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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 26, 2022
Income Tax Disclosure [Abstract] |
Schedule of transcat’s income before income taxes |
|  | FY 2022 |  |  | FY 2021 |
United States |  | $ | 10,417 |  |  | $ | 9,187 |
Foreign |  |  | 2,773 |  |  |  | 795 |
Total |  | $ | 13,190 |  |  | $ | 9,982 |
Schedule of provision for income taxes |
|  | FY 2022 |  |  | FY 2021 |
Current Tax Provision: |  |  |  |  |  |
Federal |  | $ | 414 |  |  | $ | 1,449 |
State |  |  | 240 |  |  |  | 428 |
Foreign |  |  | 752 |  |  |  | 103 |
|  | $ | 1,406 |  |  | $ | 1,980 |
Deferred Tax (Benefit) Provision: |  |  |  |  |  |  |  |
Federal |  | $ | 456 |  |  | $ | 96 |
State |  |  | (10 | ) |  |  | (22 | )
Foreign |  |  | (42 | ) |  |  | 137 |
|  | $ | 404 |  |  | $ | 211 |
Provision for Income Taxes |  | $ | 1,810 |  |  | $ | 2,191 |
Reconciliation of the Income Tax Provision |
|  | FY 2022 |  |  | FY 2021 |
Federal Income Tax at Statutory Rate |  | $ | 2,770 |  |  | $ | 2,096 |
State Income Taxes, net of federal benefit |  |  | 172 |  |  |  | 282 |
Foreign Taxes and Federal, State and Foreign Tax Credits |  |  | (127 | ) |  |  | 9 |
Tax Impact of Equity Awards |  |  | (1,395 | ) |  |  | (274 | )
Non-Deductible Acquisition Costs |  |  | 206 |  |  |  | - |
GILTI and 78 Gross Up |  |  | 161 |  |  |  | - |
Other, net |  |  | 23 |  |  |  | 78 |
Total |  | $ | 1,810 |  |  | $ | 2,191 |
Schedule of Components of the Net Deferred Tax Assets (liabilities) |
|  | March 26, 2022 |  |  | March 27, 2021 |
Deferred Tax Assets: |  |  |  |  |  |
Accrued Liabilities |  | $ | 384 |  |  | $ | 354 |
Lease Liabilities |  |  | 2,622 |  |  |  | 2,439 |
Performance-Based Stock Award Grants |  |  | 443 |  |  |  | 439 |
Inventory Reserves |  |  | 100 |  |  |  | 132 |
Non-Qualified Deferred Compensation Plan |  |  | 92 |  |  |  | 104 |
Post-Retirement Health Care Plans |  |  | 333 |  |  |  | 506 |
Stock-Based Compensation |  |  | 225 |  |  |  | 95 |
Deferred Payroll Tax – CARES Act |  |  | - |  |  |  | 259 |
Capitalized Inventory Costs |  |  | 158 |  |  |  | 118 |
Other |  |  | 233 |  |  |  | 267 |
Total Deferred Tax Assets |  | $ | 4,590 |  |  | $ | 4,713 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Goodwill and Intangible Assets |  | $ | (3,812 | ) |  | $ | (1,233 | )
Right of Use Assets |  |  | (2,623 | ) |  |  | (2,408 | )
Depreciation |  |  | (4,767 | ) |  |  | (4,230 | )
Other |  |  | (112 | ) |  |  | (43 | )
Total Deferred Tax Liabilities |  | $ | (11,314 | ) |  | $ | (7,914 | )
Net Deferred Tax Liabilities |  | $ | (6,724 | ) |  | $ | (3,201 | )

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