Document and Entity Information
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Jun. 28, 2015
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Jul. 24, 2015
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Document and Entity Information [Abstract] | ||
Entity Registrant Name | HAWKINS INC | |
Entity Central Index Key | 0000046250 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 28, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --04-03 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 10,654,509 |
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This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified |
Jun. 28, 2015
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Mar. 29, 2015
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Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts, trade receivables | $ 441 | $ 445 |
Intangible assets accumulated amortization | $ 4,242 | $ 3,933 |
Shares authorized | 30,000,000 | 30,000,000 |
Common stock, par value (usd per share) | $ 0.05 | $ 0.05 |
Common Stock, Shares, Issued | 10,569,764 | 10,564,949 |
Common Stock, Shares, Outstanding | 10,569,764 | 10,564,949 |
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Condensed Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | |
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Jun. 28, 2015
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Jun. 29, 2014
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Income Statement [Abstract] | ||
Sales | $ 101,496 | $ 98,036 |
Cost of sales | (80,761) | (79,540) |
Gross profit | 20,735 | 18,496 |
Selling, general and administrative expenses | (9,891) | (8,875) |
Operating income | 10,844 | 9,621 |
Interest income, net | 21 | 14 |
Income before income taxes | 10,865 | 9,635 |
Income tax provision | (4,074) | (3,614) |
Net income | $ 6,791 | $ 6,021 |
Weighted average number of shares outstanding - basic | 10,580,542 | 10,570,041 |
Weighted average number of shares outstanding - diluted | 10,628,409 | 10,613,738 |
Basic earnings per share | ||
Basic earnings per share | $ 0.64 | $ 0.57 |
Diluted earnings per share | ||
Diluted earnings per share | $ 0.64 | $ 0.57 |
Cash dividends declared per common share | $ 0 | $ 0 |
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
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Jun. 28, 2015
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Jun. 29, 2014
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 6,791 | $ 6,021 |
Other comprehensive income (loss), net of tax: | ||
Unrealized gain (loss) on available-for-sale investments | 55 | (8) |
Total comprehensive income | $ 6,846 | $ 6,013 |
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Basis of Presentation
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3 Months Ended |
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Jun. 28, 2015
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, accordingly, do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended March 29, 2015, previously filed with the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly our financial position and the results of our operations and cash flows for the periods presented. All adjustments made to the interim condensed consolidated financial statements were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The accounting policies we follow are set forth in “Item 8. Financial Statements and Supplementary Data, Note 1 – Nature of Business and Significant Accounting Policies” to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended March 29, 2015, filed with the SEC on May 28, 2015. There has been no significant change in our accounting policies since the end of fiscal 2015. The results of operations for the three months ended June 28, 2015 are not necessarily indicative of the results that may be expected for the full year. References to fiscal 2015 refer to the fiscal year ended March 29, 2015 and references to fiscal 2016 refer to the fiscal year ending April 3, 2016. As compared to our normal 52-week fiscal years, fiscal 2016 will be a 53-week year, with the extra week to be recorded in our fourth quarter’s results of operations. 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, 2017 (our fiscal year ending March 31, 2019), and interim periods within those annual periods. We are currently evaluating the impact of this accounting pronouncement on our results of operations and financial position. |
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Earnings per Share
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share Basic earnings per share (“EPS”) are computed by dividing net earnings by the weighted-average number of common shares outstanding. Diluted EPS includes 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:
For the three months ended June 28, 2015 and June 29, 2014, there were no shares or stock options excluded from the calculation of weighted-average common shares for diluted EPS. |
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Business Combinations
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Jun. 28, 2015
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | Business Combinations Acquisition of The Dumont Company, Inc.: In the third quarter of fiscal 2015, 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 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:
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Cash and Cash Equivalents and Investments
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Jun. 28, 2015
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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, 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 and fall within valuation technique Level 2 are certificates of deposit (“CDs”) and municipal bonds, with original maturities ranging from three months to three years. The CDs and municipal bonds are classified as investments in current assets and noncurrent assets on the condensed consolidated balance sheets. As of June 28, 2015, the combined CDs and municipal bonds had a fair value of $14.0 million in current assets and $16.1 million in noncurrent assets compared to CDs and municipal bonds with a fair value of $14.5 million in current assets and $17.2 million in noncurrent assets as of March 29, 2015. |
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Inventories
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories at June 28, 2015 and March 29, 2015 consist of the following:
The first in, first out (“FIFO”) value of inventories accounted for under the last in, first out (“LIFO”) method was $41.4 million at June 28, 2015 and $39.0 million at March 29, 2015. The remainder of the inventory was valued and accounted for under the FIFO method. The LIFO reserve changed nominally during the three months ended June 28, 2015, and increased $0.5 million during the three months ended June 29, 2014. The valuation of LIFO inventory for interim periods is based on our estimates of year-end inventory levels and costs. |
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Goodwill and Intangible Assets
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill. The carrying amount of goodwill was $11.7 million as of June 28, 2015 and March 29, 2015. Intangible assets. A summary of our intangible assets as of June 28, 2015 and March 29, 2015 is as follows:
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Accumulated Other Comprehensive Loss
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Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Income (Loss) Components of accumulated other comprehensive income (loss) on our consolidated balance sheet, net of tax, are as follows:
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X | ||||||||||
- Details
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Share Based Compensation
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2015
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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 (the “Board”) approved a performance-based equity compensation arrangement for our executive officers during the first quarters of each of fiscal 2016 and 2015. These performance-based arrangements provide for the grant of performance-based restricted stock units that represent a possible future issuance of restricted shares of our common stock based on a pre-tax income target for the applicable fiscal year. The actual number of restricted shares to be issued to each executive officer is determined when our final financial information becomes available after the applicable fiscal year and will be between zero shares and 44,446 shares in the aggregate for fiscal 2016. 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 the converted restricted stock over the life of the awards. The following table represents the restricted stock activity for the three months ended June 28, 2015:
We recorded compensation expense of $0.3 million related to performance share units and restricted stock for the three months ended June 28, 2015 and June 29, 2014. Substantially all of the compensation expense was recorded in selling, general and administrative expenses in the condensed consolidated statements of income. Restricted Stock Awards. As part of their retainer, each non-employee director receives an annual grant of restricted stock for their Board services. The restricted stock awards are expensed over the requisite vesting period, which is one year from the date of issuance, based on the market value on the date of grant. As of June 28, 2015, there were 7,077 shares of restricted stock with a weighted averaged grant date fair value of $34.61 outstanding under this program. Compensation expense for the three months ended June 28, 2015 and June 29, 2014 related to restricted stock awards to the Board was $0.1 million. Stock Option Awards. 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. No stock options have been granted since our fiscal year ended March 28, 2010. During fiscal 2015, 9,333 options were exercised with an exercise price of $19.90. No expense was recorded in fiscal 2015 or fiscal 2016 related to the value of stock options. |
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Share Repurchase Program
|
3 Months Ended |
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Jun. 28, 2015
|
|
Share Repurchase Program [Abstract] | |
Share Repurchase Program | 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 reduced our common stock for the par value of the shares with the excess applied against additional paid-in capital. During the first quarter of fiscal 2016, we repurchased 13,850 shares of common stock with an aggregate purchase price of $0.6 million. During fiscal 2015, we repurchased 59,602 shares at an aggregate purchase price of $2.2 million, of which 39,170 shares with an aggregate purchase price of $1.4 million were repurchased during the first quarter. |
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Litigation, Commitments and Contingencies
|
3 Months Ended |
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Jun. 28, 2015
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Commitments and Contingencies Disclosure [Abstract] | |
Litigation, Commitments and Contingencies | Litigation, Commitments and Contingencies Litigation — There are 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. |
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Segment Information
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2015
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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 as disclosed in our fiscal 2015 Annual Report on Form 10-K. Product costs and expenses for each segment are based on actual costs incurred along with cost allocation 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 outside of the United States are immaterial and all assets are located within the United States.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Earnings per Share (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2015
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of basic and diluted EPS | Basic earnings per share (“EPS”) are computed by dividing net earnings by the weighted-average number of common shares outstanding. Diluted EPS includes 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:
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Business Combinations (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2015
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets Acquired and Liabilities Assumed | 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 | 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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- 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.
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Cash and Cash Equivalents and Investments (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 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, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.
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- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Inventories (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2015
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventories | Inventories at June 28, 2015 and March 29, 2015 consist of the following:
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Goodwill and Intangible Assets (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2015
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of intangible assets and goodwill | A summary of our intangible assets as of June 28, 2015 and March 29, 2015 is as follows:
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Accumulated Other Comprehensive Loss (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2015
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accumulated other comprehensive loss | Components of accumulated other comprehensive income (loss) on our consolidated balance sheet, net of tax, are as follows:
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Share Based Compensation (Tables) (Performance-Based Restricted Stock [Member])
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2015
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Performance-Based Restricted Stock [Member]
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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 the three months ended June 28, 2015:
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
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Segment Information (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2015
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Segment Information |
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
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Basis of Presentation Basis of Presentation (Details)
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3 Months Ended | 12 Months Ended |
---|---|---|
Jun. 28, 2015
|
Mar. 29, 2015
|
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Basis of Presentation [Abstract] | ||
Fiscal Period Duration | 371 days | 364 days |
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Earning per Share (Details)
|
3 Months Ended | |
---|---|---|
Jun. 28, 2015
|
Jun. 29, 2014
|
|
Summary of basic and diluted EPS | ||
Weighted-average common shares outstanding-basic (shares) | 10,580,542 | 10,570,041 |
Dilutive impact of stock options, performance units, and restricted stock (shares) | 47,867 | 43,697 |
Weighted-average common shares outstanding-diluted (shares) | 10,628,409 | 10,613,738 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Earnings per Share (Details Textual)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Jun. 28, 2015
|
Jun. 29, 2014
|
|
Earnings Per Share [Abstract] | ||
Shares or stock options excluded from the calculation of diluted EPS | 0 | 0 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Accounts Receivable Acquired No definition available.
|
X | ||||||||||
- Definition
Inventory Acquired No definition available.
|
X | ||||||||||
- Definition
Net Assets Acquired and Liabilities Assumed No definition available.
|
X | ||||||||||
- Definition
Number of operating locations acquired 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
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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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.
|
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 |
Jun. 28, 2015
|
Mar. 29, 2015
|
---|---|---|
Cash [Member] | Total [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | $ 18,071 | $ 18,639 |
Cash [Member] | Level 1 [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 18,071 | 18,639 |
Cash [Member] | Level 2 [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Cash [Member] | Level 3 [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Certificates of deposit [Member] | Total [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 28,243 | 29,136 |
Certificates of deposit [Member] | Level 1 [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Certificates of deposit [Member] | Level 2 [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 28,243 | 29,136 |
Certificates of deposit [Member] | Level 3 [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Municipal bonds [Member] | Total [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 1,817 | 2,598 |
Municipal bonds [Member] | Level 1 [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Municipal bonds [Member] | Level 2 [Member]
|
||
Assets: | ||
Cash/Certificates of deposit/Money market securities | 1,817 | 2,598 |
Municipal bonds [Member] | Level 3 [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 (Details Textual) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||
---|---|---|---|
Jun. 28, 2015
|
Mar. 29, 2015
|
Jun. 28, 2015
Fair Value, Inputs, Level 2 [Member]
|
|
Cash and Cash Equivalents [Line Items] | |||
Maturities period of certificates of deposit minimum | 3 months | ||
Maturities period of certificates of deposit maximum | 3 years | ||
Available-for-sale Securities, Current | $ 14.0 | $ 14.5 | |
Available-for-sale Securities, Noncurrent | $ 16.1 | $ 17.2 |
X | ||||||||||
- Definition
Maturities period of certificates of deposit 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.
|
X | ||||||||||
- Details
|
Inventories (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 28, 2015
|
Mar. 29, 2015
|
---|---|---|
Summary of Inventories | ||
Inventory (FIFO basis) | $ 44,645 | $ 42,567 |
LIFO reserve | (5,561) | (5,539) |
Net inventory | $ 39,084 | $ 37,028 |
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 (Details Textual) (USD $)
|
3 Months Ended | ||
---|---|---|---|
Jun. 28, 2015
|
Jun. 29, 2014
|
Mar. 29, 2015
|
|
Inventory Disclosure [Abstract] | |||
Finished goods (LIFO basis) | $ 41,400,000 | $ 39,000,000 | |
Increase (decrease) in LIFO reserve | $ 0 | $ 490,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Indefinite-life intangible assets amortization. No definition available.
|
X | ||||||||||
- Definition
Indefinite-life intangible assets gross. No definition available.
|
X | ||||||||||
- Definition
Intangible assets accumulated amortization. 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.
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- Definition
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- Definition
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- Definition
No authoritative reference available. No definition available.
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Goodwill and Intangible Assets (Details Textual) (USD $)
In Thousands, unless otherwise specified |
Jun. 28, 2015
|
Mar. 29, 2015
|
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 11,750 | $ 11,750 |
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- Definition
No authoritative reference available. No definition available.
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- Details
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Accumulated Other Comprehensive Loss (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 28, 2015
|
Mar. 29, 2015
|
---|---|---|
Unrealized gain (loss) on: | ||
Available-for-sale investments | $ 30 | $ (25) |
Post-retirement plan liability | (7) | (7) |
Accumulated other comprehensive income (loss) | $ 23 | $ (32) |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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Share Based Compensation (Details) (Performance-Based Restricted Stock [Member], USD $)
|
3 Months Ended |
---|---|
Jun. 28, 2015
|
|
Performance-Based Restricted Stock [Member]
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested at beginning of period (Shares) | 53,580 |
Granted (Shares) | 37,309 |
Vested (Shares) | (28,648) |
Unvested at end of period (Shares) | 62,241 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Beginning Balance, Weighted average grant date fair value (usd per share) | $ 37.55 |
Granted, Weighted average grant date fair value (usd per share) | $ 40.89 |
Vested, Weighted average grant date fair value (usd per share) | $ 40.25 |
Ending Balance, Weighted average grant date fair value (usd per share) | $ 38.31 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Details
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- Definition
No authoritative reference available. No definition available.
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No authoritative reference available. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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X | ||||||||||
- Definition
Range of restricted stock to be issued maximum. No definition available.
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X | ||||||||||
- Definition
Range of restricted stock to be issued minimum. No definition available.
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X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Number No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Exercise Price No definition available.
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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.
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- Details
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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Share Repurchase Program (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 28, 2015
|
Jun. 29, 2014
|
Mar. 29, 2015
|
May 29, 2014
|
|
Share Repurchase Program [Abstract] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 300,000 | |||
Stock Repurchased During Period, Shares | 13,850 | 39,170 | 59,602 | |
Stock Repurchased During Period, Value | $ 0.6 | $ 1.4 | $ 2.2 |
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.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Segment Information (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Jun. 28, 2015
|
Jun. 29, 2014
|
|
Segment Reporting Information [Line Items] | ||
Sales | $ 101,496 | $ 98,036 |
Gross profit | 20,735 | 18,496 |
Selling, general and administrative expenses | 9,891 | 8,875 |
Operating income | 10,844 | 9,621 |
Industrial [Member]
|
||
Segment Reporting Information [Line Items] | ||
Sales | 67,588 | 67,546 |
Gross profit | 10,714 | 9,361 |
Selling, general and administrative expenses | 5,199 | 5,099 |
Operating income | 5,515 | 4,262 |
Water Treatment [Member]
|
||
Segment Reporting Information [Line Items] | ||
Sales | 33,908 | 30,490 |
Gross profit | 10,021 | 9,135 |
Selling, general and administrative expenses | 4,692 | 3,776 |
Operating income | $ 5,329 | $ 5,359 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Details
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- Definition
No authoritative reference available. No definition available.
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Segment Information (Details Textual) (USD $)
In Millions, unless otherwise specified |
3 Months Ended |
---|---|
Jun. 28, 2015
Customer
Segment
|
|
Segment Reporting [Abstract] | |
Number of reportable segments (segments) | 2 |
Intersegment sales | $ 0 |
Number of operating segments aggregated (segments) | 0 |
Number of customer representing 10 percent 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
Intersegment sales. No definition available.
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X | ||||||||||
- Definition
Number of operating segments aggregated. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Details
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