Income Taxes (Tables)

12 Months Ended

Apr. 03, 2021

Income Tax Disclosure [Abstract]

Provision for income taxes

The following details the provision for income taxes for fiscal years 2021, 2020 and 2019 (in thousands):

	Fiscal Year
	2021		2020		2019
Current
Federal	$	16,823	$	14,625	$	16,086
State	3,128		3,084		2,209
	19,951		17,709		18,295
Deferred
Federal	302		246		(347)
State	13		(42)		106
	315		204		(241)
	$	20,266	$	17,913	$	18,054

Reconciliations of income taxes

A reconciliation of income taxes computed by applying the expected federal statutory income tax rate of 21% for fiscal years 2021, 2020 and 2019 to income before income taxes reported in the Consolidated Statements of Comprehensive Income is as follows (in thousands):

	Fiscal Year
	2021		2020		2019
Federal income tax at statutory rate	$	20,351	$	19,525	$	18,202
State income taxes, net of federal benefit	3,422		3,297		3,111
Stock-based compensation	(2,710)		(2,994)		(2,507)
Tax credits	(1,356)		(2,401)		(1,506)
Other	559		486		754
	$	20,266	$	17,913	$	18,054

Net deferred tax assets and liabilities

Net deferred tax assets and liabilities were as follows (in thousands):

	April 3, 2021		March 28, 2020
Net deferred tax (liabilities) assets
Goodwill	$	(16,327)	$	(16,120)
Property, plant, equipment and depreciation	(5,121)		(5,084)
Warranty reserves	4,277		4,444
Lease - Operating lease liability	4,123		3,535
Lease - Right of use asset	(3,820)		(3,295)
Salaries and wages	3,065		1,679
Stock-based compensation	2,177		2,595
Unrealized gains on marketable equity investments	(1,695)		(43)
Loan discount	1,631		2,436
Other intangibles	(1,538)		(1,534)
Accrued volume rebates	1,494		1,189
Inventory	1,271		1,012
Other	3,070		1,891
	$	(7,393)	$	(7,295)