Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2022
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, 2022 Year Ended March 31, 2021 Year Ended March 31, 2020
Current provision:
Federal provision $ 634  $ (4,662) $ (759)
Foreign provision 8,907  6,098  9,359 
State provision 441  197  279 
Deferred provision:
Federal deferred benefit (231) (1,963) (796)
Foreign deferred benefit (1,396) (1,084) (2,895)
State deferred benefit (22) (107) (46)
Total provision for income taxes $ 8,333  $ (1,521) $ 5,142 
Schedule of Deferred Tax Assets and Liabilities Deferred income tax assets and liabilities were as follows:
March 31,
2022 2021
Deferred tax assets:
Accrued liabilities and reserves $ 5,483  $ 5,428 
Stock option compensation 736  593 
Foreign deferred benefits 1,626  1,954 
Net operating loss carry-forward 801  1,224 
Inventories 415  383 
Interest limitation 94  204 
Capitalized transaction costs 95  119 
Foreign tax credit carry forward 214  721 
Valuation allowance (248) (282)
Total deferred tax assets $ 9,216  $ 10,344 
Deferred tax liabilities:
Intangible assets $ (5,969) $ (5,959)
Intangible and other - foreign (14,139) (16,789)
Property, plant and equipment (4,277) (4,969)
Prepaid expenses (205) (227)
Unrealized loss on hedge (18) — 
Undistributed foreign earnings (1,340) (820)
Total deferred tax liabilities $ (25,948) $ (28,764)
Net deferred tax liability $ (16,732) $ (18,420)
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, 2022 Year Ended March 31, 2021 Year Ended March 31, 2020
U.S. $ 4,240  $ (15,818) $ (8,603)
Non-U.S. 24,185  15,174  25,681 
Income from continuing operations $ 28,425  $ (644) $ 17,078 
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, 2022 Year Ended March 31, 2021 Year Ended March 31, 2020
Notional U.S. federal income tax expense at statutory rate $ 5,969  $ (135) $ 3,586 
Adjustments to reconcile to the income tax provision:
Impact of U.S. global intangible taxes and benefits (210) (1,859) 926 
U.S. net operating loss carry-back rate difference —  (1,470) — 
South Africa divestiture —  526  — 
Rate difference-international subsidiaries 1,223  513  1,181 
Withholding on Canadian intercompany dividend 301  —  — 
Impact on deferred tax liability for statutory rate change 74  332  (1,231)
Undistributed foreign earnings 713  359  259 
U.S. state income tax provision, net 451  48  143 
Charges/(benefits) related to uncertain tax positions 77  79  (408)
Non-deductible charges 150  239  349 
Change in valuation allowance 34  (475) 152 
Other, net (449) 322  185 
Provision for income taxes $ 8,333  $ (1,521) $ 5,142 
Schedule of Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Year Ended March 31, 2022 Year Ended March 31, 2021
Beginning balance $ 808  $ 729 
Release of reserve —  — 
Interest and penalties on prior reserves 77  79 
Reserve for uncertain income taxes - included in "Other non-current liabilities" $ 885  $ 808