Income Taxes (Tables)

12 Months Ended

Mar. 28, 2020

Income Taxes [Abstract]

Components of the provision for income taxes

	Year Ended Fiscal March
	2020		2019		2018
	(Dollars in thousands)
Current -
Federal	$	2,783	$	5,682	$	20,854
State		1,994		2,409		3,180
		4,777		8,091		24,034
Deferred -
Federal		11,397		11,563		15,153
State		76		954		332
		11,473		12,517		15,485	(a)
Total	$	16,250	$	20,608	$	39,519

_________________

(a)For fiscal 2018, includes $4.7 million related to the Tax Cuts and Jobs Act of 2017 (“Tax Act”).

Deferred tax (liabilities) assets

	March 28,		March 30,
	2020		2019
	(Dollars in thousands)
Lease liabilities	$	(131,484)	$	(62,485)
Goodwill		(47,204)		(39,020)
Property and equipment		(18,232)		(12,036)
Other		(1,288)		(429)
Total deferred tax liabilities		(198,208)		(113,970)
Lease assets		169,366		94,244
Insurance reserves		10,192		9,071
Warranty and other reserves		4,317		3,360
Loss carryforwards		3,602		2,507
Other		6,846		6,954
Total deferred tax assets		194,323		116,136
Net deferred tax (liabilities) assets	$	(3,885)	$	2,166

Reconciliation between Federal statutory tax rate and effective tax rate reflected in accompanying financial statements

	Year Ended Fiscal March
	2020			2019			2018
	Amount		Percent	Amount		Percent	Amount		Percent
	(Dollars in thousands)
Federal income tax based on ‎  statutory tax rate applied ‎  to income before taxes (a)	$	15,597	21.0	$	21,076	21.0	$	32,692	31.6
State income tax, net of ‎  federal income tax benefit		1,374	1.9		2,767	2.8		2,218	2.1
Tax Act (b)		—	—		—	—		4,707	4.5
Tax settlements and adjustments		—	—		(1,864)	(1.9)		—	—
Other		(721)	(1.0)		(1,371)	(1.4)		(98)	—
	$	16,250	21.9	$	20,608	20.5	$	39,519	38.2

_________________

(a)For fiscal 2018, represents the blended rate of 35% for 9/12 of the year and 21% for 3/12 of the year.

(b)Represents the net discrete adjustment to income tax expense primarily from the remeasurement of our net deferred tax assets at the lower U.S. corporate income tax rate.

Income taxes associated with unrecognized tax benefits

	Dollars in thousands
Balance at March 25, 2017	$	6,892
Tax positions related to current year:
Additions		447
Reductions		—
Tax positions related to prior years:
Additions		—
Reductions		(342)
Settlements		—
Lapses in statutes of limitations		(788)
Balance at March 31, 2018		6,209
Tax positions related to current year:
Additions		1,178
Reductions		—
Tax positions related to prior years:
Additions		166
Reductions		(6)
Settlements		—
Lapses in statutes of limitations		(1,123)
Balance at March 30, 2019		6,424
Tax positions related to current year:
Additions		644
Reductions
Tax positions related to prior years:
Additions
Reductions		(30)
Settlements
Lapses in statutes of limitations		(1,826)
Balance at March 28, 2020	$	5,212