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Income Tax (tables) | 12 Months Ended
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Mar. 31, 2016
Income Tax Disclosure [Abstract] |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
6. Income Taxes |  |  |  |  |  |  |
The Company files a consolidated federal and various state income tax returns. The provision for income taxes is as follows: |
|  | 2016 |  | 2015 |  | 2014 |
|  | (In thousands) |
Current: |  |  |  |  |  |  |
Federal | $ | 24,579 | $ | 4,380 | $ | 7,238 |
State |  | 1,953 |  | 453 |  | 123 |
|  | 26,532 |  | 4,833 |  | 7,361 |
Deferred: |  |  |  |  |  |  |
Federal |  | (689) |  | (925) |  | (3,231) |
State |  | 156 |  | 313 |  | (567) |
|  | (533) |  | (612) |  | (3,798) |
Total income taxes | $ | 25,999 | $ | 4,221 | $ | 3,563 |
A reconciliation of the expected U.S. statutory rate to the effective rate follows: |
|  | 2016 |  | 2015 |  | 2014 |
Computed (expected tax rate) |  | 35.0 | % | 35.0 | % | 35.0 | %
State income taxes (net of federal tax benefit) |  | 2.7 |  | 2.9 |  | 3.4 |
State tax credits |  | (0.9) |  | (8.7) |  | (1.6) |
Federal credits |  | (0.4) |  | (2.4) |  | (3.6) |
Manufacturer’s deduction |  | (3.9) |  | (5.0) |  | (4.6) |
(Reversal of) addition to uncertain tax positions |  | 0.2 |  | (1.0) |  | (0.8) |
State VDA/Nexus Changes |  | - |  | - |  | (1.7) |
Other permanent differences not deductible |  | (0.2) |  | 0.7 |  | 0.5 |
Change in valuation allowance |  | 0.1 |  | 9.9 |  | (2.1) |
Tax effect of pension contribution |  | - |  | - |  | 0.4 |
Other |  | (0.3) |  | (1.5) |  | (4.4) |
Effective income tax rate |  | 32.3 | % | 29.9 | % | 20.5 | %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
|  | 2016 |  | 2015
|  | (In thousands)
Deferred income tax assets: |  |  |  |
Future tax credits | $ | 3,807 | $ | 4,021
Inventory valuation |  | - |  | 2,348
Employee benefits |  | 3,174 |  | 3,009
Insurance |  | 881 |  | 816
Other comprehensive loss |  | 18,154 |  | 20,335
Interest |  | 21 |  | 46
Prepaid revenue |  | 571 |  | 701
Other |  | 2,804 |  | 1,364
Pension |  | - |  | 1,372
Severance |  | 3 |  | 256
|  | 29,415 |  | 34,268
Deferred income tax liabilities: |  |  |  |
Property basis and depreciation difference |  | 9,330 |  | 9,129
481(a) adjustment |  | 880 |  | 1,281
Inventory valuation |  | 1,247 |  | -
Intangibles |  | 235 |  | -
Earnings from equity investment |  | 69 |  | 245
Pension |  | 2,896 |  | -
|  | 14,657 |  | 10,655
Valuation allowance - non-current |  | 1,861 |  | 1,787
Net deferred income tax asset | $ | 12,897 | $ | 21,826
Summary of Income Tax Contingencies [Table Text Block] |
|  | 2016 |  | 2015
|  | (In thousands)
Beginning balance | $ | 464 | $ | 2,273
Tax positions related to current year: |  |  |  |
Additions |  | 291 |  | 13
Tax positions related to prior years: |  |  |  |
Additions |  | 241 |  | -
Reductions |  | (7) |  | (1,822)
Settlements |  | (166) |  | -
Lapses in statues of limitations |  | (129) |  | -
Balance as of March 31, | $ | 694 | $ | 464

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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