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Income Taxes | 12 Months Ended
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Mar. 31, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | Note 9 – Income Taxes: An analysis of the components of income before income taxes is presented below:
|  | Year ended March 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
United States |  | $ | 7,346 |  |  | $ | 8,301 |  |  | $ | 20,799 |
China |  |  | (297 | ) |  |  | 429 |  |  |  | 953 |
|  | $ | 7,049 |  |  | $ | 8,730 |  |  | $ | 21,752 |
The provision for income taxes related to income before income taxes consists of:
|  | Year ended March 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 2,834 |  |  | $ | 3,795 |  |  | $ | 6,616 |
State |  |  | 118 |  |  |  | 54 |  |  |  | 165 |
Foreign |  |  | (42 | ) |  |  | 272 |  |  |  | 79 |
|  |  | 2,910 |  |  |  | 4,121 |  |  |  | 6,860 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (861 | ) |  |  | (1,319 | ) |  |  | (46 | )
State |  |  | 30 |  |  |  | (82 | ) |  |  | (184 | )
Foreign |  |  | (27 | ) |  |  | (154 | ) |  |  | 173 |
Changes in valuation allowance |  |  | (26 | ) |  |  | 33 |  |  |  | 214 |
|  |  | (884 | ) |  |  | (1,522 | ) |  |  | 157 |
Total provision for income taxes |  | $ | 2,026 |  |  | $ | 2,599 |  |  | $ | 7,017 |
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, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Provision for income taxes at federal rate |  | $ | 2,467 |  |  | $ | 3,055 |  |  | $ | 7,613 |
State taxes |  |  | 129 |  |  |  | (28 | ) |  |  | (103 | )
Charges not deductible for income tax purposes |  |  | 39 |  |  |  | 64 |  |  |  | 79 |
Recognition of tax benefit generated by qualified production activities deduction |  |  | (209 | ) |  |  | (245 | ) |  |  | (382 | )
Research and development tax credits |  |  | (196 | ) |  |  | (232 | ) |  |  | (180 | )
Valuation allowance |  |  | (26 | ) |  |  | 33 |  |  |  | 214 |
Difference in federal rate |  |  | (194 | ) |  |  |  |  |  |  |  |
Other |  |  | 16 |  |  |  | (48 | ) |  |  | (224 | )
Provision for income taxes |  | $ | 2,026 |  |  | $ | 2,599 |  |  | $ | 7,017 |
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, |
|  | 2017 |  |  | 2016 |
Depreciation |  | $ | (2,201 | ) |  | $ | (2,352 | )
Accrued compensation |  |  | 242 |  |  |  | 247 |
Prepaid pension asset |  |  | (845 | ) |  |  | 355 |
Accrued pension liability |  |  | 175 |  |  |  | 138 |
Accrued postretirement benefits |  |  | 299 |  |  |  | 309 |
Compensated absences |  |  | 601 |  |  |  | 571 |
Inventories |  |  | 1,045 |  |  |  | 905 |
Warranty liability |  |  | 191 |  |  |  | 242 |
Accrued expenses |  |  | 937 |  |  |  | 702 |
Stock-based compensation |  |  | 548 |  |  |  | 485 |
Intangible assets |  |  | (5,097 | ) |  |  | (5,159 | )
New York State investment tax credit |  |  | 959 |  |  |  | 985 |
Other |  |  | 79 |  |  |  | 11 |
|  |  | (3,067 | ) |  |  | (2,561 | )
Less: Valuation allowance |  |  | (959 | ) |  |  | (985 | )
Total |  | $ | (4,026 | ) |  | $ | (3,546 | )
The foreign deferred income tax asset of $25 at March 31, 2017 is included in the caption "Other Assets" in the Consolidated Balance Sheet. Deferred income taxes include the impact of state investment tax credits of $305, which expire from 2017 to 2031 and state investment tax credits of $654, which have 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, 2017 and 2016 related to certain state investment tax credits would not be realized, and recorded a valuation allowance of $959 and $985, 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 U.S. federal examination for tax years 2014 through 2016 and examination in state tax jurisdictions for tax years 2012 through 2016. The Company is subject to examination in the People's Republic of China for tax years 2013 through 2016. The liability for unrecognized tax benefits was $0 at each of March 31, 2017 and 2016.

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- 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 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 2: 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=65882285&loc=d3e32559-109319 Reference 3: 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=65882285&loc=d3e32718-109319 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=65882285&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=65882285&loc=d3e32537-109319 + Details
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