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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2018
Income Tax Disclosure [Abstract] |
Schedule of Net Income before Income Taxes | Transcat’s income before income taxes on the Consolidated Statements of Income is as follows:
|  | FY 2018 |  | FY 2017
United States |  | $ | 6,995 |  | $ | 6,770
Foreign |  |  | 953 |  |  | 394
Total |  | $ | 7,948 |  | $ | 7,164
Schedule of Net Provision for Income Taxes | The provision for income taxes for fiscal years 2018 and 2017 is as follows:
|  | FY 2018 |  | FY 2017
Current Tax Provision: |  |  |  |  |  |  |  |
Federal |  | $ | 952 |  |  | $ | 1,945 |
State |  |  | 201 |  |  |  | 344 |
Foreign |  |  | 340 |  |  |  | 279 |
|  |  | 1,493 |  |  |  | 2,568 |
Deferred Tax (Benefit) Provision: |  |  |  |  |  |  |  |
Federal |  | $ | 487 |  |  | $ | 194 |
State |  |  | 156 |  |  |  | 26 |
Foreign |  |  | (110 | ) |  |  | (146 | )
|  |  | 533 |  |  |  | 74 |
Provision for Income Taxes |  | $ | 2,026 |  |  | $ | 2,642 |
Reconciliation of the Income Tax Provision | 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 2018 |  | FY 2017
Federal Income Tax at Statutory Rate |  | $ | 2,448 |  |  | $ | 2,436 |
State Income Taxes, net of federal benefit |  |  | 295 |  |  |  | 284 |
Federal, State and Foreign Research & Development Credits |  |  | (107 | ) |  |  | 118 |
Impact of Tax Act |  |  | (535 | ) |  |  | - |
Other, net |  |  | (75 | ) |  |  | (196 | )
Total |  | $ | 2,026 |  |  | $ | 2,642 |
Schedule of Components of the Net Deferred Tax Assets (liabilities) | The components of net deferred tax assets (liabilities) are as follows:
|  | March 31, |  | March 25,
|  | 2018 |  | 2017
Deferred Tax Assets: |  |  |  |  |  |  |  |
Accrued Liabilities |  | $ | 247 |  |  | $ | 338 |
Performance-Based Stock Award Grants |  |  | 337 |  |  |  | 337 |
Inventory Reserves |  |  | 82 |  |  |  | 213 |
Non-Qualified Deferred Compensation Plan |  |  | 172 |  |  |  | 273 |
Post-Retirement Health Care Plans |  |  | 294 |  |  |  | 425 |
Stock-Based Compensation |  |  | 199 |  |  |  | 717 |
Capitalized Inventory Costs |  |  | 122 |  |  |  | 140 |
Net Operating Loss Carryforward |  |  | - |  |  |  | 12 |
Other |  |  | 233 |  |  |  | 277 |
Total Deferred Tax Assets |  | $ | 1,686 |  |  | $ | 2,732 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Goodwill and Intangible Assets |  | $ | (1,085 | ) |  | $ | (1,486 | )
Depreciation |  |  | (2,264 | ) |  |  | (2,335 | )
Other |  |  | (46 | ) |  |  | (45 | )
Total Deferred Tax Liabilities |  |  | (3,395 | ) |  |  | (3,866 | )
Net Deferred Tax Liabilities |  | $ | (1,709 | ) |  | $ | (1,134 | )

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