Income Taxes (Tables)

12 Months Ended

Apr. 02, 2022

Income Tax Disclosure [Abstract]

Provision for income taxes

The following details the provision for income taxes for fiscal years 2022, 2021 and 2020 (in thousands):

	2022		2021		2020
Current
Federal	$	7,271	$	16,823	$	14,625
State	8,768		3,128		3,084
	16,039		19,951		17,709
Deferred
Federal	(1,257)		302		246
State	(535)		13		(42)
	(1,792)		315		204
	$	14,247	$	20,266	$	17,913

Reconciliations of income taxes

A reconciliation of income taxes computed by applying the expected federal statutory income tax rate of 21% for fiscal years 2022, 2021 and 2020 to income before income taxes reported in the Consolidated Statements of Comprehensive Income is as follows (in thousands):

	2022		2021		2020
Federal income tax at statutory rate	$	44,518	$	20,351	$	19,525
State income taxes, net of federal benefit	8,075		3,422		3,297
Stock-based compensation	(1,421)		(2,710)		(2,994)
Tax credits	(37,488)		(1,356)		(2,401)
Other	563		559		486
	$	14,247	$	20,266	$	17,913

Net deferred tax assets and liabilities

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

	April 2, 2022		April 3, 2021
Net deferred tax (liabilities) assets
Goodwill	$	(16,675)	$	(16,327)
Property, plant and equipment	(7,030)		(5,121)
Warranty reserves	5,913		4,277
Lease - Operating lease liability	4,270		4,123
Lease - Right of use assets	(3,968)		(3,820)
Salaries and wages	3,924		3,065
Accrued volume rebates	2,600		1,494
Stock-based compensation	2,199		2,177
Inventory	2,192		1,271
Unrealized gains on marketable equity investments	(1,715)		(1,695)
Loan discount	1,275		1,631
Other intangibles	—		(1,538)
Other	1,487		3,070
	$	(5,528)	$	(7,393)