INCOME TAXES (Tables)

9 Months Ended

Dec. 31, 2012

INCOME TAXES

Schedule of component of income tax provision reflected in the consolidated statements of operations

(In thousands)	From Inception August 31, 2012 through December 27, 2012		March 30, 2012 through August 30, 2012		52 Weeks Ended March 29, 2012		52 Weeks Ended March 31, 2011
	(Successor)		(Predecessor)		(Predecessor)		(Predecessor)
Current:
Federal	$	—	$	—	$	—	$	—
Foreign		—		—		—		—
State		480		3,700		2,015		1,950
Total current		480		3,700		2,015		1,950
Deferred:
Federal		3,020		—		—		—
Foreign		—		—		—		—
State		—		—		—		—
Total deferred		3,020		—		—		—
Total provision (benefit)		3,500		3,700		2,015		1,950
Tax provision from discontinued operations		—		1,200		—		—
Total provision (benefit) from continuing operations	$	3,500	$	2,500	$	2,015	$	1,950

Schedule of pre-tax income (losses)

(In thousands)	From Inception August 31, 2012 through December 31, 2012			March 30, 2012 through August 30, 2012		52 Weeks Ended March 29, 2012			52 Weeks Ended March 31, 2011
	(Successor)			(Predecessor)		(Predecessor)			(Predecessor)
Domestic	$	(39,294	)	$	98,093	$	(78,677	)	$	(121,243	)
Foreign		124			7		(1,296	)		340
Total	$	(39,170	)	$	98,100	$	(79,973	)	$	(120,903	)

Schedule of the difference between the effective tax rate on earnings from continuing operations before income taxes and the U.S. federal income tax statutory rate

(In thousands)	From Inception August 31, 2012 through December 31, 2012			March 30, 2012 through August 30, 2012			52 Weeks Ended March 29, 2012			52 Weeks Ended March 31, 2011
	(Successor)			(Predecessor)			(Predecessor)			(Predecessor)
Income tax expense (benefit) at the federal statutory rate	$	(13,470	)	$	21,600		$	(26,730	)	$	(41,250	)
Effect of:
State income taxes		(1,930	)		2,500			2,015			1,950
Change in ASC 740 (formerly FIN 48) reserve		—			—			(5,400	)		(300	)
Permanent items		20			100			825			—
Valuation allowance		18,880			(21,700	)		31,305			41,550
Income tax expense (benefit)	$	3,500		$	2,500		$	2,015		$	1,950
Effective income tax rate		(9.1	)%		4.0	%		(2.6	)%		(1.7	)%

Schedule of significant components of deferred income tax assets and liabilities

	December 31, 2012						March 29, 2012
	Deferred Income Tax						Deferred Income Tax
(In thousands)	Assets			Liabilities			Assets			Liabilities
Tangible assets	$	—		$	(125,641	)	$	76,855		$	—
Accrued reserves		35,359			—			34,684			—
Intangible assets		—			(76,430	)		—			(26,884	)
Receivables		—			(1,632	)		1,949			—
Investments		—			(231,524	)		—			(136,704	)
Capital loss carryforwards		2,077			—			—			—
Pension postretirement and deferred compensation		28,001			—			34,276			—
Corporate borrowings		50,558			—			—			(106	)
Deferred revenue		136,350			—			144,444			—
Lease liabilities		86,417			—			92,385			—
Capital and financing lease obligations		40,102			—			22,759			—
Alternative minimum tax and other credit carryovers		15,083			—			15,056			—
Charitable contributions		1,051			—			1,757			—
Net operating loss carryforward		241,216			—			225,195			—
Total	$	636,214		$	(435,227	)	$	649,360		$	(163,694	)
Less: Valuation allowance		(248,420	)		—			(413,666	)		—
Total deferred income taxes(1)	$	387,794		$	(435,227	)	$	235,694		$	(163,694	)

(1)

See Note 8—Supplemental Balance Sheet Information for additional disclosures about net current deferred tax assets and net non-current deferred tax liabilities.

Schedule of rollforward of the Company's valuation allowance for deferred tax assets

(In thousands)	Balance at Beginning of Period		Additions Charged (Credited) to Revenues, Costs and Expenses			Charged (Credited) to Goodwill			Charged (Credited) to Other Accounts(1)			Balance at End of Period
From Inception August 31, 2012 through December 31, 2012
Valuation allowance-deferred income tax assets	$	232,985		18,880			195			(3,640	)	$	248,420
March 30, 2012 through August 30, 2012
Valuation allowance-deferred income tax assets	$	413,666		(21,700	)		(158,981	)		—		$	232,985
Fiscal Year 2012
Valuation allowance-deferred income tax assets	$	329,221		32,560			—			51,885		$	413,666
Fiscal Year 2011
Valuation allowance-deferred income tax assets	$	263,032		42,815			—			23,374		$	329,221

(1)

Primarily relates to amounts resulting from our tax sharing arrangement, changes in deferred tax assets and associated valuation allowance that are not related to income statement activity as well as amounts charged to other comprehensive income.

Schedule of reconciliation of the change in the amount of unrecognized tax benefits

(In millions)	From Inception August 31, 2012 through December 31, 2012			March 30, 2012 through August 30, 2012			52 Weeks Ended March 29, 2012			52 Weeks Ended March 31, 2011
Balance at beginning of period	$	22.4		$	22.7		$	28.2		$	28.5
Gross increases—current period tax positions		—			0.6			0.7			0.7
Favorable resolutions with authorities		—			—			(1.0	)		—
Expired attributes		—			—			(5.2	)		(1.0	)
Cash settlements		(0.5	)		(0.9	)		—			—
Balance at end of period	$	21.9		$	22.4		$	22.7		$	28.2