Income Taxes (Tables)

12 Months Ended

Mar. 25, 2023

Income Taxes [Abstract]

Components of the Provision for Income Taxes

Provision for Income Taxes
(thousands)		2023		2022		2021
Current:
Federal	$	11,174	$	256	$	(1,809)
State		2,703		1,442		827
Total current		13,877		1,698		(982)
Deferred:
Federal		1,855		12,602		10,169
State		2,387		1,417		685
Total deferred		4,242		14,019		10,854
Total provision	$	18,119	$	15,717	$	9,872

Reconciliation Between Federal Statutory Tax Rate and Effective Tax Rate Reflected in Accompanying Financial Statements

Income Tax Rate Reconciliation	2023		2022		2021
Expected U.S. federal income taxes at statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax benefit	4.9		3.0		2.9
Tax adjustments (a)	5.3		(4.0)		(1.1)
Other	0.5		0.3		(0.5)
Effective tax rate	31.7	%	20.3	%	22.3	%

(a)The 2023 adjustments reflect expense 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. The 2022 adjustments reflect benefit due to differences in statutory tax rates from a loss year to years in which such net operating loss may be carried back.

Deferred Tax (Liabilities) Assets

Net Deferred Tax Asset/(Liability)
(thousands)		March 25, 2023		March 26, 2022
Gross deferred tax assets:
Lease liabilities	$	174,055	$	187,559
Other		25,958		26,382
Total gross deferred tax assets		200,013		213,941
Gross deferred tax liabilities:
Leased assets		(136,057)		(147,764)
Goodwill		(70,145)		(66,153)
Property and equipment		(20,631)		(22,251)
Other		(878)		(1,180)
Total deferred tax liabilities		(227,711)		(237,348)
Total net deferred tax liability	$	(27,698)	$	(23,407)

Income Taxes Associated with Unrecognized Tax Benefits

Changes in Liability for Unrecognized Tax Benefits
(thousands)		2023		2022		2021
Balance at beginning of period	$	5,006	$	5,035	$	5,212
Additions based on tax positions related to the current year		97		1,271		915
Additions for tax positions of prior years		—		49		—
Reductions for tax positions of prior years		(224)		—		—
Lapse in statutes of limitation		(1,170)		(1,349)		(1,092)
Balance at end of period	$	3,709	$	5,006	$	5,035