Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2021
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, 2021 Year Ended March 31, 2020 Year Ended March 31, 2019
Current provision:
Federal provision $ (4,662) $ (759) $ 3,507 
Foreign provision 6,098  9,359  11,951 
State provision 197  279  681 
Deferred provision:
Federal deferred benefit (1,880) (796) (2,083)
Foreign deferred benefit (1,084) (2,895) (3,964)
State deferred benefit (107) (46) (119)
Total provision for income taxes $ (1,438) $ 5,142  $ 9,973 
Schedule of Deferred Tax Assets and Liabilities Deferred income tax assets and liabilities were as follows:
March 31,
2021 2020
Deferred tax assets:
Accrued liabilities and reserves $ 3,537  $ 2,915 
Stock option compensation 593  896 
Foreign deferred benefits 1,954  2,119 
Net operating loss carry-forward 1,224  1,545 
Inventories 383  377 
Interest limitation 204  — 
Capitalized transaction costs 119  149 
Foreign tax credit carry forward 721  458 
Valuation allowance (282) (757)
Total deferred tax assets $ 8,453  $ 7,702 
Deferred tax liabilities:
Intangible assets $ (5,959) $ (6,334)
Intangible and other - foreign (16,789) (16,189)
Property, plant and equipment (3,162) (4,004)
Prepaid expenses (227) (154)
Unrealized loss on hedge —  (42)
Undistributed foreign earnings (820) (320)
Total deferred tax liabilities $ (26,957) $ (27,043)
Net deferred tax asset (liability) $ (18,504) $ (19,341)
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, 2021 Year Ended March 31, 2020 Year Ended March 31, 2019
U.S. $ (15,447) $ (8,603) $ 44 
Non-U.S. 15,174  25,681  33,098 
Income from continuing operations $ (273) $ 17,078  $ 33,142 
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, 2021 Year Ended March 31, 2020 Year Ended March 31, 2019
Notional U.S. federal income tax expense at statutory rate $ (57) $ 3,586  $ 6,960 
Adjustments to reconcile to the income tax provision:
Impact of U.S. global intangible tax (1,859) 926  946 
U.S. net operating loss carry-back rate difference (1,470) —  — 
South Africa divestiture 526  —  — 
Rate difference-international subsidiaries 513  1,181  1,366 
Transition tax for United States tax reform —  —  (1,118)
Impact on deferred tax liability for statutory rate change 332  (1,231) — 
Undistributed foreign earnings 359  259  313 
U.S. state income tax provision, net 48  143  408 
Charges/(benefits related to uncertain tax positions 79  (408) 1,137 
Non-deductible charges 239  349  517 
Change in valuation allowance (475) 152  (280)
Other, net 327  185  (276)
Provision for income taxes $ (1,438) $ 5,142  $ 9,973 
Schedule of Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Year Ended March 31, 2021 Year Ended March 31, 2020
Beginning balance $ 729  $ 1,137 
Release of reserve —  (463)
Interest and penalties on prior reserves 79  55 
Reserve for uncertain income taxes $ 808  $ 729