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v3.25.1

Income Taxes (Tables) | 12 Months Ended
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Mar. 29, 2025
Income Taxes [Abstract] |
Components of (Benefit from) Provision for Income Taxes |
(Benefit from) Provision for Income Taxes |  |  |  |  |  |  |  |  |
(thousands) |  |  | 2025 |  |  | 2024 |  |  | 2023
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | (731) |  | $ | 4,910 |  | $ | 11,174
State |  |  | (139) |  |  | 368 |  |  | 2,703
Total current |  |  | (870) |  |  | 5,278 |  |  | 13,877
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (9) |  |  | 5,649 |  |  | 1,855
State |  |  | 148 |  |  | 3,382 |  |  | 2,387
Total deferred |  |  | 139 |  |  | 9,031 |  |  | 4,242
Total (benefit from) provision for income taxes |  | $ | (731) |  | $ | 14,309 |  | $ | 18,119
Reconciliation Between Federal Statutory Tax Rate and Effective Tax Rate Reflected in Accompanying Financial Statements |
Income Tax Rate Reconciliation |  | 2025 |  |  | 2024 |  |  | 2023 |
Expected U.S. federal income taxes at statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit |  | 8.0 |  |  | 5.3 |  |  | 4.9 |
Tax adjustments (a) |  | (7.0) |  |  | 0.3 |  |  | 6.1 |
Valuation allowance |  | (7.5) |  |  | 0.3 |  |  | — |
Share-based compensation |  | (8.1) |  |  | 1.0 |  |  | 0.6 |
Tax credits |  | 9.4 |  |  | (1.1) |  |  | (0.6) |
Nondeductible items |  | (4.0) |  |  | 0.9 |  |  | 0.5 |
Other |  | 0.6 |  |  | (0.1) |  |  | (0.8) |
Effective tax rate |  | 12.4 | % |  | 27.6 | % |  | 31.7 | %
(a)The 2023 adjustments reflect expense primarily due to the sale of our wholesale tire locations and tire distribution assets as well as the revaluation of deferred tax balances due to changes in the mix of pre-tax income in various U.S. state jurisdictions because of the sale.
Deferred Tax (Liabilities) Assets |
Net Deferred Tax Asset/(Liability) |  |  |  |  |  |
(thousands) |  |  | March 29, 2025 |  |  | March 30, 2024
Deferred tax assets: |  |  |  |  |  |
Lease liabilities |  | $ | 143,627 |  | $ | 155,158
Insurance accrual |  |  | 10,590 |  |  | 11,304
Other |  |  | 19,763 |  |  | 15,060
Total gross deferred tax assets |  |  | 173,980 |  |  | 181,522
Valuation allowance |  |  | (595) |  |  | (162)
Total deferred tax assets |  |  | 173,385 |  |  | 181,360
Deferred tax liabilities: |  |  |  |  |  |
Leased assets |  |  | (109,156) |  |  | (120,479)
Goodwill |  |  | (89,572) |  |  | (79,895)
Property and equipment |  |  | (9,259) |  |  | (16,099)
Other |  |  | (2,509) |  |  | (1,849)
Total deferred tax liabilities |  |  | (210,496) |  |  | (218,322)
Total net deferred tax liability |  | $ | (37,111) |  | $ | (36,962)
Income Taxes Associated with Unrecognized Tax Benefits |
Changes in Liability for Unrecognized Tax Benefits |  |  |  |  |  |  |  |  |
(thousands) |  |  | 2025 |  |  | 2024 |  |  | 2023
Balance at beginning of period |  | $ | 2,385 |  | $ | 3,709 |  | $ | 5,006
Additions based on tax positions related to the current year |  |  | — |  |  | — |  |  | 97
Additions for tax positions of prior years |  |  | 404 |  |  | 67 |  |  | —
Reductions for tax positions of prior years |  |  | — |  |  | — |  |  | (224)
Settlements for tax positions of prior years |  |  | (675) |  |  | — |  |  | —
Lapse in statutes of limitation |  |  | (715) |  |  | (1,391) |  |  | (1,170)
Balance at end of period |  | $ | 1,399 |  | $ | 2,385 |  | $ | 3,709

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