the quarter ended June 24, 2017. The total costs related to completed acquisitions were immaterial for the quarter ended June 24, 2017. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses. Sales for the fiscal 2018 acquired entities for the quarter ended June 24, 2017 totaled $.5 million for the period from acquisition date through June 24, 2017. Supplemental pro forma information for the current or prior reporting periods has not been presented due to the impracticability of obtaining detailed, accurate or reliable data for the periods the acquired entities were not owned by Monro. 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 $ 181 Other current assets 20 Property, plant and equipment 1,295 Intangible assets 436 Other non-current assets 7 Long-term deferred income tax assets 625 Total assets acquired 2,564 Warranty reserves 29 Other current liabilities 252 Long-term capital leases and financing obligations 2,482 Other long-term liabilities 22 Total liabilities assumed 2,785 Total net identifiable liabilities assumed $ (221) Total consideration transferred $ 3,728 Less: total net identifiable liabilities assumed (221) Goodwill $ 3,949 The following are the intangible assets acquired and their respective fair values and weighted average useful lives: As of Acquisition Date Dollars in thousands Weighted Average Useful Life Favorable leases $ 270 10 years Customer lists 166 7 years Total $ 436 9 years As a result of the updated purchase price allocations for the entities acquired during the fiscal year ended March 31, 2018, certain of the fair value amounts previously estimated were adjusted during the measurement period. These measurement period adjustments related to updated valuation reports and appraisals received from our external valuation specialists, as well as revisions to internal estimates. The changes in estimates include a decrease in inventories of $.1 million and a decrease in property, plant and equipment of $.2 million. The measurement period adjustments resulted in an increase of goodwill of $.3 million. The measurement period adjustments were not material to the Consolidated Statement of Comprehensive Income for the quarter ended June 24, 2017. We continue to refine the valuation data and estimates primarily related to inventory, road hazard warranty, intangible assets, real estate, and real property leases for fiscal 2018 acquisitions which closed subsequent to June 24, 2017 and the fiscal 2019 acquisitions, and expect to complete the valuations no later than the first anniversary date of the respective acquisition. We anticipate that adjustments will continue to be made to the fair values of identifiable assets acquired and liabilities assumed and those adjustments may or may not be material. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Jun. 30, 2018 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | Note 3 – Earnings per Common Share Basic earnings per common share amounts are computed by dividing income available to common shareholders, after deducting preferred stock dividends, by the average number of common shares outstanding. Diluted earnings per common share amounts assume the issuance of common stock for all potentially dilutive equivalent securities outstanding. The following is a reconciliation of basic and diluted earnings per common share for the respective periods: Quarter Ended Fiscal June 2018 2017 (Dollars in thousands, except per share data) Numerator for earnings per common share calculation: Net income $ 20,644 $ 17,585 Less: Preferred stock dividends (102) (92) Income available to common stockholders $ 20,542 $ 17,493 Denominator for earnings per common share calculation: Weighted average common shares, basic 32,853 32,704 Effect of dilutive securities: Preferred stock 510 510 Stock options 68 78 Restricted stock 26 — Weighted average number of common shares, diluted 33,457 33,292 Basic earnings per common share: $ .63 $ .53 Diluted earnings per common share: $ .62 $ .53 The computation of diluted earnings per common share excludes the effect of the assumed exercise of approximately 486,000 and 655,000 stock options for the three months ended fiscal June 30, 2018 and June 24, 2017, respectively. Such amounts were excluded as the exercise price of these stock options was greater than the average market value of our common stock for those periods, resulting in an anti-dilutive effect on diluted earnings per common share. |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | Note 4 – Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law. The Tax Act significantly changes U.S. corporate income taxes. Additionally, in December 2017, the SEC issued guidance related to the income tax accounting implications of the Tax Act. This guidance provides a measurement period, which extends no longer than one year from the enactment date of the Tax Act, during which a company may complete its accounting for the income tax accounting implications of the Tax Act. In accordance with this guidance, we recorded a provisional net tax expense adjustment for the year ended March 31, 2018. See Note 7 of our Consolidated Financial Statements included in our 2018 Annual Report on Form 10-K for further information. We did not record any material adjustments to this provisional amount for the three months ended June 30, 2018. However, as we complete our analysis of the Tax Act and incorporate additional guidance that may be issued by the U.S. Treasury Department, the IRS and other standard-setting bodies, we may adjust the recorded provisional amounts in subsequent reporting periods. Those adjustments may materially impact our provision for income taxes and effective tax rate in the period in which the adjustments are made. In the normal course of business, we provide for uncertain tax positions and the related interest and penalties, and adjust our unrecognized tax benefits and accrued interest and penalties accordingly. The total amounts of unrecognized tax benefits were $6.4 million and $6.2 million at June 30, 2018 and March 31, 2018, respectively, the majority of which, if recognized, would affect our effective tax rate. Additionally, we have accrued interest and penalties related to unrecognized tax benefits of approximately $.4 million as of June 30, 2018 and March 31, 2018. We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Our fiscal 2015 and fiscal 2017 U.S. federal tax years and various state tax years remain subject to income tax examinations by tax authorities. We are currently under audit by the Internal Revenue Service for the fiscal 2016 tax year. |
Fair Value
Fair Value | 3 Months Ended |
Jun. 30, 2018 | |
Fair Value [Abstract] | |
Fair Value | Note 5 – Fair Value Long-term debt had a carrying amount and a fair value of $158.1 million as of June 30, 2018 , as compared to a carrying amount and a fair value of $148.1 million as of March 31, 2018 . The fair value of long-term debt was estimated based on discounted cash flow analyses using either quoted market prices for the same or similar issues, or the current interest rates offered to Monro for debt with similar maturities. |
Cash Dividend
Cash Dividend | 3 Months Ended |
Jun. 30, 2018 | |
Cash Dividend [Abstract] | |
Cash Dividend | Note 6 – Cash Dividend In May 2018, our Board of Directors declared its intention to pay a regular quarterly cash dividend during fiscal 2019 of $.20 per common share or common share equivalent beginning with the first quarter of fiscal 2019. We paid dividends of $6.7 million during the three months ended June 30, 2018. However, the declaration of and any determination as to the payment of future dividends will be at the discretion of the Board of Directors and will depend on our financial condition, results of operations, capital requirements, compliance with charter and credit facility restrictions, and such other factors as the Board of Directors deems relevant. |
Revenues
Revenues | 3 Months Ended |
Jun. 30, 2018 | |
Revenues [Abstract] | |
Revenues | Note 7 – Revenues Automotive undercar repair, tire sales and tire services represent the vast majority of our revenues. We also earn revenue from the sale of tire road hazard warranty agreements as well as commissions earned from the delivery of tires on behalf of certain tire vendors. Revenue from automotive undercar repair, tire sales and tire services is recognized at the time the customers take possession of their vehicle or merchandise. For sales to certain customers that are financed through the offering of credit on account, payment terms are established for customers based on our pre-established credit requirements. Payment terms vary depending on the customer and generally range from 15 to 45 days. Based on the nature of receivables, no significant financing components exist. Sales are recorded net of discounts, sales incentives and rebates, sales taxes and estimated returns and allowances. We estimate the reduction to sales and cost of sales for returns based on current sales levels and our historical return experience. Such amounts are immaterial to our Consolidated Financial Statements. Revenue from the sale of tire road hazard warranty agreements (included in the Tires product group in the table below) is initially deferred and is recognized over the contract period as costs are expected to be incurred in performing such services, typically 21 to 36 months. Under various arrangements, we receive from certain tire vendors a delivery commission and reimbursement for the cost of the tire that we may deliver to customers on behalf of the tire vendor. The commission we earn from these transactions is as an agent and the net amount retained is recorded as sales. (Included in the Tires product group in the table below.) The following table summarizes disaggregated revenue by product group: Quarter Ended Fiscal June 2018 2017 (Dollars in thousands) Revenues: Brakes $ 42,748 $ 38,555 Exhaust 7,076 6,934 Steering 25,059 23,854 Tires 141,103 132,509 Maintenance 79,010 75,722 Other 815 917 Total $ 295,811 $ 278,491 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 – Subsequent Events See Note 2 for a discussion of acquisitions subsequent to June 30, 2018. |
Condensed Consolidated Financ16
Condensed Consolidated Financial Statements (Policy) | 3 Months Ended |
Jun. 30, 2018 | |
Condensed Consolidated Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance for the reporting of revenue from contracts with customers. This guidance provides guidelines a company will apply to determine the measurement of revenue and timing of when it is recognized. Additional guidance has subsequently been issued to amend or clarify the reporting of revenue from contracts with customers. The guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption was permitted. We adopted this guidance and all related amendments during the first quarter of fiscal 2019 using the modified retrospective approach. The adoption of the guidance did not have a material impact on our Consolidated Financial Statements. See Note 7 for additional information. In February 2016, the FASB issued new accounting guidance related to leases. This guidance establishes a right of use (“ROU”) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Additional guidance has subsequently been issued in order to provide an additional transition method as well as an additional practical expedient to be available upon adoption. We are required to adopt the new lease guidance utilizing one of two methods: retrospective restatement for each reporting period presented at time of adoption, or a modified retrospective approach with the cumulative effect of initially applying this guidance recognized at the date of initial application. Under the modified retrospective approach, prior periods would not be restated. Early adoption is permitted, but we have not early adopted this guidance. We expect that the new lease standard will have a material impact on our Consolidated Financial Statements. While we are continuing to assess the effects of adoption, we currently believe the most significant changes relate to the recognition of new ROU assets and lease liabilities on the Consolidated Balance Sheet for real property operating leases as approximately 50% of our store leases and all of our land leases are currently not recorded on our balance sheet. We expect that substantially all of our operating lease commitments will be subject to the new guidance and will be recognized as operating lease liabilities and ROU assets upon adoption. Absent potential acquisitions, we do not anticipate any significant changes in the volume of our leasing activity until the period of adoption. In August 2016, the FASB issued new accounting guidance related to cash flow classification. This guidance clarifies and provides specific guidance on eight cash flow classification issues that are not addressed by current generally accepted accounting principles (“GAAP”) and thereby reduce the current diversity in practice. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption was permitted. We adopted this guidance during the first quarter of fiscal 2019. The adoption of the guidance did not have a material impact on our Consolidated Financial Statements. In January 2017, the FASB issued new accounting guidance which clarifies the definition of a business, particularly when evaluating whether transactions should be accounted for as acquisitions or dispositions of assets or businesses. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption was permitted for certain transactions. We adopted this guidance during the first quarter of fiscal 2019. The adoption of the guidance did not have a material impact on our Consolidated Financial Statements. In January 2017, the FASB issued new accounting guidance simplifying the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which required the determination of an implied fair value of goodwill. Under this guidance, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This guidance is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We have not early adopted this guidance. This guidance is not expected to have a material impact on our Consolidated Financial Statements. In March 2017, the FASB issued accounting guidance that amends how employers present the net benefit cost in the income statement. The new guidance requires employers to disaggregate and present separately the current service cost component from the other components of the net benefit cost within the Consolidated Statement of Comprehensive Income. This guidance is effective for fiscal years and interim periods beginning after December 15, 2017, and should be applied retrospectively. Early adoption was permitted. We adopted this guidance during the first quarter of fiscal 2019. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements. In May 2017, the FASB issued new accounting guidance which clarifies when to account for a change to the terms or conditions of a share based payment award as a modification. Under this guidance, modification is required only if the fair value, the vesting conditions, or the classification of an award as equity or liability changes as a result of the change in terms or conditions. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption was permitted. We adopted this guidance during the first quarter of fiscal 2019. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements. In June 2018, the FASB issued new accounting guidance that amends the accounting for nonemployee share-based awards. Under the new guidance, the existing guidance related to the accounting for employee share-based awards will apply to nonemployee share-based transactions, with certain exceptions. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2018. Early adoption 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. |
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 $3.1 million. This amount represents the maximum potential amount of future payments under the guarantees as of June 30, 2018. 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. We have recorded a liability related to anticipated defaults under the foregoing leases of $.1 million and $.2 million as of June 30, 2018 and March 31, 2018, respectively. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Fiscal 2018 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation | As of Acquisition Date (Dollars in thousands) Inventories $ 181 Other current assets 20 Property, plant and equipment 1,295 Intangible assets 436 Other non-current assets 7 Long-term deferred income tax assets 625 Total assets acquired 2,564 Warranty reserves 29 Other current liabilities 252 Long-term capital leases and financing obligations 2,482 Other long-term liabilities 22 Total liabilities assumed 2,785 Total net identifiable liabilities assumed $ (221) Total consideration transferred $ 3,728 Less: total net identifiable liabilities assumed (221) Goodwill $ 3,949 |
Schedule Of Intangible Assets Acquired | As of Acquisition Date Dollars in thousands Weighted Average Useful Life Favorable leases $ 270 10 years Customer lists 166 7 years Total $ 436 9 years |
Fiscal 2019 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation | As of Acquisition Date (Dollars in thousands) Trade receivables $ 1,834 Inventories 7,949 Other current assets 138 Property, plant and equipment 5,015 Intangible assets 8,677 Long-term deferred income tax assets 1,036 Total assets acquired 24,649 Warranty reserves 115 Other current liabilities 985 Long-term capital leases and financing obligations 6,320 Other long-term liabilities 189 Total liabilities assumed 7,609 Total net identifiable assets acquired $ 17,040 Total consideration transferred $ 27,313 Less: total net identifiable assets acquired 17,040 Goodwill $ 10,273 |
Schedule Of Intangible Assets Acquired | As of Acquisition Date Dollars in thousands Weighted Average Useful Life Customer lists $ 7,047 15 years Favorable leases 1,230 10 years Trade name 400 2 years Total $ 8,677 14 years |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Earnings Per Common Share [Abstract] | |
Reconciliation Of Basic And Diluted Earnings Per Share | Quarter Ended Fiscal June 2018 2017 (Dollars in thousands, except per share data) Numerator for earnings per common share calculation: Net income $ 20,644 $ 17,585 Less: Preferred stock dividends (102) (92) Income available to common stockholders $ 20,542 $ 17,493 Denominator for earnings per common share calculation: Weighted average common shares, basic 32,853 32,704 Effect of dilutive securities: Preferred stock 510 510 Stock options 68 78 Restricted stock 26 — Weighted average number of common shares, diluted 33,457 33,292 Basic earnings per common share: $ .63 $ .53 Diluted earnings per common share: $ .62 $ .53 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Revenues [Abstract] | |
Schedule Of Disaggregated Revenue By Product Group | Quarter Ended Fiscal June 2018 2017 (Dollars in thousands) Revenues: Brakes $ 42,748 $ 38,555 Exhaust 7,076 6,934 Steering 25,059 23,854 Tires 141,103 132,509 Maintenance 79,010 75,722 Other 815 917 Total $ 295,811 $ 278,491 |
Condensed Consolidated Financ20
Condensed Consolidated Financial Statements (Details) $ in Millions | 3 Months Ended | |
Jun. 30, 2018USD ($)segment | Mar. 31, 2018USD ($) | |
Financial Statement [Line Items] | ||
Number of operating segments | segment | 1 | |
Liability for anticipated lease defaults | $ 0.1 | $ 0.2 |
Property Lease Guarantee [Member] | Maximum [Member] | ||
Financial Statement [Line Items] | ||
Maximum potential guarantee payments | $ 3.1 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Jul. 15, 2018store | Jul. 08, 2018store | Sep. 29, 2018entity | Jun. 30, 2018USD ($)storeproperty | Jun. 24, 2017USD ($) |
Business Acquisition [Line Items] | |||||
Costs related to completed acquisitions | $ | $ 200 | ||||
Sales for acquired entities | $ | 5,400 | $ 500 | |||
Change in estimates, inventories | $ | (100) | ||||
Change in estimates, property, plant and equipment | $ | (200) | ||||
Adjustments to goodwill related to purchase accounting | $ | $ 300 | ||||
Scenario, Forecast [Member] | Subsequent Event [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of acquisitions | entity | 12 | ||||
Free Service Tire Company, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition date | May 13, 2018 | ||||
Number of stores acquired | 12 | ||||
Number of retread centers acquired | property | 1 | ||||
Number of wholesale centers acquired | property | 4 | ||||
Liberty Auto Group, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition date | Apr. 1, 2018 | ||||
Number of stores acquired | 4 | ||||
Mayfair Tire & Service Center, Inc. [Member] | Subsequent Event [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition date | Jul. 15, 2018 | ||||
Number of stores acquired | 1 | ||||
Sawyer Tire, Inc. [Member] | Subsequent Event [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition date | Jul. 8, 2018 | ||||
Number of stores acquired | 8 | ||||
J & R Diversified, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition date | Jun. 11, 2017 | ||||
Number of stores acquired | 2 | ||||
Michael N. McGroarty, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition date | Jun. 11, 2017 | ||||
Number of stores acquired | 1 | ||||
Tires Plus LLC. [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition date | Jun. 2, 2017 | ||||
Number of stores acquired | 1 | ||||
Bob Sumerel Tire Co., Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition date | May 21, 2017 | ||||
Number of stores acquired | 1 | ||||
Collier Automotive Group, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition date | Apr. 23, 2017 | ||||
Number of stores acquired | 1 | ||||
Fiscal 2018 Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Total consideration transferred | $ | $ 3,728 | ||||
Fiscal 2019 Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Total consideration transferred | $ | $ 27,313 |
Acquisitions (Schedule Of Purch
Acquisitions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Mar. 31, 2018 | |
Purchase price of acquisitions allocation | |||
Goodwill | $ 533,507 | $ 522,892 | |
Fiscal 2018 Acquisitions [Member] | |||
Purchase price of acquisitions allocation | |||
Inventories | $ 181 | ||
Other current assets | 20 | ||
Property, plant and equipment | 1,295 | ||
Intangible assets | 436 | ||
Other non-current assets | 7 | ||
Long-term deferred income tax assets | 625 | ||
Total assets acquired | 2,564 | ||
Warranty reserves | 29 | ||
Other current liabilities | 252 | ||
Long-term capital leases and financing obligations | 2,482 | ||
Other long-term liabilities | 22 | ||
Total liabilities assumed | 2,785 | ||
Total net identifiable assets acquired | (221) | ||
Total consideration transferred | 3,728 | ||
Less: total net identifiable assets acquired (liabilities assumed) | (221) | ||
Goodwill | $ 3,949 | ||
Fiscal 2019 Acquisitions [Member] | |||
Purchase price of acquisitions allocation | |||
Trade receivables | 1,834 | ||
Inventories | 7,949 | ||
Other current assets | 138 | ||
Property, plant and equipment | 5,015 | ||
Intangible assets | 8,677 | ||
Long-term deferred income tax assets | 1,036 | ||
Total assets acquired | 24,649 | ||
Warranty reserves | 115 | ||
Other current liabilities | 985 | ||
Long-term capital leases and financing obligations | 6,320 | ||
Other long-term liabilities | 189 | ||
Total liabilities assumed | 7,609 | ||
Total net identifiable assets acquired | 17,040 | ||
Total consideration transferred | 27,313 | ||
Less: total net identifiable assets acquired (liabilities assumed) | 17,040 | ||
Goodwill | $ 10,273 |
Acquisitions (Schedule Of Intan
Acquisitions (Schedule Of Intangible Assets Acquired) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 8,677 | $ 436 |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 14 years | |
Customer Lists [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 7,047 | 166 |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 15 years | |
Favorable Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 1,230 | $ 270 |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 10 years | |
Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 400 | |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 2 years | |
Fiscal 2018 Acquisitions [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 9 years | |
Fiscal 2018 Acquisitions [Member] | Customer Lists [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 7 years | |
Fiscal 2018 Acquisitions [Member] | Favorable Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 10 years |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Earnings Per Common Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share | 486,000 | 655,000 |
Earnings Per Common Share (Reco
Earnings Per Common Share (Reconciliation Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | ||
Numerator for earnings per common share calculation: | |||
Net income | $ 20,644 | $ 17,585 | |
Less: Preferred stock dividends | (102) | [1] | (92) |
Income available to common stockholders | $ 20,542 | $ 17,493 | |
Denominator for earnings per common share calculation: | |||
Weighted average common shares, basic | 32,853 | 32,704 | |
Effect of dilutive securities: | |||
Preferred stock | 510 | 510 | |
Weighted average number of common shares, diluted | 33,457 | 33,292 | |
Basic earnings per common share: | $ 0.63 | $ 0.53 | |
Diluted earnings per common share: | $ 0.62 | $ 0.53 | |
Stock Options [Member] | |||
Effect of dilutive securities: | |||
Share based payment arrangements (in shares) | 68 | 78 | |
Restricted Stock [Member] | |||
Effect of dilutive securities: | |||
Share based payment arrangements (in shares) | 26 | ||
[1] | First quarter fiscal year 2019 dividend payment of $.20 per common share or common share equivalent paid on June 14, 2018. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Mar. 31, 2018 |
Income Taxes [Abstract] | ||
Unrecognized tax benefits | $ 6.4 | $ 6.2 |
Interest and penalties accrued related to unrecognized tax benefits | $ 0.4 | $ 0.4 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Mar. 31, 2018 |
Fair Value [Abstract] | ||
Carrying amount of long-term debt ( including current portion) | $ 158.1 | $ 148.1 |
Fair value of long-term debt (including current portion) | $ 158.1 | $ 148.1 |
Cash Dividend (Details)
Cash Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
May 31, 2018 | Jun. 30, 2018 | Jun. 24, 2017 | |
Cash Dividend [Abstract] | |||
Common stock cash dividends per share declared | $ 0.20 | ||
Dividends to shareholders | $ 6,674 | $ 5,982 |
Revenues (Narrrative) (Details)
Revenues (Narrrative) (Details) | 3 Months Ended |
Jun. 30, 2018 | |
Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Payment term | 15 days |
Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Payment term | 45 days |
Tire Road Hazard Warranty [Member] | Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Service contract term | 21 months |
Tire Road Hazard Warranty [Member] | Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Service contract term | 36 months |
Revenues (Schedule Of Disaggreg
Revenues (Schedule Of Disaggregated Revenue By Product Group) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 295,811 | $ 278,491 |
Brakes [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 42,748 | 38,555 |
Exhaust [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 7,076 | 6,934 |
Steering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 25,059 | 23,854 |
Tires [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 141,103 | 132,509 |
Maintenance [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 79,010 | 75,722 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 815 | $ 917 |