v3.26.1
Income Taxes (Tables)
12 Months Ended
Mar. 28, 2026
Income Taxes [Abstract]  
Reconciliation Between Federal Statutory Tax Rate and Effective Tax Rate Reflected in Accompanying Financial Statements

Income Tax Rate Reconciliation

2026

(dollars in thousands)

Amount

Percentage

U.S. federal statutory rate

$

651

21.0

%

State income taxes, net of federal tax benefit (a)

1,028

33.2

Tax credits

(667)

(21.5)

Nontaxable or nondeductible items (b)

844

27.2

Changes in unrecognized tax benefits

(1,105)

(35.7)

Other

176

5.7

Effective tax rate

$

927

29.9

%

(a)State and local taxes in Delaware, North Carolina and Louisville make up the majority (greater than 50%) of the tax effect of the state and local income tax category.

(b)Tax expense of $661 related to nondeductible share-based compensation is classified within nontaxable or non-deductible items in the effective tax rate reconciliation for 2026.

Income Tax Rate Reconciliation for years prior to the adoption of ASU 2023-09

2025

2024

Percent

Percent

Expected U.S. federal income taxes at statutory rate

21.0

%

21.0

%

State income taxes, net of federal tax benefit

8.0

5.3

Tax adjustments

(7.0)

0.3

Valuation allowance

(7.5)

0.3

Share-based compensation

(8.1)

1.0

Tax credits

9.4

(1.1)

Nondeductible items

(4.0)

0.9

Other

0.6

(0.1)

Effective tax rate

12.4

%

27.6

%

Components of (Benefit from) Provision for Income Taxes

Provision for (Benefit from) Income Taxes

(thousands)

2026

2025

2024

Current:

Federal

$

$

(731)

$

4,910

State

51

(139)

368

Total current

51

(870)

5,278

Deferred:

Federal

990

(9)

5,649

State

(114)

148

3,382

Total deferred

876

139

9,031

Total provision for (benefit from) income taxes

$

927

$

(731)

$

14,309

Schedule of Income Taxes Paid Net of Refunds

Income Tax Paid, Net of Refunds

(thousands)

2026

Federal Taxes

$

State taxes:

New Jersey

108

New York

99

Other

34

Total income taxes paid

$

241

Deferred Tax (Liabilities) Assets

Net Deferred Tax Asset/(Liability)

(thousands)

March 28, 2026

March 29, 2025

Gross deferred tax assets:

Lease liabilities

$

130,273

$

143,627

Federal loss carryforward

13,180

1,675

Insurance accrual

9,950

10,590

Other

28,169

21,195

Total gross deferred tax assets

181,572

177,087

Valuation allowance

(587)

(595)

Total gross deferred tax assets

180,985

176,492

Gross deferred tax liabilities:

Leased assets

(102,942)

(109,156)

Goodwill

(99,042)

(89,572)

Other

(17,166)

(14,875)

Total gross deferred tax liabilities

(219,150)

(213,603)

Total net deferred tax liability

$

(38,165)

$

(37,111)

Income Taxes Associated with Unrecognized Tax Benefits

Reconciliation of Gross Unrecognized Tax Benefits

(thousands)

2026

2025

2024

Balance at beginning of period

$

1,399

$

2,385

$

3,709

Additions for tax positions of prior years

404

67

Reductions for tax positions of prior years

(391)

Settlements for tax positions of prior years

(675)

Lapse in statutes of limitation

(1,008)

(715)

(1,391)

Balance at end of period

$

$

1,399

$

2,385