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INCOME TAXES | 12 Months Ended
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Mar. 25, 2017
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE 4 – INCOME TAXES Transcat’s income before income taxes on the Consolidated Statements of Income is as follows:
|  | FY 2017 |  | FY 2016
United States |  | $ | 6,770 |  | $ | 5,760
Foreign |  |  | 394 |  |  | 247
Total |  | $ | 7,164 |  | $ | 6,007
The provision for income taxes for fiscal years 2017 and 2016 is as follows:
|  | FY 2017 |  | FY 2016
Current Tax Provision: |  |  |  |  |  |  |  |
Federal |  | $ | 1,945 |  |  | $ | 1,367 |
State |  |  | 344 |  |  |  | 202 |
Foreign |  |  | 279 |  |  |  | 174 |
|  |  | 2,568 |  |  |  | 1,743 |
Deferred Tax (Benefit) Provision: |  |  |  |  |  |  |  |
Federal |  | $ | 194 |  |  | $ | 266 |
State |  |  | 26 |  |  |  | 85 |
Foreign |  |  | (146 | ) |  |  | (211 | )
|  |  | 74 |  |  |  | 140 |
Provision for Income Taxes |  | $ | 2,642 |  |  | $ | 1,883 |
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 2017 |  | FY 2016
Federal Income Tax at Statutory Rate |  | $ | 2,436 |  |  | $ | 2,042 |
State Income Taxes, net of federal benefit |  |  | 284 |  |  |  | 226 |
Federal, State and Foreign Research & Development Credits |  |  | 118 |  |  |  | (479 | )
Other, net |  |  | (196 | ) |  |  | 94 |
Total |  | $ | 2,642 |  |  | $ | 1,883 |
The components of net deferred tax assets (liabilities) are as follows:
|  | March 25, |  | March 26,
|  | 2017 |  | 2016
Deferred Tax Assets: |  |  |  |  |  |  |  |
Accrued Liabilities |  | $ | 338 |  |  | $ | 399 |
Performance-Based Stock Award Grants |  |  | 337 |  |  |  | 335 |
Inventory Reserves |  |  | 213 |  |  |  | 163 |
Non-Qualified Deferred Compensation Plan |  |  | 273 |  |  |  | 273 |
Post-Retirement Health Care Plans |  |  | 425 |  |  |  | 387 |
Stock-Based Compensation |  |  | 717 |  |  |  | 808 |
Capitalized Inventory Costs |  |  | 140 |  |  |  | 117 |
Net Operating Loss Carryforward |  |  | 12 |  |  |  | 133 |
Other |  |  | 277 |  |  |  | 313 |
Total Deferred Tax Assets |  | $ | 2,732 |  |  | $ | 2,928 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Goodwill and Intangible Assets |  | $ | (1,486 | ) |  | $ | (1,865 | )
Depreciation |  |  | (2,335 | ) |  |  | (2,127 | )
Other |  |  | (45 | ) |  |  | (7 | )
Total Deferred Tax Liabilities |  |  | (3,866 | ) |  |  | (3,999 | )
Net Deferred Tax Liabilities |  | $ | (1,134 | ) |  | $ | (1,071 | )
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 fiscal years 2013 and prior, by state tax authorities for fiscal years 2011 and prior, and by Canadian tax authorities for fiscal years 2009 and prior. There are no tax years currently under examination by U.S. federal, state or Canadian tax authorities. During fiscal years 2017 and 2016, there were no uncertain tax positions. No interest or penalties related to uncertain tax positions were recognized in fiscal years 2017 and 2016 or were accrued at March 25, 2017 and March 26, 2016. At March 25, 2017, the deferred tax asset related to U.S. federal net operating loss carryforwards of less than $0.1 million and U.S. state net operating loss carryforwards of less than $0.1 million are available to reduce future taxable income. The utilization of these losses is subject to an annual limitation due to ownership change rules set forth under Internal Revenue Code Section 382. The Company’s effective tax rate for fiscal years 2017 and 2016 was 36.9% and 31.3%, respectively. Its tax rate is affected by recurring items, such as tax rates in foreign jurisdictions and the relative amounts of income the Company earns in those jurisdictions, which the Company expects to be fairly consistent in the near term. It is also affected by discrete items that may occur in any given year but are not consistent from year to year. The Company expects to receive certain federal, state and Canadian tax credits in future years. As such, it expects its effective tax rate in fiscal year 2018 to be between 34.0% and 36.0%.

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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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