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INCOME TAXES (Tables)

12 Months Ended

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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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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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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