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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 27, 2021
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 2021 |  |  | FY 2020 |
United States |  | $ | 9,187 |  |  | $ | 8,783 |
Foreign |  |  | 795 |  |  |  | 947 |
Total |  | $ | 9,982 |  |  | $ | 9,730 |
Schedule of Net Provision for Income Taxes | The provision for income taxes for fiscal years 2021 and 2020 is as follows:
|  | FY 2021 |  |  | FY 2020 |
Current Tax Provision: |  |  |  |  |  |  |  |
Federal |  | $ | 1,449 |  |  | $ | 630 |
State |  |  | 428 |  |  |  | 285 |
Foreign |  |  | 103 |  |  |  | 329 |
|  | $ | 1,980 |  |  | $ | 1,244 |
Deferred Tax (Benefit) Provision: |  |  |  |  |  |  |  |
Federal |  | $ | 96 |  |  | $ | 371 |
State |  |  | (22 | ) |  |  | 77 |
Foreign |  |  | 137 |  |  |  | (29 | )
|  | $ | 211 |  |  | $ | 419 |
Provision for Income Taxes |  | $ | 2,191 |  |  | $ | 1,663 |
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 2021 |  |  | FY 2020 |
Federal Income Tax at Statutory Rate |  | $ | 2,096 |  |  | $ | 2,044 |
State Income Taxes, net of federal benefit |  |  | 282 |  |  |  | 294 |
Foreign Taxes and Federal, State and Foreign Tax Credits |  |  | 9 |  |  |  | (97 | )
Tax Impact of Equity Awards |  |  | (274 | ) |  |  | (876 | )
Other, net |  |  | 78 |  |  |  | 298 |
Total |  | $ | 2,191 |  |  | $ | 1,663 |
Schedule of Components of the Net Deferred Tax Assets (liabilities) |
|  | March 27, |  |  | March 28, |
|  | 2021 |  |  | 2020 |
Deferred Tax Assets: |  |  |  |  |  |  |  |
Accrued Liabilities |  | $ | 354 |  |  | $ | 531 |
Lease Liabilities |  |  | 2,439 |  |  |  | 2,253 |
Performance-Based Stock Award Grants |  |  | 439 |  |  |  | 432 |
Inventory Reserves |  |  | 132 |  |  |  | 105 |
Non-Qualified Deferred Compensation Plan |  |  | 104 |  |  |  | 98 |
Post-Retirement Health Care Plans |  |  | 506 |  |  |  | 385 |
Stock-Based Compensation |  |  | 95 |  |  |  | 70 |
Deferred Payroll Tax – CARES Act |  |  | 259 |  |  |  | - |
Capitalized Inventory Costs |  |  | 118 |  |  |  | 126 |
Other |  |  | 267 |  |  |  | 265 |
Total Deferred Tax Assets |  | $ | 4,713 |  |  | $ | 4,265 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Goodwill and Intangible Assets |  | $ | (1,233 | ) |  | $ | (1,162 | )
Right of Use Assets |  |  | (2,408 | ) |  |  | (2,198 | )
Depreciation |  |  | (4,230 | ) |  |  | (3,858 | )
Other |  |  | (43 | ) |  |  | (72 | )
Total Deferred Tax Liabilities |  | $ | (7,914 | ) |  | $ | (7,290 | )
Net Deferred Tax Liabilities |  | $ | (3,201 | ) |  | $ | (3,025 | )

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