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Revenues | 9 Months Ended
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Dec. 26, 2020
Revenues [Abstract] |
Revenues | NOTE 8 – REVENUES Automotive undercar repair and tire sales and services represent the vast majority of our revenues. We also earn revenue from the sale of tire road hazard warranty agreements as well as commissions earned from the delivery of tires on behalf of certain tire vendors. Revenue from automotive undercar repair and tire sales and services is recognized at the time the customers take possession of their vehicle or merchandise. For sales to certain customers that are financed through the offering of credit on account, payment terms are established for customers based on our pre-established credit requirements. Payment terms vary depending on the customer and generally range from 15 to 45 days. Based on the nature of receivables, no significant financing components exist. Sales are recorded net of discounts, sales incentives and rebates, sales taxes and estimated returns and allowances. We estimate the reduction to sales and cost of sales for returns based on current sales levels and our historical return experience. Such amounts are immaterial to our Consolidated Financial Statements. Revenue from the sale of tire road hazard warranty agreements (included in the Tires product group in the second table below) is initially deferred and is recognized over the contract period as costs are expected to be incurred in performing such services, typically 21 to 36 months. The amounts recorded for deferred revenue balances at December 26, 2020 and March 28, 2020 were $16.9 million and $18.5 million, respectively, of which $12.1 million and $13.1 million, respectively, are reported in deferred revenue and $4.8 million and $5.4 million, respectively, are reported in other long-term liabilities in our Consolidated Balance Sheets. The following table summarizes deferred revenue related to road hazard warranty agreements from March 28, 2020 to December 26, 2020:
|  | Dollars in
|  | thousands
Balance at March 28, 2020 |  | $ | 18,506
Deferral of revenue |  |  | 10,713
Deferral of revenue from acquisitions |  |  | 1,225
Recognition of revenue |  |  | (13,524)
Balance at December 26, 2020 |  | $ | 16,920
As of December 26, 2020, we expect to recognize $4.0 million of deferred revenue related to road hazard warranty agreements in the remainder of fiscal 2021, $9.6 million of deferred revenue during our fiscal year ending March 26, 2022, and $3.3 million of deferred revenue thereafter. Under various arrangements, we receive from certain tire vendors a delivery commission and reimbursement for the cost of the tire that we may deliver to customers on behalf of the tire vendor. The commission we earn from these transactions is as an agent and the net amount retained is recorded as sales. (Included in the Tires product group in the following table.) The following table summarizes disaggregated revenue by product group:
|  | Quarter Ended |  | Nine Months Ended
|  | December 26, |  | December 28, |  | December 26, |  | December 28,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (Dollars in thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Brakes |  | $ | 29,962 |  | $ | 38,261 |  | $ | 94,015 |  | $ | 131,575
Exhaust |  |  | 5,391 |  |  | 6,256 |  |  | 15,533 |  |  | 20,317
Steering |  |  | 20,464 |  |  | 24,987 |  |  | 60,497 |  |  | 77,397
Tires |  |  | 162,442 |  |  | 179,086 |  |  | 454,217 |  |  | 491,956
Maintenance |  |  | 65,648 |  |  | 79,889 |  |  | 193,754 |  |  | 246,704
Other |  |  | 684 |  |  | 802 |  |  | 2,221 |  |  | 2,509
Total |  | $ | 284,591 |  | $ | 329,281 |  | $ | 820,237 |  | $ | 970,458

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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