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]  
Components of Income (Loss) Before Provision (Benefit) for Income Taxes

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

 

 

 

Year ended March 31,

 

 

 

2023

 

 

2022

 

 

2021

 

United States

 

$

(66

)

 

$

(11,954

)

 

$

(602

)

Asia

 

 

627

 

 

 

738

 

 

 

3,869

 

 

 

$

561

 

 

$

(11,216

)

 

$

3,267

 

The Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes consists of:

 

 

 

Year ended March 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

37

 

 

$

(31

)

 

$

924

 

State

 

 

204

 

 

 

72

 

 

 

62

 

Foreign

 

 

73

 

 

 

749

 

 

 

468

 

 

 

 

314

 

 

 

790

 

 

 

1,454

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

(89

)

 

 

(2,648

)

 

 

(960

)

State

 

 

(82

)

 

 

(155

)

 

 

(116

)

Foreign

 

 

93

 

 

 

(423

)

 

 

508

 

Changes in valuation allowance

 

 

(42

)

 

 

(7

)

 

 

7

 

 

 

 

(120

)

 

 

(3,233

)

 

 

(561

)

Total provision (benefit) for income taxes

 

$

194

 

 

$

(2,443

)

 

$

893

 

Reconciliation of the Provision (Benefit) for Income Taxes

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

 

 

 

Year ended March 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Provision (benefit) for income taxes at federal rate

 

$

118

 

 

$

(2,355

)

 

$

686

 

State taxes

 

 

92

 

 

 

(96

)

 

 

(35

)

Charges not deductible for income tax purposes

 

 

26

 

 

 

147

 

 

 

158

 

Stock based compensation

 

 

114

 

 

 

 

 

 

 

Research and development tax credits

 

 

(240

)

 

 

(295

)

 

 

(172

)

Valuation allowance

 

 

(42

)

 

 

(7

)

 

 

7

 

Difference in federal rate

 

 

27

 

 

 

31

 

 

 

156

 

Nondeductible fringe benefits

 

 

44

 

 

 

 

 

 

 

Foreign withholding tax

 

 

 

 

 

138

 

 

 

 

Foreign tax credit

 

 

 

 

 

 

 

 

(84

)

Foreign-derived intangible income deduction

 

 

 

 

 

(2

)

 

 

(81

)

Global intangible low-taxed income

 

 

55

 

 

 

 

 

 

405

 

Net operating loss carryback

 

 

 

 

 

 

 

 

(146

)

Other

 

 

 

 

 

(4

)

 

 

(1

)

Provision for income taxes

 

$

194

 

 

$

(2,443

)

 

$

893

 

Summary of Net Deferred Income Tax Liability

The net deferred income tax asset (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 asset (liability) follows:

 

 

 

March 31,

 

 

 

2023

 

 

2022

 

Depreciation

 

$

(3,117

)

 

$

(3,345

)

Accrued compensation

 

 

309

 

 

 

362

 

Goodwill

 

 

(224

)

 

 

180

 

Prepaid pension asset

 

 

(1,355

)

 

 

(1,557

)

Accrued pension liability

 

 

245

 

 

 

291

 

Accrued postretirement benefits

 

 

79

 

 

 

105

 

Compensated absences

 

 

567

 

 

 

515

 

Inventories

 

 

(10

)

 

 

899

 

Warranty liability

 

 

135

 

 

 

99

 

Accrued expenses

 

 

1,276

 

 

 

1,230

 

Equity-based compensation

 

 

230

 

 

 

240

 

Allowance for doubtful accounts

 

 

422

 

 

 

 

Operating lease assets

 

 

(1,894

)

 

 

(1,954

)

Operating lease liabilities

 

 

1,963

 

 

 

1,990

 

Acquisition costs

 

 

142

 

 

 

152

 

Intangible assets

 

 

236

 

 

 

158

 

New York State investment tax credit

 

 

1,066

 

 

 

1,108

 

Research and development tax credit

 

 

1,243

 

 

 

240

 

Research and development credit carryforward

 

 

367

 

 

 

 

Net operating loss carryforwards

 

 

2,205

 

 

 

2,748

 

Capital loss related to sale of Energy Steel

 

 

4,211

 

 

 

4,211

 

Other

 

 

(129

)

 

 

26

 

 

 

 

7,967

 

 

 

7,698

 

Less: Valuation allowance

 

 

(5,277

)

 

 

(5,319

)

Total

 

$

2,690

 

 

$

2,379