INCOME TAXES (Tables)

12 Months Ended

Mar. 30, 2019

Schedule of Net Income before Income Taxes

Transcat’s income before income taxes on the Consolidated Statements of Income is as follows:

	FY 2019		FY 2018
United States	$	8,561	$	6,995
Foreign		674		953
Total	$	9,235	$	7,948

Schedule of Net Provision for Income Taxes

The provision for income taxes for fiscal years 2019 and 2018 is as follows:

	FY 2019			FY 2018
Current Tax Provision:
Federal	$	701		$	952
State		349			201
Foreign		259			340
		1,309			1,493
Deferred Tax (Benefit) Provision:
Federal	$	943		$	446
State		(80	)		197
Foreign		(82	)		(110	)
		781			533
Provision for Income Taxes	$	2,090		$	2,026

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 2019			FY 2018
Federal Income Tax at Statutory Rate	$	1,939		$	2,448
State Income Taxes, net of federal benefit		213			295
Research and Development Credits		(70	)		(107	)
Impact of Tax Act		-			(535	)
Other, net		8			(75	)
Total	$	2,090		$	2,026

Schedule of Components of the Net Deferred Tax Assets (liabilities)

The components of net deferred tax assets (liabilities) are as follows:

	March 30,			March 31,
	2019			2018
Deferred Tax Assets:
Accrued Liabilities	$	285		$	247
Performance-Based Stock Award Grants		503			337
Inventory Reserves		98			82
Non-Qualified Deferred Compensation Plan		121			172
Post-Retirement Health Care Plans		334			294
Stock-Based Compensation		192			199
Capitalized Inventory Costs		126			122
Other		217			233
Total Deferred Tax Assets	$	1,876		$	1,686

Deferred Tax Liabilities:
Goodwill and Intangible Assets	$	(1,087	)	$	(1,085	)
Depreciation		(3,196	)		(2,264	)
Other		(43	)		(46	)
Total Deferred Tax Liabilities		(4,326	)		(3,395	)

Net Deferred Tax Liabilities	$	(2,450	)	$	(1,709	)