XML 72 R23.htm IDEA: XBRL DOCUMENT v3.20.1

INCOME TAXES (Tables)

12 Months Ended

Mar. 28, 2020

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 2020			FY 2019
United States		$	8,783		$	8,561
Foreign			947			674
Total		$	9,730		$	9,235

Schedule of Net Provision for Income Taxes

The provision for income taxes for fiscal years 2020 and 2019 is as follows:

		FY 2020				FY 2019
Current Tax Provision:
Federal		$	630			$	701
State			285				349
Foreign			329				259
		$	1,244			$	1,309
Deferred Tax (Benefit) Provision:
Federal		$	371			$	926
State			77				(63	)
Foreign			(29	)			(82	)
		$	419			$	781
Provision for Income Taxes		$	1,663			$	2,090

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 2020				FY 2019
Federal Income Tax at Statutory Rate		$	2,044			$	1,939
State Income Taxes, net of federal benefit			294				213
Research and Development Credits			(97	)			(70	)
Tax Impact of Equity Awards			(876	)			(78	)
Other, net			298				86
Total		$	1,663			$	2,090

Schedule of Components of the Net Deferred Tax Assets (liabilities)

The components of net deferred tax assets (liabilities) are as follows:

		March 28,				March 30,
		2020				2019
Deferred Tax Assets:
Accrued Liabilities		$	531			$	285
Lease Liabilities			2,253				-
Performance-Based Stock Award Grants			432				503
Inventory Reserves			105				98
Non-Qualified Deferred Compensation Plan			98				121
Post-Retirement Health Care Plans			385				334
Stock-Based Compensation			70				192
Capitalized Inventory Costs			126				126
Other			265				217
Total Deferred Tax Assets		$	4,265			$	1,876
Deferred Tax Liabilities:
Goodwill and Intangible Assets		$	(1,162	)		$	(1,087	)
Right of Use Assets			(2,198	)			-
Depreciation			(3,858	)			(3,196	)
Other			(72	)			(43	)
Total Deferred Tax Liabilities		$	(7,290	)		$	(4,326	)
Net Deferred Tax Liabilities		$	(3,025	)		$	(2,450	)

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration