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Income Taxes | 12 Months Ended
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Apr. 01, 2018
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes On December 22, 2017, the Tax Act, was signed into law. The Tax Act includes a number of provisions, including lowering of the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. Because our fiscal 2018 ended April 1, 2018, our tax provision for the current year was calculated utilizing a blended statutory federal rate of 31.5%. In future years, we expect our statutory federal rate to be 21%. Under GAAP, deferred tax assets and liabilities are required to be revalued during the period in which the new tax legislation is enacted. As such, during the fiscal year-end ended April 1, 2018 we revalued our net deferred tax liabilities to reflect the impact of the Tax Act and recorded a one-time benefit of $13.9 million. Pursuant to SAB 118 (regarding the application of ASC 740 associated with the enactment of the Tax Act), the tax benefit we recorded in the current fiscal year is provisional. The final impact of the Tax Act may differ due to and among other things, changes in interpretations, assumptions made by the Company and the issuance of additional guidance that may be provided. Specifically, no adjustment was recorded related to the impact of the Tax Act on state taxes, as we could not reasonably estimate the impact and do not expect any such impact to be material to our financial statements. The provisions for income taxes for fiscal 2018, 2017 and 2016 were as follows:
|  | 2018 |  | 2017 |  | 2016
(In thousands) |  |  |  |  |  |
Federal — current |  | $ | 7,024 |  |  | $ | 11,472 |  |  | $ | 8,761 |
State — current |  | 1,834 |  |  | 2,546 |  |  | 2,238 |
Total current |  | 8,858 |  |  | 14,018 |  |  | 10,999 |
Federal — deferred |  | (14,393 | ) |  | (431 | ) |  | 1,027 |
State — deferred |  | (364 | ) |  | (94 | ) |  | 197 |
Total deferred |  | (14,757 | ) |  | (525 | ) |  | 1,224 |
Total provision |  | $ | (5,899 | ) |  | $ | 13,493 |  |  | $ | 12,223 |
Reconciliations of the provisions for income taxes to the applicable federal statutory income tax rate for fiscal 2018, 2017 and 2016 are listed below.
|  | 2018 |  | 2017 |  | 2016
Statutory federal income tax |  | 31.5 | % |  | 35.0 | % |  | 35.0 | %
State income taxes, net of federal deduction |  | (8.3 | )% |  | 4.8 | % |  | 5.0 | %
ESOP dividend deduction on allocated shares |  | 1.4 | % |  | (0.7 | )% |  | (0.7 | )%
Domestic production deduction |  | 2.7 | % |  | (1.5 | )% |  | (1.5 | )%
Goodwill impairment |  | (81.7 | )% |  | — | % |  | — | %
Revaluation of net deferred tax liabilities |  | 92.5 | % |  | — | % |  | — | %
Non-deductible acquisition costs |  | — | % |  | — | % |  | 1.6 | %
Assessment related to state tax audit |  | — | % |  | — | % |  | 0.6 | %
Other — net |  | 1.0 | % |  | (0.2 | )% |  | 0.2 | %
Total |  | 39.1 | % |  | 37.4 | % |  | 40.2 | %
The tax effects of items comprising our net deferred tax liability as of April 1, 2018 and April 2, 2017 are as follows:
(In thousands) |  | 2018 |  | 2017
Deferred tax assets: |  |  |  |
Trade receivables |  | $ | 254 |  |  | $ | 187 |
Stock compensation accruals |  | 593 |  |  | 616 |
Pension withdrawal liability |  | 1,611 |  |  | 2,513 |
Other |  | 1,619 |  |  | 1,639 |
Total deferred tax assets |  | $ | 4,077 |  |  | $ | 4,955 |
Deferred tax liabilities: |  |  |  |
Inventories |  | $ | (3,047 | ) |  | $ | (4,006 | )
Prepaid |  | (756 | ) |  | (1,095 | )
Excess of tax over book depreciation |  | (9,811 | ) |  | (14,169 | )
Intangibles |  | (17,625 | ) |  | (27,524 | )
Unrealized gain on interest rate swap |  | (221 | ) |  | (201 | )
Total deferred tax liabilities |  | $ | (31,460 | ) |  | $ | (46,995 | )
Net deferred tax liabilities |  | $ | (27,383 | ) |  | $ | (42,040 | )
As of April 1, 2018, the Company has determined that it is more likely than not that the deferred tax assets at April 1, 2018 will be realized either through future taxable income or reversals of taxable temporary differences. During fiscal 2016, we recorded a gross unrecognized tax benefit of $1.9 million in other long-term liabilities on our consolidated balance sheet as a result of uncertain income tax positions taken by Stauber on its tax returns for periods prior to our acquisition. We had no unrecognized tax benefits prior to the Stauber acquisition. The Stauber acquisition agreement provides the Company with indemnification from the prior owners for any tax liabilities relating to pre-acquisition tax returns. Accordingly, we also recorded an offsetting, long-term receivable for $1.9 million as of April 3, 2016, and as such any change in the unrecognized tax benefit will not impact our effective tax rate in future periods. During fiscal 2018 and 2017, the unrecognized tax benefit and the offsetting receivable were reduced to $0.2 million and $0.8 million, respectively, due to the expiration of the statute of limitations for certain of the taxable periods. We are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The tax years prior to our fiscal year ended April 3, 2016 are closed to examination by the Internal Revenue Service. Our federal tax return filed for our fiscal year ended March 29, 2015 was examined by the Internal Revenue Service with no adjustments. For state and local income tax jurisdictions, the tax years prior to our fiscal year ended March 29, 2015 are closed to examination, with few exceptions.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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