Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2023
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, 2023 Year Ended March 31, 2022 Year Ended March 31, 2021
Current provision:
Federal provision $ 6,329  $ 634  $ (4,662)
Foreign provision 12,619  8,907  6,098 
State provision 1,181  441  197 
Deferred provision:
Federal deferred benefit (2,648) (231) (1,963)
Foreign deferred benefit (1,649) (1,396) (1,084)
State deferred benefit (265) (22) (107)
Total provision for income taxes $ 15,567  $ 8,333  $ (1,521)
Schedule of Deferred Tax Assets and Liabilities Deferred income tax assets and liabilities were as follows:
March 31,
2023 2022
Deferred tax assets:
Accrued liabilities and reserves $ 6,868  $ 5,483 
Capitalized research and development costs 1,747  — 
Foreign deferred benefits 1,250  1,626 
Stock option compensation 802  736 
Net operating loss carryforward 453  801 
Inventories 584  415 
Interest limitation —  94 
Capitalized transaction costs 124  95 
Tax credit carryforward 225  214 
Unrealized gain on hedge 8  — 
Valuation allowance (238) (248)
Total deferred tax assets $ 11,823  $ 9,216 
Deferred tax liabilities:
Intangible assets $ (5,798) $ (5,969)
Intangible and other - foreign (11,728) (14,139)
Property, plant and equipment (4,813) (4,277)
Prepaid expenses (247) (205)
Unrealized loss on hedge —  (18)
Undistributed foreign earnings (632) (1,340)
Total deferred tax liabilities $ (23,218) $ (25,948)
Net deferred tax liability $ (11,395) $ (16,732)
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, 2023 Year Ended March 31, 2022 Year Ended March 31, 2021
U.S. $ 17,792  $ 4,240  $ (15,818)
Non-U.S. 31,441  24,185  15,174 
Income from continuing operations $ 49,233  $ 28,425  $ (644)
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, 2023 Year Ended March 31, 2022 Year Ended March 31, 2021
Notional U.S. federal income tax expense at statutory rate $ 10,339  $ 5,969  $ (135)
Adjustments to reconcile to the income tax provision:
Impact of U.S. global intangible taxes and benefits (622) (210) (1,859)
U.S. net operating loss carry-back rate difference —  —  (1,470)
Russian loss not benefited 2,768  —  — 
South Africa divestiture —  —  526 
Rate difference-international subsidiaries 1,602  1,223  513 
Withholding on Canadian intercompany dividend —  301  — 
Impact on deferred tax liability for statutory rate change —  74  332 
Undistributed foreign earnings (315) 713  359 
U.S. state income tax provision, net 654  451  48 
Charges/(benefits) related to uncertain tax positions 77  77  79 
Non-deductible charges 421  150  239 
Change in valuation allowance 10  34  (475)
Other, net 633  (449) 322 
Provision for income taxes $ 15,567  $ 8,333  $ (1,521)
Schedule of Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Year Ended March 31, 2023 Year Ended March 31, 2022
Beginning balance $ 885  $ 808 
Release of reserve —  — 
Interest and penalties on prior reserves 77  77 
Reserve for uncertain income taxes - included in "Other non-current liabilities" $ 962  $ 885