Income Taxes (Tables)

12 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Income (Loss) from continuing operations before income tax

Income before income tax expense was as follows (in thousands):

	For the Years Ended March 31,
	2017		2016		2015
United States	$	14,502	$	18,319	$	13,919
Foreign	15,185		8,322		12,722
	$	29,687	$	26,641	$	26,641

Schedule of provisions for income taxes on income from continuing operations

The following table summarizes the provision for U.S. federal, state and foreign taxes on income (in thousands):

	For the Years Ended March 31,
	2017			2016		2015
Current:
Federal	$	728		$	5,600	$	5,370
State	352			564		552
Foreign	1,711			1,373		2,099
	2,791			7,537		8,021
Deferred:
Federal	(1,260		)	1,547		1,550
State	(161		)	321		116
Foreign	(187		)	—		—
	(1,608		)	1,868		1,666
	$	1,183		$	9,405	$	9,687

Effective federal income tax rates on income (Loss) from continuing operation before income tax

The differences between the statutory and effective federal income tax rates on income before income taxes were as follows:

	For the Years Ended March 31,
	2017		2016		2015
U.S. federal statutory rate	35.0	%	35.0	%	35.0	%
State income taxes, less federal benefit	0.5		1.9		1.8
Foreign tax rate differential	(7.6	)	—		—
Bargain purchase gain	(20.9	)	—		—
Changes in tax reserves and valuation allowance	(1.9	)	0.7		0.7
Permanent book/tax differences (primarily §199 deduction)	(0.2	)	(2.4	)	(0.9	)
Other, net	(0.9	)	0.1		(0.2	)
	4.0	%	35.3	%	36.4	%

Net deferred income tax assets (liabilities)

The following temporary differences gave rise to net deferred income tax assets (liabilities) as of March 31, 2017 and 2016 (in thousands):

	March 31,
	2017			2016
Deferred income tax assets:
Accounts receivable	$	—		$	85
Inventories	658			2,681
Accrued expenses	3,223			2,519
State net operating loss and credit carryforwards	8,579			8,547
Share-based compensation	2,455			2,358
	14,915			16,190
Valuation allowance	(8,608		)	(8,468		)
	6,307			7,722
Deferred income tax liabilities:
Intangibles	3,108			136
Property, plant and equipment	4,391			1,786
Unremitted earnings of foreign subsidiaries	2,539			2,333
Other	699			274
	10,737			4,529
Net deferred income tax (liability) asset	$	(4,430	)	$	3,193

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):

	March 31,
	2017			2016
Gross unrecognized tax benefits at April 1	$	1,764		$	1,607
Additions based on tax positions related to the current year	63			157
Reductions for tax positions of prior years	(628		)	—
Gross unrecognized tax benefits at March 31	$	1,199		$	1,764