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Income Taxes (Tables)
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12 Months Ended |
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Mar. 31, 2013
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| Income Tax Disclosure [Abstract] |
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| Schedule of Components of Income Tax Expense (Benefit) |
Income taxes included in the consolidated income statement consisted of the following:
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Year Ended March 31, 2013 |
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Year Ended March 31, 2012 |
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For the Period from May, 1 2010 to March 31, 2011 |
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For the Period from April 1, 2010 to April 30, 2010 |
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(Successor) |
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(Successor) |
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(Successor) |
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(Predecessor) |
Current provision: |
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Federal provision (benefit) |
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$ |
3,835 |
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|
$ |
(1,072 |
) |
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$ |
4,878 |
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|
$ |
(2,016 |
) |
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Foreign provision (benefit) |
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12,352 |
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12,551 |
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9,394 |
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(177 |
) |
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State provision (benefit) |
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422 |
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|
356 |
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|
281 |
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(119 |
) |
Deferred provision: |
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Federal deferred provision (benefit) |
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(376 |
) |
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(1,424 |
) |
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(4,975 |
) |
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(14,730 |
) |
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Foreign deferred provision (benefit) |
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(1,646 |
) |
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(2,788 |
) |
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(3,288 |
) |
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(354 |
) |
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State deferred provision (benefit) |
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(11 |
) |
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(155 |
) |
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(130 |
) |
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(38 |
) |
Total provision for income taxes (benefit) |
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$ |
14,576 |
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|
$ |
7,468 |
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|
$ |
6,160 |
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|
$ |
(17,434 |
) |
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| Schedule of Deferred Tax Assets and Liabilities |
Deferred income tax assets and liabilities were as follows:
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March 31, |
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2013 |
|
2012 |
Deferred tax assets: |
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Current |
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Accrued liabilities and reserves |
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$ |
946 |
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$ |
2,411 |
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Unrealized gain on hedge |
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11 |
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68 |
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Inventories |
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433 |
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383 |
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International, net |
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945 |
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|
912 |
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Total current deferred tax assets |
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2,335 |
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3,774 |
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Non-current |
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Foreign tax credit carry forward |
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1,159 |
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— |
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Capitalized transaction costs |
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740 |
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809 |
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Stock option compensation |
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963 |
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1,434 |
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Other |
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18 |
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72 |
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Total non-current deferred tax assets |
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2,880 |
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2,315 |
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Deferred tax liabilities: |
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Current |
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Prepaid expenses |
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(124 |
) |
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(110 |
) |
Total current deferred tax liabilities |
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(124 |
) |
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(110 |
) |
Non-current |
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Intangible assets |
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(38,783 |
) |
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(42,498 |
) |
Property, plant and equipment |
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(3,011 |
) |
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(2,246 |
) |
Undistributed foreign earnings |
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(3,685 |
) |
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(3,570 |
) |
Total non-current tax liabilities |
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(45,479 |
) |
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(48,314 |
) |
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Net current deferred tax asset |
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$ |
2,211 |
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$ |
3,664 |
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Net non-current deferred tax liability |
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$ |
(42,599 |
) |
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$ |
(45,999 |
) |
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| 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:
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Successor |
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Predecessor |
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Year Ended March 31, 2013 |
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Year Ended March 31, 2012 |
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For the Period from May 1, 2010 Through March 31, 2011 |
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For the Period from April 1, 2010 Through April 30, 2010 |
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(Successor) |
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(Successor) |
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(Successor) |
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(Predecessor) |
U.S. |
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$ |
4,951 |
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$ |
(14,480 |
) |
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$ |
(13,894 |
) |
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$ |
(16,652 |
) |
Non-U.S. |
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36,599 |
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33,978 |
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5,114 |
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(1,049 |
) |
Income (loss) from continuing operations |
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$ |
41,550 |
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$ |
19,498 |
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$ |
(8,780 |
) |
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$ |
(17,701 |
) |
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| 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:
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Successor |
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Predecessor |
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Year Ended March 31, 2013 |
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Year Ended March 31, 2012 |
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For the Period From May 1, 2010 Through March 31, 2011 |
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For the Period from April 1, 2010 Through April 30, 2010 |
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(Successor) |
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(Successor) |
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(Successor) |
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(Predecessor) |
Notional U.S. federal income tax expense (benefit) at statutory rate |
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$ |
14,543 |
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$ |
6,825 |
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$ |
(3,073 |
) |
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$ |
(6,196 |
) |
Adjustments to reconcile to the income tax provision (benefit): |
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U.S. state income tax provision (benefit), net |
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263 |
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|
77 |
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61 |
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— |
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Undistributed foreign earnings |
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44 |
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1,728 |
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1,978 |
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— |
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Effects on Canadian debt facility |
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— |
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— |
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— |
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(8,713 |
) |
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Rate difference-international subsidiaries |
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(270 |
) |
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(1,974 |
) |
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5,190 |
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(3,587 |
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Nondeductible expenses |
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115 |
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|
774 |
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1,541 |
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|
1,041 |
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Charges related to uncertain tax positions |
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143 |
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|
211 |
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|
582 |
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— |
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Other |
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(262 |
) |
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(173 |
) |
|
(119 |
) |
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21 |
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Provision (benefit) for income taxes |
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$ |
14,576 |
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$ |
7,468 |
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$ |
6,160 |
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$ |
(17,434 |
) |
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| Schedule of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
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Year Ended March 31, 2013 |
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Year Ended March 31, 2012 |
Beginning balance |
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$ |
1,509 |
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$ |
1,298 |
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Additions based on tax positions related to the current year |
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— |
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|
70 |
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Interest and penalties on prior reserves |
|
142 |
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|
141 |
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Reserve for uncertain income taxes |
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$ |
1,651 |
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$ |
1,509 |
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