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Divestitures | 12 Months Ended
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Mar. 29, 2025
Divestitures [Abstract] |
Divestitures | Note 2 – Divestitures On June 17, 2022, we completed the divestiture of assets relating to our wholesale tire operations (seven locations) and internal tire distribution operations to American Tire Distributors, Inc. (“ATD”). We received $62 million from ATD at the closing of the transaction, of which approximately $5 million was held in escrow and subsequently paid in December 2023. The remaining $40 million (“Earnout”) of the total consideration of $102 million was to be paid quarterly over approximately three years based on our tire purchases from or through ATD pursuant to a distribution and fulfillment agreement with ATD. On October 23, 2024, ATD filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. On February 24, 2025, we entered into an amendment to the distribution agreement with ATD, confirming the Earnout period ended as of January 1, 2025, and pursuant to which ATD agreed to pay the Company the remaining balance of $7.0 million in two equal payments of $3.5 million in February 2025 and June 2025. We received $12 million in total payments during fiscal 2025 and the remaining $3.5 million outstanding is recorded in Other current assets in our Consolidated Balance sheets as of March 29, 2025. The Company evaluated the allowance for expected credit losses and determined an allowance was not required as of March 29, 2025. Under a distribution agreement between us and ATD, ATD agreed to supply and sell tires to retail locations we own. Our company-owned retail stores are required to purchase at least 90 percent of their forecasted requirements for certain passenger car tires, light truck replacement tires, and medium truck tires from or through ATD. Any tires that ATD is unable to supply or fulfill from those categories are excluded from the calculation of our requirements for tires. The initial term of the distribution agreement will expire January 1, 2030, with automatic 12-month renewal periods thereafter. For additional information regarding discrete tax impacts because of the divestiture, see Note 8.

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