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Income Taxes (Tables)

12 Months Ended

Mar. 28, 2020

Income Tax Disclosure [Abstract]

Provision (benefit) for income taxes

The provision for income taxes for fiscal years 2020, 2019 and 2018 were as follows (in thousands):

	Fiscal Year
	2020				2019				2018
Current
Federal	$	14,625			$	16,086			$	19,008
State	3,084				2,209				2,323
Total current	17,709				18,295				21,331
Deferred
Federal	246				(347		)		(4,315		)
State	(42		)		106				5
Total deferred	204				(241		)		(4,310		)
Total income tax provision	$	17,913			$	18,054			$	17,021

Reconciliations of income taxes

A reconciliation of income taxes computed by applying the expected federal statutory income tax rates of 21% for fiscal years 2020 and 2019 and 31.54% for fiscal year 2018, respectively, to income before income taxes reported in the Consolidated Statements of Comprehensive Income is as follows (in thousands):

	Fiscal Year
	2020				2019				2018
Federal income tax at statutory rate	$	19,525			$	18,202			$	24,766
State income taxes, net of federal benefit	3,297				3,111				2,330
Stock-based compensation	(2,994		)		(2,507		)		(2,121		)
Tax credits	(2,401		)		(1,506		)		(1,776		)
Impact of Tax Act	—				314				(4,824		)
Domestic production activities deduction	—				—				(2,001		)
Other	486				440				647
Total income tax provision	$	17,913			$	18,054			$	17,021

Net current deferred tax assets and net long-term deferred tax liabilities

Net long-term deferred tax assets and liabilities were as follows (in thousands):

	March 28, 2020				March 30, 2019
Net long-term deferred tax (liabilities) assets
Goodwill	$	(16,120	)		$	(15,644	)
Property, plant, equipment and depreciation	(5,084		)		(4,157		)
Warranty reserves	4,444				4,097
Lease - Operating lease liability	3,535				—
Lease - Right of use asset	(3,295		)		—
Stock-based compensation	2,595				2,564
Loan discount	2,436				3,075
Salaries and wages	1,679				1,751
Other intangibles	(1,534		)		(1,791		)
Accrued volume rebates	1,189				1,734
Inventory	1,012				1,158
Prepaid expenses	(474		)		(2,142		)
Other	2,322				2,353
	$	(7,295	)		$	(7,002	)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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