Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

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Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Income taxes included in the consolidated income statement consisted of the following:
Year Ended March 31, 2024 Year Ended March 31, 2023 Year Ended March 31, 2022
Current provision:
Federal provision $ 5,643  $ 6,329  $ 634 
Foreign provision 11,315  12,619  8,907 
State provision 1,207  1,181  441 
Deferred provision:
Federal deferred benefit (329) (2,648) (231)
Foreign deferred benefit (1,626) (1,649) (1,396)
State deferred benefit (124) (265) (22)
Total provision for income taxes $ 16,086  $ 15,567  $ 8,333 
Schedule of Deferred Tax Assets and Liabilities Deferred income tax assets and liabilities were as follows:
March 31,
2024 2023
Deferred tax assets:
Accrued liabilities and reserves $ 7,776  $ 6,868 
Capitalized research and development costs 2,869  1,747 
Foreign deferred benefits 1,326  1,250 
Stock option compensation 899  802 
Net operating loss carryforward 441  453 
Inventories 773  584 
Capitalized transaction costs 431  124 
Tax credit carryforward 218  225 
Unrealized gain on hedge 25  8 
Valuation allowance (201) (238)
Total deferred tax assets $ 14,557  $ 11,823 
Deferred tax liabilities:
Intangible assets $ (5,916) $ (5,798)
Intangible and other - foreign (10,121) (11,728)
Property, plant and equipment (5,994) (4,813)
Prepaid expenses (281) (247)
Unrealized loss on hedge —  — 
Undistributed foreign earnings (610) (632)
Total deferred tax liabilities $ (22,922) $ (23,218)
Net deferred tax liability $ (8,365) $ (11,395)
Schedule of Income before Income Tax The U.S. and non-U.S. components of income (loss) from continuing operations before income taxes were as follows:
Year Ended March 31, 2024 Year Ended March 31, 2023 Year Ended March 31, 2022
U.S. $ 28,065  $ 17,792  $ 4,240 
Non-U.S. 39,609  31,441  24,185 
Income from continuing operations $ 67,674  $ 49,233  $ 28,425 
Schedule of Effective Income Tax Rate Reconciliation
The difference between the provision for income taxes and the amount that would result from applying the U.S. statutory tax rate to income before provision for income taxes is as follows:
Year Ended March 31, 2024 Year Ended March 31, 2023 Year Ended March 31, 2022
Notional U.S. federal income tax expense at statutory rate $ 14,252  $ 10,339  $ 5,969 
Adjustments to reconcile to the income tax provision:
Impact of U.S. global intangible taxes and benefits (560) (622) (210)
Russian loss not benefited 207  2,768  — 
Rate difference-international subsidiaries 482  1,602  1,223 
Withholding on Canadian intercompany dividend —  —  301 
Impact on deferred tax liability for statutory rate change —  —  74 
Undistributed foreign earnings 371  (315) 713 
U.S. state income tax provision, net 912  654  451 
Charges/(benefits) related to uncertain tax positions 84  77  77 
Non-deductible charges 741  421  150 
Change in valuation allowance (37) 10  34 
Other, net (366) 633  (449)
Provision for income taxes $ 16,086  $ 15,567  $ 8,333 
Schedule of Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Year Ended March 31, 2024 Year Ended March 31, 2023
Beginning balance $ 962  $ 885 
Release of reserve —  — 
Interest and penalties on prior reserves 84  77 
Reserve for uncertain income taxes - included in "Other non-current liabilities" $ 1,046  $ 962