Income Taxes (Tables)

12 Months Ended

Mar. 31, 2022

Investments, Owned, Federal Income Tax Note [Line Items]

Schedule of Unrecognized Tax Benefits Roll Forward

Changes in the Company’s uncertain income tax positions, excluding the related accrual for interest and penalties, are as follows:

	2022		2021		2020
Beginning balance	$	141	$	132	$	936
Reductions for prior year tax positions	—		—		(802)
Additions for prior year tax positions	281		—		—
Foreign currency translation	(8)		9		(2)
Ending balance	$	414	$	141	$	132

Schedule of Classification of Deferred Income Taxes in Consolidated Balance Sheet

Deferred income taxes are classified within the consolidated balance sheets based on the following breakdown:

	March 31,
	2022		2021
Net non-current deferred tax assets	$	2,313	$	20,080
Net non-current deferred tax liabilities	(41,645)		(17,600)
Net deferred tax assets (liabilities)	$	(39,332)	$	2,480

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

	March 31,
	2022		2021
Deferred tax assets:
Federal net operating loss carryforwards	$	17,567	$	16,038
State and foreign net operating loss carryforwards	10,075		7,404
Employee benefit plans	16,625		24,692
Insurance reserves	3,609		3,488
Accrued vacation and incentive costs	3,682		3,061
Federal tax credit carryforwards	12,427		13,238
ASC 842 Lease Liability	10,872		8,623
Equity compensation	3,927		2,782
Other	8,394		7,308
Valuation allowance	(16,147)		(15,103)
Deferred tax assets after valuation allowance	71,031		71,531
Deferred tax liabilities:
Property, plant, and equipment	(4,917)		(1,889)
ASC 842 Right-of-Use Asset	(10,130)		(8,446)
Intangible assets	(95,316)		(58,716)
Total deferred tax liabilities	(110,363)		(69,051)
Net deferred tax assets (liabilities)	$	(39,332)	$	2,480

Schedule of Income before Income Tax, Domestic and Foreign

The provision for income tax expense (benefit) consisted of the following:

	Year Ended March 31,
	2022		2021		2020
Current income tax expense (benefit):
United States Federal	$	(2,482)	$	810	$	(2,491)
State taxes	571		618		626
Foreign	12,666		8,246		11,984
Deferred income tax expense (benefit):
United States	1,139		(5,996)		7,827
Foreign	(3,108)		(2,708)		(462)
	$	8,786	$	970	$	17,484

Schedule of Effective Income Tax Rate Reconciliation

The sources and tax effects of the differences were as follows:

	Year Ended March 31,
	2022			2021			2020
Statutory federal income tax rate	21.00		%	21.00		%	21.00		%
Expected tax at statutory rate	$	8,109		$	2,116		$	16,203
State income taxes net of federal benefit	759			(450)			1,397
Foreign taxes at rates other than statutory federal rate	779			287			1,102
Permanent items (1)	(270)			178			266
Valuation allowance (2)	300			84			(1,184)
Federal tax credits (3)	(700)			(700)			(1,903)
Other (4)	(191)			(545)			1,603
Actual tax provision expense	$	8,786		$	970		$	17,484

(1) For fiscal 2022, permanent items include a net GILTI inclusion of $265,000 and Subpart F income of $580,000. For fiscal 2020, permanent items include a net GILTI inclusion of $525,000 and a FDII deduction of $1,029,000

(2) For fiscal 2022 the valuation allowance represents normal current year activity driven by certain foreign jurisdictions and for fiscal 2020, represents the reversal of a valuation allowance on certain foreign tax credits offset by increases in valuation allowances required in certain foreign jurisdictions.

(3) For Fiscal 2022 Federal tax credits include research and development credits of $700,000. For fiscal 2021, Federal tax credits include research and development credits of $700,000. For fiscal 2020, Federal tax credits include research and development credits of $800,000 and minimum tax credits of $1,103,000.

(4) For Fiscal 2022 Other primarily relates to the FY21 NOL generated and related carryback benefit of $908,000. For fiscal 2021, Other primarily relates to adjustments for previously estimated tax expenses.