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Income Taxes | 12 Months Ended
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Mar. 26, 2016
Income Taxes [Abstract] |
Income Taxes | NOTE 7 – INCOME TAXES ﻿ The components of the provision for income taxes are as follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | Year Ended Fiscal March
﻿ |  | 2016 |  | 2015 |  | 2014
﻿ |  | (Dollars in thousands)
﻿Current - |  |  |  |  |  |  |  |  |
﻿Federal |  | $ | 29,202 |  | $ | 28,262 |  | $ | 25,978
﻿State |  |  | 2,825 |  |  | 2,956 |  |  | 1,579
﻿ |  |  | 32,027 |  |  | 31,218 |  |  | 27,557
﻿Deferred - |  |  |  |  |  |  |  |  |
﻿Federal |  |  | 6,216 |  |  | 6,194 |  |  | 4,793
﻿State |  |  | 373 |  |  | 144 |  |  | (273)
﻿ |  |  | 6,589 |  |  | 6,338 |  |  | 4,520
﻿Total |  | $ | 38,616 |  | $ | 37,556 |  | $ | 32,077
﻿ Deferred tax (liabilities) assets consist of the following: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | March 26, |  | March 28,
﻿ |  | 2016 |  | 2015
﻿ |  | (Dollars in thousands)
﻿Goodwill |  | $ | (31,075) |  | $ | (24,167)
﻿Other |  |  | (981) |  |  | (939)
﻿Total deferred tax liabilities |  |  | (32,056) |  |  | (25,106)
﻿Property and equipment |  |  | 28,085 |  |  | 20,592
﻿Insurance reserves |  |  | 11,626 |  |  | 10,813
﻿Warranty and other reserves |  |  | 4,671 |  |  | 4,538
﻿Stock options |  |  | 3,040 |  |  | 3,729
﻿Other |  |  | 9,989 |  |  | 9,544
﻿Total deferred tax assets |  |  | 57,411 |  |  | 49,216
﻿Net deferred tax assets |  | $ | 25,355 |  | $ | 24,110
﻿ We have $4.3 million of state net operating loss carryforwards available as of March 2 6, 201 6. The carryforwards expire in varying amounts through 2036. 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
﻿ |  | 2016 |  | 2015 |  | 2014
﻿ |  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
﻿ |  | (Dollars in thousands)
﻿Federal income tax based on statutory tax rate applied to income before taxes |  | $ | 36,897 |  | 35.0 |  | $ | 34,774 |  | 35.0 |  | $ | 30,287 |  | 35.0
﻿State income tax, net of federal income tax benefit |  |  | 2,306 |  | 2.2 |  |  | 2,170 |  | 2.2 |  |  | 2,097 |  | 2.4
﻿Other |  |  | (587) |  | (0.6) |  |  | 612 |  | 0.6 |  |  | (307) |  | (0.3)
﻿ |  | $ | 38,616 |  | 36.6 |  | $ | 37,556 |  | 37.8 |  | $ | 32,077 |  | 37.1
The following is a rollforward of Monro’s liability for income taxes associated with unrecognized tax benefits: ﻿ ﻿
﻿ |  |  |
﻿ |  |  |
﻿ |  | Dollars in thousands
﻿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
﻿Tax positions related to current year: |  |  |
﻿Additions |  |  | 1,116
﻿Reductions |  |  |
﻿Tax positions related to prior years: |  |  |
﻿Additions |  |  |
﻿Reductions |  |  | (922)
﻿Settlements |  |  |
﻿Lapses in statutes of limitations |  |  | (760)
﻿Balance at March 26, 2016 |  | $ | 6,929
﻿ The total amount of unrecognized tax benefits was $6.9 million at March 2 6, 201 6, 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 year ended March 29, 2014, we recorded a benefit from the reversal of accrued interest and penalties of approximately $.1 million in income tax expense. Additionally, we had approximately $.4 million of interest and penalties associated with uncertain tax benefits accrued as of March 2 6, 201 6 and March 2 8, 201 5. ﻿ We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Monro’s fiscal 201 3 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 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 2: 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 Reference 3: 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 4: 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 5: 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 + Details
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