Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 27, 2020 | Jul. 24, 2020 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 27, 2020 | |
Current Fiscal Year End Date | --03-27 | |
Document Fiscal Year Focus | 2020 | |
Document Transition Report | false | |
Entity File Number | 0-19357 | |
Entity Registrant Name | MONRO, INC. | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 16-0838627 | |
Entity Address, Address Line One | 200 Holleder Parkway | |
Entity Address, City or Town | Rochester | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14615 | |
City Area Code | 585 | |
Local Phone Number | 647-6400 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | MNRO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 33,285,901 | |
Entity Central Index Key | 0000876427 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 27, 2020 | Mar. 28, 2020 |
Current assets: | ||
Cash and equivalents | $ 147,174 | $ 345,476 |
Trade receivables | 13,415 | 14,510 |
Federal and state income taxes receivable | 7,345 | 8,056 |
Inventories | 176,530 | 187,441 |
Other current assets | 36,792 | 40,537 |
Total current assets | 381,256 | 596,020 |
Property, plant and equipment | 692,618 | 682,932 |
Less - Accumulated depreciation and amortization | (363,703) | (354,295) |
Net property, plant and equipment | 328,915 | 328,637 |
Finance lease and financing obligation assets, net | 253,956 | 196,575 |
Operating lease assets, net | 206,252 | 199,729 |
Goodwill | 671,831 | 671,843 |
Intangible assets, net | 28,706 | 29,781 |
Other non-current assets | 21,787 | 20,688 |
Long-term deferred income tax assets | 6,139 | 6,184 |
Total assets | 1,898,842 | 2,049,457 |
Current liabilities: | ||
Current portion of finance leases and financing obligations | 33,744 | 32,257 |
Current portion of operating lease liabilities | 30,696 | 30,181 |
Trade payables | 110,853 | 99,504 |
Accrued payroll, payroll taxes and other payroll benefits | 17,873 | 14,429 |
Accrued insurance | 42,461 | 43,387 |
Deferred revenue | 12,281 | 13,129 |
Other current liabilities | 33,868 | 22,049 |
Total current liabilities | 281,776 | 254,936 |
Long-term debt | 326,200 | 566,400 |
Long-term finance leases and financing obligations | 350,212 | 298,373 |
Long-term operating lease liabilities | 180,767 | 170,954 |
Other long-term liabilities | 17,280 | 12,873 |
Long-term deferred income tax liabilities | 10,461 | 10,069 |
Long-term income taxes payable | 1,426 | 1,412 |
Total liabilities | 1,168,122 | 1,315,017 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Class C Convertible Preferred Stock, $1.50 par value, $0.064 conversion value, 150,000 shares authorized; 21,802 shares issued and outstanding | 33 | 33 |
Common Stock, $0.01 par value, 65,000,000 shares authorized; 39,645,772 and 39,644,228 shares issued at June 27, 2020 and March 28, 2020, respectively | 396 | 396 |
Treasury Stock, 6,359,871 shares, at cost | (108,729) | (108,729) |
Additional paid-in capital | 230,683 | 229,774 |
Accumulated other comprehensive loss | (7,059) | (6,889) |
Retained earnings | 615,396 | 619,855 |
Total shareholders' equity | 730,720 | 734,440 |
Total liabilities and shareholders' equity | $ 1,898,842 | $ 2,049,457 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 27, 2020 | Mar. 28, 2020 |
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 | 39,645,772 | 39,644,228 |
Treasury stock shares | 6,359,871 | 6,359,871 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Sales | $ 247,059 | $ 317,063 |
Cost of sales, including distribution and occupancy costs | 159,605 | 188,916 |
Gross profit | 87,454 | 128,147 |
Operating, selling, general and administrative expenses | 76,053 | 91,776 |
Operating income | 11,401 | 36,371 |
Interest expense, net of interest income | 7,385 | 7,157 |
Other loss (income), net | 9 | (175) |
Income before income taxes | 4,007 | 29,389 |
Provision for income taxes | 1,020 | 6,783 |
Net income | 2,987 | 22,606 |
Other comprehensive loss: | ||
Changes in pension, net of tax benefit | (170) | (89) |
Other comprehensive loss | (170) | (89) |
Comprehensive income | $ 2,817 | $ 22,517 |
Earnings per common share: | ||
Basic | $ 0.09 | $ 0.68 |
Diluted | $ 0.09 | $ 0.67 |
Weighted average number of common shares outstanding used in computing earnings per share: | ||
Basic | 33,285 | 33,183 |
Diluted | 33,854 | 33,964 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes in Shareholders' Equity - USD ($) $ in Thousands | Class C Convertible Preferred Stock [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Class C Convertible Preferred Stock [Member] | Common Stock [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | Treasury Stock [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Total | |
Balance beginning at Mar. 30, 2019 | $ 33 | $ 33 | $ 395 | $ 395 | $ (108,729) | $ (108,729) | $ 220,173 | $ 220,173 | $ (4,536) | $ (4,536) | $ (582) | $ 591,592 | $ 592,174 | $ (582) | $ 698,928 | $ 699,510 | |
Beginning balance, preferred shares at Mar. 30, 2019 | 22,000 | 22,000 | |||||||||||||||
Beginning balance, common shares at Mar. 30, 2019 | 39,511,000 | 39,511,000 | 6,360,000 | 6,360,000 | |||||||||||||
Net income | 22,606 | 22,606 | |||||||||||||||
Other comprehensive loss: | |||||||||||||||||
Pension liability adjustment | (89) | (89) | |||||||||||||||
Cash dividends: | |||||||||||||||||
Preferred | [1] | (112) | (112) | ||||||||||||||
Common | [1] | (7,305) | (7,305) | ||||||||||||||
Dividend payable | (10) | (10) | |||||||||||||||
Activity related to equity-based plans | $ 1 | 3,644 | 3,645 | ||||||||||||||
Activity related to equity-based plans, shares | 71,000 | ||||||||||||||||
Stock-based compensation | 925 | 925 | |||||||||||||||
Balance ending at Jun. 29, 2019 | $ 33 | $ 396 | $ (108,729) | 224,742 | (4,625) | 606,771 | 718,588 | ||||||||||
Ending balance, preferred shares at Jun. 29, 2019 | 22,000 | ||||||||||||||||
Ending balance, common shares at Jun. 29, 2019 | 39,582,000 | 6,360,000 | |||||||||||||||
Balance beginning at Mar. 28, 2020 | $ 33 | $ 396 | $ (108,729) | 229,774 | (6,889) | 619,855 | $ 734,440 | ||||||||||
Beginning balance, preferred shares at Mar. 28, 2020 | 22,000 | 21,802 | |||||||||||||||
Beginning balance, common shares at Mar. 28, 2020 | 39,645,000 | 6,360,000 | |||||||||||||||
Net income | 2,987 | $ 2,987 | |||||||||||||||
Other comprehensive loss: | |||||||||||||||||
Pension liability adjustment | (170) | (170) | |||||||||||||||
Cash dividends: | |||||||||||||||||
Preferred | [1] | (112) | (112) | ||||||||||||||
Common | [1] | (7,323) | (7,323) | ||||||||||||||
Dividend payable | (11) | (11) | |||||||||||||||
Activity related to equity-based plans | 5 | 5 | |||||||||||||||
Activity related to equity-based plans, shares | 1,000 | ||||||||||||||||
Stock-based compensation | 904 | 904 | |||||||||||||||
Balance ending at Jun. 27, 2020 | $ 33 | $ 396 | $ (108,729) | $ 230,683 | $ (7,059) | $ 615,396 | $ 730,720 | ||||||||||
Ending balance, preferred shares at Jun. 27, 2020 | 22,000 | 21,802 | |||||||||||||||
Ending balance, common shares at Jun. 27, 2020 | 39,646,000 | 6,360,000 | |||||||||||||||
[1] | First quarter fiscal year dividend payments of $ 0.22 per common share or common share equivalent paid on June 22, 2020 and June 17, 2019. |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | ||
Common stock cash dividends per share | $ 0.22 | $ 0.22 |
Pension liability adjustment - pre-tax | $ (226) | $ (118) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 2,987 | $ 22,606 |
Adjustments to reconcile net income to net cash provided by operating activities - | ||
Depreciation and amortization | 18,410 | 14,839 |
(Gain) loss on disposal of assets | (256) | 122 |
Stock-based compensation expense | 904 | 925 |
Net change in deferred income taxes | 494 | 2,223 |
Change in operating assets and liabilities (excluding acquisitions): | ||
Trade receivables | 1,095 | (2,763) |
Inventories | 10,985 | 51 |
Other current assets | 3,745 | (3,966) |
Other non-current assets | 7,294 | 7,741 |
Trade payables | 11,349 | 1,226 |
Accrued expenses | 17,555 | 14,250 |
Federal and state income taxes payable | 711 | 5,586 |
Other long-term liabilities | (2,751) | (6,903) |
Long-term income taxes payable | 14 | 3,450 |
Total adjustments | 69,549 | 36,781 |
Net cash provided by operating activities | 72,536 | 59,387 |
Cash flows from investing activities: | ||
Capital expenditures | (15,304) | (13,996) |
Acquisitions, net of cash acquired | (200) | (54,720) |
Proceeds from the disposal of assets | 7 | 103 |
Other | 323 | 34 |
Net cash used for investing activities | (15,174) | (68,579) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 119,603 | |
Principal payments on long-term debt, finance leases and financing obligations | (247,364) | (103,257) |
Exercise of stock options | 9 | 3,730 |
Dividends paid | (7,435) | (7,417) |
Deferred financing costs | (874) | (1,168) |
Net cash (used for) provided by financing activities | (255,664) | 11,491 |
(Decrease) increase in cash | (198,302) | 2,299 |
Cash at beginning of period | 345,476 | 6,214 |
Cash at end of period | 147,174 | 8,513 |
Supplemental information: | ||
Leased assets obtained in exchange for finance lease liabilities | 64,216 | 3,099 |
Leased assets obtained in exchange for operating lease liabilities | $ 13,796 | $ 3,632 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 3 Months Ended |
Jun. 27, 2020 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Description Of Business And Basis Of Presentation | NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Monro, Inc. and its wholly owned operating subsidiaries, Monro Service Corporation, Car-X, LLC, MNRO Holdings, LLC and MNRO Service Holdings, LLC (together, “Monro”, the “Company”, “we”, “us”, or “our”), are engaged principally in providing automotive undercar repair and tire sales and services in the United States. Monro’s operations are organized and managed in one operating segment. The internal management financial reporting that is the basis for evaluation in order to assess performance and allocate resources by our chief operating decision maker consists of consolidated data that includes the results of our retail, commercial and wholesale locations. As such, our one operating segment reflects how our operations are managed, how resources are allocated, how operating performance is evaluated by senior management and the structure of our internal financial reporting. Basis of Presentation The accompanying unaudited, condensed consolidated financial statements (“Consolidated Financial Statements”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statement presentation. The Consolidated Financial Statements include the consolidated accounts of the Company with all intercompany transactions eliminated. In the opinion of management, the information furnished herein reflects all adjustments (consisting of items of a normal recurring nature), which are necessary for a fair statement of the results for the interim period. The Consolidated Financial Statements should be read in conjunction with the Company’s consolidated financial statements and related Notes to Consolidated Financial Statements presented in the Company’s Annual Report on Form 10-K for the fiscal year ended March 28, 2020 (“fiscal 2020”). Operating results and cash flows for the quarter ended June 27, 2020 are not necessarily indicative of the results that may be expected for other interim periods or for the fiscal year ending March 27, 2021 (“fiscal 2021”). Fiscal Year 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 the Consolidated Financial Statements: “Quarter Ended Fiscal June 2020” March 29, 2020 – June 27, 2020 (13 weeks) “Quarter Ended Fiscal June 2019” March 31, 2019 – June 29, 2019 (13 weeks) Fiscal 2021 is a 52 week year. Reclassifications Certain amounts in these financial statements have been reclassified to maintain comparability among the periods presented. Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which eliminates, adds and modifies certain disclosure requirements for fair value measurements. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2019. Early adoption was permitted. We adopted this guidance during the first quarter of fiscal 2021. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements. In December 2019, the FASB issued new accounting guidance intended to simplify the accounting for income taxes. The new guidance removes certain exceptions to the general principles in Accounting Standards Codification Topic 740 Income Taxes and amends existing guidance to improve consistent application. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2020. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on our Consolidated Financial Statements. Other recent authoritative guidance issued by the FASB (including technical corrections to the 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. |
Impact Of The COVID-19 Pandemic
Impact Of The COVID-19 Pandemic | 3 Months Ended |
Jun. 27, 2020 | |
Impact Of The COVID-19 Pandemic [Abstract] | |
Impact Of The COVID-19 Pandemic | NOTE 2 – IMPACT OF THE COVID-19 PANDEMIC In response to the unprecedented and rapid spread of COVID-19 (coronavirus), many U.S. state governments, in states in which we operate, have taken preventative or protective actions, such as issuing stay-at-home restrictions and social distancing measures. State and local governments have ordered temporary closures of some businesses and numerous other businesses have temporarily closed voluntarily. Further, individuals’ ability to travel has been curtailed through mandated travel restrictions and may be further limited through additional voluntary or mandated closures of certain businesses. Substantially all Company-operated retail stores operated under a reduced schedule throughout the quarter to match lower demand. Given the uncertainties surrounding the impacts of the COVID-19 pandemic on our future financial condition, results of operations and cash flows, we have taken a number of actions in response to prevailing uncertain market conditions. In order to enhance our liquidity position, we took a precautionary measure and borrowed $ 350 million available to us under our Credit Facility in March 2020. We subsequently repaid $ 240 million of these borrowings during the quarter ended June 27, 2020. Additionally, we negotiated rent deferrals for a significant number of our stores, as well as other rent reductions. See additional discussion of these rent deferrals and reductions under Note 10. |
Acquisitions
Acquisitions | 3 Months Ended |
Jun. 27, 2020 | |
Acquisitions [Abstract] | |
Acquisitions | NOTE 3 – ACQUISITIONS Monro’s acquisitions are strategic moves in our plan to fill in and expand our presence in our existing and contiguous markets, expand into new markets and leverage fixed operating costs such as distribution, advertising and administration. Acquisitions in this footnote include acquisitions of five or more locations as well as acquisitions of one to four locations that are part of our greenfield store growth strategy. Fiscal 2020 During the first quarter of fiscal 2020, we acquired the following businesses for an aggregate purchase price of $ 54.1 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 23, 2019 , we acquired two retail tire and automotive repair stores located in California from BAW LLC. These stores operate under the Tire Choice name. On May 19, 2019 , we acquired 40 retail tire and automotive repair stores and one distribution center located in California from Certified Tire & Service Centers, Inc. These stores operate under the Tire Choice name. On March 31, 2019 , we acquired 12 retail tire and automotive repair stores located in Louisiana from Allied Discount Tire & Brake, Inc. These stores operate under the Tire Choice name. These acquisitions resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combining these businesses with ours, as well as unidentifiable intangible assets. All of the goodwill is expected to be deductible for tax purposes. We have recorded finite-lived intangible assets at their estimated fair value related to customer lists. We expensed all costs related to acquisitions in the quarter ended June 29, 2019. The total costs related to completed acquisitions were $ 0.5 million for the quarter ended June 29, 2019. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses. Sales for the fiscal 2020 acquired entities for the quarter ended June 29, 2019 totaled $ 7.1 million for the period from acquisition date through June 29, 2019. Supplemental pro forma information for the current or prior reporting periods has not been presented due to the impracticability of obtaining detailed, accurate or reliable data for the periods the acquired entities were not owned by Monro. 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 consideration transferred and net identifiable liabilities assumed recorded as goodwill as follows: As of Acquisition Date (Dollars in thousands) Inventories $ 2,691 Other current assets 371 Property, plant and equipment 1,558 Finance lease and financing obligation assets, net 15,867 Operating lease assets, net 23,411 Intangible assets 1,598 Other non-current assets 103 Long-term deferred income tax assets 3,489 Total assets acquired 49,088 Current portion of finance leases and financing obligations 1,470 Current portion of operating lease liabilities 2,644 Deferred revenue 1,069 Other current liabilities 214 Long-term finance leases and financing obligations 20,750 Long-term operating lease liabilities 25,674 Other long-term liabilities 1,171 Total liabilities assumed 52,992 Total net identifiable liabilities assumed $ ( 3,904 ) Total consideration transferred $ 54,093 Less: total net identifiable liabilities assumed ( 3,904 ) Goodwill $ 57,997 The following are the intangible assets acquired and their respective fair value and weighted average useful life: As of Acquisition Date Dollars in thousands Weighted Average Useful Life Customer lists $ 1,598 7 years As a result of the updated purchase price allocations for the entities acquired during the fiscal year ended March 28, 2020, certain of the fair value amounts previously estimated were adjusted during the measurement period. These measurement period adjustments resulted from updated valuation reports and appraisals received from our external valuation specialists, as well as revisions to internal estimates . The measurement period adjustments were not material to the Consolidated Balance Sheet and Statement of Comprehensive Income for the quarter ended June 27, 2020. We continue to refine the valuation data and estimates primarily related to inventory, warranty reserves, intangible assets and real property leases for fiscal 2020 acquisitions which closed subsequent to June 29, 2019, 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. 27, 2020 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | NOTE 4 – 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 weighted average number of shares of common stock outstanding. Diluted earnings per common share amounts are calculated by dividing net income by the weighted average number of shares of common stock and common stock equivalents outstanding. Common stock equivalents represent shares issuable upon the assumed exercise of common stock options outstanding. A reconciliation of basic and diluted earnings per common share for the quarters ended June is as follows: Quarter Ended June 27, June 29, 2020 2019 (Amounts in thousands, except per share data) Numerator for earnings per common share calculation: Net income $ 2,987 $ 22,606 Less: Preferred stock dividends ( 112 ) ( 112 ) Income available to common shareholders $ 2,875 $ 22,494 Denominator for earnings per common share calculation: Weighted average common shares, basic 33,285 33,183 Effect of dilutive securities: Preferred stock 510 510 Stock options 31 231 Restricted stock 28 40 Weighted average common shares, diluted 33,854 33,964 Basic earnings per common share: $ 0.09 $ 0.68 Diluted earnings per common share: $ 0.09 $ 0.67 The computation of diluted earnings per common share excludes the effect of the assumed exercise of approximately 585,000 and 59,000 stock options for the quarters ended June 27, 2020 and June 29, 2019, 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. 27, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 5 – INCOME TAXES For the quarter ended June 27, 2020, our effective income tax rate was 25.5 % compared to 23.1 % for the quarter ended June 29, 2019, as discrete items, primarily related to employee share-based compensation, resulted in a larger tax rate benefit in the prior year period. |
Fair Value
Fair Value | 3 Months Ended |
Jun. 27, 2020 | |
Fair Value [Abstract] | |
Fair Value | NOTE 6 – FAIR VALUE Long-term debt had a carrying amount that approximates a fair value of $ 326.2 million as of June 27, 2020, as compared to a carrying amount and a fair value of $ 566.4 million as of March 28, 2020. The carrying value of our debt approximated its fair value due to the variable interest nature of the debt. |
Cash Dividend
Cash Dividend | 3 Months Ended |
Jun. 27, 2020 | |
Cash Dividend [Abstract] | |
Cash Dividend | NOTE 7 – CASH DIVIDEND We paid dividends of $ 7.4 million during the quarter ended June 27, 2020. 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. Under our Credit Facility, we may declare, make or pay any dividend or distribution up to $ 38.5 million in the aggregate for the period from June 30, 2020 to June 30, 2021 if we are in compliance with the financial covenants and other restrictions in the Credit Facility, as amended. For additional information regarding our Credit Facility, see Note 9. |
Revenues
Revenues | 3 Months Ended |
Jun. 27, 2020 | |
Revenues [Abstract] | |
Revenues | NOTE 8 – REVENUES Automotive undercar repair and tire sales and 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 and tire sales and services is recognized at the time the customers take possession of their vehicle or merchandise. For sales to certain customers that are financed through the offering of credit on account, payment terms are established for customers based on our pre-established credit requirements. Payment terms vary depending on the customer and generally range from 15 to 45 days. Based on the nature of receivables, no significant financing components exist. Sales are recorded net of discounts, sales incentives and rebates, sales taxes and estimated returns and allowances. We estimate the reduction to sales and cost of sales for returns based on current sales levels and our historical return experience. Such amounts are immaterial to our Consolidated Financial Statements. Revenue from the sale of tire road hazard warranty agreements (included in the Tires product group in the second table below) is initially deferred and is recognized over the contract period as costs are expected to be incurred in performing such services, typically 21 to 36 months. The amounts recorded for deferred revenue balances at June 27, 2020 and March 28, 2020 were $ 17.0 million and $ 18.5 million, respectively, of which $ 12.3 million and $ 13.1 million, respectively, are reported in Deferred revenue and $ 4.7 million and $ 5.4 million, respectively, are reported in Other long-term liabilities in our Consolidated Balance Sheets. The following table summarizes deferred revenue related to road hazard warranty agreements from March 28, 2020 to June 27, 2020 : Dollars in thousands Balance at March 28, 2020 $ 18,506 Deferral of revenue 3,169 Deferral of revenue from acquisitions — Recognition of revenue ( 4,643 ) Balance at June 27, 2020 $ 17,032 We expect to recognize $ 10.2 million of deferred revenue related to road hazard warranty agreements in the remainder of fiscal 2021, $ 5.6 million of deferred revenue during our fiscal year ending March 26, 2022, and $ 1.2 million of deferred revenue thereafter. Under various arrangements, we receive from certain tire vendors a delivery commission and reimbursement for the cost of the tire that we may deliver to customers on behalf of the tire vendor. The commission we earn from these transactions is as an agent and the net amount retained is recorded as sales. (Included in the Tires product group in the following table.) The following table summarizes disaggregated revenue by product group: Quarter Ended June 27, June 29, 2020 2019 (Dollars in thousands) Revenues: Brakes $ 28,564 $ 46,776 Exhaust 4,432 6,953 Steering 18,468 26,232 Tires 137,270 154,065 Maintenance 57,620 82,174 Other 705 863 Total $ 247,059 $ 317,063 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Jun. 27, 2020 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | NOTE 9 – LONG-TERM DEBT In April 2019, we entered into a new five year $ 600 million revolving credit facility agreement with eight banks (the “Credit Facility”). Interest only is payable monthly throughout the Credit Facility’s term. The borrowing capacity for the Credit Facility of $ 600 million includes an accordion feature permitting us to request an increase in availability of up to an additional $ 250 million. On June 11, 2020, we entered into a First Amendment to the Credit Facility (the “First Amendment”), which, among other things, amends the terms of certain of the financial and restrictive covenants in the credit agreement through the first quarter of fiscal 2022 to provide us with additional flexibility to operate our business. The First Amendment will permanently amend the interest rate charged on borrowings to be based on the greater of adjusted one-month LIBOR or 0.75 %. For the period from June 30, 2020 to June 30, 2021, the minimum interest rate spread charged on borrowings will be 225 basis points over LIBOR. Additionally, during the same period, we may declare, make or pay any dividend or distribution up to $ 38.5 million in the aggregate and the acquisition of stores or other businesses up to $ 100 million in the aggregate are permitted if we are in compliance with the financial covenants and other restrictions in the First Amendment and Credit Facility. Except as amended by the First Amendment, the remaining terms of the credit agreement remain in full force and effect. In order to enhance our liquidity position during the COVID-19 pandemic, we took a precautionary measure and borrowed $ 350 million available to us under our Credit Facility in March 2020. We subsequently repaid $ 240 million of these borrowings during the quarter ended June 27, 2020. The net availability under the Credit Facility was $ 240.2 million at June 27, 2020. We were in compliance with all debt covenants at June 27, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 27, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | NOTE 10 – COMMITMENTS AND CONTINGENCIES Payments due by period under long-term debt, other financing instruments and commitments are as follows: Within 2 to 4 to After Total 1 Year 3 Years 5 Years 5 Years (Dollars in thousands) Principal payments on long-term debt $ 326,200 $ 326,200 Finance lease commitments/financing obligations (a) 503,276 $ 52,009 $ 104,839 97,008 $ 249,420 Operating lease commitments (a) 243,829 36,422 66,101 53,192 88,114 Accrued rent 3,118 2,764 319 18 17 Other liabilities 1,733 800 933 — — Total $ 1,078,156 $ 91,995 $ 172,192 $ 476,418 $ 337,551 _______________ (a) Operating and finance lease commitments represent future undiscounted lease payments and include $ 62.5 million and $ 96.1 million, respectively, related to options to extend lease terms that are reasonably certain of being exercised. In the first quarter of fiscal 2021, we negotiated rent deferrals for a significant number of our stores, with repayment at later dates, primarily in the third and fourth quarters of fiscal 2021 and the first and second quarters of fiscal 2022. These concessions provide a deferral of rent payments with no substantive changes to the original contract. Consistent with updated guidance from the FASB in April 2020, we have elected to treat the rent deferrals as accrued liabilities. The accrued rent reflected in the table above includes $ 1.5 million related to rent deferrals and $ 1.6 million due to timing of other lease related expenses. We will continue to recognize expense during the deferral periods. In addition, we negotiated rent reductions with certain landlords on approximately 20 % of our leases in exchange for extending our current lease term during the first quarter of fiscal 2021. As these agreements represent substantive changes to our contractual obligations, the leases were remeasured in accordance with existing guidance. As a result, finance lease and financing obligation assets, net and finance leases and financing obligations were increased by $ 59.8 million and $ 56.3 million, respectively, and operating lease assets, net and operating lease liabilities were increased by $ 13.8 million and $ 17.3 million, respectively. The negotiated terms were generally consistent with terms of normal renewal agreements. We believe that we can fulfill our commitments utilizing our cash flow from operations and, if necessary, cash on hand and/or bank financing. As of the date of this report, there were no material changes to our contingencies since March 28, 2020, as reported in our Form 10-K for the fiscal year ended March 28, 2020. |
Description Of Business And B_2
Description Of Business And Basis Of Presentation (Policy) | 3 Months Ended |
Jun. 27, 2020 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Description of business | Description of Business Monro, Inc. and its wholly owned operating subsidiaries, Monro Service Corporation, Car-X, LLC, MNRO Holdings, LLC and MNRO Service Holdings, LLC (together, “Monro”, the “Company”, “we”, “us”, or “our”), are engaged principally in providing automotive undercar repair and tire sales and services in the United States. 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. |
Fiscal year | Fiscal Year 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 the Consolidated Financial Statements: “Quarter Ended Fiscal June 2020” March 29, 2020 – June 27, 2020 (13 weeks) “Quarter Ended Fiscal June 2019” March 31, 2019 – June 29, 2019 (13 weeks) Fiscal 2021 is a 52 week year. |
Reclassifications | Reclassifications Certain amounts in these financial statements have been reclassified to maintain comparability among the periods presented. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which eliminates, adds and modifies certain disclosure requirements for fair value measurements. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2019. Early adoption was permitted. We adopted this guidance during the first quarter of fiscal 2021. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements. In December 2019, the FASB issued new accounting guidance intended to simplify the accounting for income taxes. The new guidance removes certain exceptions to the general principles in Accounting Standards Codification Topic 740 Income Taxes and amends existing guidance to improve consistent application. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2020. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on our Consolidated Financial Statements. Other recent authoritative guidance issued by the FASB (including technical corrections to the 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 (Tables)
Acquisitions (Tables) | 3 Months Ended |
Jun. 27, 2020 | |
Acquisitions [Abstract] | |
Schedule Of Purchase Price Allocation | As of Acquisition Date (Dollars in thousands) Inventories $ 2,691 Other current assets 371 Property, plant and equipment 1,558 Finance lease and financing obligation assets, net 15,867 Operating lease assets, net 23,411 Intangible assets 1,598 Other non-current assets 103 Long-term deferred income tax assets 3,489 Total assets acquired 49,088 Current portion of finance leases and financing obligations 1,470 Current portion of operating lease liabilities 2,644 Deferred revenue 1,069 Other current liabilities 214 Long-term finance leases and financing obligations 20,750 Long-term operating lease liabilities 25,674 Other long-term liabilities 1,171 Total liabilities assumed 52,992 Total net identifiable liabilities assumed $ ( 3,904 ) Total consideration transferred $ 54,093 Less: total net identifiable liabilities assumed ( 3,904 ) Goodwill $ 57,997 |
Schedule Of Intangible Assets Acquired | As of Acquisition Date Dollars in thousands Weighted Average Useful Life Customer lists $ 1,598 7 years |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Jun. 27, 2020 | |
Earnings Per Common Share [Abstract] | |
Reconciliation Of Basic And Diluted Earnings Per Share | Quarter Ended June 27, June 29, 2020 2019 (Amounts in thousands, except per share data) Numerator for earnings per common share calculation: Net income $ 2,987 $ 22,606 Less: Preferred stock dividends ( 112 ) ( 112 ) Income available to common shareholders $ 2,875 $ 22,494 Denominator for earnings per common share calculation: Weighted average common shares, basic 33,285 33,183 Effect of dilutive securities: Preferred stock 510 510 Stock options 31 231 Restricted stock 28 40 Weighted average common shares, diluted 33,854 33,964 Basic earnings per common share: $ 0.09 $ 0.68 Diluted earnings per common share: $ 0.09 $ 0.67 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Jun. 27, 2020 | |
Revenues [Abstract] | |
Schedule Of Changes In Deferred Revenue | Dollars in thousands Balance at March 28, 2020 $ 18,506 Deferral of revenue 3,169 Deferral of revenue from acquisitions — Recognition of revenue ( 4,643 ) Balance at June 27, 2020 $ 17,032 |
Schedule Of Disaggregated Revenue By Product Group | Quarter Ended June 27, June 29, 2020 2019 (Dollars in thousands) Revenues: Brakes $ 28,564 $ 46,776 Exhaust 4,432 6,953 Steering 18,468 26,232 Tires 137,270 154,065 Maintenance 57,620 82,174 Other 705 863 Total $ 247,059 $ 317,063 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Jun. 27, 2020 | |
Commitments and Contingencies [Abstract] | |
Schedule Of Payments Due By Period | Within 2 to 4 to After Total 1 Year 3 Years 5 Years 5 Years (Dollars in thousands) Principal payments on long-term debt $ 326,200 $ 326,200 Finance lease commitments/financing obligations (a) 503,276 $ 52,009 $ 104,839 97,008 $ 249,420 Operating lease commitments (a) 243,829 36,422 66,101 53,192 88,114 Accrued rent 3,118 2,764 319 18 17 Other liabilities 1,733 800 933 — — Total $ 1,078,156 $ 91,995 $ 172,192 $ 476,418 $ 337,551 _______________ (a) Operating and finance lease commitments represent future undiscounted lease payments and include $ 62.5 million and $ 96.1 million, respectively, related to options to extend lease terms that are reasonably certain of being exercised. |
Impact Of The COVID-19 Pandem_2
Impact Of The COVID-19 Pandemic (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 27, 2020 | Mar. 28, 2020 | |
Impact Of The COVID-19 Pandemic [Abstract] | ||
Revolving credit facility borrowed | $ 350 | |
Repayment of revolving credit facility | $ 240 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Jun. 27, 2020property | Jun. 29, 2019USD ($)storewarehouse | |
Business Acquisition [Line Items] | ||
Store acquisitions related to acquisition growth strategy | property | 5 | |
Total consideration transferred | $ 54,100 | |
Costs related to completed acquisitions | 500 | |
Sales for acquired entities | $ 7,100 | |
Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Store acquisitions related to greenfield store growth strategy | property | 4 | |
Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Store acquisitions related to greenfield store growth strategy | property | 1 | |
BAW LLC [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition date | Jun. 23, 2019 | |
Number of stores acquired | store | 2 | |
Certified Tire And Service Centers, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition date | May 19, 2019 | |
Number of stores acquired | store | 40 | |
Number of distribution centers acquired | warehouse | 1 | |
Allied Discount Tire And Brake, Inc [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition date | Mar. 31, 2019 | |
Number of stores acquired | store | 12 | |
Fiscal 2020 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Total consideration transferred | $ 54,093 |
Acquisitions (Schedule Of Purch
Acquisitions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 29, 2019 | Jun. 27, 2020 | Mar. 28, 2020 | |
Purchase price of acquisitions allocation | |||
Total consideration transferred | $ 54,100 | ||
Goodwill | $ 671,831 | $ 671,843 | |
Fiscal 2020 Acquisitions [Member] | |||
Purchase price of acquisitions allocation | |||
Inventories | 2,691 | ||
Other current assets | 371 | ||
Property, plant and equipment | 1,558 | ||
Finance lease and financing obligation assets, net | 15,867 | ||
Operating lease assets, net | 23,411 | ||
Intangible assets | 1,598 | ||
Other non-current assets | 103 | ||
Long-term deferred income tax assets | 3,489 | ||
Total assets acquired | 49,088 | ||
Current portion of finance leases and financing obligations | 1,470 | ||
Current portion of operating lease liabilities | 2,644 | ||
Deferred revenue | 1,069 | ||
Other current liabilities | 214 | ||
Long-term finance leases and financing obligations | 20,750 | ||
Long-term operating lease liabilities | 25,674 | ||
Other long-term liabilities | 1,171 | ||
Total liabilities assumed | 52,992 | ||
Total net identifiable liabilities assumed | (3,904) | ||
Total consideration transferred | 54,093 | ||
Less: total net identifiable liabilities assumed | (3,904) | ||
Goodwill | $ 57,997 |
Acquisitions (Schedule Of Intan
Acquisitions (Schedule Of Intangible Assets Acquired) (Details) - Fiscal 2020 Acquisitions [Member] - Customer Lists [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 1,598 | |
Weighted average useful life | 7 years |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Earnings Per Common Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share | 585,000,000 | 59,000,000 |
Earnings Per Common Share (Reco
Earnings Per Common Share (Reconciliation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Jun. 27, 2020 | Jun. 29, 2019 | ||
Numerator for earnings per common share calculation: | |||
Net income | $ 2,987 | $ 22,606 | |
Less: Preferred stock dividends | [1] | (112) | (112) |
Income available to common shareholders | $ 2,875 | $ 22,494 | |
Denominator for earnings per common share calculation: | |||
Weighted average common shares, basic | 33,285 | 33,183 | |
Effect of dilutive securities: | |||
Preferred stock | 510 | 510 | |
Weighted average common shares, diluted | 33,854 | 33,964 | |
Basic earnings per common share: | $ 0.09 | $ 0.68 | |
Diluted earnings per common share: | $ 0.09 | $ 0.67 | |
Stock Options [Member] | |||
Effect of dilutive securities: | |||
Share based payment arrangements (in shares) | 31 | 231 | |
Restricted Stock [Member] | |||
Effect of dilutive securities: | |||
Share based payment arrangements (in shares) | 28 | 40 | |
[1] | First quarter fiscal year dividend payments of $ 0.22 per common share or common share equivalent paid on June 22, 2020 and June 17, 2019. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Income Taxes [Abstract] | ||
Effective tax rate | 25.50% | 23.10% |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Millions | Jun. 27, 2020 | Mar. 28, 2020 |
Fair Value [Abstract] | ||
Carrying amount of long-term debt ( including current portion) | $ 326.2 | $ 566.4 |
Cash Dividend (Narrative) (Deta
Cash Dividend (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Dividends to shareholders | $ 7,435 | $ 7,417 |
First Amendment To Credit Facility [Member] | ||
Debt instrument, Allowable dividend or distribution in next year | $ 38,500 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2020 | Mar. 28, 2020 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Deferred revenue | $ 17,032 | $ 18,506 |
Deferred revenue, current | 12,281 | 13,129 |
Deferred revenue, noncurrent | $ 4,700 | $ 5,400 |
Minimum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Payment term | 15 days | |
Maximum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Payment term | 45 days | |
Tire Road Hazard Warranty [Member] | Minimum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue recognition, contract term | 21 months | |
Tire Road Hazard Warranty [Member] | Maximum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue recognition, contract term | 36 months |
Revenues (Narrative) (Performan
Revenues (Narrative) (Performance Obligation) (Details) $ in Millions | Jun. 27, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-06-28 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue, performance obligation | $ 10.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-28 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue, performance obligation | 5.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-27 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue, performance obligation | $ 1.2 |
Revenues (Schedule Of Changes I
Revenues (Schedule Of Changes In Deferred Revenue) (Details) $ in Thousands | 3 Months Ended |
Jun. 27, 2020USD ($) | |
Revenues [Abstract] | |
Balance | $ 18,506 |
Deferral of revenue | 3,169 |
Deferral of revenue from acquisitions | |
Recognition of revenue | (4,643) |
Balance | $ 17,032 |
Revenues (Schedule Of Disaggreg
Revenues (Schedule Of Disaggregated Revenue By Product Group) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 247,059 | $ 317,063 |
Brakes [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 28,564 | 46,776 |
Exhaust [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4,432 | 6,953 |
Steering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 18,468 | 26,232 |
Tires [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 137,270 | 154,065 |
Maintenance [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 57,620 | 82,174 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 705 | $ 863 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 3 Months Ended | |
Jun. 27, 2020USD ($)entity | Mar. 28, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Revolving credit facility borrowed | $ 350,000,000 | |
Repayment of revolving credit facility | $ 240,000,000 | |
Net availability under the credit facility | $ 240,200,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility term | 5 years | |
Revolving credit facility agreement | $ 600,000,000 | |
Number of banks involved in credit facility | entity | 8 | |
Credit facility, Potential increased availability | $ 250,000,000 | |
First Amendment To Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Allowable dividend or distribution | 38,500,000 | |
Allowable acquisitions | $ 100,000,000 | |
Interest rate | 0.75% | |
First Amendment To Credit Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate over LIBOR on the facility | 2.25% |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2020 | Mar. 28, 2020 | |
Rent deferrals | $ 1,500 | |
Timing of lease related expenses | 1,600 | |
Finance lease and financing obligation assets, net | 253,956 | $ 196,575 |
Operating lease assets, net | $ 206,252 | $ 199,729 |
Re-negotiated Rental Payments [Member] | ||
Percent of leases re-negotiated | 20.00% | |
Finance lease and financing obligation assets, net | $ 59,800 | |
Finance lease liability | 56,300 | |
Operating lease assets, net | 13,800 | |
Operating lease obligations | $ 17,300 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule Of Payments Due By Period) (Details) $ in Thousands | 3 Months Ended | |
Jun. 27, 2020USD ($) | ||
Commitments and Contingencies [Abstract] | ||
Principal payments on long-term debt, Total | $ 326,200 | |
Principal payments on long-term debt, 4 to 5 years | 326,200 | |
Finance lease commitments/financing obligations, Total | 503,276 | [1] |
Finance lease commitments/financing obligations, Within 1 Year | 52,009 | [1] |
Finance lease commitments/financing obligations, 2 to 3 Years | 104,839 | [1] |
Finance lease commitments/financing obligations, 4 to 5 Years | 97,008 | [1] |
Finance lease commitments/financing obligations, After 5 Years | 249,420 | [1] |
Total Operating lease commitments | 243,829 | [1] |
Operating lease commitments, Within 1 year | 36,422 | [1] |
Operating lease commitments, 2 to 3 years | 66,101 | [1] |
Operating lease commitments, 4 to 5 years | 53,192 | [1] |
Operating lease commitments, After 5 years | 88,114 | [1] |
Accrued rent, Total | 3,118 | |
Accrued rent, Within 1 year | 2,764 | |
Accrued rent, 2 to 3 Years | 319 | |
Accrued rent, 4 to 5 Years | 18 | |
Accrued rent, After 5 Years | 17 | |
Other liabilities, Total | 1,733 | |
Other liabilities, Within 1 year | 800 | |
Other liabilities, 2 to 3 years | 933 | |
Other liabilities, 4 to 5 years | ||
Other liabilities, After 5 years | ||
Contractual commitments, Total | 1,078,156 | |
Contractual commitments, Within 1 year | 91,995 | |
Contractual commitments, 2 to 3 years | 172,192 | |
Contractual commitments, 4 to 5 years | 476,418 | |
Contractual commitments, After 5 years | 337,551 | |
Operating lease payments, related to options to extend, reasonably certain of being exercised | 62,500 | |
Finance lease payments, related to options to extend, reasonable certain of being exercised | $ 96,100 | |
[1] | Operating and finance lease commitments represent future undiscounted lease payments and include $ 62.5 million and $ 96.1 million, respectively, related to options to extend lease terms that are reasonably certain of being exercised. |