XML 30 R18.htm IDEA: XBRL DOCUMENT
v3.23.1

Income Taxes | 12 Months Ended
--- | ---
Mar. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Note 10 – Income Taxes: An analysis of the components of income (loss) before provision (benefit) for income taxes is presented below:
|  | Year ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
United States |  | $ | (66 | ) |  | $ | (11,954 | ) |  | $ | (602 | )
Asia |  |  | 627 |  |  |  | 738 |  |  |  | 3,869 |
|  | $ | 561 |  |  | $ | (11,216 | ) |  | $ | 3,267 |
The provision (benefit) for income taxes consists of:
|  | Year ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 37 |  |  | $ | (31 | ) |  | $ | 924 |
State |  |  | 204 |  |  |  | 72 |  |  |  | 62 |
Foreign |  |  | 73 |  |  |  | 749 |  |  |  | 468 |
|  |  | 314 |  |  |  | 790 |  |  |  | 1,454 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (89 | ) |  |  | (2,648 | ) |  |  | (960 | )
State |  |  | (82 | ) |  |  | (155 | ) |  |  | (116 | )
Foreign |  |  | 93 |  |  |  | (423 | ) |  |  | 508 |
Changes in valuation allowance |  |  | (42 | ) |  |  | (7 | ) |  |  | 7 |
|  |  | (120 | ) |  |  | (3,233 | ) |  |  | (561 | )
Total provision (benefit) for income taxes |  | $ | 194 |  |  | $ | (2,443 | ) |  | $ | 893 |
The reconciliation of the provision (benefit) calculated using the U.S. federal tax rate with the provision (benefit) for income taxes presented in the consolidated financial statements is as follows:
|  | Year ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Provision (benefit) for income taxes at federal rate |  | $ | 118 |  |  | $ | (2,355 | ) |  | $ | 686 |
State taxes |  |  | 92 |  |  |  | (96 | ) |  |  | (35 | )
Charges not deductible for income tax purposes |  |  | 26 |  |  |  | 147 |  |  |  | 158 |
Stock based compensation |  |  | 114 |  |  |  | — |  |  |  | — |
Research and development tax credits |  |  | (240 | ) |  |  | (295 | ) |  |  | (172 | )
Valuation allowance |  |  | (42 | ) |  |  | (7 | ) |  |  | 7 |
Difference in federal rate |  |  | 27 |  |  |  | 31 |  |  |  | 156 |
Nondeductible fringe benefits |  |  | 44 |  |  |  | — |  |  |  | — |
Foreign withholding tax |  |  | — |  |  |  | 138 |  |  |  | — |
Foreign tax credit |  |  | — |  |  |  | — |  |  |  | (84 | )
Foreign-derived intangible income deduction |  |  | — |  |  |  | (2 | ) |  |  | (81 | )
Global intangible low-taxed income |  |  | 55 |  |  |  | — |  |  |  | 405 |
Net operating loss carryback |  |  | — |  |  |  | — |  |  |  | (146 | )
Other |  |  | — |  |  |  | (4 | ) |  |  | (1 | )
Provision for income taxes |  | $ | 194 |  |  | $ | (2,443 | ) |  | $ | 893 |
The net deferred income tax asset (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 asset (liability) follows:
|  | March 31, |
|  | 2023 |  |  | 2022 |
Depreciation |  | $ | (3,117 | ) |  | $ | (3,345 | )
Accrued compensation |  |  | 309 |  |  |  | 362 |
Goodwill |  |  | (224 | ) |  |  | 180 |
Prepaid pension asset |  |  | (1,355 | ) |  |  | (1,557 | )
Accrued pension liability |  |  | 245 |  |  |  | 291 |
Accrued postretirement benefits |  |  | 79 |  |  |  | 105 |
Compensated absences |  |  | 567 |  |  |  | 515 |
Inventories |  |  | (10 | ) |  |  | 899 |
Warranty liability |  |  | 135 |  |  |  | 99 |
Accrued expenses |  |  | 1,276 |  |  |  | 1,230 |
Equity-based compensation |  |  | 230 |  |  |  | 240 |
Allowance for doubtful accounts |  |  | 422 |  |  |  | — |
Operating lease assets |  |  | (1,894 | ) |  |  | (1,954 | )
Operating lease liabilities |  |  | 1,963 |  |  |  | 1,990 |
Acquisition costs |  |  | 142 |  |  |  | 152 |
Intangible assets |  |  | 236 |  |  |  | 158 |
New York State investment tax credit |  |  | 1,066 |  |  |  | 1,108 |
Research and development tax credit |  |  | 1,243 |  |  |  | 240 |
Research and development credit carryforward |  |  | 367 |  |  |  | — |
Net operating loss carryforwards |  |  | 2,205 |  |  |  | 2,748 |
Capital loss related to sale of Energy Steel |  |  | 4,211 |  |  |  | 4,211 |
Other |  |  | (129 | ) |  |  | 26 |
|  |  | 7,967 |  |  |  | 7,698 |
Less: Valuation allowance |  |  | (5,277 | ) |  |  | (5,319 | )
Total |  | $ | 2,690 |  |  | $ | 2,379 |
Deferred income taxes include the impact of state investment tax credits of $272, which expire from 2024 to 2036 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, 2023 and 2022 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 $5,277 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 2019 through 2022 and examination in state tax jurisdictions for tax years 2018 through 2022. The Company is subject to examination in the People's Republic of China for tax years 2019 through 2022 and in India for tax years 2019 through 2022. The liability for unrecognized tax benefits was $0 at each of March 31, 2023 and 2022.

X
- References No definition available. + 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=122134291&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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=122134291&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 https://asc.fasb.org/extlink&oid=121826272&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 https://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 https://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 https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration