Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1.1.u2
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2024
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,

 

 

 

2024

 

 

2023

 

 

2022

 

United States

 

$

5,077

 

 

$

(66

)

 

$

(11,954

)

Asia

 

 

497

 

 

 

627

 

 

 

738

 

Income (loss) before provision (benefit) for income taxes

 

$

5,574

 

 

$

561

 

 

$

(11,216

)

The Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes consists of:

 

 

 

Year ended March 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

1,133

 

 

$

37

 

 

$

(31

)

State

 

 

100

 

 

 

204

 

 

 

72

 

Foreign

 

 

257

 

 

 

73

 

 

 

749

 

 

 

 

1,490

 

 

 

314

 

 

 

790

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

(419

)

 

 

(89

)

 

 

(2,648

)

State

 

 

88

 

 

 

(82

)

 

 

(155

)

Foreign

 

 

(106

)

 

 

93

 

 

 

(423

)

Changes in valuation allowance

 

 

(35

)

 

 

(42

)

 

 

(7

)

 

 

 

(472

)

 

 

(120

)

 

 

(3,233

)

Total provision (benefit) for income taxes

 

$

1,018

 

 

$

194

 

 

$

(2,443

)

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,

 

 

 

2024

 

 

2023

 

 

2022

 

Provision (benefit) for income taxes at federal rate

 

$

1,170

 

 

$

118

 

 

$

(2,355

)

State taxes

 

 

156

 

 

 

92

 

 

 

(96

)

Charges not deductible for income tax purposes

 

 

54

 

 

 

26

 

 

 

147

 

Stock based compensation

 

 

(8

)

 

 

114

 

 

 

 

Research and development tax credits

 

 

(327

)

 

 

(240

)

 

 

(295

)

Valuation allowance

 

 

(35

)

 

 

(42

)

 

 

(7

)

Effect of foreign tax rate

 

 

26

 

 

 

27

 

 

 

31

 

Nondeductible fringe benefits

 

 

30

 

 

 

44

 

 

 

 

162(m)

 

 

105

 

 

 

 

 

 

 

Foreign withholding tax

 

 

 

 

 

 

 

 

138

 

Foreign-derived intangible income deduction

 

 

(134

)

 

 

 

 

 

(2

)

Global intangible low-taxed income

 

 

(20

)

 

 

55

 

 

 

 

Other

 

 

1

 

 

 

 

 

 

(4

)

Provision (benefit) for income taxes

 

$

1,018

 

 

$

194

 

 

$

(2,443

)

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,

 

 

 

2024

 

 

2023

 

Depreciation

 

$

(2,931

)

 

$

(3,117

)

Accrued compensation

 

 

237

 

 

 

309

 

Goodwill

 

 

(607

)

 

 

(224

)

Prepaid pension asset

 

 

(1,399

)

 

 

(1,355

)

Accrued pension liability

 

 

232

 

 

 

245

 

Accrued postretirement benefits

 

 

68

 

 

 

79

 

Compensated absences

 

 

531

 

 

 

567

 

Inventories

 

 

2,541

 

 

 

(10

)

Warranty liability

 

 

182

 

 

 

135

 

Accrued expenses

 

 

600

 

 

 

1,276

 

Equity-based compensation

 

 

328

 

 

 

230

 

Allowance for doubtful accounts

 

 

18

 

 

 

422

 

Operating lease assets

 

 

(1,694

)

 

 

(1,894

)

Operating lease liabilities

 

 

1,784

 

 

 

1,963

 

Acquisition costs

 

 

180

 

 

 

142

 

Intangible assets

 

 

187

 

 

 

236

 

New York State investment tax credit

 

 

1,030

 

 

 

1,066

 

Research and development tax credit

 

 

2,771

 

 

 

1,243

 

Research and development credit carryforward

 

 

 

 

 

367

 

Net operating loss carryforwards

 

 

182

 

 

 

2,205

 

Capital loss carryforward

 

 

4,211

 

 

 

4,211

 

Other

 

 

(238

)

 

 

(129

)

 

 

 

8,213

 

 

 

7,967

 

Less: Valuation allowance

 

 

(5,241

)

 

 

(5,277

)

Total

 

$

2,972

 

 

$

2,690