Income Taxes

12 Months Ended

Apr. 02, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The provisions for income taxes for fiscal 2023, 2022 and 2021 were as follows:

	2023		2022		2021
(In thousands)
Federal — current	$	15,072	$	14,736	$	11,169
State — current	7,701		5,202		4,391
Total current	22,773		19,938		15,560
Federal — deferred	704		(1,054)		(302)
State — deferred	(936)		(447)		(387)
Total deferred	(232)		(1,501)		(689)
Total provision	$	22,541	$	18,437	$	14,871

Reconciliations of the provisions for income taxes to the applicable federal statutory income tax rate for fiscal 2023, 2022 and 2021 are listed below.

	2023		2022		2021
Statutory federal income tax	21.0	%	21.0	%	21.0	%
State income taxes, net of federal deduction	6.8	%	5.6	%	5.9	%
ESOP dividend deduction on allocated shares	(0.2)	%	(0.2)	%	(0.2)	%
Other — net	(0.3)	%	(0.1)	%	(0.1)	%
Total	27.3	%	26.3	%	26.6	%

The tax effects of items comprising our net deferred tax liability as of April 2, 2023 and April 3, 2022 are as follows:

(In thousands)	2023		2022
Deferred tax assets:
Trade receivables	$	51	$	99
Stock compensation accruals	2,027		1,823
Pension withdrawal liability	1,155		1,250
Lease liability	2,820		2,916
Inventories	2,437		—
Other	3,335		3,097
Total deferred tax assets	$	11,825	$	9,185
Deferred tax liabilities:
Inventories	$	—	$	(1,288)
Prepaid expenses	(1,089)		(937)
Excess of tax over book depreciation	(16,360)		(12,234)
Intangible assets	(14,334)		(14,806)
ROU asset	(2,754)		(2,864)
Unrealized gain on interest rate swap	(1,087)		(478)
Total deferred tax liabilities	$	(35,624)	$	(32,607)
Net deferred tax liabilities	$	(23,799)	$	(23,422)

As of April 2, 2023, the Company has determined that it is more likely than not that the deferred tax assets at April 2, 2023 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 29, 2020 are closed to examination by the Internal Revenue Service, and with few exceptions, state and local income tax jurisdictions.