Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Components of Income (Loss) Before Provision for Income Taxes

An analysis of the components of income (loss) before provision for income taxes is presented below:

 

 

 

Year ended March 31,

 

 

 

2021

 

 

2020

 

 

2019

 

United States

 

$

(602

)

 

$

2,405

 

 

$

(256

)

Asia

 

 

3,869

 

 

 

(93

)

 

 

111

 

 

 

$

3,267

 

 

$

2,312

 

 

$

(145

)

The Provision for Income Taxes

The provision for income taxes consists of:

 

 

 

Year ended March 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

924

 

 

$

547

 

 

$

181

 

State

 

 

62

 

 

 

176

 

 

 

141

 

Foreign

 

 

468

 

 

 

4

 

 

 

 

 

 

 

1,454

 

 

 

727

 

 

 

322

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(960

)

 

 

(694

)

 

 

(3,993

)

State

 

 

(116

)

 

 

8

 

 

 

(84

)

Foreign

 

 

508

 

 

 

(12

)

 

 

41

 

Changes in valuation allowance

 

 

7

 

 

 

411

 

 

 

3,877

 

 

 

 

(561

)

 

 

(287

)

 

 

(159

)

Total provision for income taxes

 

$

893

 

 

$

440

 

 

$

163

 

Reconciliation of the Provision for Income Taxes

The reconciliation of the provision (benefit) calculated using the U.S. federal tax rate with the provision for income taxes presented in the consolidated financial statements is as follows:

 

 

 

Year ended March 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Provision (benefit) for income taxes at federal rate

 

$

686

 

 

$

486

 

 

$

(30

)

State taxes

 

 

(35

)

 

 

120

 

 

 

45

 

Charges not deductible for income tax purposes

 

 

158

 

 

 

55

 

 

 

89

 

Research and development tax credits

 

 

(172

)

 

 

(211

)

 

 

(177

)

Valuation allowance

 

 

7

 

 

 

411

 

 

 

3,877

 

Difference in federal rate

 

 

156

 

 

 

(1

)

 

 

3

 

Impairment of goodwill and intangible assets

 

 

 

 

 

 

 

 

257

 

Foreign tax credit

 

 

(84

)

 

 

 

 

 

 

Foreign-derived intangible income deduction

 

 

(81

)

 

 

(95

)

 

 

(69

)

Global intangible low-taxed income

 

 

405

 

 

 

(1

)

 

 

11

 

Net operating loss carryback

 

 

(146

)

 

 

 

 

 

 

Capital loss from sale of Energy Steel

 

 

 

 

 

(325

)

 

 

(3,848

)

Other

 

 

(1

)

 

 

1

 

 

 

5

 

Provision for income taxes

 

$

893

 

 

$

440

 

 

$

163

 

Summary of Net Deferred Income Tax Liability

The net deferred income tax liability recorded in the Consolidated Balance Sheets results from differences between financial statement and tax reporting of income and deductions.  A summary of the composition of the Company's net deferred income tax liability follows:

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Depreciation

 

$

(1,772

)

 

$

(1,707

)

Accrued compensation

 

 

147

 

 

 

206

 

Prepaid pension asset

 

 

(1,386

)

 

 

(783

)

Accrued pension liability

 

 

347

 

 

 

169

 

Accrued postretirement benefits

 

 

131

 

 

 

143

 

Compensated absences

 

 

435

 

 

 

402

 

Inventories

 

 

462

 

 

 

(13

)

Warranty liability

 

 

140

 

 

 

81

 

Accrued expenses

 

 

585

 

 

 

366

 

Equity-based compensation

 

 

337

 

 

 

385

 

Operating lease assets

 

 

(22

)

 

 

(58

)

Operating lease liabilities

 

 

23

 

 

 

60

 

New York State investment tax credit

 

 

1,115

 

 

 

1,108

 

Net operating loss carryforwards

 

 

 

 

 

75

 

Capital loss related to sale of Energy Steel

 

 

4,211

 

 

 

4,211

 

Other

 

 

(62

)

 

 

1

 

 

 

 

4,691

 

 

 

4,646

 

Less:  Valuation allowance

 

 

(5,326

)

 

 

(5,319

)

Total

 

$

(635

)

 

$

(673

)