Income Taxes (Tables)
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12 Months Ended |
Mar. 31, 2025 |
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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, 2025 |
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Year Ended March 31, 2024 |
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Year Ended March 31, 2023 |
| Current provision: |
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Federal provision |
$ |
3,725 |
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$ |
5,643 |
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$ |
6,329 |
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Foreign provision |
12,795 |
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11,315 |
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12,619 |
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State provision |
1,164 |
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1,207 |
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1,181 |
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| Deferred provision: |
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Federal deferred benefit |
252 |
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(329) |
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(2,648) |
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Foreign deferred benefit |
(1,426) |
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(1,626) |
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(1,649) |
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State deferred benefit |
94 |
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(124) |
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(265) |
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| Total provision for income taxes |
$ |
16,604 |
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$ |
16,086 |
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$ |
15,567 |
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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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2025 |
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2024 |
| Deferred tax assets: |
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Accrued liabilities and reserves |
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$ |
6,752 |
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$ |
7,776 |
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Capitalized research and development costs |
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3,744 |
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2,869 |
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Foreign deferred benefits |
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1,162 |
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1,326 |
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Stock option compensation |
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886 |
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899 |
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Net operating loss carryforward |
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428 |
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441 |
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Inventories |
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801 |
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773 |
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Capitalized transaction costs |
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373 |
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431 |
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Tax credit carryforward |
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674 |
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218 |
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Unrealized gain on hedge |
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21 |
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25 |
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Valuation allowance |
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(553) |
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(201) |
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| Total deferred tax assets |
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$ |
14,289 |
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$ |
14,557 |
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| Deferred tax liabilities: |
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| Intangible assets |
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$ |
(6,278) |
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$ |
(5,916) |
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| Intangible and other - foreign |
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(9,632) |
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(10,121) |
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| Property, plant and equipment |
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(5,546) |
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(5,994) |
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| Prepaid expenses |
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(327) |
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(281) |
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| Undistributed foreign earnings |
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(1,367) |
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(610) |
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| Total deferred tax liabilities |
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$ |
(23,150) |
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$ |
(22,922) |
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| Net deferred tax liability |
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$ |
(8,861) |
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$ |
(8,365) |
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| Schedule of Income before Income Tax |
The U.S. and non-U.S. components of income from continuing operations before income taxes were as follows:
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Year Ended March 31, 2025 |
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Year Ended March 31, 2024 |
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Year Ended March 31, 2023 |
| U.S. |
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$ |
30,135 |
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$ |
28,065 |
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$ |
17,792 |
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| Non-U.S. |
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39,984 |
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39,609 |
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31,441 |
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| Income from continuing operations |
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$ |
70,119 |
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$ |
67,674 |
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$ |
49,233 |
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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, 2025 |
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Year Ended March 31, 2024 |
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Year Ended March 31, 2023 |
| Notional U.S. federal income tax expense at statutory rate |
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$ |
14,725 |
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$ |
14,252 |
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$ |
10,339 |
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| Adjustments to reconcile to the income tax provision: |
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Rate difference-international subsidiaries |
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1,252 |
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482 |
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1,602 |
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Withholding on intercompany dividends and income |
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1,726 |
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— |
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— |
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Charges/(benefits) related to uncertain tax positions |
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(1,046) |
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84 |
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77 |
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U.S. state income tax provision, net |
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994 |
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912 |
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654 |
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Undistributed foreign earnings |
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683 |
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371 |
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(315) |
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Tax credits available in the U.S. |
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(902) |
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(425) |
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(307) |
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Change in valuation allowance |
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353 |
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(37) |
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10 |
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Russian loss not benefited |
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— |
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207 |
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2,768 |
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Non-deductible charges |
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(39) |
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741 |
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421 |
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Stock compensation |
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(58) |
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178 |
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825 |
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Impact of U.S. global intangible taxes and benefits |
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(612) |
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(560) |
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(622) |
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Other, net |
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(472) |
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(119) |
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115 |
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| Provision for income taxes |
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$ |
16,604 |
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$ |
16,086 |
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$ |
15,567 |
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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, 2025 |
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Year Ended March 31, 2024 |
| Beginning balance |
$ |
1,046 |
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$ |
962 |
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| Release of reserve |
(1,046) |
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— |
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| Interest and penalties on prior reserves |
— |
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84 |
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| Reserve for uncertain income taxes - included in "Other non-current liabilities" |
$ |
— |
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$ |
1,046 |
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