Income Taxes (Tables)
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12 Months Ended |
Mar. 31, 2019 |
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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, 2019 |
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Year Ended March 31, 2018 |
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Year Ended March 31, 2017 |
Current provision: |
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Federal provision |
|
$ |
3,507 |
|
|
$ |
3,937 |
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$ |
1,588 |
|
|
Foreign provision |
|
11,951 |
|
|
12,768 |
|
|
6,341 |
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State provision |
|
681 |
|
|
301 |
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|
155 |
|
Deferred provision: |
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|
|
|
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Federal deferred benefit |
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(2,083 |
) |
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(8,506 |
) |
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(1,907 |
) |
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Foreign deferred benefit |
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(3,964 |
) |
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(3,178 |
) |
|
(2,025 |
) |
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State deferred benefit |
|
(119 |
) |
|
(152 |
) |
|
(54 |
) |
Total provision for income taxes |
|
$ |
9,973 |
|
|
$ |
5,170 |
|
|
$ |
4,098 |
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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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2019 |
|
2018 |
Deferred tax assets: |
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Accrued liabilities and reserves |
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$ |
2,489 |
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$ |
1,987 |
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Stock option compensation |
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1,072 |
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|
821 |
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Foreign deferred benefits |
|
2,915 |
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|
3,575 |
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Net operating loss carry-forward |
|
1,440 |
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|
1,688 |
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Inventories |
|
385 |
|
|
371 |
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Interest limitation |
|
359 |
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|
— |
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Capitalized transaction costs |
|
178 |
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|
207 |
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Foreign tax credit carry forward |
|
149 |
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|
104 |
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Valuation allowance |
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(605 |
) |
|
(878 |
) |
Total deferred tax assets |
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$ |
8,382 |
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|
$ |
7,875 |
|
Deferred tax liabilities: |
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Intangible assets |
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$ |
(7,847 |
) |
|
$ |
(9,498 |
) |
Intangible assets - foreign |
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(20,980 |
) |
|
(25,674 |
) |
Property, plant and equipment |
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(3,245 |
) |
|
(2,522 |
) |
Prepaid expenses |
|
(39 |
) |
|
(104 |
) |
Unrealized loss on hedge |
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— |
|
|
(45 |
) |
Undistributed foreign earnings |
|
(581 |
) |
|
(859 |
) |
Total deferred tax liabilities |
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$ |
(32,692 |
) |
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$ |
(38,702 |
) |
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Net deferred tax asset (liability) |
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$ |
(24,310 |
) |
|
$ |
(30,827 |
) |
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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, 2019 |
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Year Ended March 31, 2018 |
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Year Ended March 31, 2017 |
U.S. |
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$ |
44 |
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|
$ |
(13,568 |
) |
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$ |
(83 |
) |
Non-U.S. |
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|
33,098 |
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|
31,957 |
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|
19,165 |
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Income from continuing operations |
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$ |
33,142 |
|
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$ |
18,389 |
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|
$ |
19,082 |
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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, 2019 |
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Year Ended March 31, 2018 |
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Year Ended March 31, 2017 |
Notional U.S. federal income tax expense at statutory rate |
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$ |
6,960 |
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$ |
5,792 |
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$ |
6,679 |
|
Adjustments to reconcile to the income tax provision: |
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Rate difference-international subsidiaries |
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1,366 |
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(1,769 |
) |
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(2,622 |
) |
Transition tax for United States tax reform |
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(1,118 |
) |
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5,125 |
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|
— |
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Impact on deferred tax liability for statutory rate change |
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— |
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(5,849 |
) |
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— |
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Impact of U.S. global intangible tax |
|
946 |
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— |
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— |
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Undistributed foreign earnings |
|
313 |
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|
1,786 |
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— |
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U.S. state income tax provision, net |
|
408 |
|
|
111 |
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|
45 |
|
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Charges/(benefits) related to uncertain tax positions |
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1,137 |
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(533 |
) |
|
(128 |
) |
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Non-deductible charges |
|
517 |
|
|
758 |
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|
296 |
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Foreign purchase price adjustment |
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— |
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— |
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(379 |
) |
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Change in valuation allowance |
|
(280 |
) |
|
219 |
|
|
490 |
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Other, net |
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(276 |
) |
|
(470 |
) |
|
(283 |
) |
Provision for income taxes |
|
$ |
9,973 |
|
|
$ |
5,170 |
|
|
$ |
4,098 |
|
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| Summary of Discrete Impacts From the 2017 Tax Act |
Accordingly, our income tax provision as of March 31, 2019 and 2018 reflects (i) the current fiscal year impacts of the Tax Act on the estimated annual effective tax rate and (ii) the following discrete items resulting directly from the enactment of the Tax Act based on the information available, prepared, or analyzed (including computations) in reasonable detail.
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Year Ended |
Year Ended |
|
March 31,
2019 |
March 31,
2018 |
Transition Tax (provisional) |
$ |
— |
|
$ |
5,126 |
|
Net impact on U.S. deferred tax assets and liabilities (provisional) |
— |
|
(6,030 |
) |
Benefit on final calculation of Transition Tax |
(1,118 |
) |
— |
|
Net changes in deferred tax liability associated with anticipated repatriation taxes (provisional) |
— |
|
1,704 |
|
Net discrete impacts of the enactment of the Tax Act |
$ |
(1,118 |
) |
$ |
800 |
|
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| Schedule of Unrecognized Tax Benefits |
reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
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Year Ended March 31, 2019 |
|
Year Ended March 31, 2018 |
Beginning balance |
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$ |
— |
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$ |
533 |
|
Additions for tax positions of prior years |
|
1,137 |
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|
— |
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Reductions for tax positions of prior years |
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— |
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|
(533 |
) |
Reserve for uncertain income taxes |
|
$ |
1,137 |
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|
$ |
— |
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