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Income Taxes (Tables)

12 Months Ended

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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