Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.4.0.3
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2016
Income Tax Disclosure [Abstract]  
Components of Income Before Income Taxes

An analysis of the components of income before income taxes is presented below:

 

 

 

Year ended March 31,

 

 

 

2016

 

 

2015

 

 

2014

 

United States

 

$

8,301

 

 

$

20,799

 

 

$

14,127

 

China

 

 

429

 

 

 

953

 

 

 

583

 

 

 

$

8,730

 

 

$

21,752

 

 

$

14,710

 

 

The Provision for Income Taxes Related to Income Before Income Taxes

The provision for income taxes related to income before income taxes consists of:

 

 

 

Year ended March 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

3,795

 

 

$

6,616

 

 

$

5,146

 

State

 

 

54

 

 

 

165

 

 

 

68

 

Foreign

 

 

272

 

 

 

79

 

 

 

362

 

 

 

 

4,121

 

 

 

6,860

 

 

 

5,576

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(1,319

)

 

 

(46

)

 

 

(761

)

State

 

 

(82

)

 

 

(184

)

 

 

(184

)

Foreign

 

 

(154

)

 

 

173

 

 

 

(240

)

Changes in valuation allowance

 

 

33

 

 

 

214

 

 

 

174

 

 

 

 

(1,522

)

 

 

157

 

 

 

(1,011

)

Total provision for income taxes

 

$

2,599

 

 

$

7,017

 

 

$

4,565

 

 

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:

 

 

 

Year ended March 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Provision for income taxes at federal rate

 

$

3,055

 

 

$

7,613

 

 

$

5,149

 

State taxes

 

 

(28

)

 

 

(103

)

 

 

(139

)

Charges not deductible for income tax purposes

 

 

64

 

 

 

79

 

 

 

59

 

Recognition of tax benefit generated by qualified production

   activities deduction

 

 

(245

)

 

 

(382

)

 

 

(403

)

Research and development tax  credits

 

 

(232

)

 

 

(180

)

 

 

(80

)

Valuation allowance

 

 

33

 

 

 

214

 

 

 

174

 

Uncertain tax positions

 

 

 

 

 

 

 

 

(134

)

Other

 

 

(48

)

 

 

(224

)

 

 

(61

)

Provision for income taxes

 

$

2,599

 

 

$

7,017

 

 

$

4,565

 

 

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,

 

 

 

2016

 

 

2015

 

Depreciation

 

$

(2,352

)

 

$

(2,196

)

Accrued compensation

 

 

247

 

 

 

881

 

Prepaid pension asset

 

 

355

 

 

 

(465

)

Accrued pension liability

 

 

138

 

 

 

121

 

Accrued postretirement benefits

 

 

309

 

 

 

342

 

Compensated absences

 

 

571

 

 

 

629

 

Inventories

 

 

905

 

 

 

(1,042

)

Warranty liability

 

 

242

 

 

 

231

 

Accrued expenses

 

 

702

 

 

 

313

 

Stock-based compensation

 

 

485

 

 

 

500

 

Intangible assets

 

 

(5,159

)

 

 

(5,230

)

New York State investment tax credit

 

 

985

 

 

 

952

 

Other

 

 

11

 

 

 

40

 

 

 

 

(2,561

)

 

 

(4,924

)

Less:  Valuation allowance

 

 

(985

)

 

 

(952

)

Total

 

$

(3,546

)

 

$

(5,876

)