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INCOME TAXES (Tables)

12 Months Ended

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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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.

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-Name Accounting Standards Codification
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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.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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