Document and Entity Information (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | ||
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Mar. 29, 2015
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May 22, 2015
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Sep. 28, 2014
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Document and Entity Information [Abstract] | |||
Entity Registrant Name | HAWKINS INC | ||
Entity Central Index Key | 0000046250 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 29, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --03-29 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 335.8 | ||
Entity Common Stock, Shares Outstanding | 10,615,623 |
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Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified |
Mar. 29, 2015
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Mar. 30, 2014
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Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 445 | $ 477 |
Intangible assets, accumulated amortization | $ 3,933 | $ 3,069 |
Common stock, shares authorized (shares) | 30,000,000 | 30,000,000 |
Common stock, par value (usd per share) | $ 0.05 | $ 0.05 |
Common stock, shares issued (shares) | 10,564,949 | 10,562,400 |
Common stock, shares outstanding (shares) | 10,564,949 | 10,562,400 |
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Mar. 29, 2015
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Mar. 30, 2014
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Mar. 31, 2013
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Statement of Comprehensive Income [Abstract] | |||
Net income | $ 19,214 | $ 18,094 | $ 17,126 |
Unrealized gain (loss) on available-for-sale investments | 11 | (47) | 12 |
Unrealized gain on post-retirement liability | 1 | 109 | 5 |
Total other comprehensive income | 12 | 62 | 17 |
Total comprehensive income | $ 19,226 | $ 18,156 | $ 17,143 |
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Nature of Business and Significant Accounting Policies
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Mar. 29, 2015
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Business and Significant Accounting Policies | Nature of Business and Significant Accounting Policies Nature of Business - We have two reportable segments: Industrial and Water Treatment. The Industrial Group operates our Industrial segment and specializes in providing industrial chemicals, products and services to industries such as agriculture, chemical processing, electronics, energy, food, pharmaceutical, plating and power generation. The group also manufactures and sells certain food-grade products, including liquid phosphates, lactates and other blended products. The Water Treatment Group operates our Water Treatment segment and specializes in providing chemicals, equipment and solutions for potable water, municipal and industrial wastewater, industrial process water and non-residential swimming pool water. The group has the resources and flexibility to treat systems ranging in size from a single small well to a multi-million-gallon-per-day facility. Fiscal Year - Our fiscal year is a 52/53-week year ending on the Sunday closest to March 31. Our fiscal years ended March 29, 2015 (“fiscal 2015”), March 30, 2014 (“fiscal 2014”), and March 31, 2013 (“fiscal 2013”) were 52 weeks. The fiscal year ending April 3, 2016 (“fiscal 2016”) will be 53 weeks. Principles of Consolidation - The consolidated financial statements include the accounts of Hawkins, Inc. and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated. Estimates - The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Revenue Recognition - We recognize revenue when there is evidence that the customer has agreed to purchase the product, the price and terms of the sale are fixed, the product has shipped and title has passed to our customer, performance has occurred, and collection of the receivable is reasonably assured. Shipping and Handling - All shipping and handling amounts billed to customers are included in revenues. Costs incurred related to the shipping and the handling of products are included in cost of sales. Fair Value Measurements - The financial assets and liabilities that are re-measured and reported at fair value for each reporting period include marketable securities, as well as contingent consideration payable related to the acquisition of Advance Chemical Solutions, Inc. (“ACS”). There are no fair value measurements with respect to nonfinancial assets or liabilities that are recognized or disclosed at fair value in our consolidated financial statements on a recurring basis. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1: Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3: Valuation is based upon other unobservable inputs that are significant to the fair value measurement. In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Cash Equivalents - Cash equivalents include all liquid debt instruments (primarily cash funds and money market accounts) purchased with an original maturity of three months or less. The balances maintained at financial institutions may, at times, exceed federally insured limits. Investments - Available-for-sale securities consist of certificates of deposit (“CD’s”) and municipal bonds and are valued at current market value, with the resulting unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of shareholders’ equity until realized. Any impairment loss to reduce an investment’s carrying amount to its fair market value is recognized in income when a decline in the fair market value of an individual security below its cost or carrying value is determined to be other than temporary. Trade Receivables and Concentrations of Credit Risk - Financial instruments, which potentially subject us to a concentration of credit risk, principally consist of trade receivables. We sell our principal products to a large number of customers in many different industries. There are no concentrations of credit risk with a single customer from a particular service or geographic area that would significantly impact us in the near term. To reduce credit risk, we routinely assess the financial strength of our customers. We record an allowance for doubtful accounts to reduce our receivables to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable and periodic evaluations of our customers’ financial condition. We invest our excess cash balances at times in CD’s, municipal bonds and money market accounts at two separate financial institutions where the cash balances may exceed federally insured limits. The institutions are two of the largest commercial banking institutions in the country and both have maintained strong credit ratings. Inventories - Inventories, consisting primarily of finished goods, are primarily valued at the lower of cost or net realizable value, with cost for the vast majority of our inventory determined using the last-in, first-out (“LIFO”) method. The amount of inventory valued using the first-in, first-out (“FIFO”) method represents approximately 8% of the total FIFO inventory balance at March 29, 2015. Property, Plant and Equipment - Property is stated at cost and depreciated or amortized over the lives of the assets, using the straight-line method. Estimated lives are: 10 to 40 years for buildings and improvements; 3 to 20 years for machinery and equipment; 3 to 10 years for transportation equipment; and 3 to 10 years for office furniture and equipment including computer systems. Leasehold improvements are depreciated over the lesser of their estimated useful lives or the remaining lease term. Significant improvements that add to productive capacity or extend the lives of properties are capitalized. Costs for repairs and maintenance are charged to expense as incurred. When property is retired or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts and any related gains or losses are included in income. We review the recoverability of long-lived assets to be held and used, such as property, plant and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset group may not be recoverable, such as prolonged industry downturn or significant reductions in projected future cash flows. The assessment of possible impairment is based on our ability to recover the carrying value of the asset group from the expected future pre-tax cash flows (undiscounted) of the related operations. If these cash flows are less than the carrying value of such asset group, an impairment loss would be measured by the amount the carrying value exceeds the fair value of the long-lived asset group. The measurement of impairment requires us to estimate future cash flows and the fair value of long-lived assets. No long-lived assets were determined to be impaired during fiscal years 2015, 2014 or 2013. Goodwill and Identifiable Intangible Assets - Goodwill represents the excess of the cost of acquired businesses over the fair value of identifiable tangible net assets and identifiable intangible assets purchased. Goodwill is tested at least annually for impairment, and is tested for impairment more frequently if events or changes in circumstances indicate that the asset might be impaired. As of January 1, 2015, the company performed an analysis of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a two-step goodwill impairment test. Based on management’s analysis of qualitative factors, we determined that it was not necessary to perform a two-step goodwill impairment test for either reporting unit. Our primary identifiable intangible assets include customer lists, trade secrets, non-compete agreements, trademarks, and trade names acquired in previous business acquisitions. Identifiable intangible assets with finite lives are amortized whereas identifiable intangible assets with indefinite lives are not amortized. The values assigned to the intangible assets with finite lives are being amortized on average over approximately 13 years. Identifiable intangible assets that are subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangible assets not subject to amortization are tested for impairment annually or more frequently if events warrant. The impairment test consists of a qualitative assessment to determine whether it is more likely than not that the asset is impaired. Based on management’s analysis of qualitative factors, we determined that it was not necessary to perform a quantitative impairment test for fiscal 2015. Impairment assessments were also completed in the fourth quarters of fiscal 2014 and 2013, which resulted in no impairment charges for either of these fiscal years. Income Taxes - In the preparation of our consolidated financial statements, the calculation of income taxes by management is based upon the estimated effective rate applicable to operating results for the full fiscal year. This includes estimating the current tax liability as well as assessing differences resulting from different treatment of items for tax and book accounting purposes. Differences that are temporary in nature result in deferred tax assets and liabilities, which are recorded on the balance sheet, while differences that are permanent in nature impact the income tax expense recorded on the income statement and impact the effective tax rate for the fiscal year. The deferred tax assets and liabilities are analyzed regularly and management assesses the likelihood that deferred tax assets will be recovered from future taxable income. We record any interest and penalties related to income taxes as income tax expense in the statements of income. The effect of income tax positions are recognized only if those positions are more likely than not of being sustained. Changes in recognition or measurement are made as facts and circumstances change. Stock-Based Compensation - We account for stock-based compensation on a fair value basis. The estimated grant date fair value of each stock-based award is recognized in expense over the requisite service period (generally the vesting period). Non-vested share awards are recorded as expense over the requisite service periods based on the market value on the date of grant. Earnings Per Share - Basic earnings per share (“EPS”) are computed by dividing net income by the weighted-average number of common shares outstanding. Diluted EPS are computed by dividing net income by the weighted-average number of common shares outstanding including the incremental shares assumed to be issued upon the exercise of stock options and the incremental shares assumed to be issued as performance units and restricted stock. Basic and diluted EPS were calculated using the following:
There were no shares or stock options excluded from the calculation of weighted average common shares for diluted EPS for fiscal 2015, 2014 or 2013. Derivative Instruments and Hedging Activities - We do not have any freestanding or embedded derivatives and it is our practice to not enter into contracts that contain them. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued new accounting requirements for recognition of revenue from contracts with customers. The requirements of the new standard will be effective for annual reporting periods beginning after December 15, 2016 (our fiscal year ending April 1, 2018), and interim periods within those annual periods. We are currently evaluating the impact of this accounting pronouncement. |
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 29, 2015
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | Business Combinations Acquisition of The Dumont Company, Inc.: On October 20, 2014, we acquired substantially all of the assets of The Dumont Company, Inc. (“Dumont”) under the terms of an asset purchase agreement with Dumont and its shareholders. We paid $10.1 million in cash including a working capital adjustment in the third quarter of fiscal 2015, using available cash on hand to fund the acquisition. Dumont was a water treatment chemical distribution company with revenues of approximately $14.0 million in calendar year 2013. Through this acquisition we added seven operating locations across Florida. The results of operations since the acquisition date, and the assets, including the goodwill associated with this acquisition, are included in our Water Treatment segment. Costs associated with this transaction were not material to our company and were expensed as incurred. The acquisition has been accounted for under the acquisition method of accounting, under which the total purchase price is allocated to the net tangible and intangible assets of Dumont acquired in connection with the acquisition based on their estimated fair values. We estimated the fair values of the assets acquired and liabilities assumed using a discounted cash flow analysis (income approach). The following table summarizes the preliminary allocation of the purchase price to the fair values assigned to the assets acquired and liabilities assumed at the date of the Dumont acquisition:
The goodwill recognized as a result of this acquisition is primarily attributable to strategic and synergistic benefits, as well as the assembled workforce. Such goodwill is expected to be deductible for tax purposes. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed resulted in the recognition of the following intangible assets:
Acquisition of Advance Chemical Solutions, Inc.: On October 1, 2013, we acquired substantially all of the assets of ACS. We paid $2.4 million in cash at closing, and have paid an additional $0.4 million of a potential $0.5 million earnout in fiscal 2015. We may be obligated to pay the remainder of the earnout over the next two years based on the achievement of certain financial performance targets. The ACS acquisition was accounted for under the acquisition method of accounting, under which the total estimated purchase price is allocated to the net tangible and intangible assets acquired based on their estimated fair values. We estimated the fair values of the assets acquired and liabilities assumed to be $2.8 million using a discounted cash flow analysis (income approach). ACS had revenues of approximately $4.0 million for the 12 months ended September 30, 2013. The results of its operations since the acquisition date, and the assets, are included in our Water Treatment segment. |
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Cash and Cash Equivalents and Investments
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Investments | Cash and Cash Equivalents and Investments The following table presents information about our financial assets that are measured at fair value on a recurring basis as of March 29, 2015 and March 30, 2014, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.
Our financial assets that are measured at fair value on a recurring basis are CD’s and municipal bonds, with maturities ranging from three months to three years, which fall within valuation technique Level 2. The CD’s and municipal bonds are classified as investments in current assets and noncurrent assets on the condensed consolidated balance sheets. As of March 29, 2015, the CD’s and municipal bonds had a fair value of $14.5 million in current assets and $17.2 million in noncurrent assets. The carrying value of cash and cash equivalents accounts approximates fair value, as maturities are three months or less. The contractual maturities of available-for-sale securities at March 29, 2015 and March 30, 2014 are shown in the table below:
Realized gains and losses were not material for fiscal 2015, 2014 and 2013. |
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Inventories
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Mar. 29, 2015
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Inventories | Inventories Inventories at March 29, 2015 and March 30, 2014 consisted of the following:
The FIFO value of inventories accounted for under the LIFO method was $39.0 million at March 29, 2015 and $28.5 million at March 30, 2014. The remainder of the inventory was valued and accounted for under the FIFO method. We increased the LIFO reserve by $0.4 million in fiscal 2015 due primarily to higher levels of inventory at the end of the year, and decreased the reserve $1.9 million in fiscal 2014 due primarily to lower levels of inventory at the end of that year. |
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Goodwill and Intangible Assets
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Other Identifiable Intangible Assets The changes in the carrying amount of goodwill were as follows:
The increases in goodwill shown above have been recorded as part of our Water Treatment segment. The following is a summary of our intangible assets as of March 29, 2015 and March 30, 2014:
Intangible asset amortization expense was $0.9 million during fiscal 2015, $0.7 million during fiscal 2014, and $0.6 million during fiscal 2013. The estimated future amortization expense for identifiable intangible assets during the next five years is as follows:
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Accumulated Other Comprehensive Income (Loss)
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Mar. 29, 2015
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Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Components of accumulated other comprehensive income (loss) on our balance sheet, net of tax, were as follows:
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Share Based Compensation
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation Performance-Based Restricted Stock Units. Our Board of Directors has approved a performance-based equity compensation arrangement for our executive officers. This performance-based arrangement provides for the grant of performance-based restricted stock units that represent a possible future issuance of restricted shares of our common stock based on our pre-tax income target for the applicable fiscal year. The actual number of restricted shares to be issued to each executive officer will be determined when our final financial information becomes available after the applicable fiscal year and will be between zero shares and 50,874 shares in the aggregate for fiscal 2015. The restricted shares issued will fully vest two years after the last day of the fiscal year on which the performance is based. We are recording the compensation expense for the outstanding performance share units and then-converted restricted stock over the life of the awards. The following table represents the restricted stock activity for fiscal 2015:
The weighted average grant date fair value of restricted shares issued in fiscal 2015, 2014 and 2013 was $34.45, $40.25, and $33.01, respectively. We recorded compensation expense on performance-based restricted stock of approximately $1.1 million for fiscal 2015, $0.8 million for fiscal 2014 and $1.1 million for fiscal 2013, substantially all of which was recorded in selling, general and administrative (“SG&A”) expense in the Consolidated Statements of Income. The total fair value of performance-based restricted stock units vested in fiscal 2015 was $0.8 million compared to $1.3 million in fiscal 2014 and zero in fiscal 2013. Until the performance-based restricted stock units result in the issuance of restricted stock, the amount of expense recorded each period is dependent upon our estimate of the number of shares that will ultimately be issued and our then current common stock price. Upon issuance of restricted stock, we record compensation expense over the remaining vesting period using the award date closing price. Unrecognized compensation expense related to non-vested restricted stock and non-vested restricted share units as of March 29, 2015 was $1.0 million and is expected to be recognized over a weighted average period of 1.1 years . The benefits of tax deductions in excess of recognized compensation costs from share-based compensation are recorded as a change in additional paid-in capital rather than a deduction of taxes paid. The amount of excess tax benefit (expense) recognized and recorded in additional paid-in capital resulting from share-based compensation cost was $0.1 million in fiscal 2015, $(0.2) million in fiscal 2014 and $0.5 million in 2013. Restricted Stock Awards. As part of their retainer, the non-employee directors receive restricted stock for their Board services. The restricted stock awards are expensed over the requisite vesting period, which begins on the date of issuance and ends on the date of the next Annual Meeting of Shareholders, based on the market value on the date of grant. The following table represents the Board’s restricted stock activity for fiscal 2015:
Annual expense related to the value of restricted stock was $0.2 million for each of fiscal 2015, 2014 and 2013, all of which was recorded in SG&A expense in the Consolidated Statements of Income. Unrecognized compensation expense related to non-vested restricted stock awards as of March 29, 2015 was $0.1 million and is expected to be recognized over a weighted average period of 0.3 years. Stock Option Awards. Our Board of Directors (the “Board”) previously approved a long-term incentive equity compensation arrangement for our executive officers that provided for the grant of non-qualified stock options that vested at the end of a three-year period, although no stock options have been granted under this arrangement since the fiscal year ended March 28, 2010. During fiscal 2015, 9,333 options were exercised with an exercise price of $19.90. As of March 29, 2015 we had no stock options outstanding. No expense was recorded in fiscal 2015, 2014 or 2013 related to the value of stock options. |
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Share Repurchase Program (Notes)
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Mar. 29, 2015
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Share Repurchase Program [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Share Repurchase Program On May 29, 2014, our Board authorized a share repurchase program of up to 300,000 shares of our outstanding common shares. Under the program, we are authorized to repurchase shares for cash on the open market or in privately negotiated transactions subject to applicable securities laws and regulations. Upon repurchase of the shares, we reduce our common stock for the par value of the shares with the excess applied against additional paid-in capital. During fiscal 2015 we repurchased 59,602 shares of common stock with an aggregate purchase price of $2.2 million. |
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Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans
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Mar. 30, 2014
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Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit Sharing, Employee Stock Ownership Plan, Employee Stock Purchase Plan and Defined Contribution Pension Plan Contribution Expense | Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans Company sponsored plans. Substantially all of our non-bargaining unit employees are eligible to participate in a company sponsored profit sharing plan. Contributions are made at our discretion subject to a maximum amount allowed under the Internal Revenue Code. The profit sharing plan contribution level for each employee depends upon date of hire, with those employees hired after April 1, 2012 eligible to receive a contribution that is 50% of the contribution made for employees hired on or before April 1, 2012. Our contribution to the profit sharing plan for fiscal 2015, fiscal 2014 and fiscal 2013 was 5% of each employee’s eligible compensation for employees hired on or before April 1, 2012. In addition to the discretionary employer contribution described above, the profit sharing plan includes a 401(k) plan that allows employees to contribute pre-tax earnings up to the maximum amount allowed under the Internal Revenue Code, with an employer match of up to 5% of the employee’s eligible compensation. We have an employee stock ownership plan (“ESOP”) covering substantially all of our non-bargaining unit employees. Contributions are made at our discretion subject to a maximum amount allowed under the Internal Revenue Code. The ESOP contribution level for each employee depends upon date of hire, with those employees hired after April 1, 2012 eligible to receive a contribution that is 50% of the contribution made for employees hired on or before April 1, 2012. Our contribution to the ESOP for fiscal 2015, fiscal 2014 and fiscal 2013 was 5% of each employee’s eligible compensation for employees hired on or before April 1, 2012. We have an employee stock purchase plan (“ESPP”) covering substantially all of our employees. The ESPP allows employees to purchase newly-issued shares of the Company’s common stock at a discount from market. The number of new shares issued under the plan was 31,383 in fiscal 2015, 28,214 in fiscal 2014 and 30,434 in fiscal 2013. In March 2013, concurrent with our withdrawal from a multiemployer pension plan described below, we established a retirement plan and ESOP for our collective bargaining unit employees. Each of these plans is subject to a maximum amount allowed under the Internal Revenue Code. The retirement plan provides for a contribution of 5% of each employee’s eligible wages annually for employees who were eligible to enter the plan on March 1, 2013 and a contribution of 2.5% of each employee’s eligible wages annually for employees who entered the plan subsequent to March 1, 2013. Additionally, the retirement plan includes a 401(k) plan that will allow employees to contribute pre-tax earnings up to the maximum amount allowed under the Internal Revenue Code, with an employer match of up to 5% of the employee’s eligible compensation. The ESOP provides for contributions of 5% of each employee’s eligible wages annually for employees who were eligible to enter the plan on March 1, 2013, and a contribution of 2.5% of each employee’s eligible wages annually for employees who enter the plan subsequent to March 1, 2013. The following represents the contribution expense for the company sponsored profit sharing, ESOP, ESPP and 401(k) plans for fiscal 2015, 2014 and 2013:
Multiemployer pension plan. In fiscal 2013, we concluded negotiations with two collective bargaining units to discontinue our participation in the Central States, Southeast and Southwest Areas Pension Fund (“CSS” or “the plan”), a collectively bargained multiemployer pension plan, and as a result we recorded a pre-tax charge of $7.2 million ($4.5 million after tax, or $0.43 per fully diluted share). This charge represents the discounted value of our estimated withdrawal payment obligation and was recorded as a charge to cost of sales in our Industrial segment in fiscal 2013. Payment of our share of the unfunded vested benefit liability will be made over 20 years and is subject to a cap. At the end of the 20-year period we will have no further liability, even if our share of the unfunded vested benefit liability has not yet been paid in full. The cash payments to be made total approximately $9.3 million, or $467,000 per year. Our payments began in the third quarter of fiscal 2014. We made contributions to CSS of approximately $0.4 million in fiscal 2013 prior to discontinuing our participation in the plan. No contributions were made to CSS for fiscal 2014 or fiscal 2015. |
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Commitments and Contingencies
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Commitments and Contingencies | Commitments and Contingencies Leases — We have various operating leases for buildings and land on which some of our operations are located as well as trucks utilized for deliveries in certain branches. Future minimum lease payments due under operating leases with an initial term of one year or more at March 29, 2015 are as follows:
Total rental expense for fiscal years 2015, 2014 and 2013 was as follows:
Litigation - As of March 30, 2014 there were no material pending legal proceedings, other than ordinary routine litigation incidental to the business, to which we or any of our subsidiaries are a party or of which any of our property is the subject. Legal fees associated with such matters are expensed as incurred. In the first quarter of fiscal 2013, we entered into a settlement agreement with a chemical supplier to us, pursuant to which we mutually resolved the previously disclosed litigation and all disputes among us. The settlement agreement provided for a cash payment by us to the supplier and provided that both parties enter into new contracts for the supply by the supplier of certain chemicals to us. Our obligations under the settlement agreement resulted in a $3.2 million charge to pre-tax income recorded in cost of sales (approximately $2.0 million after tax, or $0.19 per fully diluted share) in the first quarter of fiscal 2013. Asset Retirement Obligations - We have three leases of land which contain terms that state that at the end of the lease term (currently 2023 for one lease and 2018 for the other two leases), we have a specified amount of time to remove the property and buildings. At that time, anything that remains on the land becomes the property of the lessor, and the lessor has the option to either maintain the property or remove the property at our expense. We are currently negotiating extensions for a period of 15-20 years for the two leases which expire in 2018. We have not been able to reasonably estimate the fair value of the asset retirement obligations, primarily due to the combination of the following factors: The leases do not expire in the near future; we have a history of extending the leases with the lessors and currently intend to do so at expiration of the lease periods; the lessors do not have a history of terminating leases with their tenants; and because it is more likely than not that the buildings will have value at the end of the lease life and therefore, may not be removed by either the lessee or the lessor. Therefore, in accordance with accounting guidance related to asset retirement and environmental obligations, we have not recorded an asset retirement obligation as of March 29, 2015. We will continue to monitor the factors surrounding the requirement to record an asset retirement obligation and will recognize the fair value of a liability in the period in which it is incurred and a reasonable estimate can be made. |
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Income Taxes
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Mar. 29, 2015
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The provisions for income taxes for fiscal 2015, 2014 and 2013 are as follows:
Our effective tax rate for fiscal 2014 was reduced by a non-recurring state tax benefit of $0.4 million. During fiscal 2013, we amended previously filed U.S. Federal tax returns resulting in an increase of $0.8 million in the benefits related to the domestic manufacturing deduction and investment tax credits, which reduced our tax rate for that year. Reconciliations of the provisions for income taxes, based on income from continuing operations, to the applicable federal statutory income tax rate of 35% are listed below.
The tax effects of items comprising our net deferred tax asset (liability) as of March 29, 2015 and March 30, 2014 are as follows:
As of March 29, 2015, the Company has determined that it is more likely than not that the deferred tax assets at March 29, 2015 will be realized either through future taxable income or reversals of taxable temporary differences. As of March 29, 2015 and March 30, 2014, there were no unrecognized tax benefits. Accordingly, a tabular reconciliation from beginning to ending periods is not provided. We are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The tax years prior to our fiscal year ended March 29, 2009 are closed to examination by the Internal Revenue Service, and with few exceptions, state and local income tax jurisdictions. |
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Discontinued Operations
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Mar. 29, 2015
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Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations During the fiscal year ended March 29, 2009, we agreed to sell our inventory and entered into a marketing agreement regarding the business of our Pharmaceutical segment, which provided pharmaceutical chemicals to retail pharmacies and small-scale pharmaceutical manufacturers. We have no remaining obligations to fulfill under the agreement. The results of the Pharmaceutical segment have been reported as discontinued operations for all periods presented. |
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Segment Information
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information We have two reportable segments: Industrial and Water Treatment. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Product costs and expenses for each segment are based on actual costs incurred along with cost allocations of shared and centralized functions. We evaluate performance based on profit or loss from operations before income taxes not including nonrecurring gains and losses. Reportable segments are defined primarily by product and type of customer. Segments are responsible for the sales, marketing and development of their products and services. The segments do not have separate accounting, administration, customer service or purchasing functions. There are no intersegment sales and no operating segments have been aggregated. Given the nature of our business, it is not practical to disclose revenues from external customers for each product or each group of similar products. No single customer’s revenues amounted to 10% or more of our total revenue. Sales are primarily within the United States and all assets are located within the United States.
* Unallocated assets, consisting primarily of cash and cash equivalents, investments and prepaid expenses, were $53.7 million at March 29, 2015, $66.7 million at March 30, 2014 and $52.9 million at March 31, 2013. In fiscal 2013, gross profit for our Industrial segment was negatively impacted by a $7.2 million (pre-tax) charge related to our withdrawal from a multiemployer pension plan (see Note 9 for further discussion) as well as a $3.2 million (pre-tax) charge related to a legal settlement (see Note 10 for further discussion). |
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Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited)
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Valuation and Qualifying Accounts (Notes)
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Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | VALUATION AND QUALIFYING ACCOUNTS FOR THE FISCAL YEARS ENDED MARCH 29, 2015, MARCH 30, 2014, AND MARCH 31, 2013
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Nature of Business and Significant Accounting Policies (Policies)
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Accounting Policies [Abstract] | |
Fiscal Year | Our fiscal year is a 52/53-week year ending on the Sunday closest to March 31. Our fiscal years ended March 29, 2015 (“fiscal 2015”), March 30, 2014 (“fiscal 2014”), and March 31, 2013 (“fiscal 2013”) were 52 weeks. The fiscal year ending April 3, 2016 (“fiscal 2016”) will be 53 weeks. |
Principles of Consolidation | The consolidated financial statements include the accounts of Hawkins, Inc. and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated. |
Estimates | The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. |
Revenue Recognition | We recognize revenue when there is evidence that the customer has agreed to purchase the product, the price and terms of the sale are fixed, the product has shipped and title has passed to our customer, performance has occurred, and collection of the receivable is reasonably assured. |
Shipping and Handling | All shipping and handling amounts billed to customers are included in revenues. Costs incurred related to the shipping and the handling of products are included in cost of sales. |
Fair Value Measurements | The financial assets and liabilities that are re-measured and reported at fair value for each reporting period include marketable securities, as well as contingent consideration payable related to the acquisition of Advance Chemical Solutions, Inc. (“ACS”). There are no fair value measurements with respect to nonfinancial assets or liabilities that are recognized or disclosed at fair value in our consolidated financial statements on a recurring basis. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1: Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3: Valuation is based upon other unobservable inputs that are significant to the fair value measurement. In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. |
Cash Equivalents | Cash equivalents include all liquid debt instruments (primarily cash funds and money market accounts) purchased with an original maturity of three months or less. The balances maintained at financial institutions may, at times, exceed federally insured limits. |
Investments | Available-for-sale securities consist of certificates of deposit (“CD’s”) and municipal bonds and are valued at current market value, with the resulting unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of shareholders’ equity until realized. Any impairment loss to reduce an investment’s carrying amount to its fair market value is recognized in income when a decline in the fair market value of an individual security below its cost or carrying value is determined to be other than temporary. |
Trade Receivables | Financial instruments, which potentially subject us to a concentration of credit risk, principally consist of trade receivables. We sell our principal products to a large number of customers in many different industries. There are no concentrations of credit risk with a single customer from a particular service or geographic area that would significantly impact us in the near term. To reduce credit risk, we routinely assess the financial strength of our customers. We record an allowance for doubtful accounts to reduce our receivables to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable and periodic evaluations of our customers’ financial condition. We invest our excess cash balances at times in CD’s, municipal bonds and money market accounts at two separate financial institutions where the cash balances may exceed federally insured limits. The institutions are two of the largest commercial banking institutions in the country and both have maintained strong credit ratings. |
Inventories | Inventories, consisting primarily of finished goods, are primarily valued at the lower of cost or net realizable value, with cost for the vast majority of our inventory determined using the last-in, first-out (“LIFO”) method. The amount of inventory valued using the first-in, first-out (“FIFO”) method represents approximately 8% of the total FIFO inventory balance at March 29, 2015. |
Property, Plant and Equipment | Property is stated at cost and depreciated or amortized over the lives of the assets, using the straight-line method. Estimated lives are: 10 to 40 years for buildings and improvements; 3 to 20 years for machinery and equipment; 3 to 10 years for transportation equipment; and 3 to 10 years for office furniture and equipment including computer systems. Leasehold improvements are depreciated over the lesser of their estimated useful lives or the remaining lease term. Significant improvements that add to productive capacity or extend the lives of properties are capitalized. Costs for repairs and maintenance are charged to expense as incurred. When property is retired or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts and any related gains or losses are included in income. We review the recoverability of long-lived assets to be held and used, such as property, plant and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset group may not be recoverable, such as prolonged industry downturn or significant reductions in projected future cash flows. The assessment of possible impairment is based on our ability to recover the carrying value of the asset group from the expected future pre-tax cash flows (undiscounted) of the related operations. If these cash flows are less than the carrying value of such asset group, an impairment loss would be measured by the amount the carrying value exceeds the fair value of the long-lived asset group. The measurement of impairment requires us to estimate future cash flows and the fair value of long-lived assets. No long-lived assets were determined to be impaired during fiscal years 2015, 2014 or 2013. |
Goodwill and Identifiable Intangible Assets | Goodwill represents the excess of the cost of acquired businesses over the fair value of identifiable tangible net assets and identifiable intangible assets purchased. Goodwill is tested at least annually for impairment, and is tested for impairment more frequently if events or changes in circumstances indicate that the asset might be impaired. As of January 1, 2015, the company performed an analysis of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a two-step goodwill impairment test. Based on management’s analysis of qualitative factors, we determined that it was not necessary to perform a two-step goodwill impairment test for either reporting unit. Our primary identifiable intangible assets include customer lists, trade secrets, non-compete agreements, trademarks, and trade names acquired in previous business acquisitions. Identifiable intangible assets with finite lives are amortized whereas identifiable intangible assets with indefinite lives are not amortized. The values assigned to the intangible assets with finite lives are being amortized on average over approximately 13 years. Identifiable intangible assets that are subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangible assets not subject to amortization are tested for impairment annually or more frequently if events warrant. The impairment test consists of a qualitative assessment to determine whether it is more likely than not that the asset is impaired. Based on management’s analysis of qualitative factors, we determined that it was not necessary to perform a quantitative impairment test for fiscal 2015. Impairment assessments were also completed in the fourth quarters of fiscal 2014 and 2013, which resulted in no impairment charges for either of these fiscal years. |
Income Taxes | In the preparation of our consolidated financial statements, the calculation of income taxes by management is based upon the estimated effective rate applicable to operating results for the full fiscal year. This includes estimating the current tax liability as well as assessing differences resulting from different treatment of items for tax and book accounting purposes. Differences that are temporary in nature result in deferred tax assets and liabilities, which are recorded on the balance sheet, while differences that are permanent in nature impact the income tax expense recorded on the income statement and impact the effective tax rate for the fiscal year. The deferred tax assets and liabilities are analyzed regularly and management assesses the likelihood that deferred tax assets will be recovered from future taxable income. We record any interest and penalties related to income taxes as income tax expense in the statements of income. The effect of income tax positions are recognized only if those positions are more likely than not of being sustained. Changes in recognition or measurement are made as facts and circumstances change. |
Stock-Based Compensation | We account for stock-based compensation on a fair value basis. The estimated grant date fair value of each stock-based award is recognized in expense over the requisite service period (generally the vesting period). Non-vested share awards are recorded as expense over the requisite service periods based on the market value on the date of grant. |
Earnings Per Share | Basic earnings per share (“EPS”) are computed by dividing net income by the weighted-average number of common shares outstanding. Diluted EPS are computed by dividing net income by the weighted-average number of common shares outstanding including the incremental shares assumed to be issued upon the exercise of stock options and the incremental shares assumed to be issued as performance units and restricted stock. |
Derivatives Instruments and Hedging Activities | We do not have any freestanding or embedded derivatives and it is our practice to not enter into contracts that contain them. |
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Nature of Business and Significant Accounting Policies (Tables)
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Schedule of earnings per share, basic and diluted | Basic and diluted EPS were calculated using the following:
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Business Combinations (Tables) (The Dumont Company, Inc [Member])
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the preliminary allocation of the purchase price to the fair values assigned to the assets acquired and liabilities assumed at the date of the Dumont acquisition:
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Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The preliminary allocation of the purchase price to the assets acquired and liabilities assumed resulted in the recognition of the following intangible assets:
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Mar. 29, 2015
|
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Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of financial assets and liabilities measured at fair value | The following table presents information about our financial assets that are measured at fair value on a recurring basis as of March 29, 2015 and March 30, 2014, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | The contractual maturities of available-for-sale securities at March 29, 2015 and March 30, 2014 are shown in the table below:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Inventories (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 29, 2015
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventories | Inventories at March 29, 2015 and March 30, 2014 consisted of the following:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Goodwill and Intangible Assets (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 29, 2015
|
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of goodwill | The changes in the carrying amount of goodwill were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of intangible assets | The following is a summary of our intangible assets as of March 29, 2015 and March 30, 2014:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of future amortization expense | The estimated future amortization expense for identifiable intangible assets during the next five years is as follows:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Accumulated Other Comprehensive Income (Loss) (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 29, 2015
|
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accumulated other comprehensive loss | Components of accumulated other comprehensive income (loss) on our balance sheet, net of tax, were as follows:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Share Based Compensation (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 29, 2015
|
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Performance-Based Restricted Stock [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of performance-based restricted stock units | The following table represents the restricted stock activity for fiscal 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Awards [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of restricted stock awards | The following table represents the Board’s restricted stock activity for fiscal 2015:
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
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Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 29, 2015
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Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of contribution expenses | The following represents the contribution expense for the company sponsored profit sharing, ESOP, ESPP and 401(k) plans for fiscal 2015, 2014 and 2013:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Commitments and Contingencies (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 29, 2015
|
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of future minimum rental payments for operating leases | Future minimum lease payments due under operating leases with an initial term of one year or more at March 29, 2015 are as follows:
|
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Schedule of rent expense | Total rental expense for fiscal years 2015, 2014 and 2013 was as follows:
|
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Income Taxes (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 29, 2015
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of provisions for income taxes | The provisions for income taxes for fiscal 2015, 2014 and 2013 are as follows:
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Schedule of effective income tax rate reconciliation | Reconciliations of the provisions for income taxes, based on income from continuing operations, to the applicable federal statutory income tax rate of 35% are listed below.
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Schedule of deferred tax assets and liabilities | The tax effects of items comprising our net deferred tax asset (liability) as of March 29, 2015 and March 30, 2014 are as follows:
|
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Segment Information (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 29, 2015
|
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Segment Information | Sales are primarily within the United States and all assets are located within the United States.
* Unallocated assets, consisting primarily of cash and cash equivalents, investments and prepaid expenses, were $53.7 million at March 29, 2015, $66.7 million at March 30, 2014 and $52.9 million at March 31, 2013. |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Selected Quarterly Financial Data (Unaudited) (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 29, 2015
|
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Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of quarterly financial information (Unaudited) |
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Number of Weeks in Fiscal Year No definition available.
|
X | ||||||||||
- Definition
Number of Weeks in Next Fiscal Year No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Business Combinations (Details) (USD $)
|
12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 29, 2015
|
Mar. 30, 2014
|
Mar. 31, 2013
|
Oct. 20, 2014
The Dumont Company, Inc [Member]
|
Mar. 29, 2015
The Dumont Company, Inc [Member]
|
Oct. 01, 2013
Advance Chemical Solutions, Inc. [Member]
|
Mar. 29, 2015
Advance Chemical Solutions, Inc. [Member]
|
Sep. 29, 2013
Advance Chemical Solutions, Inc. [Member]
|
Oct. 20, 2014
Customer Relationships [Member]
The Dumont Company, Inc [Member]
|
Oct. 20, 2014
Trade Names [Member]
The Dumont Company, Inc [Member]
|
|
Business Acquisition [Line Items] | ||||||||||
Accounts receivable | $ 1,358,000 | |||||||||
Inventory | 859,000 | |||||||||
Other assets | 159,000 | |||||||||
Property, plant, and equipment | 702,000 | |||||||||
Intangible assets | 3,509,000 | 3,509,000 | 2,810,000 | 699,000 | ||||||
Current liabilities | (877,000) | |||||||||
Net assets acquired | 5,710,000 | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | 4 years | ||||||||
Goodwill | 4,358,000 | |||||||||
Total purchase price | 10,068,000 | 2,416,000 | 100,000 | 10,068,000 | 10,068,000 | 2,400,000 | 400,000 | |||
Contingent consideration measurement period | 2 years | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 2,800,000 | |||||||||
Revenue reported by acquired entity for last annual period | 14,000,000 | 4,000,000 | ||||||||
Potential Earnout | $ 500,000 |
X | ||||||||||
- Definition
Accounts Receivable Acquired No definition available.
|
X | ||||||||||
- Definition
Contingent Consideration Measurement Period No definition available.
|
X | ||||||||||
- Definition
Inventory Acquired No definition available.
|
X | ||||||||||
- Definition
Net Assets Acquired and Liabilities Assumed No definition available.
|
X | ||||||||||
- Definition
Other Assets Acquired No definition available.
|
X | ||||||||||
- Definition
Property, Plant, and Equipment Acquired No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Cash and Cash Equivalents and Investments (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 29, 2015
|
Mar. 30, 2014
|
---|---|---|
Cash [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | $ 18,639 | $ 33,486 |
Certificates of deposit [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 29,136 | 24,437 |
Municipal Bonds [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 2,598 | 5,258 |
Level 1 [Member] | Cash [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 18,639 | 33,486 |
Level 1 [Member] | Certificates of deposit [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Level 1 [Member] | Money market securities [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Level 2 [Member] | Cash [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Level 2 [Member] | Certificates of deposit [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 29,136 | 24,437 |
Level 2 [Member] | Municipal Bonds [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 2,598 | 5,258 |
Level 3 [Member] | Cash [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Level 3 [Member] | Certificates of deposit [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Level 3 [Member] | Money market securities [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | $ 0 | $ 0 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Cash and Cash Equivalents and Investments-Textual (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||
---|---|---|---|---|
Mar. 29, 2015
|
Mar. 30, 2014
|
Mar. 29, 2015
Certificates of Deposit and Municipal Bonds [Member]
|
Mar. 29, 2015
Level 2 [Member]
Certificates of deposit [Member]
|
|
Cash and Cash Equivalents and Investments (Additional Textual) [Abstract] | ||||
Maturities period of certificates of deposit minimum | 3 months | |||
Maturities period of certificates of deposit maximum | 3 years | |||
Current asset fair value | $ 14,485 | $ 13,843 | $ 14,500 | |
Noncurrent asset fair value | $ 17,249 | $ 15,852 | $ 17,200 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Maturities Period of Certificates of Deposit and Municipal Bonds, Maximum No definition available.
|
X | ||||||||||
- Definition
Maturities Period of Certificates of Deposit and Municipal Bonds, Minimum No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Cash and Cash Equivalents and Investments-Available for sale securities (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 29, 2015
|
Mar. 30, 2014
|
---|---|---|
Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Within one year | $ 14,491 | $ 13,864 |
Between one and three years | 17,285 | 15,890 |
Total available-for-sale securities | 31,776 | 29,754 |
Fair Value, Fiscal Year Maturity [Abstract] | ||
Within one year | 14,485 | 13,843 |
Between one and three years | 17,249 | 15,852 |
Total available-for-sale securities | 31,734 | 29,695 |
Unrealized Gain (loss) [Abstract] | ||
Total available-for-sale securities | (42) | (59) |
Within one year | (6) | (21) |
Between one and three years | $ (36) | $ (38) |
X | ||||||||||
- Definition
Available-for-sale Securities, Gross Unrealized Gain (Loss), Next Twelve Months No definition available.
|
X | ||||||||||
- Definition
Available-for-sale Securities, Gross Unrealized Gain (Loss), Total No definition available.
|
X | ||||||||||
- Definition
Available-for-sale Securities, Gross Unrealized Gain (Loss), Year Two Through Five No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Inventories (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 29, 2015
|
Mar. 30, 2014
|
---|---|---|
Summary of Inventories | ||
Inventory (FIFO basis) | $ 42,567 | $ 31,344 |
LIFO reserve | (5,539) | (5,152) |
Net inventory | $ 37,028 | $ 26,192 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Inventories-Textual (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Mar. 29, 2015
|
Mar. 30, 2014
|
|
Inventories (Textual) [Abstract] | ||
Finished goods (LIFO basis) | $ 39.0 | $ 28.5 |
Increase (Decrease) LIFO reserve | $ 0.4 | $ (1.9) |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Goodwill and Intangible Assets-Goodwill Rollforward (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Mar. 29, 2015
|
Mar. 30, 2014
|
|
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | $ 7,392 | $ 6,495 |
Period increase (decrease) | 4,358 | 897 |
Goodwill, end of period | $ 11,750 | $ 7,392 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Goodwill and Intangible Assets-Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 29, 2015
|
Mar. 30, 2014
|
---|---|---|
Finite-life intangible assets | ||
Gross Amount | $ 13,860 | $ 10,351 |
Accumulated Amortization | (3,933) | (3,069) |
Net | 9,927 | 7,282 |
Indefinite-life intangible assets | 1,227 | 1,227 |
Intangible assets, Gross Carrying Amount | 15,087 | 11,578 |
Intangible assets, Accumulated Amortization | (3,933) | (3,069) |
Total intangible assets, net | 11,154 | 8,509 |
Customer relationships [Member]
|
||
Finite-life intangible assets | ||
Gross Amount | 9,723 | 6,913 |
Accumulated Amortization | (1,697) | (1,292) |
Net | 8,026 | 5,621 |
Trademarks [Member]
|
||
Finite-life intangible assets | ||
Gross Amount | 2,034 | 1,335 |
Accumulated Amortization | (667) | (421) |
Net | 1,367 | 914 |
Trade secrets [Member]
|
||
Finite-life intangible assets | ||
Gross Amount | 962 | 962 |
Accumulated Amortization | (896) | (768) |
Net | 66 | 194 |
Carrier relationships [Member]
|
||
Finite-life intangible assets | ||
Gross Amount | 800 | 800 |
Accumulated Amortization | (337) | (257) |
Net | 463 | 543 |
Other finite-life intangible assets [Member]
|
||
Finite-life intangible assets | ||
Gross Amount | 341 | 341 |
Accumulated Amortization | (336) | (331) |
Net | $ 5 | $ 10 |
X | ||||||||||
- Definition
Intangible assets accumulated amortization. No definition available.
|
X | ||||||||||
- Definition
Intangible assets gross carrying amount. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Goodwill and Intangible Assets (Details Textual) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Mar. 29, 2015
|
Mar. 31, 2013
|
Apr. 01, 2012
|
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Intangible assets amortization expense | $ 0.9 | $ 0.7 | $ 0.6 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Goodwill and Intangible Assets-Future Amortization (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 29, 2015
|
---|---|
Estimated amortization expense [Abstract] | |
2015 | $ 932 |
2016 | 885 |
2017 | 873 |
2018 | 791 |
2019 | $ 690 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Accumulated Other Comprehensive Income (Loss) (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 29, 2015
|
Mar. 30, 2014
|
---|---|---|
Unrealized gain (loss) on: | ||
Available-for-sale investments | $ (25) | $ (36) |
Post-retirement plan liability adjustments | (7) | (8) |
Accumulated other comprehensive loss | $ (32) | $ (44) |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Range of restricted stock to be issued maximum. No definition available.
|
X | ||||||||||
- Definition
Range of restricted stock to be issued minimum. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Share Repurchase Program (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended |
---|---|
Mar. 29, 2015
|
|
Share Repurchase Program [Abstract] | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 300,000 |
Stock Repurchased During Period, Shares | 59,602 |
Stock Repurchased During Period, Value | $ 2.2 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Deferred Compensation, Maximum Annual Profit Sharing Per Employee, Percent No definition available.
|
X | ||||||||||
- Definition
Deferred Compensation Plan, Subsequent Employees Hired Maximum Annual Profit Sharing Percentage Compared to Employees Hired Before Benchmark Date No definition available.
|
X | ||||||||||
- Definition
Defined Contribution Plan, Employer Matching Contribution Amount No definition available.
|
X | ||||||||||
- Definition
Defined Contribution Plan, Minimum Annual Profit Sharing Per Employee Percent No definition available.
|
X | ||||||||||
- Definition
Employee Stock Ownership Plan (ESOP), Compensation Expense, Maximum Percent of Eligible Compensation No definition available.
|
X | ||||||||||
- Definition
Employee Stock Ownership Plan, ESOP, Subsequent Employees Hired Maximum Annual Profit Sharing Percentage Compared to Employees Hired Before Benchmark Date No definition available.
|
X | ||||||||||
- Definition
Employee Stock Purchase Plans (ESPP), Compensation Expense No definition available.
|
X | ||||||||||
- Definition
Multiemployer pension plan withdrawal aggregate cash payment per year. No definition available.
|
X | ||||||||||
- Definition
Profit Sharing, Employee Stock Ownership Plan, Employee Stock Purchase Plan and Defined Contribution Pension Plan Contribution Expense No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans-Multiemployer Pension Plans (Details) (USD $)
|
12 Months Ended | ||
---|---|---|---|
Mar. 30, 2014
|
Mar. 31, 2013
|
Mar. 29, 2015
collective_barganing_units
|
|
Compensation and Retirement Disclosure [Abstract] | |||
Multiemployer plan, period contributions | $ 400,000 | ||
Multiemployer pension plan withdrawal aggregate cash payment per year | 467,000 | ||
Multiemployer pension plan withdrawal post tax charge per share (usd per share) | $ 0.43 | ||
Multiemployer pension plan withdrawal post tax charge | 4,500,000 | ||
Multiemployer pension plan withdrawal pre-tax charge | 7,200,000 | ||
Number of Collective Bargaining Agreements | 2 | ||
Multi Employer Pension Plan Withdrawal Liability Payment Over Period of Years | 20 years | ||
Multiemployer Pension Plan Withdrawal Aggregate Cash Payment | $ 9,300,000 |
X | ||||||||||
- Definition
Multiemployer pension plan withdrawal aggregate cash payment. No definition available.
|
X | ||||||||||
- Definition
Multiemployer pension plan withdrawal aggregate cash payment per year. No definition available.
|
X | ||||||||||
- Definition
Multi employer pension plan withdrawal liability payment over period of years. No definition available.
|
X | ||||||||||
- Definition
Multiemployer pension plan withdrawal post tax charge. No definition available.
|
X | ||||||||||
- Definition
Multiemployer pension plan withdrawal post tax charge per share. No definition available.
|
X | ||||||||||
- Definition
Multiemployer pension plan withdrawal pre-tax charge. No definition available.
|
X | ||||||||||
- Definition
Number of collective bargaining agreements. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Commitments and Contingencies-Future minimum operating lease payments (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 29, 2015
|
---|---|
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $ 2,139 |
2016 | 1,916 |
2017 | 1,740 |
2018 | 1,555 |
2019 | 1,388 |
Thereafter | $ 4,198 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Commitments and Contingencies-Rent Expense (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Mar. 29, 2015
|
Mar. 30, 2014
|
Mar. 31, 2013
|
|
Commitments and Contingencies Disclosure [Abstract] | |||
Minimum rentals | $ 1,665 | $ 1,223 | $ 818 |
Contingent rentals | 103 | 110 | 110 |
Total rental expense | $ 1,768 | $ 1,333 | $ 928 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Commitments and Contingencies-Textual (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended |
---|---|---|
Jul. 01, 2012
ICL Performance Products LP (ICL) [Member]
|
Mar. 29, 2015
Land [Member]
lease
|
|
Loss Contingencies [Line Items] | ||
Legal settlement | $ 3.2 | |
Settlement loss net of tax | $ 2.0 | |
Settelment loss, net of tax, per diluted share (usd per share) | $ 0.19 | |
Number of leases | 3 |
X | ||||||||||
- Definition
Loss Contingency, Loss in Period, After Tax No definition available.
|
X | ||||||||||
- Definition
Loss Contingency, Loss In Period, Net Of Tax, Per Diluted Share No definition available.
|
X | ||||||||||
- Definition
Number of Leases No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Income Taxes-Provision of Income Tax (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Mar. 29, 2015
|
Mar. 30, 2014
|
Mar. 31, 2013
|
|
Income Tax Examination [Line Items] | |||
Federal — current | $ 9,574 | $ 7,612 | $ 8,967 |
State — current | 2,133 | 1,255 | 2,417 |
Total current | 11,707 | 8,867 | 11,384 |
Federal — deferred | (517) | 676 | (2,466) |
State — deferred | 50 | 424 | (600) |
Total deferred | (467) | 1,100 | (3,066) |
Total provision | 11,240 | 9,967 | 8,318 |
State and Local Jurisdiction [Member]
|
|||
Income Tax Examination [Line Items] | |||
Decrease resulting from current period tax positions | 400 | ||
U.S. Federal tax return [Member]
|
|||
Income Tax Examination [Line Items] | |||
Amended Federal tax return, increase in benefits | $ 800 |
X | ||||||||||
- Definition
Deferred Income Tax Expense (Benefit), Excluding Provisional Gain No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Income Taxes-Effective Income Tax Rate Reconciliation (Details)
|
12 Months Ended | ||
---|---|---|---|
Mar. 29, 2015
|
Mar. 30, 2014
|
Mar. 31, 2013
|
|
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax (percent) | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal deduction (percent) | 4.70% | 3.20% | 4.90% |
ESOP dividend deduction on allocated shares (percent) | (0.70%) | (0.80%) | (1.00%) |
Domestic production deduction (percent) | (2.40%) | (2.10%) | (2.70%) |
Impact of amended tax returns (percent) | 0.00% | 0.00% | (3.30%) |
Other — net (percent) | 0.30% | 0.20% | (0.20%) |
Total (percent) | 36.90% | 35.50% | 32.70% |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Income Taxes Income Taxes-Deferred Tax Assets (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 29, 2015
|
Mar. 30, 2014
|
---|---|---|
Deferred tax assets: | ||
Trade receivables | $ 178 | $ 191 |
Stock compensation accruals | 949 | 1,031 |
Pension withdrawal liability | 2,755 | 2,872 |
Other | 811 | 842 |
Total deferred tax assets | 4,693 | 4,936 |
Deferred tax liabilities: | ||
Inventories | (3,307) | (3,618) |
Prepaid | (689) | (727) |
Excess of tax over book depreciation | (12,699) | (13,221) |
Amortization of intangibles | (674) | (456) |
Total deferred tax liabilities | (17,369) | (18,022) |
Net deferred tax liabilities | $ (12,676) | $ (13,086) |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
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- Definition
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Segment Information (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 29, 2015
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Dec. 28, 2014
|
Sep. 28, 2014
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Jun. 29, 2014
|
Mar. 30, 2014
|
Dec. 29, 2013
|
Sep. 29, 2013
|
Jun. 30, 2013
|
Mar. 29, 2015
|
Mar. 30, 2014
|
Mar. 31, 2013
|
||||||
Summary of Segment Information | ||||||||||||||||
Sales | $ 93,281 | $ 83,825 | $ 88,881 | $ 98,036 | $ 85,223 | $ 81,697 | $ 86,599 | $ 94,744 | $ 364,023 | $ 348,263 | $ 350,387 | |||||
Gross profit | 15,531 | 13,642 | 18,122 | 18,496 | 14,249 | 13,550 | 16,570 | 17,231 | 65,791 | 61,600 | 56,936 | |||||
Selling, general, and administrative expenses | 9,532 | 8,697 | 8,271 | 8,875 | 8,080 | 8,167 | 8,293 | 8,970 | 35,375 | 33,510 | 31,606 | |||||
Operating income | 5,999 | 4,945 | 9,851 | 9,621 | 6,169 | 5,383 | 8,277 | 8,261 | 30,416 | 28,090 | 25,330 | |||||
Identifiable assets | 194,017 | 170,507 | [1] | 194,017 | 170,507 | [1] | 169,275 | [1] | ||||||||
Unallocated Amount to Segment [Member]
|
||||||||||||||||
Summary of Segment Information | ||||||||||||||||
Identifiable assets | 53,700 | 66,700 | 53,700 | 66,700 | 52,900 | |||||||||||
Industrial [Member]
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||||||||||||||||
Summary of Segment Information | ||||||||||||||||
Sales | 249,066 | 244,888 | 248,556 | |||||||||||||
Gross profit | 33,619 | 32,041 | 28,878 | |||||||||||||
Selling, general, and administrative expenses | 19,793 | 19,781 | 19,923 | |||||||||||||
Operating income | 13,826 | 12,260 | 8,955 | |||||||||||||
Identifiable assets | 151,157 | 141,506 | [1] | 151,157 | 141,506 | [1] | 143,827 | [1] | ||||||||
Water Treatment [Member]
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Summary of Segment Information | ||||||||||||||||
Sales | 114,957 | 103,375 | 101,831 | |||||||||||||
Gross profit | 32,172 | 29,559 | 28,058 | |||||||||||||
Selling, general, and administrative expenses | 15,582 | 13,729 | 11,683 | |||||||||||||
Operating income | 16,590 | 15,830 | 16,375 | |||||||||||||
Identifiable assets | $ 42,860 | $ 29,001 | [1] | $ 42,860 | $ 29,001 | [1] | $ 25,448 | [1] | ||||||||
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X | ||||||||||
- Definition
Assets Not Allocated to a Reporting Segment No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Segment Information-Textual (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | 3 Months Ended | |
---|---|---|---|
Mar. 29, 2015
Customer
Segment
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Mar. 31, 2013
|
Jul. 01, 2012
ICL Performance Products LP (ICL) [Member]
|
|
Segment Reporting Information [Line Items] | |||
Number of reportable segments (segment) | 2 | ||
Multiemployer pension plan withdrawal charge | $ 7.2 | ||
Legal settlement | $ 3.2 | ||
Number of customers representing 10% or more of revenue (customers) | 0 |
X | ||||||||||
- Definition
Entity wide revenue major customer number of customers. No definition available.
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X | ||||||||||
- Definition
Multiemployer pension plan withdrawal pre-tax charge. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
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Selected Quarterly Financial Data (Unaudited) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 29, 2015
|
Dec. 28, 2014
|
Sep. 28, 2014
|
Jun. 29, 2014
|
Mar. 30, 2014
|
Dec. 29, 2013
|
Sep. 29, 2013
|
Jun. 30, 2013
|
Mar. 29, 2015
|
Mar. 30, 2014
|
Mar. 31, 2013
|
|
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 93,281 | $ 83,825 | $ 88,881 | $ 98,036 | $ 85,223 | $ 81,697 | $ 86,599 | $ 94,744 | $ 364,023 | $ 348,263 | $ 350,387 |
Gross profit | 15,531 | 13,642 | 18,122 | 18,496 | 14,249 | 13,550 | 16,570 | 17,231 | 65,791 | 61,600 | 56,936 |
Selling, general, and administrative expenses | 9,532 | 8,697 | 8,271 | 8,875 | 8,080 | 8,167 | 8,293 | 8,970 | 35,375 | 33,510 | 31,606 |
Operating income | 5,999 | 4,945 | 9,851 | 9,621 | 6,169 | 5,383 | 8,277 | 8,261 | 30,416 | 28,090 | 25,330 |
Net income | $ 3,900 | $ 3,146 | $ 6,147 | $ 6,021 | $ 4,295 | $ 3,480 | $ 5,207 | $ 5,112 | $ 19,214 | $ 18,094 | $ 17,126 |
Basic earnings per share (usd per share) | $ 0.37 | $ 0.30 | $ 0.58 | $ 0.57 | $ 0.41 | $ 0.33 | $ 0.49 | $ 0.49 | $ 1.82 | $ 1.72 | $ 1.64 |
Diluted earnings per share (usd per share) | $ 0.37 | $ 0.30 | $ 0.58 | $ 0.57 | $ 0.40 | $ 0.33 | $ 0.49 | $ 0.48 | $ 1.81 | $ 1.71 | $ 1.62 |
X | ||||||||||
- Definition
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X | ||||||||||
- Definition
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X | ||||||||||
- Definition
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X | ||||||||||
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X | ||||||||||
- Definition
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X | ||||||||||
- Definition
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Valuation and Qualifying Accounts (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||
---|---|---|---|---|
Mar. 29, 2015
|
Mar. 30, 2014
|
Mar. 31, 2013
|
Apr. 01, 2012
|
|
Valuation and Qualifying Accounts [Abstract] | ||||
Allowance for doubtful accounts receivable | $ 445 | $ 477 | $ 469 | $ 460 |
Valuation Allowances and Reserves, Adjustments | (32) | 44 | 201 | |
Valuation Allowances and Reserves, Deductions | $ 0 | $ 36 | $ 192 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
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X | ||||||||||
- Definition
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X | ||||||||||
- Details
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