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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Effective Income Tax Rate Reconciliation | The sources and tax effects of the differences were as follows:
|  | Year Ended March 31,
|  | 2024 |  | 2023 |  | 2022
Statutory federal income tax rate (1) |  | 21.00 | % |  | 21.00 | % |  | 21.00 | %
Expected tax at statutory rate |  | $ | 12,921 |  |  | $ | 15,640 |  |  | $ | 8,109 |
State income taxes net of federal benefit |  | 652 |  |  | 2,719 |  |  | 759 |
Foreign taxes at rates other than statutory federal rate |  | (247) |  |  | 1,757 |  |  | 1,027 |
Employee benefits |  | 1,347 |  |  | 1,207 |  |  | (202) |
US benefit on foreign derived income |  | (686) |  |  | (477) |  |  | (205) |
US Tax on foreign earnings |  | 757 |  |  | 1,257 |  |  | 845 |
Permanent items (4) |  | 1,092 |  |  | 287 |  |  | (956) |
Valuation allowance (3) |  | (1,109) |  |  | (787) |  |  | 300 |
Federal tax credits |  | (1,384) |  |  | (1,539) |  |  | (700) |
Other (3) |  | 1,437 |  |  | 285 |  |  | (114) |
Tax audit adjustments (2) |  | (819) |  |  | 2,523 |  |  | — |
Unremitted earnings |  | 501 |  |  | 720 |  |  | — |
Return to provision adjustment |  | 440 |  |  | 2,454 |  |  | (77) |
Actual tax provision expense |  | $ | 14,902 |  |  | $ | 26,046 |  |  | $ | 8,786 |
(1) Fiscal year 2023 and 2022 table amounts have been adjusted to be consistent with individual rate reconciling items disclosed for fiscal 2024. (2) For fiscal 2023, the Company settled income tax assessments related to tax periods prior to the Company's acquisition of STAHL. In accordance with the tax indemnification clause of the share purchase agreement, the Company received full reimbursement from STAHL’s prior owner which was recorded as a gain in Other (income) expense, net. For fiscal 2024, the Company collected tax refunds related to a period prior to the Company's acquisition of STAHL. In accordance with the tax indemnification clause of the share purchase agreement, the Company will reimburse STAHL’s prior owner which was recorded as an loss in Other (income) expense, net. (3) For fiscal 2024, the Company wrote off $1,142,000 of tax attributes as a result of legal entity simplification.The tax attributes had an associated valuation allowance of $1,142,000 which was also written off in fiscal 2024. (4) For fiscal 2024, a tax impact of $525,000 from non-deductible transaction costs was incurred as part of the montratec GmbH acquisition.
Schedule of Provision for Income Tax Expense (Benefit) | The provision for income tax expense (benefit) consisted of the following:
|  | Year Ended March 31,
|  | 2024 |  | 2023 |  | 2022
Current income tax expense (benefit): |  |  |  |  |  |
United States Federal |  | $ | 15,375 |  |  | $ | 7,772 |  |  | $ | (2,482) |
State taxes |  | 2,715 |  |  | 2,218 |  |  | 571 |
Foreign |  | 12,097 |  |  | 16,356 |  |  | 12,666 |
Deferred income tax expense (benefit): |  |  |  |  |  |
United States |  | (12,451) |  |  | (517) |  |  | 1,139 |
Foreign |  | (2,834) |  |  | 217 |  |  | (3,108) |
|  | $ | 14,902 |  |  | $ | 26,046 |  |  | $ | 8,786 |
Schedule of Deferred Tax Assets and Deferred Tax 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,
|  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Federal net operating loss carryforwards |  | $ | 11,779 |  |  | $ | 12,908 |
State and foreign net operating loss carryforwards |  | 8,104 |  |  | 6,656 |
Employee benefit plans |  | 12,518 |  |  | 11,609 |
Insurance reserves |  | 3,301 |  |  | 3,500 |
Accrued vacation and incentive costs |  | 3,905 |  |  | 4,071 |
Federal tax credit carryforwards |  | 12,094 |  |  | 12,065 |
ASC 842 Lease Liability |  | 20,120 |  |  | 16,544 |
Equity compensation |  | 5,248 |  |  | 4,552 |
Capitalized Research and Development Costs |  | 12,029 |  |  | 6,976 |
Interest Carryforwards |  | 5,657 |  |  | 3,271 |
Other |  | 3,527 |  |  | 1,073 |
Valuation allowance |  | (15,156) |  |  | (15,978) |
Deferred tax assets after valuation allowance |  | 83,126 |  |  | 67,247 |
Deferred tax liabilities: |  |  |  |
Property, plant, and equipment |  | (6,542) |  |  | (7,389) |
ASC 842 Right-of-Use Asset |  | (18,509) |  |  | (15,706) |
Intangible assets |  | (96,728) |  |  | (88,116) |
Total deferred tax liabilities |  | (121,779) |  |  | (111,211) |
Net deferred tax assets (liabilities) |  | $ | (38,653) |  |  | $ | (43,964) |
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,
|  | 2024 |  | 2023
Net non-current deferred tax assets |  | $ | 1,797 |  |  | $ | 2,035 |
Net non-current deferred tax liabilities |  | (40,450) |  |  | (45,999) |
Net deferred tax assets (liabilities) |  | $ | (38,653) |  |  | $ | (43,964) |
Schedule of Uncertain Income Tax Positions | Changes in the Company’s uncertain income tax positions, excluding the related accrual for interest and penalties, are as follows:
|  | 2024 |  | 2023 |  | 2022
Beginning balance |  | $ | 411 |  |  | $ | 414 |  |  | $ | 141 |
Additions for prior year tax positions |  | — |  |  | — |  |  | 281 |
Foreign currency translation |  | — |  |  | (3) |  |  | (8) |
Ending balance |  | $ | 411 |  |  | $ | 411 |  |  | $ | 414 |

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