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Income Taxes (Tables)
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12 Months Ended |
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Mar. 31, 2014
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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, 2014 |
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Year Ended March 31, 2013 |
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Year Ended March 31, 2012 |
Current provision: |
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Federal provision (benefit) |
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$ |
(1,594 |
) |
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$ |
3,835 |
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$ |
(1,072 |
) |
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Foreign provision |
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12,451 |
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12,352 |
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12,551 |
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State provision |
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484 |
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422 |
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|
356 |
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Deferred provision: |
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Federal deferred benefit |
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(2,515 |
) |
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(376 |
) |
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(1,424 |
) |
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Foreign deferred benefit |
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(1,790 |
) |
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(1,646 |
) |
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(2,788 |
) |
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State deferred benefit |
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(72 |
) |
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(11 |
) |
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(155 |
) |
Total provision for income taxes |
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$ |
6,964 |
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$ |
14,576 |
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$ |
7,468 |
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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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2014 |
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2013 |
Deferred tax assets: |
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Current |
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Accrued liabilities and reserves |
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$ |
1,934 |
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$ |
1,891 |
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Unrealized gain on hedge |
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39 |
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11 |
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Inventories |
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399 |
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433 |
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Total current deferred tax assets |
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2,372 |
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2,335 |
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Non-current |
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Foreign tax credit carry forward |
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1,722 |
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1,159 |
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Capitalized transaction costs |
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670 |
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740 |
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Stock option compensation |
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796 |
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963 |
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Other |
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133 |
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18 |
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Total non-current deferred tax assets |
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3,321 |
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2,880 |
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Deferred tax liabilities: |
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Current |
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Prepaid expenses |
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(47 |
) |
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(124 |
) |
Total current deferred tax liabilities |
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(47 |
) |
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(124 |
) |
Non-current |
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Intangible assets |
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(35,088 |
) |
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(38,783 |
) |
Property, plant and equipment |
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(2,988 |
) |
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(3,011 |
) |
Undistributed foreign earnings |
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(3,141 |
) |
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(3,685 |
) |
Total non-current tax liabilities |
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(41,217 |
) |
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(45,479 |
) |
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Net current deferred tax asset |
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$ |
2,325 |
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$ |
2,211 |
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Net non-current deferred tax liability |
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$ |
(37,896 |
) |
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$ |
(42,599 |
) |
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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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Year Ended March 31, 2014 |
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Year Ended March 31, 2013 |
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Year Ended March 31, 2012 |
U.S. |
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$ |
(6,315 |
) |
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$ |
4,951 |
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$ |
(14,480 |
) |
Non-U.S. |
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39,078 |
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36,599 |
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33,978 |
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Income from continuing operations |
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$ |
32,763 |
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$ |
41,550 |
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$ |
19,498 |
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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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Year Ended March 31, 2014 |
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Year Ended March 31, 2013 |
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Year Ended March 31, 2012 |
Notional U.S. federal income tax expense at statutory rate |
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$ |
11,467 |
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$ |
14,543 |
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$ |
6,825 |
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Adjustments to reconcile to the income tax provision: |
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U.S. state income tax provision, net |
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243 |
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263 |
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77 |
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Undistributed foreign earnings |
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— |
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44 |
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1,728 |
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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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Rate difference-international subsidiaries |
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(3,409 |
) |
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(270 |
) |
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(1,974 |
) |
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Nondeductible expenses |
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179 |
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115 |
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774 |
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Charges/(benefits) related to uncertain tax positions |
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(797 |
) |
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143 |
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211 |
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Release of tax liability from Predecessor owners |
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(575 |
) |
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— |
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— |
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Other |
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(144 |
) |
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(262 |
) |
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(173 |
) |
Provision for income taxes |
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$ |
6,964 |
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$ |
14,576 |
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$ |
7,468 |
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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, 2014 |
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Year Ended March 31, 2013 |
Beginning balance |
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$ |
1,651 |
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$ |
1,509 |
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Additions based on tax positions related to the current year |
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167 |
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— |
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Reductions for tax positions of prior years |
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(944 |
) |
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— |
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Settlements |
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(80 |
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— |
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Interest and penalties on prior reserves |
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60 |
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142 |
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Reserve for uncertain income taxes |
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$ |
854 |
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$ |
1,651 |
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