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Income Taxes | 12 Months Ended
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Mar. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | Note 11 – Income Taxes: An analysis of the components of income (loss) before provision for income taxes is presented below:
|  | Year ended March 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
United States |  | $ | (602 | ) |  | $ | 2,405 |  |  | $ | (256 | )
Asia |  |  | 3,869 |  |  |  | (93 | ) |  |  | 111 |
|  | $ | 3,267 |  |  | $ | 2,312 |  |  | $ | (145 | )
The provision for income taxes consists of:
|  | Year ended March 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 924 |  |  | $ | 547 |  |  | $ | 181 |
State |  |  | 62 |  |  |  | 176 |  |  |  | 141 |
Foreign |  |  | 468 |  |  |  | 4 |  |  |  | — |
|  |  | 1,454 |  |  |  | 727 |  |  |  | 322 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (960 | ) |  |  | (694 | ) |  |  | (3,993 | )
State |  |  | (116 | ) |  |  | 8 |  |  |  | (84 | )
Foreign |  |  | 508 |  |  |  | (12 | ) |  |  | 41 |
Changes in valuation allowance |  |  | 7 |  |  |  | 411 |  |  |  | 3,877 |
|  |  | (561 | ) |  |  | (287 | ) |  |  | (159 | )
Total provision for income taxes |  | $ | 893 |  |  | $ | 440 |  |  | $ | 163 |
The reconciliation of the provision (benefit) 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, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Provision (benefit) for income taxes at federal rate |  | $ | 686 |  |  | $ | 486 |  |  | $ | (30 | )
State taxes |  |  | (35 | ) |  |  | 120 |  |  |  | 45 |
Charges not deductible for income tax purposes |  |  | 158 |  |  |  | 55 |  |  |  | 89 |
Research and development tax credits |  |  | (172 | ) |  |  | (211 | ) |  |  | (177 | )
Valuation allowance |  |  | 7 |  |  |  | 411 |  |  |  | 3,877 |
Difference in federal rate |  |  | 156 |  |  |  | (1 | ) |  |  | 3 |
Impairment of goodwill and intangible assets |  |  | — |  |  |  | — |  |  |  | 257 |
Foreign tax credit |  |  | (84 | ) |  |  | — |  |  |  | — |
Foreign-derived intangible income deduction |  |  | (81 | ) |  |  | (95 | ) |  |  | (69 | )
Global intangible low-taxed income |  |  | 405 |  |  |  | (1 | ) |  |  | 11 |
Net operating loss carryback |  |  | (146 | ) |  |  | — |  |  |  | — |
Capital loss from sale of Energy Steel |  |  | — |  |  |  | (325 | ) |  |  | (3,848 | )
Other |  |  | (1 | ) |  |  | 1 |  |  |  | 5 |
Provision for income taxes |  | $ | 893 |  |  | $ | 440 |  |  | $ | 163 |
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, |
|  | 2021 |  |  | 2020 |
Depreciation |  | $ | (1,772 | ) |  | $ | (1,707 | )
Accrued compensation |  |  | 147 |  |  |  | 206 |
Prepaid pension asset |  |  | (1,386 | ) |  |  | (783 | )
Accrued pension liability |  |  | 347 |  |  |  | 169 |
Accrued postretirement benefits |  |  | 131 |  |  |  | 143 |
Compensated absences |  |  | 435 |  |  |  | 402 |
Inventories |  |  | 462 |  |  |  | (13 | )
Warranty liability |  |  | 140 |  |  |  | 81 |
Accrued expenses |  |  | 585 |  |  |  | 366 |
Equity-based compensation |  |  | 337 |  |  |  | 385 |
Operating lease assets |  |  | (22 | ) |  |  | (58 | )
Operating lease liabilities |  |  | 23 |  |  |  | 60 |
New York State investment tax credit |  |  | 1,115 |  |  |  | 1,108 |
Net operating loss carryforwards |  |  | — |  |  |  | 75 |
Capital loss related to sale of Energy Steel |  |  | 4,211 |  |  |  | 4,211 |
Other |  |  | (62 | ) |  |  | 1 |
|  |  | 4,691 |  |  |  | 4,646 |
Less: Valuation allowance |  |  | (5,326 | ) |  |  | (5,319 | )
Total |  | $ | (635 | ) |  | $ | (673 | )
The foreign deferred income tax asset of $0 and $48 at March 31, 2021 and 2020, respectively, is included in the caption "Other assets" in the Consolidated Balance Sheets. Deferred income taxes include the impact of state investment tax credits of $321, which expire from 2022 to 2035 and state investment tax credits of $794, 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, 2021 and 2020 related to certain state investment tax credits and the capital loss related to Energy Steel would not be realized, and recorded a valuation allowance of $5,326 and $5,319, 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 2017 through 2020 and examination in state tax jurisdictions for tax years 2016 through 2020. The Company is subject to examination in the People's Republic of China for tax years 2017 through 2020 and in India for tax years 2018 through 2020. The liability for unrecognized tax benefits was $0 at each of March 31, 2021 and 2020. On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security ("CARES") Act into law. The CARES Act included several significant business tax provisions that, among other things, would eliminate the taxable income limit for certain net operating losses and allow businesses to carry back net operating losses arising in 2018, 2019 and 2020 to the five prior tax years, accelerate refunds of previously generated corporate alternative minimum tax credits, change the business interest limitation under IRC section 163(j) from 30% to 50%, and fix qualified improvement property from the Tax Cuts and Jobs Act (the "Tax Act"). These provisions did not have a material impact on the Company’s consolidated financial statements.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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