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Income Taxes | 12 Months Ended
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Mar. 30, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Act. The Tax Act makes broad and complex changes to the U.S. tax code that affect the Company and include, but are not limited to: (1) reducing the U.S. federal corporate tax rate, (2) allowing bonus depreciation for full expensing of qualified property and (3) eliminating the manufacturing deduction. The Tax Act reduces the federal corporate tax rate to 21% for our fiscal year ending March 30, 2019. As a result of these changes, our fiscal year ended March 31, 2018, had a federal corporate tax rate of 31.54%, which is based on the tax rate before and after the Tax Act and the number of days in the fiscal year. In addition, on December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 that allowed us to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The Company has completed the analysis of the various provisions of the Tax Act, and there were no significant changes from the provisional amounts recorded in the Consolidated Financial Statements for the year ended March 31, 2018. The provision for income taxes for fiscal years 2019, 2018 and 2017 were as follows (in thousands):
| Fiscal Year
| 2019 |  | 2018 |  | 2017
Current |  |  |  |  |
Federal | $ | 16,086 |  |  | $ | 19,008 |  |  | $ | 15,924 |
State | 2,209 |  |  | 2,323 |  |  | 1,131 |
Total current | 18,295 |  |  | 21,331 |  |  | 17,055 |
Deferred |  |  |  |  |
Federal | (347 | ) |  | (4,315 | ) |  | (13 | )
State | 106 |  |  | 5 |  |  | 284 |
Total deferred | (241 | ) |  | (4,310 | ) |  | 271 |
Total income tax provision | $ | 18,054 |  |  | $ | 17,021 |  |  | $ | 17,326 |
A reconciliation of income taxes computed by applying the expected federal statutory income tax rates of 21%, 31.54% and 35% for fiscal years 2019, 2018 and 2017, respectively, to income before income taxes reported in the Consolidated Statements of Comprehensive Income is as follows (in thousands):
| Fiscal Year
| 2019 |  | 2018 |  | 2017
Federal income tax at statutory rate | $ | 18,202 |  |  | $ | 24,766 |  |  | $ | 19,348 |
State income taxes, net of federal benefit | 3,111 |  |  | 2,330 |  |  | 1,428 |
Stock-based compensation | (2,507 | ) |  | (2,121 | ) |  | — |
Tax credits | (1,506 | ) |  | (1,776 | ) |  | (1,826 | )
Impact of Tax Act | 314 |  |  | (4,824 | ) |  | — |
Domestic production activities deduction | — |  |  | (2,001 | ) |  | (1,422 | )
Other | 440 |  |  | 647 |  |  | (202 | )
Total income tax provision | $ | 18,054 |  |  | $ | 17,021 |  |  | $ | 17,326 |
Net long-term deferred tax assets and liabilities were as follows (in thousands):
| March 30, 2019 |  | March 31, 2018
Net long-term deferred tax (liabilities) assets |  |  |
Goodwill | $ | (15,644 | ) |  | $ | (15,637 | )
Property, plant, equipment and depreciation | (4,157 | ) |  | (3,575 | )
Warranty reserves | 4,097 |  |  | 4,033 |
Loan discount | 3,075 |  |  | 3,662 |
Stock-based compensation | 2,564 |  |  | 2,177 |
Prepaid expenses | (2,142 | ) |  | (1,585 | )
Other intangibles | (1,791 | ) |  | (1,581 | )
Salaries and wages | 1,751 |  |  | 1,741 |
Accrued volume rebates | 1,734 |  |  | 575 |
Inventory | 1,158 |  |  | 1,196 |
Other | 2,353 |  |  | 1,417 |
| $ | (7,002 | ) |  | $ | (7,577 | )
The effective income tax rate for the current year was positively impacted by the timing of certain tax credits and deductions, a lower federal income tax rate related to the Tax Act and a $2.5 million benefit from the current year adoption of accounting standards that required excess tax benefits on stock option exercises to be recorded as a reduction of Income tax expense instead of equity, as was previously required. The Company has realized benefit from tax credits, including research and development, fuel, energy efficient home and work opportunity tax credits. The Company recorded an insignificant amount of unrecognized tax benefits during fiscal years 2019, 2018 and 2017, and there would be an insignificant effect on the effective tax rate if all unrecognized tax benefits were recognized. The Company classifies interest and penalties related to unrecognized tax benefits in income tax expense. The total amount of unrecognized tax benefit related to any particular tax position is not anticipated to change significantly within the next 12 months. At March 30, 2019, the Company has state net operating loss carryforwards that total $275,000, which begin to expire in 2035. The Company periodically evaluates the deferred tax assets based on the requirements established in ASC 740, which requires the recording of a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of the need for or amount of any valuation allowance involves significant management judgment and is based upon the evaluation of both positive and negative evidence, including management projections of anticipated taxable income. At March 30, 2019, the Company evaluated its historical profits earned and forecasted taxable income and determined that, except as described above, all of the deferred tax assets would be utilized in future periods. Ultimate realization of the deferred tax assets depends on our ability to continue to earn profits as we have historically and to meet these forecasts in future periods. Income tax returns are filed in the U.S. federal jurisdiction and in several state jurisdictions. In August 2017, the Company received a notice of examination from the Internal Revenue Service ("IRS") for the Company's federal income tax return for the fiscal year ended April 2, 2016. In July 2018, the Company received notice from the IRS that its examination was complete and resulted in no changes. In general, the Company is no longer subject to examination by the IRS for years before fiscal year 2017 or state and local income tax examinations by tax authorities for years before fiscal year 2015. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to the Company's financial position. The total amount of unrecognized tax benefit related to any particular tax position is not anticipated to change significantly within the next 12 months. The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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