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INCOME TAXES | 12 Months Ended
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Mar. 28, 2015
INCOME TAXES [Abstract] |
INCOME TAXES | NOTE 4 – INCOME TAXES Transcat's net income before income taxes on the Consolidated Statements of Income is as follows:
|  | FY 2015 |  |  | FY 2014
United States |  | $ | 6,115 |  |  |  | $ | 6,642 |
Foreign |  |  | 308 |  |  |  |  | (196 | )
Total |  | $ | 6,423 |  |  |  | $ | 6,446 |
The net provision for in come taxes for fiscal years 2015 and 2014 is as follows:
|  | FY 2015 |  |  | FY 2014
Current Tax Provision: |  |  |  |  |
Federal |  | $ | 1,200 |  |  |  | $ | 2,404 |
State |  |  | 311 |  |  |  |  | 354 |
Foreign |  |  | 107 |  |  |  |  | 13 |
|  |  | 1,618 |  |  |  |  | 2,772 |
Deferred Tax (Benefit) Provision: |  |  |  |  |  |  |  |  |
Federal |  |  | 776 |  |  |  |  | (248 | )
State |  |  | 64 |  |  |  |  | (10 | )
Foreign |  |  | (61 | ) |  |  |  | (52 | )
|  |  | 779 |  |  |  |  | (310 | )
Provision for Income Taxes |  | $ | 2,397 |  |  |  | $ | 2,462 |
A reconciliation of the income tax provision computed by applying the statutory U.S. federal income tax rate and the income tax provision reflected in the Consolidated Statements of Income is as follows:
|  | FY 2015 |  |  | FY 2014
Federal Income Tax at Statutory Rate |  | $ | 2,184 |  |  |  | $ | 2,192 |
State Income Taxes, net of Federal benefit |  |  | 220 |  |  |  |  | 258 |
Other, net |  |  | (7 | ) |  |  |  | 12 |
Total |  | $ | 2,397 |  |  |  | $ | 2,462 |
The components of the net deferred tax assets (liabilities) are as follows:
|  | March 28, 2015 |  |  | March 29, 2014
Deferred Tax Assets: |  |  |  |  |
Accrued Liabilities |  | $ | 384 |  |  |  | $ | 366 |
Performance-Based Grants |  |  | 395 |  |  |  |  | 809 |
Inventory Reserves |  |  | 143 |  |  |  |  | 130 |
Non-Qualified Deferred Compensation Plan |  |  | 362 |  |  |  |  | 290 |
Postretirement Health Care Plans |  |  | 385 |  |  |  |  | 339 |
Stock-Based Compensation |  |  | 810 |  |  |  |  | 816 |
Net Operating Loss Carryforward |  |  | — |  |  |  |  | 179 |
Other |  |  | 263 |  |  |  |  | 255 |
Total Deferred Tax Assets |  |  | 2,742 |  |  |  |  | 3,184 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |  |
Goodwill and Intangible Assets |  |  | (1,754 | ) |  |  |  | (1,334 | )
Depreciation |  |  | (1,544 | ) |  |  |  | (971 | )
Other |  |  | (80 | ) |  |  |  | (90 | )
Total Deferred Tax Liabilities |  |  | (3,378 | ) |  |  |  | (2,395 | )
Net Deferred Tax (Liabilities) Assets |  | $ | (636 | ) |  |  | $ | 789 |
Deferred U.S. income taxes have not been recorded for basis differences related to the investments in the Company's foreign subsidiary. The Company considers undistributed earnings, if any, as permanently reinvested in the subsidiary. The determination of a deferred tax liability on unremitted earnings would not be practicable because such liability, if any, would depend on circumstances existing if and when remittance occurs. The Company files income tax returns in the U.S. federal jurisdiction, various states and Canada. The Company is no longer subject to examination by U.S. federal income tax authorities for the fiscal years 2011 and prior, state tax authorities for the fiscal years 2009 and prior, and by Canadian tax authorities for the fiscal years 2007 and prior. The Company is currently under examination by the Internal Revenue Service (the “IRS”) for the Company's U.S. federal income tax return for the tax year ended March 30, 2013. To date, the IRS has not proposed any adjustments to the tax return under examination. There are no tax years currently under examination by state or Canadian tax authorities. During fiscal years 2015 and 2014, there were no uncertain tax positions, and the Company expects no material uncertain tax positions within the next twelve months. The Company recognizes interest and penalties, if any, related to uncertain tax positions in the provision for income taxes. No interest or penalties related to uncertain tax positions were recognized in fiscal years 2015 and 2014 or were accrued at March 28, 2015 and March 29, 2014.

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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 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 + Details
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