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Condensed Consolidated Financial Statements
 6 Months Ended
Sep. 28, 2013
Organization Consolidation And Presentation Of Financial Statements Disclosure [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1 – Condensed Consolidated Financial Statements

 

       The consolidated balance sheets as of September 28, 2013 and March 30, 2013, the consolidated statements of comprehensive income for the quarters and six months ended September 28, 2013 and September 29, 2012, the consolidated statements of cash flows for the six months ended September 28, 2013 and September 29, 2012, and the consolidated statement of changes in shareholders' equity for the six months ended September 28, 2013, include financial information for Monro Muffler Brake, Inc. and its wholly-owned subsidiary, Monro Service Corporation (collectively, “Monro”, “we”, “us”, “our”). These unaudited, condensed consolidated financial statements have been prepared by Monro. We believe all known adjustments (consisting of normal recurring accruals or adjustments) have been made to fairly state the financial position, results of operations and cash flows for the unaudited periods presented.

 

       Interim results are not necessarily indicative of results for a full year. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The information included in this Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended March 30, 2013.

 

       We report our results on a 52/53 week fiscal year with the fiscal year ending on the last Saturday in March of each year. The following are the dates represented by each fiscal period reported in these condensed financial statements:

 

       “Quarter Ended Fiscal September 2013”               June 30, 2013 – September 28, 2013 (13 weeks)
“Quarter Ended Fiscal September 2012”               July 1, 2012 – September 29, 2012 (13 weeks)

       “Six Months Ended Fiscal September 2013”              March 31, 2013 – September 28, 2013 (26 weeks)

       “Six Months Ended Fiscal September 2012”              April 1, 2012 – September 29, 2012 (26 weeks)

 

       Fiscal year 2014, ending March 29, 2014, is a 52 week year.

 

Recent Accounting Pronouncements

 

       In February 2013, the Financial Accounting Standards Board issued new accounting guidance for the reporting of amounts reclassified out of accumulated other comprehensive income. This guidance requires companies to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income when applicable, or to cross-reference the reclassifications with other disclosures that provide additional detail about the reclassification made when the reclassifications are not made to net income. This guidance is effective for fiscal years and interim periods beginning after December 15, 2012. The adoption of this guidance in the first quarter of fiscal 2014 did not have an impact on Monro's Consolidated Financial Statements.

 

       In July 2013, the Financial Accounting Standards Board issued new accounting guidance for income tax presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. This guidance requires an entity to net its unrecognized tax benefits against the deferred tax assets for all same jurisdiction net operating loss or similar tax loss carryforwards, or tax credit carryforwards. The guidance is to be applied prospectively (with an option to apply retrospectively) and will apply to all unrecognized tax benefits that exist at the effective date. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2013, with early adoption permitted. As we already net our unrecognized tax benefits against the deferred tax assets for all same jurisdiction net operating loss carryforwards, this guidance had no impact on Monro's Consolidated Financial Statements.

 

       Other recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification) and the Securities and Exchange Commission did not, or are not expected to have a material effect on Monro's Consolidated Financial Statements.