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Income Taxes | 12 Months Ended
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Mar. 28, 2015
Income Taxes [Abstract] |
Income Taxes | NOTE 7 – INCOME TAXES The components of the provision for income taxes are as follows:
|  | Year Ended Fiscal March
|  | 2015 |  | 2014 |  | 2013
|  | (Dollars in thousands)
Current - |  |  |  |  |  |  |  |  |
Federal |  | $ | 28,262 |  | $ | 25,978 |  | $ | 22,366
State |  |  | 2,956 |  |  | 1,579 |  |  | 2,266
|  |  | 31,218 |  |  | 27,557 |  |  | 24,632
Deferred - |  |  |  |  |  |  |  |  |
Federal |  |  | 6,194 |  |  | 4,793 |  |  | (101)
State |  |  | 144 |  |  | (273) |  |  | (274)
|  |  | 6,338 |  |  | 4,520 |  |  | (375)
Total |  | $ | 37,556 |  | $ | 32,077 |  | $ | 24,257
Deferred tax (liabilities) assets consist of the following:
|  | March 28, |  | March 29,
|  | 2015 |  | 2014
|  | (Dollars in thousands)
Goodwill |  | $ | (24,167) |  | $ | (18,189)
Other |  |  | (939) |  |  | (734)
Total deferred tax liabilities |  |  | (25,106) |  |  | (18,923)
Property and equipment |  |  | 20,592 |  |  | 5,815
Insurance reserves |  |  | 10,813 |  |  | 9,774
Warranty and other reserves |  |  | 4,538 |  |  | 4,228
Stock options |  |  | 3,729 |  |  | 3,897
Accrued compensation |  |  | 1,913 |  |  | 1,650
Deferred rent |  |  | 1,861 |  |  | 1,961
Other |  |  | 5,770 |  |  | 5,168
Total deferred tax assets |  |  | 49,216 |  |  | 32,493
Net deferred tax assets |  | $ | 24,110 |  | $ | 13,570
We have $4.8 million of state net operating loss carryforwards available as of March 28, 2015. The carryforwards expire in varying amounts through 2035. 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
|  | 2015 |  | 2014 |  | 2013
|  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
|  | (Dollars in thousands)
Federal income tax based on statutory tax rate applied to income before taxes |  | $ | 34,774 |  | 35.0 |  | $ | 30,287 |  | 35.0 |  | $ | 23,388 |  | 35.0
State income tax, net of federal income tax benefit |  |  | 2,170 |  | 2.2 |  |  | 2,097 |  | 2.4 |  |  | 1,159 |  | 1.7
Other |  |  | 612 |  | 0.6 |  |  | (307) |  | (0.3) |  |  | (290) |  | (0.4)
|  | $ | 37,556 |  | 37.8 |  | $ | 32,077 |  | 37.1 |  | $ | 24,257 |  | 36.3
The following is a rollforward of Monro’s liability for income taxes associated with unrecognized tax benefits:
|  | Dollars in thousands
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
Tax positions related to current year: |  |  |
Additions |  |  | 1,678
Reductions |  |  |
Tax positions related to prior years: |  |  |
Additions |  |  |
Reductions |  |  | (88)
Settlements |  |  | (381)
Lapses in statutes of limitations |  |  | (1,013)
Balance at March 29, 2014 |  |  | 5,900
Tax positions related to current year: |  |  |
Additions |  |  | 2,066
Reductions |  |  |
Tax positions related to prior years: |  |  |
Additions |  |  | 164
Reductions |  |  | 33
Settlements |  |  |
Lapses in statutes of limitations |  |  | (668)
Balance at March 28, 2015 |  | $ | 7,495
The total amount of unrecognized tax benefits was $7.5 million at March 28, 2015, 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 ended March 28, 2015, we recognized interest and penalties of approximately $.1 million in income tax expense; and during the years ended March 29, 2014 and March 30, 2013, we recorded a benefit from the reversal of accrued interest and penalties of approximately $.1 million and $.2 million, respectively, in income tax expense. Additionally, we had approximately $.4 million and $.3 million of interest and penalties associated with uncertain tax benefits accrued as of March 28, 2015 and March 29, 2014, respectively. We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Monro’s fiscal 2012 through 2015 U.S. federal tax years and various state tax years remain subject to income tax examinations by tax authorities.

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- 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 Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 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=26873400&loc=d3e23780-122690 Reference 3: 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 4: 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 5: 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
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