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Income Taxes (Tables)
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12 Months Ended |
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Mar. 31, 2014
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| Income Tax Disclosure [Abstract] |
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| Components of Income Before Income Taxes |
An analysis of the components of income before income taxes is
presented below:
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Year ended March 31, |
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2014 |
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|
2013 |
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|
2012 |
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United States
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|
$ |
14,127 |
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|
$ |
14,597 |
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|
$ |
16,708 |
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China
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|
583 |
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|
980 |
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(31 |
) |
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$ |
14,710 |
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|
$ |
15,577 |
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$ |
16,677 |
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| The Provision for Income Taxes Related to Income Before Income Taxes |
The provision for income taxes related to income before income
taxes consists of:
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Year ended March 31, |
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2014 |
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2013 |
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2012 |
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Current:
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Federal
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$ |
5,146 |
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|
$ |
6,721 |
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|
$ |
1,744 |
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State
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68 |
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65 |
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(19 |
) |
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Foreign
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362 |
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— |
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(14 |
) |
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5,576 |
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6,786 |
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1,711 |
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Deferred:
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Federal
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(761 |
) |
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(2,538 |
) |
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4,521 |
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State
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(184 |
) |
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(223 |
) |
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(140 |
) |
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Foreign
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(240 |
) |
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260 |
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18 |
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Changes in valuation allowance
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|
174 |
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|
144 |
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14 |
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(1,011 |
) |
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(2,357 |
) |
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4,413 |
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Total provision for income taxes
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$ |
4,565 |
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$ |
4,429 |
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$ |
6,124 |
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| Reconciliation of the Provision for Income Taxes |
The reconciliation of the provision calculated using the U.S.
federal tax rate with the provision for income taxes presented in
the consolidated financial statements is as follows:
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Year ended
March 31, |
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2014 |
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2013 |
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|
2012 |
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Provision for income
taxes at federal rate
|
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$ |
5,149 |
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$ |
5,452 |
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$ |
5,670 |
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State taxes
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(139 |
) |
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(173 |
) |
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(100 |
) |
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Charges not deductible
for income tax purposes
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59 |
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78 |
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281 |
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Recognition of tax
benefit generated by qualified production activities
deduction
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(403 |
) |
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(417 |
) |
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(77 |
) |
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Research and development
tax credits
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(80 |
) |
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(307 |
) |
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(134 |
) |
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Valuation
allowance
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|
174 |
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144 |
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14 |
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Uncertain tax
positions
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(134 |
) |
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90 |
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|
428 |
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Contingent
earn-out
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— |
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(326 |
) |
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— |
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Other
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(61 |
) |
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(112 |
) |
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42 |
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Provision for income
taxes
|
|
$ |
4,565 |
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|
$ |
4,429 |
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|
$ |
6,124 |
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| 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:
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March 31, |
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2014 |
|
|
2013 |
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Depreciation
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$ |
(2,207 |
) |
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$ |
(2,212 |
) |
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Accrued compensation
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|
201 |
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|
200 |
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Prepaid pension asset
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(2,026 |
) |
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(831 |
) |
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Accrued pension liability
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|
105 |
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|
90 |
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Accrued postretirement benefits
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|
336 |
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|
364 |
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Compensated absences
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|
584 |
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|
584 |
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Inventories
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(101 |
) |
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(968 |
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Warranty liability
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109 |
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144 |
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Accrued expenses
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329 |
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219 |
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Stock-based compensation
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|
419 |
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|
459 |
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Intangible assets
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(5,294 |
) |
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(5,353 |
) |
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Net operating loss carryforwards
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— |
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|
151 |
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New York State investment tax credit
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|
738 |
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|
564 |
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Other
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24 |
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(132 |
) |
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(6,783 |
) |
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(6,721 |
) |
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Less: Valuation allowance
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(738 |
) |
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(564 |
) |
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Total
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$ |
(7,521 |
) |
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$ |
(7,285 |
) |
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| Net Deferred Income Tax Liability |
The net deferred income tax liability is presented in the
Consolidated Balance Sheets as follows:
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March 31, |
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| |
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2014 |
|
|
2013 |
|
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Current deferred income tax asset
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$ |
668 |
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$ |
69 |
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Long-term deferred income tax asset
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|
8 |
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|
150 |
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Current deferred income tax liability
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|
— |
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|
(373 |
) |
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Long-term deferred income tax liability
|
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|
(8,197 |
) |
|
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(7,131 |
) |
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$ |
(7,521 |
) |
|
$ |
(7,285 |
) |
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| Summarizes the Changes to the Unrecognized Tax Benefit |
The following table summarizes the changes to the unrecognized
tax benefit:
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Year Ended March 31, |
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2014 |
|
|
2013 |
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Balance at beginning of
year
|
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$ |
134 |
|
|
$ |
1,787 |
|
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Deductions based upon tax
positions taken during prior periods
|
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|
(134 |
) |
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(893 |
) |
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Additions based upon tax
positions taken during the current period
|
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— |
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|
40 |
|
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Settlements
|
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|
— |
|
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(800 |
) |
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Balance at end of
year
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$ |
— |
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$ |
134 |
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