MINNESOTA | 41-0449530 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | þ | Accelerated filer | ¨ |
Non-accelerated filer | ¨ (do not check if a smaller reporting company) | Smaller reporting company | ¨ |
PAGE | |
March 26, 2016 | June 27, 2015 | ||||||
(In thousands) | (Unaudited) | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 22,011 | $ | 16,235 | |||
Accounts receivable, less allowance for doubtful accounts of $4,254 and $3,469 | 99,763 | 100,402 | |||||
Inventory | 41,012 | 36,258 | |||||
Merchandise in service, net | 130,611 | 133,942 | |||||
Other current assets | 15,859 | 30,383 | |||||
Total current assets | 309,256 | 317,220 | |||||
Property, plant and equipment, less accumulated depreciation of $395,339 and $382,297 | 229,072 | 222,056 | |||||
Goodwill | 323,018 | 325,183 | |||||
Other noncurrent assets | 57,108 | 64,406 | |||||
Total assets | $ | 918,454 | $ | 928,865 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 47,580 | $ | 51,616 | |||
Accrued expenses and other current liabilities | 67,205 | 71,739 | |||||
Deferred income taxes | 31,648 | 31,097 | |||||
Current maturities of long-term debt | — | 169 | |||||
Total current liabilities | 146,433 | 154,621 | |||||
Long-term debt, net of current maturities | 240,448 | 243,600 | |||||
Deferred income taxes | 36,911 | 28,851 | |||||
Other noncurrent liabilities | 100,606 | 107,443 | |||||
Total liabilities | 524,398 | 534,515 | |||||
Stockholders' Equity | |||||||
Common stock, $0.50 par value | 9,886 | 9,976 | |||||
Additional paid-in capital | 83,838 | 78,342 | |||||
Retained earnings | 320,273 | 314,976 | |||||
Accumulated other comprehensive loss | (19,941 | ) | (8,944 | ) | |||
Total stockholders' equity | 394,056 | 394,350 | |||||
Total liabilities and stockholders' equity | $ | 918,454 | $ | 928,865 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
March 26, 2016 | March 28, 2015 | March 26, 2016 | March 28, 2015 | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
Rental and direct sale revenue | $ | 239,307 | $ | 233,514 | $ | 719,538 | $ | 701,065 | |||||||
Cost of rental and direct sale revenue | 157,586 | 154,573 | 473,704 | 463,018 | |||||||||||
Gross margin | 81,721 | 78,941 | 245,834 | 238,047 | |||||||||||
Pension withdrawal and associated expenses | — | 6,500 | — | 6,500 | |||||||||||
Selling and administrative | 51,361 | 50,840 | 156,111 | 154,472 | |||||||||||
Income from Operations | 30,360 | 21,601 | 89,723 | 77,075 | |||||||||||
Interest expense | 1,749 | 1,745 | 5,032 | 5,463 | |||||||||||
Income before Income Taxes | 28,611 | 19,856 | 84,691 | 71,612 | |||||||||||
Provision for income taxes | 10,757 | 7,427 | 32,080 | 25,862 | |||||||||||
Net Income | $ | 17,854 | $ | 12,429 | $ | 52,611 | $ | 45,750 | |||||||
Basic Earnings per Common Share | $ | 0.90 | $ | 0.62 | $ | 2.64 | $ | 2.29 | |||||||
Diluted Earnings per Common Share | $ | 0.89 | $ | 0.61 | $ | 2.61 | $ | 2.24 | |||||||
Weighted average number of shares outstanding, basic | 19,529 | 19,679 | 19,640 | 19,653 | |||||||||||
Weighted average number of shares outstanding, diluted | 19,728 | 20,074 | 19,867 | 20,037 | |||||||||||
Dividends Declared per Share | $ | 0.37 | $ | 0.31 | $ | 1.11 | $ | 0.93 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
March 26, 2016 | March 28, 2015 | March 26, 2016 | March 28, 2015 | ||||||||||||
(In thousands) | |||||||||||||||
Net income | $ | 17,854 | $ | 12,429 | $ | 52,611 | $ | 45,750 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Foreign currency translation adjustments | 4,220 | (8,427 | ) | (7,763 | ) | (20,475 | ) | ||||||||
Change in pension benefit liabilities recognized | 677 | 608 | 2,030 | 1,825 | |||||||||||
Derivative financial instruments unrecognized loss | (3,781 | ) | (6 | ) | (9,386 | ) | (27 | ) | |||||||
Derivative financial instruments (loss) gain reclassified | (58 | ) | 132 | (169 | ) | 405 | |||||||||
Other comprehensive income (loss) before income taxes | 1,058 | (7,693 | ) | (15,288 | ) | (18,272 | ) | ||||||||
Income tax benefit | 966 | 1,006 | 4,291 | 3,442 | |||||||||||
Other comprehensive income (loss), net of taxes | 2,024 | (6,687 | ) | $ | (10,997 | ) | $ | (14,830 | ) | ||||||
Total comprehensive income | $ | 19,878 | $ | 5,742 | $ | 41,614 | $ | 30,920 |
(In thousands, except per share data) | Shares | Class A Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Stockholders' Equity | ||||||||||||||||
Balance June 27, 2015 | 19,953 | $ | 9,976 | $ | 78,342 | $ | 314,976 | $ | (8,944 | ) | $ | 394,350 | ||||||||||
Total comprehensive income (loss) | — | — | — | 52,611 | (10,997 | ) | 41,614 | |||||||||||||||
Proceeds from issuance of common stock under stock option plans | 248 | 124 | 1,200 | — | — | 1,324 | ||||||||||||||||
Share-based compensation | — | — | 5,236 | — | — | 5,236 | ||||||||||||||||
Shares withheld for taxes under equity compensation plans | (43 | ) | (22 | ) | (2,980 | ) | — | — | (3,002 | ) | ||||||||||||
Repurchase of common stock | (387 | ) | (192 | ) | — | (25,196 | ) | — | (25,388 | ) | ||||||||||||
Excess tax benefit from share-based compensation | — | — | 2,040 | — | — | 2,040 | ||||||||||||||||
Cash dividends declared ($1.11 per share) | — | — | — | (22,118 | ) | — | (22,118 | ) | ||||||||||||||
Balance March 26, 2016 | 19,771 | $ | 9,886 | $ | 83,838 | $ | 320,273 | $ | (19,941 | ) | $ | 394,056 |
For the Nine Months Ended | |||||||
March 26, 2016 | March 28, 2015 | ||||||
(In thousands) | |||||||
Operating Activities: | |||||||
Net income | $ | 52,611 | $ | 45,750 | |||
Adjustments to reconcile net income to net cash provided by operating activities - | |||||||
Depreciation and amortization | 26,435 | 23,873 | |||||
Pension withdrawal and associated expenses | — | 6,500 | |||||
Deferred income taxes | 12,020 | 3,624 | |||||
Share-based compensation | 5,236 | 5,320 | |||||
Changes in operating items, exclusive of acquisitions and divestitures - | |||||||
Accounts receivable | (540 | ) | 268 | ||||
Inventory and merchandise in service | (1,772 | ) | (9,518 | ) | |||
Accounts payable | (1,689 | ) | 6,224 | ||||
Other current assets and liabilities | 15,476 | 5,969 | |||||
Multi-employer pension plan settlement payment | (5,425 | ) | — | ||||
Other | (6,813 | ) | (7,144 | ) | |||
Net cash provided by operating activities | 95,539 | 80,866 | |||||
Investing Activities: | |||||||
Capital expenditures | (36,603 | ) | (40,022 | ) | |||
Acquisition of business | (2,206 | ) | — | ||||
Net cash used for investing activities | (38,809 | ) | (40,022 | ) | |||
Financing Activities: | |||||||
Repayments of long-term debt | (75,168 | ) | (675 | ) | |||
Proceeds from (repayments of) revolving credit facilities, net | 71,848 | (36,962 | ) | ||||
Cash dividends paid | (22,118 | ) | (18,542 | ) | |||
Proceeds from issuance of common stock under stock option plans | 1,324 | 4,107 | |||||
Repurchase of common stock | (25,388 | ) | (11,158 | ) | |||
Shares withheld for taxes under equity compensation plans | (3,002 | ) | (1,600 | ) | |||
Excess tax benefit from share-based compensation | 2,040 | 3,676 | |||||
Net cash used for financing activities | (50,464 | ) | (61,154 | ) | |||
Effect of Exchange Rates on Cash | (490 | ) | (3,480 | ) | |||
Increase (Decrease) in Cash and Cash Equivalents | 5,776 | (23,790 | ) | ||||
Cash and Cash Equivalents: | |||||||
Beginning of period | 16,235 | 37,118 | |||||
End of period | $ | 22,011 | $ | 13,328 | |||
Supplemental Cash Flow Information: | |||||||
Cash paid for - | |||||||
Interest | $ | (3,969 | ) | $ | (4,123 | ) | |
Income taxes | $ | (3,191 | ) | $ | (13,187 | ) | |
Supplemental Non-cash Investing Information: | |||||||
Capital expenditures included in accounts payable | $ | 1,647 | $ | 2,862 |
As of March 26, 2016 | |||||||||||
Fair Value Measurements Using Inputs Considered as | |||||||||||
Level 1 | Level 2 | Total | |||||||||
Other assets: | |||||||||||
Money market mutual funds | $ | 5,977 | $ | — | $ | 5,977 | |||||
Equity and fixed income mutual funds | 26,506 | — | 26,506 | ||||||||
Cash surrender value of life insurance policies | — | 14,692 | 14,692 | ||||||||
Total assets | $ | 32,483 | $ | 14,692 | $ | 47,175 | |||||
Accrued expenses: | |||||||||||
Derivative financial instruments | $ | — | $ | 4,528 | $ | 4,528 | |||||
Total liabilities | $ | — | $ | 4,528 | $ | 4,528 |
As of June 27, 2015 | |||||||||||
Fair Value Measurements Using Inputs Considered as | |||||||||||
Level 1 | Level 2 | Total | |||||||||
Other assets: | |||||||||||
Money market mutual funds | $ | 4,637 | $ | — | $ | 4,637 | |||||
Equity and fixed income mutual funds | 29,777 | — | 29,777 | ||||||||
Cash surrender value of life insurance policies | — | 14,659 | 14,659 | ||||||||
Derivative financial instruments | — | 4,857 | 4,857 | ||||||||
Total assets | $ | 34,414 | $ | 19,516 | $ | 53,930 | |||||
Accrued expenses: | |||||||||||
Derivative financial instruments | $ | — | $ | 188 | $ | 188 | |||||
Total liabilities | $ | — | $ | 188 | $ | 188 |
As of March 26, 2016 | |||||||||||
Fair Value Measurements Using Inputs Considered as | |||||||||||
Level 1 | Level 2 | Total | |||||||||
Cash and cash equivalents | $ | 22,011 | $ | — | $ | 22,011 | |||||
Total assets | $ | 22,011 | $ | — | $ | 22,011 | |||||
Long-term debt, net of current maturities | $ | — | $ | 242,720 | $ | 242,720 | |||||
Total liabilities | $ | — | $ | 242,720 | $ | 242,720 | |||||
As of June 27, 2015 | |||||||||||
Fair Value Measurements Using Inputs Considered as | |||||||||||
Level 1 | Level 2 | Total | |||||||||
Cash and cash equivalents | $ | 16,235 | $ | — | $ | 16,235 | |||||
Total assets | $ | 16,235 | $ | — | $ | 16,235 | |||||
Current maturities of long-term debt | $ | — | $ | 169 | $ | 169 | |||||
Long-term debt, net of current maturities | — | 241,589 | 241,589 | ||||||||
Total liabilities | $ | — | $ | 241,758 | $ | 241,758 |
Three Months Ended | Nine Months Ended | ||||||||||||||
March 26, 2016 | March 28, 2015 | March 26, 2016 | March 28, 2015 | ||||||||||||
Net income | $ | 17,854 | $ | 12,429 | $ | 52,611 | $ | 45,750 | |||||||
Less: Income allocable to participating securities | (270 | ) | (235 | ) | (768 | ) | (771 | ) | |||||||
Net income available to common stockholders | $ | 17,584 | $ | 12,194 | $ | 51,843 | $ | 44,979 | |||||||
Basic earnings per share (shares in thousands): | |||||||||||||||
Weighted average number of shares outstanding, basic | 19,529 | 19,679 | 19,640 | 19,653 | |||||||||||
Basic earnings per common share: | |||||||||||||||
Basic earnings per share | $ | 0.90 | $ | 0.62 | $ | 2.64 | $ | 2.29 | |||||||
Diluted earnings per share (shares in thousands): | |||||||||||||||
Weighted average number of shares outstanding, basic | 19,529 | 19,679 | 19,640 | 19,653 | |||||||||||
Weighted average effect of assumed exercise of stock options | 199 | 395 | 227 | 384 | |||||||||||
Weighted average number of shares outstanding, diluted | 19,728 | 20,074 | 19,867 | 20,037 | |||||||||||
Diluted earnings per common share: | |||||||||||||||
Diluted earnings per share | $ | 0.89 | $ | 0.61 | $ | 2.61 | $ | 2.24 |
March 26, 2016 | June 27, 2015 | ||||||
Raw Materials | $ | 7,978 | $ | 6,368 | |||
Work in Process | 1,861 | 975 | |||||
Finished Goods | 31,173 | 28,915 | |||||
Inventory | $ | 41,012 | $ | 36,258 | |||
Merchandise in service, net | $ | 130,611 | $ | 133,942 |
United States | Canada | Total | |||||||||
Balance as of June 27, 2015 | $ | 270,045 | $ | 55,138 | $ | 325,183 | |||||
Acquisitions | — | 1,318 | 1,318 | ||||||||
Foreign currency translation | — | (3,483 | ) | (3,483 | ) | ||||||
Balance as of March 26, 2016 | $ | 270,045 | $ | 52,973 | $ | 323,018 |
March 26, 2016 | June 27, 2015 | ||||||
Borrowings under Unsecured Revolver | $ | 116,900 | $ | 40,500 | |||
Borrowings under Variable Rate Notes | — | 75,000 | |||||
Borrowings under A/R Line | 23,548 | 28,100 | |||||
Borrowings under Fixed Rate Notes | 100,000 | 100,000 | |||||
Capital leases and other | — | 169 | |||||
240,448 | 243,769 | ||||||
Less current maturities | — | (169 | ) | ||||
Total long-term debt | $ | 240,448 | $ | 243,600 |
Required | Actual | ||||
Maximum Leverage Ratio (Debt/EBITDA) | 3.50 | 1.70 | |||
Minimum Interest Coverage Ratio (EBITDA/Interest Expense) | 3.00 | 23.45 |
March 26, 2016 | June 27, 2015 | ||||||
Executive deferred compensation assets | $ | 32,483 | $ | 34,414 | |||
Cash surrender value of life insurance policies | 14,692 | 14,659 | |||||
Derivative financial instruments | — | 4,857 | |||||
Customer contracts and non-competition agreements, net | 3,805 | 4,544 | |||||
Other assets | 7,556 | 7,854 | |||||
Less: portion classified as current assets | (1,428 | ) | (1,922 | ) | |||
Total other noncurrent assets | $ | 57,108 | $ | 64,406 |
March 26, 2016 | June 27, 2015 | ||||||
Customer contracts and non-competition agreements | $ | 14,568 | $ | 20,244 | |||
Accumulated amortization | (10,763 | ) | (15,700 | ) | |||
Net | $ | 3,805 | $ | 4,544 |
2016 remaining | $ | 351 | |
2017 | 1,234 | ||
2018 | 450 | ||
2019 | 219 | ||
2020 | 206 | ||
Thereafter | 1,345 |
March 26, 2016 | June 27, 2015 | ||||||
Multi-employer pension withdrawal liability | $ | 3,169 | $ | 9,329 | |||
Pension plan liability | 19,821 | 20,188 | |||||
Executive deferred compensation plan liability | 32,531 | 34,529 | |||||
Supplemental executive retirement plan liability | 16,451 | 16,686 | |||||
Accrued income taxes | 7,110 | 8,294 | |||||
Workers' compensation liability | 18,251 | 18,577 | |||||
Derivative financial instruments | 4,528 | — | |||||
Other liabilities | 6,682 | 7,659 | |||||
Less: Portion classified as current liabilities | (7,937 | ) | (7,819 | ) | |||
Total other noncurrent liabilities | $ | 100,606 | $ | 107,443 |
Pension Plan | SERP | ||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||
March 26, 2016 | March 28, 2015 | March 26, 2016 | March 28, 2015 | ||||||||||||
Interest cost | $ | 943 | $ | 1,012 | $ | 148 | $ | 185 | |||||||
Expected return on assets | (1,068 | ) | (1,226 | ) | — | — | |||||||||
Amortization of net loss | 608 | 504 | 60 | 98 | |||||||||||
Net periodic pension cost | $ | 483 | $ | 290 | $ | 208 | $ | 283 |
Pension Plan | SERP | ||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||
March 26, 2016 | March 28, 2015 | March 26, 2016 | March 28, 2015 | ||||||||||||
Interest cost | $ | 2,829 | $ | 3,036 | $ | 444 | $ | 555 | |||||||
Expected return on assets | (3,204 | ) | (3,678 | ) | — | — | |||||||||
Amortization of net loss | 1,824 | 1,512 | 180 | 294 | |||||||||||
Net periodic pension cost | $ | 1,449 | $ | 870 | $ | 624 | $ | 849 |
For the Three Months Ended | United States | Canada | Elimination | Total | |||||||||||
March 26, 2016 | |||||||||||||||
Revenue | $ | 206,215 | $ | 33,092 | $ | — | $ | 239,307 | |||||||
Income from operations | 25,900 | 4,460 | — | 30,360 | |||||||||||
Total assets | 884,243 | 134,765 | (100,554 | ) | 918,454 | ||||||||||
Depreciation and amortization expense | 8,340 | 854 | — | 9,194 | |||||||||||
March 28, 2015 | |||||||||||||||
Revenue | $ | 200,005 | $ | 33,509 | $ | — | $ | 233,514 | |||||||
Income from operations | 17,880 | 3,721 | — | 21,601 | |||||||||||
Total assets | 858,611 | 128,893 | (88,272 | ) | 899,232 | ||||||||||
Depreciation and amortization expense | 7,181 | 855 | — | 8,036 |
For the Nine Months Ended | United States | Canada | Elimination | Total | |||||||||||
March 26, 2016 | |||||||||||||||
Revenue | $ | 620,705 | $ | 98,833 | $ | — | $ | 719,538 | |||||||
Income from operations | 77,092 | 12,631 | — | 89,723 | |||||||||||
Total assets | 884,243 | 134,765 | (100,554 | ) | 918,454 | ||||||||||
Depreciation and amortization expense | 23,876 | 2,559 | — | 26,435 | |||||||||||
March 28, 2015 | |||||||||||||||
Revenue | $ | 594,803 | $ | 106,262 | $ | — | $ | 701,065 | |||||||
Income from operations | 64,660 | 12,415 | — | 77,075 | |||||||||||
Total assets | 858,611 | 128,893 | (88,272 | ) | 899,232 | ||||||||||
Depreciation and amortization expense | 21,089 | 2,784 | — | 23,873 |
Three Months Ended March 26, 2016 | |||||||||||||||
Foreign currency translation adjustment | Pension benefit liabilities | Derivative financial instruments | Total | ||||||||||||
Accumulated other comprehensive income (loss) at December 26, 2015 | $ | (2,370 | ) | $ | (20,427 | ) | $ | 832 | $ | (21,965 | ) | ||||
Other comprehensive income (loss) before reclassifications | 4,006 | — | (2,368 | ) | 1,638 | ||||||||||
Reclassifications from net accumulated other comprehensive income (loss) | — | 423 | (37 | ) | 386 | ||||||||||
Net current period other comprehensive income (loss) | 4,006 | 423 | (2,405 | ) | 2,024 | ||||||||||
Accumulated other comprehensive income (loss) at March 26, 2016 | $ | 1,636 | $ | (20,004 | ) | $ | (1,573 | ) | $ | (19,941 | ) |
Nine Months Ended March 26, 2016 | |||||||||||||||
Foreign currency translation adjustment | Pension benefit liabilities | Derivative financial instruments | Total | ||||||||||||
Accumulated other comprehensive income (loss) as of June 27, 2015 | $ | 7,914 | $ | (21,272 | ) | $ | 4,414 | $ | (8,944 | ) | |||||
Other comprehensive loss before reclassifications | (6,278 | ) | — | (5,880 | ) | (12,158 | ) | ||||||||
Reclassifications from net accumulated other comprehensive income (loss) | — | 1,268 | (107 | ) | 1,161 | ||||||||||
Net current period other comprehensive income (loss) | (6,278 | ) | 1,268 | (5,987 | ) | (10,997 | ) | ||||||||
Accumulated other comprehensive income (loss) at March 26, 2016 | $ | 1,636 | $ | (20,004 | ) | $ | (1,573 | ) | $ | (19,941 | ) |
Three Months Ended March 28, 2015 | |||||||||||||||
Foreign currency translation adjustment | Pension benefit liabilities | Derivative financial instruments | Total | ||||||||||||
Accumulated other comprehensive income (loss) at December 27, 2014 | $ | 13,621 | $ | (18,988 | ) | $ | 1,211 | $ | (4,156 | ) | |||||
Other comprehensive loss before reclassifications | (7,146 | ) | — | (3 | ) | (7,149 | ) | ||||||||
Reclassifications from net accumulated other comprehensive income | — | 379 | 83 | 462 | |||||||||||
Net current period other comprehensive income (loss) | (7,146 | ) | 379 | 80 | (6,687 | ) | |||||||||
Accumulated other comprehensive income (loss) at March 28, 2015 | $ | 6,475 | $ | (18,609 | ) | $ | 1,291 | $ | (10,843 | ) |
Nine Months Ended March 28, 2015 | |||||||||||||||
Foreign currency translation adjustment | Pension benefit liabilities | Derivative financial instruments | Total | ||||||||||||
Accumulated other comprehensive income (loss) at June 28, 2014 | $ | 22,682 | $ | (19,748 | ) | $ | 1,053 | $ | 3,987 | ||||||
Other comprehensive loss before reclassifications | (16,207 | ) | — | (16 | ) | (16,223 | ) | ||||||||
Reclassifications from net accumulated other comprehensive income | — | 1,139 | 254 | 1,393 | |||||||||||
Net current period other comprehensive income (loss) | (16,207 | ) | 1,139 | 238 | (14,830 | ) | |||||||||
Accumulated other comprehensive income (loss) at March 28, 2015 | $ | 6,475 | $ | (18,609 | ) | $ | 1,291 | $ | (10,843 | ) |
Three Months Ended | Nine Months Ended | |||||||||||||||
March 26, 2016 | March 28, 2015 | March 26, 2016 | March 28, 2015 | |||||||||||||
Losses on derivative financial instruments: | ||||||||||||||||
Interest rate swap contracts | $ | (58 | ) | $ | 132 | $ | (169 | ) | $ | 405 | (a) | |||||
Tax benefit (expense) | 21 | (49 | ) | 62 | (151 | ) | ||||||||||
Total, net of tax | (37 | ) | 83 | (107 | ) | 254 | ||||||||||
Pension benefit liabilities: | ||||||||||||||||
Amortization of net loss | 677 | 608 | 2,030 | 1,825 | (b) | |||||||||||
Tax expense | (254 | ) | (229 | ) | (762 | ) | (686 | ) | ||||||||
Total, net of tax | 423 | 379 | 1,268 | 1,139 | ||||||||||||
Total amounts reclassified, net of tax | $ | 386 | $ | 462 | $ | 1,161 | $ | 1,393 | ||||||||
(a) Included in interest expense. | ||||||||||||||||
(b) Included in the computation of net periodic pension cost, which is included in cost of rental and direct sale and selling and administrative. This amount includes a pension plan which is not included in the net periodic pension cost in Note 13 because it is individually immaterial. See Note 13 for details regarding the pension plans. |
Three Months Ended | Nine Months Ended | ||||||||||||||
March 26, 2016 | March 28, 2015 | March 26, 2016 | March 28, 2015 | ||||||||||||
Foreign currency translation adjustments | $ | (214 | ) | $ | 1,281 | $ | 1,485 | $ | 4,269 | ||||||
Change in pension benefit liabilities recognized | (254 | ) | (229 | ) | (762 | ) | (686 | ) | |||||||
Derivative financial instruments unrecognized gain (loss) | 1,413 | 3 | 3,506 | 10 | |||||||||||
Derivative financial instruments loss reclassified | 21 | (49 | ) | 62 | (151 | ) | |||||||||
Income tax benefit | $ | 966 | $ | 1,006 | $ | 4,291 | $ | 3,442 |
• | Revenue recognition and allowance for doubtful accounts |
• | Inventory and merchandise in service |
• | Environmental costs |
• | Goodwill, intangible assets and other long-lived assets |
• | Income taxes |
Three Months Ended | Nine Months Ended | Percentage Change | |||||||||||||||
March 26, 2016 | March 28, 2015 | March 26, 2016 | March 28, 2015 | Three Months FY 2016 vs. FY 2015 | Nine Months FY 2016 vs. FY 2015 | ||||||||||||
Rental and direct sale revenue | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 2.5 | % | 2.6 | % | |||||
Cost of rental and direct sale revenue | 65.9 | 66.2 | 65.8 | 66.0 | 1.9 | 2.3 | |||||||||||
Gross margin | 34.1 | 33.8 | 34.2 | 34.0 | 3.5 | 3.3 | |||||||||||
Pension withdrawal and associated expenses | — | 2.8 | — | 1.0 | (100.0 | ) | (100.0 | ) | |||||||||
Selling and administrative | 21.4 | 21.8 | 21.7 | 22.0 | 1.0 | 1.1 | |||||||||||
Income from operations | 12.7 | 9.2 | 12.5 | 11.0 | 40.5 | 16.4 | |||||||||||
Interest expense | 0.7 | 0.7 | 0.7 | 0.8 | 0.2 | (7.9 | ) | ||||||||||
Income before income taxes | 12.0 | 8.5 | 11.8 | 10.2 | 44.1 | 18.3 | |||||||||||
Provision for income taxes | 4.5 | 3.2 | 4.5 | 3.7 | 44.8 | 24.0 | |||||||||||
Net income | 7.5 | % | 5.3 | % | 7.3 | % | 6.5 | % | 43.6 | % | 15.0 | % |
Three Months Ended | |||||||||||
March 26, 2016 | March 28, 2015 | Change | |||||||||
United States | $ | 25,900 | $ | 17,880 | $ | 8,020 | |||||
Canada | 4,460 | 3,721 | 739 | ||||||||
Total | $ | 30,360 | $ | 21,601 | $ | 8,759 |
Nine Months Ended | |||||||||||
March 26, 2016 | March 28, 2015 | Change | |||||||||
United States | $ | 77,092 | $ | 64,660 | $ | 12,432 | |||||
Canada | 12,631 | 12,415 | 216 | ||||||||
Total | $ | 89,723 | $ | 77,075 | $ | 12,648 |
For the Period Ended | |||||||||||
March 26, 2016 | June 27, 2015 | Change | |||||||||
Accounts receivable, net | $ | 99,763 | $ | 100,402 | $ | (639 | ) | ||||
Inventory | 41,012 | 36,258 | 4,754 | ||||||||
Merchandise in service, net | 130,611 | 133,942 | (3,331 | ) | |||||||
Accounts payable | (47,580 | ) | (51,616 | ) | 4,036 | ||||||
Net working capital | $ | 223,806 | $ | 218,986 | $ | 4,820 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plan | ||||||||||
December 27, 2015 - January 30, 2016 | 80,900 | $ | 59.79 | 80,900 | $ | 108,710,995 | ||||||||
January 31, 2016 - February 27, 2016 | 43,003 | $ | 64.68 | 43,003 | $ | 105,929,471 | ||||||||
February 28, 2016 - March 26, 2016 | 39,469 | $ | 69.69 | 39,469 | $ | 103,178,847 | ||||||||
Total | 163,372 | $ | 63.47 | 163,372 | $ | 103,178,847 |
a. | Exhibits |
31.1 | Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101 | Financial statements from the quarterly report on Form 10-Q of G&K Services, Inc. for the quarter ended March 26, 2016, formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Stockholders' Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements. |
G&K SERVICES, INC. | ||||
(Registrant) | ||||
Date: | April 26, 2016 | By: | /s/ Tracy C. Jokinen | |
Tracy C. Jokinen | ||||
Chief Financial Officer | ||||
(Principal Financial Officer) | ||||
Date: | April 26, 2016 | By: | /s/ Thomas J. Dietz | |
Thomas J. Dietz | ||||
Vice President and Controller | ||||
(Principal Accounting Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of G&K Services, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
By: | /s/ Douglas A. Milroy | |
Douglas A. Milroy, Chairman and Chief Executive Officer | ||
(Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of G&K Services, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
By: | /s/ Tracy C. Jokinen | |
Tracy C. Jokinen, Chief Financial Officer | ||
(Principal Financial Officer) |
By: | /s/ Douglas A. Milroy | |
Douglas A. Milroy, Chairman and Chief Executive Officer | ||
(Principal Executive Officer) |
By: | /s/ Tracy C. Jokinen | |
Tracy C. Jokinen, Chief Financial Officer | ||
(Principal Financial Officer) |
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Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Mar. 26, 2016 |
Apr. 21, 2016 |
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 26, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | GK | |
Entity Registrant Name | G&K SERVICES INC | |
Entity Central Index Key | 0000039648 | |
Current Fiscal Year End Date | --07-02 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 19,756,009 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Mar. 26, 2016 |
Jun. 27, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 4,254 | $ 3,469 |
Accumulated depreciation | $ 395,339 | $ 382,297 |
Common stock, par value (in dollars per share) | $ 0.50 | $ 0.50 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 26, 2016 |
Mar. 28, 2015 |
Mar. 26, 2016 |
Mar. 28, 2015 |
|
Income Statement [Abstract] | ||||
Rental and direct sale revenue | $ 239,307 | $ 233,514 | $ 719,538 | $ 701,065 |
Cost of rental and direct sale revenue | 157,586 | 154,573 | 473,704 | 463,018 |
Gross margin | 81,721 | 78,941 | 245,834 | 238,047 |
Pension withdrawal and associated expenses | 0 | 6,500 | 0 | 6,500 |
Selling and administrative | 51,361 | 50,840 | 156,111 | 154,472 |
Income from Operations | 30,360 | 21,601 | 89,723 | 77,075 |
Interest expense | 1,749 | 1,745 | 5,032 | 5,463 |
Income before Income Taxes | 28,611 | 19,856 | 84,691 | 71,612 |
Provision for income taxes | 10,757 | 7,427 | 32,080 | 25,862 |
Net Income | $ 17,854 | $ 12,429 | $ 52,611 | $ 45,750 |
Basic earnings per common share from continuing operations (in dollars per share) | $ 0.90 | $ 0.62 | $ 2.64 | $ 2.29 |
Diluted earnings per common share from continuing operations (in dollars per share) | $ 0.89 | $ 0.61 | $ 2.61 | $ 2.24 |
Weighted average number of shares outstanding, basic (in shares) | 19,529 | 19,679 | 19,640 | 19,653 |
Weighted average number of shares outstanding, diluted (in shares) | 19,728 | 20,074 | 19,867 | 20,037 |
Dividends declared per share (in dollars per share) | $ 0.37 | $ 0.31 | $ 1.11 | $ 0.93 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 26, 2016 |
Mar. 28, 2015 |
Mar. 26, 2016 |
Mar. 28, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 17,854 | $ 12,429 | $ 52,611 | $ 45,750 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 4,220 | (8,427) | (7,763) | (20,475) |
Change in pension benefit liabilities recognized | 677 | 608 | 2,030 | 1,825 |
Derivative financial instruments unrecognized loss | (3,781) | (6) | (9,386) | (27) |
Derivative financial instruments (loss) gain reclassified | (58) | 132 | (169) | 405 |
Other comprehensive income (loss) before income taxes | 1,058 | (7,693) | (15,288) | (18,272) |
Income tax benefit | 966 | 1,006 | 4,291 | 3,442 |
Other comprehensive income (loss), net of taxes | 2,024 | (6,687) | (10,997) | (14,830) |
Total comprehensive income | $ 19,878 | $ 5,742 | $ 41,614 | $ 30,920 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) |
9 Months Ended |
---|---|
Mar. 26, 2016
$ / shares
| |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends (in USD per share) | $ 1.11 |
Basis of Presentation for Interim Financial Statements |
9 Months Ended |
---|---|
Mar. 26, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation for Interim Financial Statements | Basis of Presentation for Interim Financial Statements The Condensed Consolidated Financial Statements of G&K Services, Inc. (the "Company" or "G&K") as set forth in this quarterly report have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim reporting. As permitted under those rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States can be condensed or omitted. Our accounting policies are described in "Notes to the Consolidated Financial Statements" in our Annual Report on Form 10-K for the fiscal year ended June 27, 2015 ("fiscal year 2015"). Management is responsible for the unaudited Condensed Consolidated Financial Statements included in this document. The Condensed Consolidated Financial Statements included in this document are unaudited but, in the opinion of management, include all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of our financial position as of March 26, 2016, and the results of our operations for the three and nine months ended March 26, 2016 and March 28, 2015 and our cash flows for the nine months ended March 26, 2016 and March 28, 2015. The results of operations for the three and nine month periods ended March 26, 2016 and March 28, 2015 are not necessarily indicative of the results to be expected for the full year. This Quarterly Report on Form 10-Q should be read in conjunction with our Consolidated Financial Statements and notes included in our fiscal 2015 Annual Report on Form 10-K. |
Contingent Liabilities |
9 Months Ended |
---|---|
Mar. 26, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent Liabilities Environmental Matters From time-to-time, we are involved in environmental-related proceedings by certain governmental agencies, which relate primarily to allegedly operating certain facilities in noncompliance with required permits. In addition to these proceedings, in the normal course of our business, we are subject to, among other things, periodic inspections by regulatory agencies. We also are involved in various property remediation efforts. In particular, we have four projects nearing completion, which we expect will be completed within previously established reserves. We also have four other projects on which we are currently working. Historically, with respect to remediation projects, we have borne our costs as part of our ongoing operations. As part of the second set of projects mentioned above, in the fourth quarter of fiscal year 2015, we determined it was likely that the parties that are contractually obligated to remediate contamination at three of our previously purchased locations would not be able to continue to meet these obligations because of their respective financial condition. These acquisitions date as far back as the 1970s; the most recent one was in 2007. As a result of the foregoing, as of March 26, 2016 and June 27, 2015, we had remediation-related reserves of approximately $3,945 and $4,711 respectively, related to these matters. In order to determine whether any additional exposure for remediation exists, we assessed six additional sites which we acquired that had historical dry cleaning operations. Our assessment of three of these sites is complete, with no further action required. We continue to assess the remaining three sites. With respect to these remaining three sites, while we believe costs are probable, they are not yet reasonably estimable. Therefore, beyond amounts to cover the preliminary assessments, we have not recorded any reserves for these properties. While such charges may be material, including with respect to reported operating results in a particular period, we believe the likelihood that any charges will have a material adverse effect on our results of ongoing operations or financial position is remote. Legal Matters As part of its general enforcement efforts, over the past four years, the U.S. Department of Labor, Office of Federal Contract Compliance Programs (OFCCP) initiated compliance evaluations at a number of our locations to review and assess our current affirmative action activities and employment practices. To close all outstanding compliance evaluations, we entered into a Conciliation Agreement with the OFCCP agreeing to take proactive efforts to address any remaining issues or concerns that were raised by the agency, none of which we expect will have a material impact on our ongoing operations. All amounts that we agreed to pay under this agreement were within previously established reserves. |
New Accounting Pronouncements |
9 Months Ended |
---|---|
Mar. 26, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued updated guidance to clarify revenue recognition principles, which is intended to improve disclosure requirements and enhance the comparability of revenue recognition practices. Improved disclosures under the amended guidance relate to the nature, amount, timing and uncertainty of revenue that is recognized from contracts with customers. This guidance will be effective for us beginning in the first quarter of fiscal year 2019. We are currently evaluating the impact this new guidance will have on our Consolidated Financial Statements. In July 2015, the FASB issued updated guidance to simplify the measurement of inventory at the lower of cost or net realizable value. This guidance will be effective for us beginning in the first quarter of fiscal year 2018. We anticipate the implementation of this guidance will not have a material impact on our financial position, results of operations or cash flows. In November 2015, the FASB issued updated guidance which will require deferred tax assets and liabilities to be presented as noncurrent on our balance sheet. This guidance will be effective for us beginning in the first quarter of fiscal year 2018, although early adoption is permitted and may be either prospective or retrospective. We expect to adopt this new guidance in the fourth quarter of fiscal year 2016 and we anticipate the implementation will not have a material impact on our Consolidated Financial Statements. In January 2016, the FASB issued updated guidance intended to improve the recognition and measurement of financial instruments. This guidance will be effective for us beginning in the first quarter of fiscal year 2019. We are currently evaluating the impact this new guidance will have on our Consolidated Financial Statements. In February 2016, the FASB issued updated guidance, which is intended to increase transparency and comparability by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance will be effective for us beginning the first quarter of fiscal year 2020 although early adoption is permitted. We are currently evaluating the impact this new guidance will have on our Consolidated Financial Statements. In March 2016, the FASB issued updated guidance, which is intended to simplify several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, and classification in the statement of cash flows. This guidance will be effective for us beginning in the first quarter of fiscal year 2018 although early adoption is permitted. We are currently evaluating the impact this new guidance will have on our Consolidated Financial Statements. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Generally accepted accounting principles ("GAAP") defines fair value, establishes a framework for measuring fair value and establishes disclosure requirements about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We considered non-performance risk when determining fair value of our derivative financial instruments. The fair value hierarchy prescribed under GAAP contains the following three levels: Level 1 — unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date. Level 2 — other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: -quoted prices for similar assets or liabilities in active markets; -quoted prices for identical or similar assets in non-active markets; -inputs other than quoted prices that are observable for the asset or liability; and -inputs that are derived principally from or corroborated by other observable market data. Level 3 — unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. We do not have any Level 3 assets or liabilities and we have not transferred any items between fair value levels during the first three quarters of fiscal years 2015 or 2016. The following tables summarize the assets and liabilities measured at fair value on a recurring basis as of March 26, 2016 and June 27, 2015:
The cash surrender value of life insurance policies are primarily investments established to fund the obligations of our non-qualified, non-contributory supplemental executive retirement plan ("SERP"). The money market, equity and fixed income mutual funds are investments established to fund our obligations under our non-qualified deferred compensation plan. The following tables summarize the fair value of assets and liabilities recorded at historical cost as of March 26, 2016 and June 27, 2015:
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Derivative Financial Instruments |
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Mar. 26, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments In the ordinary course of business, we are exposed to market risks. We utilize derivative financial instruments to manage interest rate risk and manage the total debt that is subject to variable and fixed interest rates. These interest rate swap contracts modify our exposure to interest rate risk by converting variable rate debt to a fixed rate or by locking in the benchmark interest rate on forecasted issuances of fixed rate debt. For derivative financial instruments that are designated and qualify as cash flow hedges, the effective portion of the change in fair value on the derivative financial instrument is reported as a component of "Accumulated other comprehensive income" and reclassified into the "Interest expense" line item in the Condensed Consolidated Statements of Operations in the same period as the expenses from the cash flows of the interest expense are recognized. Cash payments or receipts are included in "Net cash provided by operating activities" in the Condensed Consolidated Statements of Cash Flows in the same period as the cash is settled. We perform an assessment at the inception of the hedge and on a quarterly basis thereafter to determine whether our derivatives are highly effective in offsetting changes in the value of the hedged items. Any change in the fair value resulting from hedge ineffectiveness is immediately recognized as income or expense. We do not have any derivative financial instruments that have been designated as either a fair value hedge, a hedge of a net investment in a foreign operation, or that are held for trading or speculative purposes. Cash flows associated with derivative financial instruments are classified in the same category as the cash flows hedged in the Condensed Consolidated Statements of Cash Flows. On April 1, 2015, we entered into a long-term interest rate swap for $75,000 which will limit our exposure to interest rate risk and pursuant to which we will pay fixed rates of interest and receive variable rates of interest based on the one-month London Interbank Offered Rate ("LIBOR"). The 15 year swap contract has an effective interest rate of 2.35%, has a forward start date of July 1, 2016 and is a highly effective cash flow hedge. As of March 26, 2016 we had a $4,528 liability and as of June 27, 2015 we had a $4,857 asset and a $188 liability on interest rate swap contracts that are classified as "Other noncurrent assets" or "Accrued expenses and other current liabilities" in the Condensed Consolidated Balance Sheets. Of the $1,573 net loss deferred in accumulated other comprehensive income as of March 26, 2016, a $438 loss is expected to be reclassified to interest expense in the next 12 months. As of March 26, 2016 and June 27, 2015, all derivative financial instruments were designated as hedging instruments. |
Income Taxes |
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Mar. 26, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rate increased to 37.9% in the nine months ended March 26, 2016 from 36.1% in the nine months ended March 28, 2015. The prior period tax rate is lower than the current year period due to the favorable resolution of the fiscal years 2005 to 2007 transfer pricing audit and expiration of certain tax statutes of limitations. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Accounting guidance for participating securities and the two-class method addresses whether awards granted in unvested share-based payment transactions that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and therefore are included in computing earnings per share under the two-class method. Participating securities are securities that may participate in dividends with common stock and the two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that would otherwise have been available to common shareholders. Under the two-class method, earnings for the period are allocated between common shareholders and other shareholders, based on their respective rights to receive dividends. Certain restricted stock awards granted under our equity plans are considered participating securities as these awards receive non-forfeitable dividends at the same rate as common stock. The computations of our basic and diluted earnings per share for the three and nine months ended March 26, 2016 and March 28, 2015 are as follows:
We excluded potential common shares related to our outstanding equity compensation grants of 308,000 and 4,000 for the three months ended March 26, 2016 and March 28, 2015, respectively, and 257,000 and 80,000 for the nine months ended March 26, 2016 and March 28, 2015, respectively, from the computation of diluted earnings per share. Inclusion of these shares would have been anti-dilutive. |
Inventory and Merchandise in Service |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory and Merchandise in Service | Inventory and Merchandise in Service The components of inventory as of March 26, 2016 and June 27, 2015 are as follows:
We review the estimated useful lives of our merchandise in service assets on a periodic basis or when trends in our business indicate that the useful lives for certain products might have changed. The selection of estimated useful lives is a sensitive estimate in which a change in lives could have a material impact on our results of operations. There were no material changes to the estimated periods in which the assets will be in service for the three and nine months ended March 26, 2016 and March 28, 2015. |
Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill Goodwill by segment is as follows:
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt as of March 26, 2016 and June 27, 2015 consists of the following:
We have a $350,000 unsecured revolver with a syndicate of banks, which expires on April 15, 2020. Borrowings in U.S. dollars under this revolver generally bear interest at the adjusted LIBOR for specified interest periods plus a margin, which can range from 1.00% to 1.75%, depending on our consolidated leverage ratio. As of March 26, 2016, there was $116,900 outstanding under this revolver. The unused portion of the revolver may be used for general corporate purposes, acquisitions, share repurchases, dividends, working capital needs and to provide up to $45,000 in letters of credit. As of March 26, 2016, we had no letters of credit outstanding under this revolver. As of March 26, 2016, there is a fee of 0.175% of the unused daily balance of this revolver. Availability of credit under this revolver requires that we maintain compliance with certain covenants, which are the most restrictive when compared to our other credit facilities. The following table illustrates compliance with regard to the material covenants required by the terms of this revolver as of March 26, 2016:
Our maximum leverage ratio and minimum interest coverage ratio covenants are calculated by adding back certain non-cash charges, as defined in this revolver. Borrowings outstanding as of March 26, 2016 under this revolver bear interest at a weighted average effective rate of 1.70%. At June 27, 2015 we had $75,000 of variable rate unsecured private placement notes that matured on June 30, 2015 and were paid using our unsecured revolver. We maintain a $50,000 accounts receivable securitization facility, which expires on September 27, 2016. We intend to refinance these borrowings on or before the expiration date. Under the terms of the facility, we pay interest at a rate per annum equal to LIBOR plus a margin of 0.75%. The facility is subject to customary fees, including a rate per annum equal to 0.80% for the issuance of letters of credit and 0.26% for any unused portion of the facility. As is customary in arrangements of this nature, our eligible accounts receivable are sold to a consolidated subsidiary. As of March 26, 2016, there was $23,548 outstanding under this facility and there were $26,452 of letters of credit outstanding, primarily related to our property and casualty insurance programs. Borrowings outstanding as of March 26, 2016 under this facility bear interest at an average effective interest rate of 1.19%. We have $100,000 of fixed rate unsecured senior notes with $50,000 of the notes bearing interest at a fixed interest rate of 3.73% per annum maturing April 15, 2023 and $50,000 of the notes bearing interest at a fixed interest rate of 3.88% per annum maturing April 15, 2025. Interest on the notes is payable semiannually. As of March 26, 2016, the outstanding balance of the notes was $100,000 at an effective rate of 3.81%. See Note 5, "Derivative Financial Instruments," of "Notes to the Condensed Consolidated Financial Statements" for details of our interest rate swap and hedging activities related to our outstanding debt. |
Other Assets and Other Noncurrent Liabilities |
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Other Assets and Other Noncurrent Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Other Noncurrent Liabilities | Other Assets and Other Noncurrent Liabilities Other assets as of March 26, 2016 and June 27, 2015 included the following:
The customer contracts include the combined value of the written service agreements and the related customer relationship. Customer contracts are amortized over a weighted average life of approximately 10 years and are as follows:
Amortization expense was $1,079 and $1,560 for the nine months ended March 26, 2016 and March 28, 2015, respectively. Estimated amortization expense for each of the next five fiscal years based on the intangible assets as of March 26, 2016 is as follows:
Other noncurrent liabilities as of March 26, 2016 and June 27, 2015 included the following:
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Share-Based Compensation |
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Mar. 26, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation Compensation cost for share-based compensation plans is recognized on a straight-line basis over the requisite service period of the award. The share-based compensation reflects estimated forfeitures adjusted for actual forfeitures. We grant share-based awards, primarily consisting of restricted stock and options to purchase our common stock. Stock options are granted to employees and directors for a fixed number of shares with an exercise price equal to the fair value of the shares at the date of grant. Share-based compensation is recognized in the Condensed Consolidated Statements of Operations and was $1,837 and $1,894 for the three months ended March 26, 2016 and March 28, 2015, respectively, and $5,236 and $5,208 for the nine months ended March 26, 2016 and March 28, 2015, respectively. As share-based compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from the exercise of stock options or release of restrictions on the restricted stock. At the time share-based awards are exercised or canceled, or they expire or restrictions lapse, we recognize adjustments to additional paid-in capital or income tax expense. No amount of share-based compensation expense was capitalized during the periods presented. The number of options exercised and restricted stock vested since June 27, 2015 was 172,000 shares. |
Employee Benefit Plans |
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans Defined Benefit Pension Plan On December 31, 2006, we froze our pension and SERP plans for all participants. The components of net periodic pension cost for these plans for the three and nine months ended March 26, 2016 and March 28, 2015 are as follows:
During the first nine months of fiscal year 2016, we contributed approximately $40 to the pension plans. Multi-Employer Pension Plans Historically, we participated in a number of collectively bargained, union sponsored multi-employer pension plans ("MEPPs"). Consistent with the accounting for defined contribution plans, we previously recorded the required cash contributions to the MEPPs as an expense in the period incurred and recognized a liability for any contributions due and unpaid. We no longer participate in any MEPPs in the United States. During the third quarter of fiscal year 2015, we recorded a pretax charge of $6,500 for the three and nine month periods ended March 28, 2015 related to the exit from MEPPs to which we previously contributed. We made total payments related to our MEPP liabilities of $5,605 and $1,430 for the three months ended March 26, 2016 and March 28, 2015, respectively, and $6,202 and $3,308 for the nine months ended March 26, 2016 and March 28, 2015, respectively. Total remaining reserves for all MEPPs as of March 26, 2016 are $3,169. On December 28, 2015, we entered into a settlement agreement (the “Settlement Agreement”) with the National Retirement Fund to resolve matters related to our previous withdrawal. Pursuant to the Settlement Agreement, we made a lump sum payment to the fund in the amount of $5,425 in the third quarter of fiscal year 2016. As part of the Settlement Agreement, the fund released all claims for collection of the withdrawal liability and related assessments, subject to our representations and warranties regarding contributions to the fund, related contribution base units and trades or businesses under common control of the company. We funded the payment under the Settlement Agreement through use of existing resources, including available cash and our revolving credit facility. The amount of the settlement was within previously established reserves. |
Segment Information |
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Segment Reporting, Measurement Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information We have two operating segments, United States (includes our Dominican Republic operations) and Canada, which have been identified as components of our organization that are reviewed by our Chief Executive Officer to determine resource allocation and evaluate performance. Each operating segment derives revenue from the branded uniform and facility services programs. Our largest customer represents approximately 2% of our total revenue. All of our customers are in the United States and Canada. We evaluate performance based on income from operations. Financial information by segment for the three and nine month periods ended March 26, 2016 and March 28, 2015 is as follows:
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Share Repurchase |
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Mar. 26, 2016 | |
Equity [Abstract] | |
Share Repurchase | Share Repurchase As of March 26, 2016, we had a $275,000 share repurchase program. Under this repurchase program, we repurchased 163,372 shares in open market transactions totaling $10,369 and 56,597 shares totaling $4,064 for the three months ended March 26, 2016 and March 28, 2015, respectively. We repurchased 386,726 shares in open market transactions totaling $25,388 and 174,698 shares totaling $11,158 for the nine months ended March 26, 2016 and March 28, 2015, respectively. As of March 26, 2016, we had $103,179 remaining under this program. |
Other Comprehensive Income |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income Changes in accumulated other comprehensive income, net of tax, for the three and nine months ended March 26, 2016 and March 28, 2015 were as follows:
Amounts reclassified from accumulated other comprehensive income (loss) for the three and nine months ended March 26, 2016 and March 28, 2015 are as follows:
Income tax benefit (expense) for each component of other comprehensive income were as follows:
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on recurring basis | The following tables summarize the assets and liabilities measured at fair value on a recurring basis as of March 26, 2016 and June 27, 2015:
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Summary of assets and liabilities at fair value | The following tables summarize the fair value of assets and liabilities recorded at historical cost as of March 26, 2016 and June 27, 2015:
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computations of basic and diluted earnings per share | The computations of our basic and diluted earnings per share for the three and nine months ended March 26, 2016 and March 28, 2015 are as follows:
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Inventory and Merchandise in Service (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventory | The components of inventory as of March 26, 2016 and June 27, 2015 are as follows:
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Goodwill (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill by Segment | Goodwill by segment is as follows:
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Long-Term Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of long-term debt | Long-term debt as of March 26, 2016 and June 27, 2015 consists of the following:
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Material covenants required by terms of this facility | The following table illustrates compliance with regard to the material covenants required by the terms of this revolver as of March 26, 2016:
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Other Assets and Other Noncurrent Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Other Noncurrent Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets | Other assets as of March 26, 2016 and June 27, 2015 included the following:
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Schedule of Finite-Lived Intangible Assets | Customer contracts are amortized over a weighted average life of approximately 10 years and are as follows:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense for each of the next five fiscal years based on the intangible assets as of March 26, 2016 is as follows:
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Schedule of Other Noncurrent Liabilities | Other noncurrent liabilities as of March 26, 2016 and June 27, 2015 included the following:
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Employee Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost | The components of net periodic pension cost for these plans for the three and nine months ended March 26, 2016 and March 28, 2015 are as follows:
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information by Segment | Financial information by segment for the three and nine month periods ended March 26, 2016 and March 28, 2015 is as follows:
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Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income, net of tax, for the three and nine months ended March 26, 2016 and March 28, 2015 were as follows:
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Reclassification out of Accumulated Other Comprehensive Income | Amounts reclassified from accumulated other comprehensive income (loss) for the three and nine months ended March 26, 2016 and March 28, 2015 are as follows:
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Schedule of income tax for each component of other comprehensive income | Income tax benefit (expense) for each component of other comprehensive income were as follows:
|
Contingent Liabilities (Details) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Jun. 27, 2015
USD ($)
Location
|
Mar. 26, 2016
USD ($)
Facility
project
|
|
Commitments and Contingencies Disclosure [Abstract] | ||
Number of projects nearing completion | project | 4 | |
Number of projects in progress | project | 4 | |
Number of previously purchased locations | Location | 3 | |
Reserves related to environmental matters | $ | $ 4,711 | $ 3,945 |
Number of sites for environmental assessments | 6 | |
Number of sites completed | 3 | |
Number of sites remaining for environmental assessments | 3 |
Fair Value Measurements - Summary of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands |
Mar. 26, 2016 |
Jun. 27, 2015 |
---|---|---|
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ||
Cash and cash equivalents | $ 22,011 | $ 16,235 |
Total assets | 22,011 | 16,235 |
Current maturities of long-term debt | 169 | |
Long-term debt, net of current maturities | 242,720 | 241,589 |
Total liabilities | 242,720 | 241,758 |
Level 1 | ||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ||
Cash and cash equivalents | 22,011 | 16,235 |
Total assets | 22,011 | 16,235 |
Current maturities of long-term debt | 0 | |
Long-term debt, net of current maturities | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 | ||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Total assets | 0 | 0 |
Current maturities of long-term debt | 169 | |
Long-term debt, net of current maturities | 242,720 | 241,589 |
Total liabilities | $ 242,720 | $ 241,758 |
Derivative Financial Instruments (Details) - USD ($) |
9 Months Ended | ||
---|---|---|---|
Apr. 01, 2015 |
Mar. 26, 2016 |
Jun. 27, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Liabilities on interest rate swap contracts | $ 4,528,000 | $ 0 | |
Assets on interest rate swap contracts | 0 | 4,857,000 | |
Net loss deferred in accumulated other comprehensive income | 1,573,000 | ||
Gain (loss) expected to be reclassified to interest expense | (438,000) | ||
Interest rate swap contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swap contracts | $ 75,000,000 | ||
Derivative, term of contract | 15 years | ||
Average rate on interest rate swap contracts | 2.35% | ||
Interest rate swap contracts | Accrued Expenses and Other Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Liabilities on interest rate swap contracts | $ 4,528,000 | 188,000 | |
Interest rate swap contracts | Other Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Assets on interest rate swap contracts | $ 4,857,000 |
Income Taxes (Details) |
9 Months Ended | |
---|---|---|
Mar. 26, 2016 |
Mar. 28, 2015 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate (in percent) | 37.90% | 36.10% |
Inventory and Merchandise in Service (Details) - USD ($) $ in Thousands |
Mar. 26, 2016 |
Jun. 27, 2015 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 7,978 | $ 6,368 |
Work in Process | 1,861 | 975 |
Finished Goods | 31,173 | 28,915 |
Inventory | 41,012 | 36,258 |
Merchandise in service, net | $ 130,611 | $ 133,942 |
Goodwill (Details) $ in Thousands |
9 Months Ended |
---|---|
Mar. 26, 2016
USD ($)
| |
Goodwill [Roll Forward] | |
Balance as of June 27, 2015 | $ 325,183 |
Acquisitions | 1,318 |
Foreign currency translation | (3,483) |
Balance as of March 26, 2016 | 323,018 |
United States | |
Goodwill [Roll Forward] | |
Balance as of June 27, 2015 | 270,045 |
Acquisitions | 0 |
Foreign currency translation | 0 |
Balance as of March 26, 2016 | 270,045 |
Canada | |
Goodwill [Roll Forward] | |
Balance as of June 27, 2015 | 55,138 |
Acquisitions | 1,318 |
Foreign currency translation | (3,483) |
Balance as of March 26, 2016 | $ 52,973 |
Long-Term Debt - Amount of Long-Term Debt (Details) - USD ($) $ in Thousands |
Mar. 26, 2016 |
Jun. 27, 2015 |
---|---|---|
Debt Instrument [Line Items] | ||
Notes payable | $ 0 | $ 75,000 |
Borrowings under A/R Line | 23,548 | 28,100 |
Capital leases and other | 0 | 169 |
Long-term debt including current maturities | 240,448 | 243,769 |
Less current maturities | 0 | (169) |
Total long-term debt | 240,448 | 243,600 |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Borrowings under Unsecured Revolver | 116,900 | 40,500 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 100,000 | $ 100,000 |
Long-Term Debt - Material Covenants Required by Terms of This Facility (Details) - Revolving Credit Facility |
9 Months Ended |
---|---|
Mar. 26, 2016 | |
Debt Instrument [Line Items] | |
Maximum Leverage Ratio (Debt/EBITDA), Required | 3.50 |
Maximum Leverage Ratio (Debt/EBITADA), Actual | 1.70 |
Minimum Interest Coverage Ratio (EBITDA/Interest Expense), Required | 3.00 |
Minimum Interest Coverage Ratio (EBITDA/Interest Expense), Actual | 23.45 |
Other Assets and Other Noncurrent Liabilities - Other Assets (Details) - USD ($) $ in Thousands |
Mar. 26, 2016 |
Jun. 27, 2015 |
---|---|---|
Other Assets [Abstract] | ||
Executive deferred compensation assets | $ 32,483 | $ 34,414 |
Cash surrender value of life insurance policies | 14,692 | 14,659 |
Derivative financial instruments | 0 | 4,857 |
Customer contracts and non-competition agreements, net | 3,805 | 4,544 |
Other assets | 7,556 | 7,854 |
Less: portion classified as current assets | (1,428) | (1,922) |
Total other noncurrent assets | $ 57,108 | $ 64,406 |
Other Assets and Other Noncurrent Liabilities - Other Intangible Assets (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Mar. 26, 2016 |
Jun. 27, 2015 |
|
Finite-Lived Intangible Assets, Net [Abstract] | ||
Customer contracts, weighted average useful life | 10 years | |
Customer contracts and non-competition agreements | $ 14,568 | $ 20,244 |
Accumulated amortization | (10,763) | (15,700) |
Net | $ 3,805 | $ 4,544 |
Other Assets and Other Noncurrent Liabilities - Estimated Amortization Expense (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Mar. 26, 2016 |
Mar. 28, 2015 |
|
Other Assets and Other Noncurrent Liabilities [Abstract] | ||
Amortization expense | $ 1,079 | $ 1,560 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2016 remaining | 351 | |
2017 | 1,234 | |
2018 | 450 | |
2019 | 219 | |
2020 | 206 | |
Thereafter | $ 1,345 |
Other Assets and Other Noncurrent Liabilities - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands |
Mar. 26, 2016 |
Jun. 27, 2015 |
---|---|---|
Other Liabilities, Noncurrent [Abstract] | ||
Multi-employer pension withdrawal liability | $ 3,169 | $ 9,329 |
Pension plan liability | 19,821 | 20,188 |
Executive deferred compensation plan liability | 32,531 | 34,529 |
Supplemental executive retirement plan liability | 16,451 | 16,686 |
Accrued income taxes | 7,110 | 8,294 |
Workers' compensation liability | 18,251 | 18,577 |
Derivative financial instruments | 4,528 | 0 |
Other liabilities | 6,682 | 7,659 |
Less: Portion classified as current liabilities | (7,937) | (7,819) |
Total other noncurrent liabilities | $ 100,606 | $ 107,443 |
Share-Based Compensation (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 26, 2016 |
Mar. 28, 2015 |
Mar. 26, 2016 |
Mar. 28, 2015 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Total compensation expense related to share-based awards | $ 1,837 | $ 1,894 | $ 5,236 | $ 5,208 |
Number of options exercised and restricted stock vested (in shares) | 172,000 |
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 26, 2016 |
Mar. 28, 2015 |
Mar. 26, 2016 |
Mar. 28, 2015 |
|
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 943 | $ 1,012 | $ 2,829 | $ 3,036 |
Expected return on assets | (1,068) | (1,226) | (3,204) | (3,678) |
Amortization of net loss | 608 | 504 | 1,824 | 1,512 |
Net periodic pension cost | 483 | 290 | 1,449 | 870 |
SERP | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 148 | 185 | 444 | 555 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of net loss | 60 | 98 | 180 | 294 |
Net periodic pension cost | $ 208 | $ 283 | $ 624 | $ 849 |
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 26, 2016 |
Mar. 28, 2015 |
Mar. 26, 2016 |
Mar. 28, 2015 |
|
Multiemployer Plans [Abstract] | ||||
Employer contribution for pension plan | $ 40 | |||
Pension withdrawal and associated expenses | $ 0 | $ 6,500 | 0 | $ 6,500 |
Multiemployer pension payments | 5,605 | $ 1,430 | 6,202 | 3,308 |
Multi-employer plan withdrawal liability | 3,169 | 3,169 | ||
Settlement payment on multiemployer plan | $ 5,425 | $ 5,425 | $ 0 |
Segment Information - Additional Information (Details) |
9 Months Ended |
---|---|
Mar. 26, 2016
Segment
| |
Segment Reporting, Measurement Disclosures [Abstract] | |
Number of operating segments | 2 |
Maximum percentage of revenue from one single customer | 2.00% |
Segment Information - Financial Information by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Mar. 26, 2016 |
Mar. 28, 2015 |
Mar. 26, 2016 |
Mar. 28, 2015 |
Jun. 27, 2015 |
|
Segment Reporting Information [Line Items] | |||||
Revenue | $ 239,307 | $ 233,514 | $ 719,538 | $ 701,065 | |
Income from operations | 30,360 | 21,601 | 89,723 | 77,075 | |
Total assets | 918,454 | 899,232 | 918,454 | 899,232 | $ 928,865 |
Depreciation and amortization expense | 9,194 | 8,036 | 26,435 | 23,873 | |
Operating Segments | United States | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 206,215 | 200,005 | 620,705 | 594,803 | |
Income from operations | 25,900 | 17,880 | 77,092 | 64,660 | |
Total assets | 884,243 | 858,611 | 884,243 | 858,611 | |
Depreciation and amortization expense | 8,340 | 7,181 | 23,876 | 21,089 | |
Operating Segments | Canada | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 33,092 | 33,509 | 98,833 | 106,262 | |
Income from operations | 4,460 | 3,721 | 12,631 | 12,415 | |
Total assets | 134,765 | 128,893 | 134,765 | 128,893 | |
Depreciation and amortization expense | 854 | 855 | 2,559 | 2,784 | |
Elimination | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Income from operations | 0 | 0 | 0 | 0 | |
Total assets | (100,554) | (88,272) | (100,554) | (88,272) | |
Depreciation and amortization expense | $ 0 | $ 0 | $ 0 | $ 0 |
Share Repurchase - Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 26, 2016 |
Mar. 28, 2015 |
Mar. 26, 2016 |
Mar. 28, 2015 |
|
Equity [Abstract] | ||||
Stock repurchase program, authorized amount | $ 275,000,000 | $ 275,000,000 | ||
Stock repurchase program, shares repurchased (in shares) | 163,372 | 56,597 | 386,726 | 174,698 |
Stock repurchase program, repurchased amount | $ 10,369,000 | $ 4,064,000 | $ 25,388,000 | $ 11,158,000 |
Stock repurchase program, remaining authorized repurchase amount | $ 103,179,000 | $ 103,179,000 |
Other Comprehensive Income - Schedule of income tax for each component of other comprehensive income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 26, 2016 |
Mar. 28, 2015 |
Mar. 26, 2016 |
Mar. 28, 2015 |
|
Equity [Abstract] | ||||
Foreign currency translation adjustments | $ (214) | $ 1,281 | $ 1,485 | $ 4,269 |
Change in pension benefit liabilities recognized | (254) | (229) | (762) | (686) |
Derivative financial instruments unrecognized gain (loss) | 1,413 | 3 | 3,506 | 10 |
Derivative financial instruments loss reclassified | 21 | (49) | 62 | (151) |
Income tax benefit | $ 966 | $ 1,006 | $ 4,291 | $ 3,442 |
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