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Income Taxes (Tables) | 12 Months Ended
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Apr. 01, 2023
Income Tax Disclosure [Abstract] |
Provision for income taxes | The following details the provision for income taxes for fiscal years 2023, 2022 and 2021 (in thousands):
| 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 51,190 |  |  | $ | 7,271 |  |  | $ | 16,823 |
State | 12,709 |  |  | 8,768 |  |  | 3,128 |
Foreign | 50 |  |  | — |  |  | — |
| 63,949 |  |  | 16,039 |  |  | 19,951 |
Deferred |  |  |  |  |
Federal | 2,705 |  |  | (1,257) |  |  | 302 |
State | (732) |  |  | (535) |  |  | 13 |
| 1,973 |  |  | (1,792) |  |  | 315 |
| $ | 65,922 |  |  | $ | 14,247 |  |  | $ | 20,266 |
Reconciliations of income taxes | A reconciliation of income taxes computed by applying the expected federal statutory income tax rate of 21% for fiscal years 2023, 2022 and 2021 to income before income taxes reported in the Consolidated Statements of Comprehensive Income is as follows (in thousands):
| 2023 |  | 2022 |  | 2021
Federal income tax at statutory rate | $ | 64,420 |  |  | $ | 44,518 |  |  | $ | 20,351 |
State income taxes, net of federal benefit | 12,172 |  |  | 8,075 |  |  | 3,422 |
Stock-based compensation | (884) |  |  | (1,421) |  |  | (2,710) |
Tax credits | (10,847) |  |  | (37,488) |  |  | (1,356) |
Other | 1,061 |  |  | 563 |  |  | 559 |
| $ | 65,922 |  |  | $ | 14,247 |  |  | $ | 20,266 |
Net deferred tax assets and liabilities | Net deferred tax assets and liabilities were as follows (in thousands):
| April 1, 2023 |  | April 2, 2022
Net deferred tax (liabilities) assets |  |  |
Property, plant and equipment | $ | (16,763) |  |  | $ | (7,030) |
Goodwill | (16,041) |  |  | (16,675) |
Warranty reserves | 7,355 |  |  | 5,913 |
Lease - Operating lease liability | 6,323 |  |  | 4,270 |
Lease - Right of use assets | (6,050) |  |  | (3,968) |
Salaries and wages | 3,675 |  |  | 3,924 |
Accrued volume rebates | 2,713 |  |  | 2,600 |
Research and experimentation expenditures | 2,712 |  |  | — |
Inventory | 2,151 |  |  | 2,192 |
Stock-based compensation | 2,086 |  |  | 2,199 |
Loan discount | 970 |  |  | 1,275 |
Unrealized gains on marketable equity investments | (5) |  |  | (1,715) |
Other | 3,293 |  |  | 1,487 |
| $ | (7,581) |  |  | $ | (5,528) |

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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