Boot Barn Holdings, Inc. - 10-K filing on 2017-06-07

Income Taxes (Tables)

12 Months Ended

Apr. 01, 2017

Income tax expense consisted of the following:


	Fiscal Year Ended
	April 1,		March 26,		March 28,
(in thousands)	2017		2016		2015
Current:
Federal	$	2,274	$	2,533	$	6,542
State		464		1,105		1,203
Foreign		8		8		—
Total current		2,746		3,646		7,745
Deferred:
Federal		5,946		3,736		1,461
State		231		65		(740)
Foreign		(1)		(4)		—
Total deferred		6,176		3,797		721
Total income tax expense	$	8,922	$	7,443	$	8,466

Schedule of reconciliation between the Company’s effective tax rate on income from operations and the statutory tax rate

The reconciliation between the Company’s effective tax rate on income from operations and the statutory tax rate is as follows:


	Fiscal Year Ended
	April 1,		March 26,		March 28,
	2017		2016		2015
Expected provision at statutory U.S. federal tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes, net of federal tax benefit	3.0		4.7		3.7
Change in tax rates	(1.2)		1.0		0.5
State credits	—		—		—
Acquisition costs	—		1.8		—
Permanent items	0.3		1.7		—
Other	1.5		(1.2)		(1.1)
Effective tax rate	38.6	%	43.0	%	38.1	%

Schedule of significant components of the Company’s net deferred tax assets

Significant components of the Company’s net deferred tax liabilities as of April 1, 2017 and March 26, 2016 consisted of the following (in thousands):


	April 1		March 26,
	2017		2016
Deferred tax assets:
State taxes	$	237	$	232
Accrued liabilities		3,479		2,909
Award program liabilities		782		768
Deferred revenue		1,233		731
Inventory		3,421		2,602
Stock options		2,574		1,960
Net operating loss carryforward		7,232		11,611
Other		584		510
Total deferred tax assets		19,542		21,323
Deferred tax liabilities:
Depreciation and amortization		(29,551)		(25,531)
Prepaid expenses		(926)		(784)
Total deferred tax liabilities		(30,477)		(26,315)
Valuation allowance		(235)		—
Deferred income taxes, net	$	(11,170)	$	(4,992)