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v3.22.1

Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2022
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:
|  | 2022 |  | 2021 |  | 2020
Beginning balance |  | $ | 141 |  |  | $ | 132 |  |  | $ | 936 |
Reductions for prior year tax positions |  | — |  |  | — |  |  | (802) |
Additions for prior year tax positions |  | 281 |  |  | — |  |  | — |
Foreign currency translation |  | (8) |  |  | 9 |  |  | (2) |
Ending balance |  | $ | 414 |  |  | $ | 141 |  |  | $ | 132 |
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,
|  | 2022 |  | 2021
Net non-current deferred tax assets |  | $ | 2,313 |  |  | $ | 20,080 |
Net non-current deferred tax liabilities |  | (41,645) |  |  | (17,600) |
Net deferred tax assets (liabilities) |  | $ | (39,332) |  |  | $ | 2,480 |
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,
|  | 2022 |  | 2021
Deferred tax assets: |  |  |  |
Federal net operating loss carryforwards |  | $ | 17,567 |  |  | $ | 16,038 |
State and foreign net operating loss carryforwards |  | 10,075 |  |  | 7,404 |
Employee benefit plans |  | 16,625 |  |  | 24,692 |
Insurance reserves |  | 3,609 |  |  | 3,488 |
Accrued vacation and incentive costs |  | 3,682 |  |  | 3,061 |
Federal tax credit carryforwards |  | 12,427 |  |  | 13,238 |
ASC 842 Lease Liability |  | 10,872 |  |  | 8,623 |
Equity compensation |  | 3,927 |  |  | 2,782 |
Other |  | 8,394 |  |  | 7,308 |
Valuation allowance |  | (16,147) |  |  | (15,103) |
Deferred tax assets after valuation allowance |  | 71,031 |  |  | 71,531 |
Deferred tax liabilities: |  |  |  |
Property, plant, and equipment |  | (4,917) |  |  | (1,889) |
ASC 842 Right-of-Use Asset |  | (10,130) |  |  | (8,446) |
Intangible assets |  | (95,316) |  |  | (58,716) |
Total deferred tax liabilities |  | (110,363) |  |  | (69,051) |
Net deferred tax assets (liabilities) |  | $ | (39,332) |  |  | $ | 2,480 |
Schedule of Income before Income Tax, Domestic and Foreign | The provision for income tax expense (benefit) consisted of the following:
|  | Year Ended March 31,
|  | 2022 |  | 2021 |  | 2020
Current income tax expense (benefit): |  |  |  |  |  |
United States Federal |  | $ | (2,482) |  |  | $ | 810 |  |  | $ | (2,491) |
State taxes |  | 571 |  |  | 618 |  |  | 626 |
Foreign |  | 12,666 |  |  | 8,246 |  |  | 11,984 |
Deferred income tax expense (benefit): |  |  |  |  |  |
United States |  | 1,139 |  |  | (5,996) |  |  | 7,827 |
Foreign |  | (3,108) |  |  | (2,708) |  |  | (462) |
|  | $ | 8,786 |  |  | $ | 970 |  |  | $ | 17,484 |
Schedule of Effective Income Tax Rate Reconciliation | The sources and tax effects of the differences were as follows:
|  | Year Ended March 31,
|  | 2022 |  | 2021 |  | 2020
Statutory federal income tax rate |  | 21.00 | % |  | 21.00 | % |  | 21.00 | %
Expected tax at statutory rate |  | $ | 8,109 |  |  | $ | 2,116 |  |  | $ | 16,203 |
State income taxes net of federal benefit |  | 759 |  |  | (450) |  |  | 1,397 |
Foreign taxes at rates other than statutory federal rate |  | 779 |  |  | 287 |  |  | 1,102 |
Permanent items (1) |  | (270) |  |  | 178 |  |  | 266 |
Valuation allowance (2) |  | 300 |  |  | 84 |  |  | (1,184) |
Federal tax credits (3) |  | (700) |  |  | (700) |  |  | (1,903) |
Other (4) |  | (191) |  |  | (545) |  |  | 1,603 |
Actual tax provision expense |  | $ | 8,786 |  |  | $ | 970 |  |  | $ | 17,484 |
(1) For fiscal 2022, permanent items include a net GILTI inclusion of $265,000 and Subpart F income of $580,000. For fiscal 2020, permanent items include a net GILTI inclusion of $525,000 and a FDII deduction of $1,029,000 (2) For fiscal 2022 the valuation allowance represents normal current year activity driven by certain foreign jurisdictions and 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 jurisdictions. (3) For Fiscal 2022 Federal tax credits include research and development credits of $700,000. For fiscal 2021, Federal tax credits include research and development credits of $700,000. For fiscal 2020, Federal tax credits include research and development credits of $800,000 and minimum tax credits of $1,103,000. (4) For Fiscal 2022 Other primarily relates to the FY21 NOL generated and related carryback benefit of $908,000. For fiscal 2021, Other primarily relates to adjustments for previously estimated tax expenses.

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