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v3.20.1

Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2020
Investments, Owned, Federal Income Tax Note [Line Items] |
Schedule of Unrecognized Tax Benefits Roll Forward | Changes in the Company’s uncertain income tax positions, excluding the related accrual for interest and penalties, are as follows:
|  | 2020 |  | 2019 |  | 2018
Beginning balance |  | $ | 936 |  |  | $ | 592 |  |  | $ | 975 |
Additions for tax positions of the current year |  | — |  |  | 550 |  |  | 444 |
Reductions for prior year tax positions |  | (802 | ) |  | (141 | ) |  | — |
Foreign currency translation |  | (2 | ) |  | (65 | ) |  | 20 |
Lapses in statutes of limitation |  | — |  |  | — |  |  | (847 | )
Ending balance |  | $ | 132 |  |  | $ | 936 |  |  | $ | 592 |
Schedule of Classification of Deferred Income Taxes in Consolidated Balance Sheet | Deferred income taxes are classified within the consolidated balance sheets based on the following breakdown:
|  | March 31,
|  | 2020 |  | 2019
Net non-current deferred tax assets |  | $ | 26,281 |  |  | $ | 27,707 |
Net non-current deferred tax liabilities |  | (18,213 | ) |  | (20,082 | )
Net deferred tax assets (liabilities) |  | $ | 8,068 |  |  | $ | 7,625 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:
|  | March 31,
|  | 2020 |  | 2019
Deferred tax assets: |  |  |  |
Federal net operating loss carryforwards |  | $ | 18,091 |  |  | $ | 21,990 |
State and foreign net operating loss carryforwards |  | 7,142 |  |  | 8,069 |
Employee benefit plans |  | 31,471 |  |  | 27,955 |
Insurance reserves |  | 3,216 |  |  | 3,204 |
Accrued vacation and incentive costs |  | 3,218 |  |  | 4,766 |
Federal tax credit carryforwards |  | 11,922 |  |  | 17,685 |
ASC 842 Lease Liability |  | 9,048 |  |  | — |
Equity compensation |  | 1,974 |  |  | 2,285 |
Other |  | 7,319 |  |  | 4,449 |
Valuation allowance |  | (15,036 | ) |  | (16,881 | )
Deferred tax assets after valuation allowance |  | 78,365 |  |  | 73,522 |
Deferred tax liabilities: |  |  |  |
Property, plant, and equipment |  | (1,962 | ) |  | (2,429 | )
ASC 842 Right-of-Use Asset |  | (8,938 | ) |  | — |
Intangible assets |  | (59,397 | ) |  | (63,468 | )
Total deferred tax liabilities |  | (70,297 | ) |  | (65,897 | )
Net deferred tax assets (liabilities) |  | $ | 8,068 |  |  | $ | 7,625 |
Schedule of Components of Income Tax Expense (Benefit) | The sources and tax effects of the differences were as follows:
|  | Year Ended March 31,
|  | 2020 |  | 2019 |  | 2018
Statutory federal income tax rate (1) |  | 21.00 | % |  | 21.00 | % |  | 31.55 | %
Expected tax at statutory rate |  | $ | 16,203 |  |  | $ | 11,108 |  |  | $ | 15,676 |
Effect of Tax Reform Act (2), (3) |  | — |  |  | (1,500 | ) |  | 17,602 |
State income taxes net of federal benefit |  | 1,397 |  |  | 1,728 |  |  | (37 | )
Foreign taxes at rates other than statutory federal rate |  | 1,102 |  |  | (145 | ) |  | (2,667 | )
Net loss on sale of businesses (5) |  | — |  |  | 4,041 |  |  | — |
Permanent items (8), (9) |  | 266 |  |  | (1,694 | ) |  | (2,220 | )
Valuation allowance (4), (6) |  | (1,184 | ) |  | 13,190 |  |  | (104 | )
Foreign tax credits (4) |  | — |  |  | (15,371 | ) |  | — |
Federal tax credits (7) |  | (1,903 | ) |  | (1,376 | ) |  | (612 | )
Other |  | 1,603 |  |  | 340 |  |  | (18 | )
Actual tax provision expense |  | $ | 17,484 |  |  | $ | 10,321 |  |  | $ | 27,620 |
(1) For fiscal 2018, represents the blended rate of 35 percent for the first three quarters of the fiscal year and 21 percent for the fourth quarter. (2) For fiscal 2018, represents the discrete expense of the one-time transition tax ($1,500,000) and the remeasurement of our net U.S. deferred tax assets at the new lower U.S. corporate income tax rate ($16,102,000). (3) For fiscal 2019, represents the discrete benefit of the reduction of the one-time transition tax of $1,500,000 recorded in fiscal 2018 to zero. (4) For fiscal 2019, primarily represents foreign tax credits generated by the one-time transition tax calculation and valuation allowance as the Company believes their utilization is uncertain. (5) For fiscal 2019, represents losses on sales of businesses that are not deductible for income tax purposes. (6) For fiscal 2020, represents the reversal of a valuation allowance on certain foreign tax credits offset by increases in valuation allowances required in certain foreign jurisdiction. (7) Federal tax credits include research and development credits and minimum tax credits. (8) For fiscal 2019, permanent items include a FDII deduction of $945,000. (9) For fiscal 2020, permanent items include a net GILTI inclusion of $525,000 and a FDII deduction of $1,029,000. The provision for income tax expense (benefit) consisted of the following:
|  | Year Ended March 31,
|  | 2020 |  | 2019 |  | 2018
Current income tax expense (benefit): |  |  |  |  |  |
United States Federal |  | $ | (2,491 | ) |  | $ | (1,663 | ) |  | $ | 1,109 |
State taxes |  | 626 |  |  | 394 |  |  | 402 |
Foreign |  | 11,984 |  |  | 12,548 |  |  | 6,141 |
Deferred income tax expense (benefit): |  |  |  |  |  |
United States |  | 7,827 |  |  | 5,873 |  |  | 21,177 |
Foreign |  | (462 | ) |  | (6,831 | ) |  | (1,209 | )
|  | $ | 17,484 |  |  | $ | 10,321 |  |  | $ | 27,620 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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