XML 87 R16.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Income Taxes | 12 Months Ended
--- | ---
Mar. 30, 2013
Income Tax [Abstract] |
Income Taxes | NOTE 8 - INCOME TAXES The components of the provision for income taxes are as follows:
|  |  | Year Ended Fiscal March
|  |  |  | 2013 |  |  | 2012 |  |  | 2011
|  |  | (Dollars in thousands)
Current - |  |  |  |  |  |  |  |
| Federal | $ | 22,366 |  | $ | 26,002 |  | $ | 22,094
| State |  | 2,266 |  |  | 2,910 |  |  | 3,451
|  |  |  | 24,632 |  |  | 28,912 |  |  | 25,545
Deferred - |  |  |  |  |  |  |  |
| Federal |  | (101) |  |  | 3,273 |  |  | 3,121
| State |  | (274) |  |  | (111) |  |  | (570)
|  |  |  | (375) |  |  | 3,162 |  |  | 2,551
|  | Total | $ | 24,257 |  | $ | 32,074 |  | $ | 28,096
Deferred tax (liabilities) assets consist of the following:
|  |  | March 30, |  |  | March 31, |
|  |  | 2013 |  |  | 2012 |
|  | (Dollars in thousands)
Goodwill | $ | (13,104) |  | $ | (9,525) |
Property and equipment |  | (927) |  |  | (5,367) |
Prepaid expenses |  | (391) |  |  | (569) |
Other |  | (254) |  |  | (343) |
| Total deferred tax liabilities |  | (14,676) |  |  | (15,804) |
Insurance reserves |  | 8,872 |  |  | 7,561 |
Warranty and other reserves |  | 4,447 |  |  | 2,389 |
Stock options |  | 2,982 |  |  | 2,429 |
Deferred rent |  | 2,086 |  |  | 2,064 |
Accrued compensation |  | 1,444 |  |  | 1,373 |
Indirect effect of unrecognized tax benefits in other jurisdictions |  | 981 |  |  | 1,163 |
Pension |  | 403 |  |  | 99 |
Other |  | 4,519 |  |  | 2,989 |
| Total deferred tax assets |  | 25,734 |  |  | 20,067 |
| Net deferred tax assets | $ | 11,058 |  | $ | 4,263 |
We have $3.0 million of state net operating loss carryforwards available as of March 30, 2013. The carryforwards expire in varying amounts through 2033. Based on all available evidence, we have determined that it is more likely than not that sufficient taxable income of the appropriate character within the carryforward period will exist for the realization of the tax benefits on existing state net operating loss carryforwards. We believe it is more likely than not that all other future tax benefits will be realized as a result of current and future income. A reconciliation between the U. S. federal statutory tax rate and the effective tax rate reflected in the accompanying financial statements is as follows:
|  | Year Ended Fiscal March
|  | 2013 |  | 2012 |  | 2011
|  |  | Amount |  | Percent |  |  | Amount |  | Percent |  |  | Amount |  | Percent
|  | (Dollars in thousands)
Federal income tax based on |  |  |  |  |  |  |  |  |  |  |  |  |  |
| statutory tax rate applied |  |  |  |  |  |  |  |  |  |  |  |  |  |
| to income before taxes | $ | 23,388 |  | 35.0 |  | $ | 30,340 |  | 35.0 |  | $ | 25,878 |  | 35.0
State income tax, net of |  |  |  |  |  |  |  |  |  |  |  |  |  |
| federal income tax benefit |  | 1,159 |  | 1.7 |  |  | 2,231 |  | 2.6 |  |  | 2,291 |  | 3.1
Other |  | (290) |  | (0.4) |  |  | (497) |  | (0.6) |  |  | (73) |  | (0.1)
|  | $ | 24,257 |  | 36.3 |  | $ | 32,074 |  | 37.0 |  | $ | 28,096 |  | 38.0
The following is a rollforward of Monro's liability for income taxes associated with unrecognized tax benefits:
(Dollars in thousands)
Balance at March 27, 2010 | $ | 5,586
Tax positions related to current year: |  |
Additions |  | 799
Reductions |  |
Tax positions related to prior years: |  |
Additions |  | 335
Reductions |  | (612)
Settlements |  |
Lapses in statutes of limitations |  | (144)
Balance at March 26, 2011 |  | 5,964
Tax positions related to current year: |  |
Additions |  | 1,000
Reductions |  |
Tax positions related to prior years: |  |
Additions |  | 230
Reductions |  | (904)
Settlements |  | (166)
Lapses in statutes of limitations |  | (640)
Balance at March 31, 2012 |  | 5,484
Tax positions related to current year: |  |
Additions |  | 1,198
Reductions |  |
Tax positions related to prior years: |  |
Additions |  |
Reductions |  |
Settlements |  | (266)
Lapses in statutes of limitations |  | (712)
Balance at March 30, 2013 | $ | 5,704
The total amount of unrecognized tax benefits was $5.7 million at March 30, 2013, the majority of which, if recognized, would affect the effective tax rate. In the normal course of business, Monro provides for uncertain tax positions and the related interest and penalties, and adjusts its unrecognized tax benefits and accrued interest and penalties accordingly. During the year s ende d March 30, 2013 and March 31, 2012, we recorded a benefit from the re v ersal of accrued interest and penalties of approximately $.2 million and $.3 million, respectively, in income tax expense; and during the year ended March 26, 2011, we recognized interest and penalties of approximately $.3 million in income tax expense. Additionally, we had approximat ely $.5 million and $.7 million of interest and penalties associated with uncertain tax benefits accrued as of March 30, 2013 and March 31, 2012, respectively. Monro is currently under state audit for the fiscal 200 7 t hrough 2010 tax years. It is reasonably possible that the examination phase of the audits for these years may conclude in the next 12 months, and that the related unrecognized tax benefits for tax positions taken regarding previously filed tax returns may change from those recorded as liabilities for uncert ain tax positions in Monro's Consolidated F inancial S tatements as of March 30, 2013. However, based on the status of the examinations, it is not possible to estimate the effect of any amount of such change to previously recorded uncertain tax positions. We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Monro's fiscal 201 1 and 2012 U.S. federal tax years and various state tax years remain subject to income tax examinations by tax authorities.

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration