Income Taxes (Tables)

12 Months Ended

Apr. 01, 2023

The following details the provision for income taxes for fiscal years 2023, 2022 and 2021 (in thousands):


	2023		2022		2021
Current
Federal	$	51,190	$	7,271	$	16,823
State	12,709		8,768		3,128
Foreign	50		—		—
	63,949		16,039		19,951
Deferred

Federal	2,705		(1,257)		302
State	(732)		(535)		13
	1,973		(1,792)		315
	$	65,922	$	14,247	$	20,266

Reconciliations of income taxes

A reconciliation of income taxes computed by applying the expected federal statutory income tax rate of 21% for fiscal years 2023, 2022 and 2021 to income before income taxes reported in the Consolidated Statements of Comprehensive Income is as follows (in thousands):


	2023		2022		2021
Federal income tax at statutory rate	$	64,420	$	44,518	$	20,351
State income taxes, net of federal benefit	12,172		8,075		3,422
Stock-based compensation	(884)		(1,421)		(2,710)
Tax credits	(10,847)		(37,488)		(1,356)
Other	1,061		563		559
	$	65,922	$	14,247	$	20,266

Net deferred tax assets and liabilities

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


	April 1, 2023		April 2, 2022
Net deferred tax (liabilities) assets
Property, plant and equipment	$	(16,763)	$	(7,030)
Goodwill	(16,041)		(16,675)
Warranty reserves	7,355		5,913
Lease - Operating lease liability	6,323		4,270
Lease - Right of use assets	(6,050)		(3,968)
Salaries and wages	3,675		3,924
Accrued volume rebates	2,713		2,600
Research and experimentation expenditures	2,712		—
Inventory	2,151		2,192
Stock-based compensation	2,086		2,199
Loan discount	970		1,275
Unrealized gains on marketable equity investments	(5)		(1,715)
Other	3,293		1,487
	$	(7,581)	$	(5,528)