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Goodwill and Intangible Assets

12 Months Ended

Mar. 29, 2014

Goodwill and Intangible Assets [Abstract]

NOTE 5 – GOODWILL AND INTANGIBLE ASSETS

The changes in goodwill during fiscal 2014 and 2013 were as follows:

	Dollars in thousands

Balance at March 31, 2012	$	132,656
Fiscal 2013 acquisitions		115,548
Disposal of assets related to fiscal 2013 acquisitions		(704)
Adjustments to fiscal 2012 purchase accounting		404
Other adjustments		1,899
Balance at March 30, 2013		249,803
Fiscal 2014 acquisitions		17,940
Adjustments to fiscal 2013 purchase accounting		2,296
Balance at March 29, 2014	$	270,039

In fiscal 2013, the other adjustments relate to our review of lease accounting practices. (See Note 1).

The composition of other intangible assets is as follows:

		Year Ended Fiscal March
		2014				2013
		Gross				Gross
		Carrying		Accumulated		Carrying		Accumulated
		Amount		Amortization		Amount		Amortization
	(Dollars in thousands)
Customer lists	$	19,566	$	8,548	$	18,799	$	6,313
Trade names		14,003		4,648		13,502		3,891
Favorable leases		12,700		3,751		12,293		2,117
Other intangible assets		660		611		645		522

Total intangible assets	$	46,929	$	17,558	$	45,239	$	12,843

Monro's intangible assets are being amortized over their estimated useful lives. The weighted average useful lives of Monro's intangible assets are approximately nine years for customer lists, 14 years for trade names, 15 years for favorable leases and five years for other intangible assets.

Amortization of intangible assets, excluding amortization of favorable leases included in rent expense, during fiscal 2014, 2013 and 2012 totaled $3.1 million, $2.8 million and $1.6 million, respectively.

Estimated future amortization of intangible assets is as follows:

		Customer lists/
		Trade names/		Favorable
Year Ending Fiscal March		Other		Leases
		(Dollars in thousands)

2015	$	3,025	$	977
2016		2,890		887
2017		2,741		846
2018		2,673		818
2019		2,419		780

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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