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v3.25.1

Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule Of Components of Income Tax Expense | Income taxes for the fiscal years ended March 31, 2024, 2023, and 2022 consisted of the following:
| Fiscal Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
United States | $ | 5,107 |  |  | $ | 9,967 |  |  | $ | 15,042 |
State and local | 696 |  |  | 1,134 |  |  | 265 |
Foreign | 30,711 |  |  | 8,289 |  |  | 25,828 |
| 36,514 |  |  | 19,390 |  |  | 41,135 |
Deferred |  |  |  |  |
United States | (824) |  |  | (4,727) |  |  | (498) |
State and local | (138) |  |  | 613 |  |  | 1,568 |
Foreign | (4,443) |  |  | (3,543) |  |  | (3,542) |
| (5,405) |  |  | (7,657) |  |  | (2,472) |
Total | $ | 31,109 |  |  | $ | 11,733 |  |  | $ | 38,663 |
Foreign taxes include any applicable U.S. tax expense on the earnings of foreign subsidiaries.
Schedule Of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows:
| Fiscal Year Ended March 31,
| 2024 |  | 2023 |  | 2022
U.S. federal statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal benefit | 0.3 |  |  | 1.0 |  |  | 1.0 |
Foreign earnings taxed at rates other than the U.S. federal statutory tax rate | (5.2) |  |  | (1.5) |  |  | 3.7 |
Foreign dividend withholding taxes | 2.9 |  |  | 2.6 |  |  | 2.3 |
Brazil tax ruling | — |  |  | (17.1) |  |  | — |
Changes in uncertain tax positions | (0.2) |  |  | (0.1) |  |  | (0.3) |
Other | 0.2 |  |  | 2.4 |  |  | (0.5) |
Effective income tax rate | 19.0 | % |  | 8.3 | % |  | 27.2 | %
Schedule Of U.S. And Foreign Components Of Income Before Income Taxes And Other Items | The U.S. and foreign components of income before income taxes were as follows:
| Fiscal Year Ended March 31,
| 2024 |  | 2023 |  | 2022
United States | $ | 22,517 |  |  | $ | 27,942 |  |  | $ | 74,553 |
Foreign | 141,563 |  |  | 114,027 |  |  | 67,714 |
Total | $ | 164,080 |  |  | $ | 141,969 |  |  | $ | 142,267 |
Schedule Of Deferred Tax Assets and Liabilities | Significant components of deferred tax liabilities and assets were as follows:
| March 31,
| 2024 |  | 2023
Liabilities |  |  |
Foreign withholding taxes | $ | 15,350 |  |  | $ | 17,123 |
Property, plant and equipment | 10,604 |  |  | 10,617 |
Undistributed earnings | 3,145 |  |  | 3,772 |
Operating lease right-of-use assets | 8,119 |  |  | 5,791 |
Goodwill and other intangible assets | 32,232 |  |  | 33,781 |
Interest rate swap | 3,036 |  |  | 1,885 |
All other | 1,168 |  |  | 2,786 |
Total deferred tax liabilities | $ | 73,654 |  |  | $ | 75,755 |
Assets |  |  |
Employee benefit plans | $ | 15,938 |  |  | $ | 15,654 |
Reserves and accruals | 6,973 |  |  | 5,692 |
Deferred income | 5,827 |  |  | 5,573 |
Operating lease right-of-use liabilities | 7,407 |  |  | 5,500 |
Currency translation losses of foreign subsidiaries | 2,156 |  |  | 2,173 |
Local currency exchange losses of foreign subsidiaries | 2,075 |  |  | 1,084 |
Foreign tax credit carryforward | 8,196 |  |  | 5,578 |
Capital loss carryforwards | 4,143 |  |  | 4,197 |
All other | 9,997 |  |  | 11,016 |
Total deferred tax assets | 62,712 |  |  | 56,467 |
Valuation allowance | (13,016) |  |  | (10,234) |
Net deferred tax assets | $ | 49,696 |  |  | $ | 46,233 |
Schedule Of Combined Income Tax Expense (Benefit) Allocable To Continuing Operations, Other Comprehensive Income, And Adjustments To Shareholders' Equity | The combined income tax expense (benefit) allocable to continuing operations and other comprehensive income was as follows:
| Fiscal Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Continuing operations | $ | 31,109 |  |  | $ | 11,733 |  |  | $ | 38,663 |
Other comprehensive loss | (1,056) |  |  | 3,551 |  |  | 6,555 |
Total | $ | 30,053 |  |  | $ | 15,284 |  |  | $ | 45,218 |
Reconciliation Of The Gross Liability For Uncertain Tax Positions | A reconciliation of the beginning and ending balance of the gross liability for uncertain tax positions is as follows:
| Fiscal Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Liability for uncertain tax positions, beginning of year | $ | 1,415 |  |  | $ | 2,024 |  |  | $ | 2,437 |
Additions: |  |  |  |  |
Related to tax positions for the current year | 65 |  |  | 1,198 |  |  | 48 |
Related to tax positions for prior years | — |  |  | — |  |  | 328 |
Reductions: |  |  |  |  |
Due to lapses of statutes of limitations | (56) |  |  | (75) |  |  | (56) |
Due to tax settlements | (311) |  |  | (1,661) |  |  | (814) |
Effect of currency rate changes | (43) |  |  | (71) |  |  | 81 |
Liability for uncertain tax positions, end of year | $ | 1,070 |  |  | $ | 1,415 |  |  | $ | 2,024 |

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