XML 81 R19.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Income Taxes | 12 Months Ended
--- | ---
Mar. 31, 2014
Income Tax Disclosure [Abstract] |
Income Taxes | Note 10 — Income Taxes: An analysis of the components of income before income taxes is presented below:
|  | Year ended March 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
United States |  | $ | 14,127 |  |  | $ | 14,597 |  |  | $ | 16,708 |
China |  |  | 583 |  |  |  | 980 |  |  |  | (31 | )
|  | $ | 14,710 |  |  | $ | 15,577 |  |  | $ | 16,677 |
The provision for income taxes related to income before income taxes consists of:
|  | Year ended March 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 5,146 |  |  | $ | 6,721 |  |  | $ | 1,744 |
State |  |  | 68 |  |  |  | 65 |  |  |  | (19 | )
Foreign |  |  | 362 |  |  |  | — |  |  |  | (14 | )
|  |  | 5,576 |  |  |  | 6,786 |  |  |  | 1,711 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (761 | ) |  |  | (2,538 | ) |  |  | 4,521 |
State |  |  | (184 | ) |  |  | (223 | ) |  |  | (140 | )
Foreign |  |  | (240 | ) |  |  | 260 |  |  |  | 18 |
Changes in valuation allowance |  |  | 174 |  |  |  | 144 |  |  |  | 14 |
|  |  | (1,011 | ) |  |  | (2,357 | ) |  |  | 4,413 |
Total provision for income taxes |  | $ | 4,565 |  |  | $ | 4,429 |  |  | $ | 6,124 |
The reconciliation of the provision calculated using the U.S. federal tax rate with the provision for income taxes presented in the consolidated financial statements is as follows:
|  | Year ended March 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Provision for income taxes at federal rate |  | $ | 5,149 |  |  | $ | 5,452 |  |  | $ | 5,670 |
State taxes |  |  | (139 | ) |  |  | (173 | ) |  |  | (100 | )
Charges not deductible for income tax purposes |  |  | 59 |  |  |  | 78 |  |  |  | 281 |
Recognition of tax benefit generated by qualified production activities deduction |  |  | (403 | ) |  |  | (417 | ) |  |  | (77 | )
Research and development tax credits |  |  | (80 | ) |  |  | (307 | ) |  |  | (134 | )
Valuation allowance |  |  | 174 |  |  |  | 144 |  |  |  | 14 |
Uncertain tax positions |  |  | (134 | ) |  |  | 90 |  |  |  | 428 |
Contingent earn-out |  |  | — |  |  |  | (326 | ) |  |  | — |
Other |  |  | (61 | ) |  |  | (112 | ) |  |  | 42 |
Provision for income taxes |  | $ | 4,565 |  |  | $ | 4,429 |  |  | $ | 6,124 |
The net deferred income tax liability recorded in the Consolidated Balance Sheets results from differences between financial statement and tax reporting of income and deductions. A summary of the composition of the Company’s net deferred income tax liability follows:
|  | March 31, |
|  | 2014 |  |  | 2013 |
Depreciation |  | $ | (2,207 | ) |  | $ | (2,212 | )
Accrued compensation |  |  | 201 |  |  |  | 200 |
Prepaid pension asset |  |  | (2,026 | ) |  |  | (831 | )
Accrued pension liability |  |  | 105 |  |  |  | 90 |
Accrued postretirement benefits |  |  | 336 |  |  |  | 364 |
Compensated absences |  |  | 584 |  |  |  | 584 |
Inventories |  |  | (101 | ) |  |  | (968 | )
Warranty liability |  |  | 109 |  |  |  | 144 |
Accrued expenses |  |  | 329 |  |  |  | 219 |
Stock-based compensation |  |  | 419 |  |  |  | 459 |
Intangible assets |  |  | (5,294 | ) |  |  | (5,353 | )
Net operating loss carryforwards |  |  | — |  |  |  | 151 |
New York State investment tax credit |  |  | 738 |  |  |  | 564 |
Other |  |  | 24 |  |  |  | (132 | )
|  |  | (6,783 | ) |  |  | (6,721 | )
Less: Valuation allowance |  |  | (738 | ) |  |  | (564 | )
Total |  | $ | (7,521 | ) |  | $ | (7,285 | )
The net deferred income tax liability is presented in the Consolidated Balance Sheets as follows:
|  | March 31, |
|  | 2014 |  |  | 2013 |
Current deferred income tax asset |  | $ | 668 |  |  | $ | 69 |
Long-term deferred income tax asset |  |  | 8 |  |  |  | 150 |
Current deferred income tax liability |  |  | — |  |  |  | (373 | )
Long-term deferred income tax liability |  |  | (8,197 | ) |  |  | (7,131 | )
|  | $ | (7,521 | ) |  | $ | (7,285 | )
Deferred income taxes include the impact of state investment tax credits of $298, which expire from 2015 to 2028 and state investment tax credits of $440 with an unlimited carryforward period. In assessing the realizability of deferred tax assets, management considers, within each taxing jurisdiction, whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the consideration of the weight of both positive and negative evidence, management determined that a portion of the deferred tax assets as of March 31, 2014 and 2013 related to certain state investment tax credits would not be realized, and recorded a valuation allowance of $738 and $564, respectively. The Company files federal and state income tax returns in several domestic and international jurisdictions. In most tax jurisdictions, returns are subject to examination by the relevant tax authorities for a number of years after the returns have been filed. The Company is subject to examination in federal and state tax jurisdictions for tax year 2013 and tax years 2009 through 2013, respectively. The Company is subject to examination in the People’s Republic of China for tax years 2011 through 2013. During fiscal 2014, the U.S. Internal Revenue Service (“IRS”) examination of tax years 2011 and 2012 was completed. Based upon the results of the IRS examination, the Company reduced its liability for unrecognized tax benefits by $134. The liability for unrecognized tax benefits was $0 and $134 on March 31, 2014 and 2013, respectively. It is the Company’s policy to recognize any interest related to uncertain tax positions in interest expense and any penalties related to uncertain tax positions in selling, general and administrative expense. During fiscal 2014, the Company reversed provisions made in previous years for interest related to its uncertain tax positions of $11 based upon the results of the IRS examination of tax years 2011 and 2012. During fiscal 2013, the Company reversed provisions that had been made in previous years for interest related to its uncertain tax positions due to lower assessments by the IRS than expected. Including this reversal, the Company recorded ($320) in fiscal 2013 for interest related to its uncertain tax positions. Interest of $259 was recorded in fiscal 2012 related to the Company’s uncertain tax positions. No penalties related to uncertain tax positions were recorded in fiscal 2014, fiscal 2013 or fiscal 2012. The following table summarizes the changes to the unrecognized tax benefit:
|  | Year Ended March 31, |
|  | 2014 |  |  | 2013 |
Balance at beginning of year |  | $ | 134 |  |  | $ | 1,787 |
Deductions based upon tax positions taken during prior periods |  |  | (134 | ) |  |  | (893 | )
Additions based upon tax positions taken during the current period |  |  | — |  |  |  | 40 |
Settlements |  |  | — |  |  |  | (800 | )
Balance at end of year |  | $ | — |  |  | $ | 134 |

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration