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Income Taxes | 12 Months Ended
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Mar. 27, 2021
Income Taxes [Abstract] |
Income Taxes | Note 9 – Income Taxes
Provision for Income Taxes |  |  |  |  |  |  |  |  |
(thousands) |  |  | 2021 |  |  | 2020 |  |  | 2019
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | (1,809) |  | $ | 2,783 |  | $ | 5,682
State |  |  | 827 |  |  | 1,994 |  |  | 2,409
Total current |  |  | (982) |  |  | 4,777 |  |  | 8,091
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 10,169 |  |  | 11,397 |  |  | 11,563
State |  |  | 685 |  |  | 76 |  |  | 954
Total deferred |  |  | 10,854 |  |  | 11,473 |  |  | 12,517
Total provision |  | $ | 9,872 |  | $ | 16,250 |  | $ | 20,608
Income Tax Rate Reconciliation |  | 2021 |  |  | 2020 |  |  | 2019 |
Expected U.S. federal income taxes at statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit |  | 2.9 |  |  | 1.9 |  |  | 2.8 |
Tax settlements and adjustments (a) |  | (1.1) |  |  | — |  |  | (1.9) |
Other |  | (0.5) |  |  | (1.0) |  |  | (1.4) |
Effective tax rate |  | 22.3 | % |  | 21.9 | % |  | 20.5 | %
(a)For 2021, adjustments reflect benefit due to differences in statutory tax rates from loss years to years in which net operating losses may be carried back. For 2019, settlements reflect benefit from Internal Revenue Service’s examination of our 2016 and 2017 tax returns.
Net Deferred Tax Asset/(Liability) |  |  |  |  |  |
(thousands) |  |  | March 27, 2021 |  |  | March 28, 2020
Gross deferred tax assets: |  |  |  |  |  |
Lease liabilities |  | $ | 186,168 |  | $ | 169,366
Insurance reserves |  |  | 11,441 |  |  | 10,192
Other |  |  | 15,282 |  |  | 14,765
Total gross deferred tax assets |  |  | 212,891 |  |  | 194,323
Gross deferred tax liabilities: |  |  |  |  |  |
Leased assets |  |  | (148,496) |  |  | (131,484)
Goodwill |  |  | (56,623) |  |  | (47,204)
Property and equipment |  |  | (21,032) |  |  | (18,232)
Other |  |  | (910) |  |  | (1,288)
Total deferred tax liabilities |  |  | (227,061) |  |  | (198,208)
Total net deferred tax liability |  | $ | (14,170) |  | $ | (3,885)
We have $7.5 million of state net operating loss carryforwards and $3.5 million of federal net operating loss carrybacks available as of March 27, 2021. The state net operating loss carryforwards expire in varying amounts through 20 41. The federal net operating loss may be carried back to 2016, as permitted under the CARES Act. We evaluate the realizability of our deferred tax assets on a quarterly basis and establish valuation allowances when it is more likely than not that all or a portion of a deferred tax asset may not be realized. As of March 27, 2021, we concluded, based on the weight of all available positive and negative evidence, that all of our deferred tax assets are more likely than not to be realized.
Changes in Liability for Unrecognized Tax Benefits |  |  |  |  |  |  |  |  |
(thousands) |  |  | 2021 |  |  | 2020 |  |  | 2019
Balance at beginning of period |  | $ | 5,212 |  | $ | 6,424 |  | $ | 6,209
Additions based on tax positions related to the current year |  |  | 915 |  |  | 644 |  |  | 1,178
Additions for tax positions of prior years |  |  | — |  |  | — |  |  | 166
Reductions for tax positions of prior years |  |  | — |  |  | (30) |  |  | (6)
Settlements |  |  | — |  |  | — |  |  | —
Lapse in statutes of limitation |  |  | (1,092) |  |  | (1,826) |  |  | (1,123)
Balance at end of period |  | $ | 5,035 |  | $ | 5,212 |  | $ | 6,424
The total amount of unrecognized tax benefits was $5.0 million, $5.2 million and $6.4 million at March 27, 2021, March 28, 2020 and March 30, 2019, respectively, 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 and, accordingly, we had approximately $0.2 million and $0.3 million of interest and penalties associated with uncertain tax benefits accrued as of March 27, 2021 and March 28, 2020, respectively. We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Monro’s fiscal 2020, 2019 and 2018 U.S. federal tax year 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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