Income Taxes

12 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The provisions for income taxes for fiscal 2024, 2023 and 2022 were as follows:

	2024		2023		2022
(In thousands)
Federal — current	$	21,872	$	15,072	$	14,736
State — current	5,369		7,701		5,202
Total current	27,241		22,773		19,938
Federal — deferred	(1,146)		704		(1,054)
State — deferred	(313)		(936)		(447)
Total deferred	(1,459)		(232)		(1,501)
Total provision	$	25,782	$	22,541	$	18,437

Reconciliations of the provisions for income taxes to the applicable federal statutory income tax rate for fiscal 2024, 2023 and 2022 are listed below.

	2024		2023		2022
Statutory federal income tax	21.0	%	21.0	%	21.0	%
State income taxes, net of federal deduction	5.4	%	6.8	%	5.6	%
Other — net	(0.9)	%	(0.5)	%	(0.3)	%
Total	25.5	%	27.3	%	26.3	%

The tax effects of items comprising our net deferred tax liability as of March 31, 2024 and April 2, 2023 are as follows:

(In thousands)	2024		2023
Deferred tax assets:
Trade receivables	$	96	$	51
Stock compensation accruals	2,224		2,027
Pension withdrawal liability	1,056		1,155
Lease liability	3,242		2,820
Inventories	2,645		2,437
Other	5,963		3,335
Total deferred tax assets	$	15,226	$	11,825
Deferred tax liabilities:
Prepaid expenses	$	(1,119)	$	(1,089)
Excess of tax over book depreciation	(18,428)		(16,360)
Intangible assets	(13,771)		(14,334)
ROU asset	(3,162)		(2,754)
Unrealized gain on interest rate swap	(1,152)		(1,087)
Total deferred tax liabilities	$	(37,632)	$	(35,624)
Net deferred tax liabilities	$	(22,406)	$	(23,799)

As of March 31, 2024, the Company has determined that it is more likely than not that the deferred tax assets at March 31, 2024 will be realized either through future taxable income or reversals of taxable temporary differences.

We are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The tax years prior to our fiscal year ended March 28, 2021 are closed to examination by the Internal Revenue Service, and with few exceptions, state and local income tax jurisdictions.