Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Components of Income (Loss) Before Provision for Income Taxes

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

 

 

 

Year ended March 31,

 

 

 

2022

 

 

2021

 

 

2020

 

United States

 

$

(11,954

)

 

$

(602

)

 

$

2,405

 

Asia

 

 

738

 

 

 

3,869

 

 

 

(93

)

 

 

$

(11,216

)

 

$

3,267

 

 

$

2,312

 

The Provision for Income Taxes

The (benefit) provision for income taxes consists of:

 

 

 

Year ended March 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

(31

)

 

$

924

 

 

$

547

 

State

 

 

72

 

 

 

62

 

 

 

176

 

Foreign

 

 

749

 

 

 

468

 

 

 

4

 

 

 

 

790

 

 

 

1,454

 

 

 

727

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

(2,648

)

 

 

(960

)

 

 

(694

)

State

 

 

(155

)

 

 

(116

)

 

 

8

 

Foreign

 

 

(423

)

 

 

508

 

 

 

(12

)

Changes in valuation allowance

 

 

(7

)

 

 

7

 

 

 

411

 

 

 

 

(3,233

)

 

 

(561

)

 

 

(287

)

Total (benefit) provision for income taxes

 

$

(2,443

)

 

$

893

 

 

$

440

 

Reconciliation of the Provision for Income Taxes

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

 

 

 

Year ended March 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Provision (benefit) for income taxes at federal rate

 

$

(2,355

)

 

$

686

 

 

$

486

 

State taxes

 

 

(96

)

 

 

(35

)

 

 

120

 

Charges not deductible for income tax purposes

 

 

147

 

 

 

158

 

 

 

55

 

Research and development tax credits

 

 

(295

)

 

 

(172

)

 

 

(211

)

Valuation allowance

 

 

(7

)

 

 

7

 

 

 

411

 

Difference in federal rate

 

 

31

 

 

 

156

 

 

 

(1

)

Foreign withholding tax

 

 

138

 

 

 

 

 

 

 

Foreign tax credit

 

 

 

 

 

(84

)

 

 

 

Foreign-derived intangible income deduction

 

 

(2

)

 

 

(81

)

 

 

(95

)

Global intangible low-taxed income

 

 

 

 

 

405

 

 

 

(1

)

Net operating loss carryback

 

 

 

 

 

(146

)

 

 

 

Capital loss from sale of Energy Steel

 

 

 

 

 

 

 

 

(325

)

Other

 

 

(4

)

 

 

(1

)

 

 

1

 

Provision for income taxes

 

$

(2,443

)

 

$

893

 

 

$

440

 

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,

 

 

 

2022

 

 

2021

 

Depreciation

 

$

(3,345

)

 

$

(1,772

)

Accrued compensation

 

 

362

 

 

 

147

 

Goodwill

 

 

180

 

 

 

 

Prepaid pension asset

 

 

(1,557

)

 

 

(1,386

)

Accrued pension liability

 

 

291

 

 

 

347

 

Accrued postretirement benefits

 

 

105

 

 

 

131

 

Compensated absences

 

 

515

 

 

 

435

 

Inventories

 

 

899

 

 

 

462

 

Warranty liability

 

 

99

 

 

 

140

 

Accrued expenses

 

 

1,230

 

 

 

585

 

Equity-based compensation

 

 

240

 

 

 

337

 

Operating lease assets

 

 

(1,954

)

 

 

(22

)

Operating lease liabilities

 

 

1,990

 

 

 

23

 

Acquisition costs

 

 

152

 

 

 

 

Intangible assets

 

 

158

 

 

 

 

New York State investment tax credit

 

 

1,108

 

 

 

1,115

 

Research and development tax credit

 

 

240

 

 

 

 

Net operating loss carryforwards

 

 

2,748

 

 

 

 

Capital loss related to sale of Energy Steel

 

 

4,211

 

 

 

4,211

 

Other

 

 

26

 

 

 

(62

)

 

 

 

7,698

 

 

 

4,691

 

Less: Valuation allowance

 

 

(5,319

)

 

 

(5,326

)

Total

 

$

2,379

 

 

$

(635

)