Income Taxes (Tables)

12 Months Ended

Mar. 31, 2023

Investments, Owned, Federal Income Tax Note [Line Items]

Schedule of Unrecognized Tax Benefits Roll Forward

Changes in the Company’s uncertain income tax positions, excluding the related accrual for interest and penalties, are as follows:

	2023		2022		2021
Beginning balance	$	414	$	141	$	132
Additions for prior year tax positions	—		281		—
Foreign currency translation	(3)		(8)		9
Ending balance	$	411	$	414	$	141

Schedule of Classification of Deferred Income Taxes in Consolidated Balance Sheet

Deferred income taxes are classified within the consolidated balance sheets based on the following breakdown:

	March 31,
	2023		2022
Net non-current deferred tax assets	$	2,035	$	2,313
Net non-current deferred tax liabilities	(45,999)		(41,645)
Net deferred tax assets (liabilities)	$	(43,964)	$	(39,332)

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

	March 31,
	2023		2022
Deferred tax assets:
Federal net operating loss carryforwards	$	12,908	$	17,567
State and foreign net operating loss carryforwards	6,656		10,075
Employee benefit plans	11,609		16,625
Insurance reserves	3,500		3,609
Accrued vacation and incentive costs	4,071		3,682
Federal tax credit carryforwards	12,065		12,427
ASC 842 Lease Liability	16,544		10,872
Equity compensation	4,552		3,927
Capitalized Research and Development Costs	6,976		2,003
Interest Carryforwards	3,271		3,795
Other	1,073		2,596
Valuation allowance	(15,978)		(16,147)
Deferred tax assets after valuation allowance	67,247		71,031
Deferred tax liabilities:
Property, plant, and equipment	(7,389)		(4,917)
ASC 842 Right-of-Use Asset	(15,706)		(10,130)
Intangible assets	(88,116)		(95,316)
Total deferred tax liabilities	(111,211)		(110,363)
Net deferred tax assets (liabilities)	$	(43,964)	$	(39,332)

Schedule of Income before Income Tax, Domestic and Foreign

The provision for income tax expense (benefit) consisted of the following:

	Year Ended March 31,
	2023		2022		2021
Current income tax expense (benefit):
United States Federal	$	7,772	$	(2,482)	$	810
State taxes	2,218		571		618
Foreign	16,356		12,666		8,246
Deferred income tax expense (benefit):
United States	(517)		1,139		(5,996)
Foreign	217		(3,108)		(2,708)
	$	26,046	$	8,786	$	970

Schedule of Effective Income Tax Rate Reconciliation

The sources and tax effects of the differences were as follows:

	Year Ended March 31,
	2023			2022			2021
Statutory federal income tax rate (1)	21.00		%	21.00		%	21.00		%
Expected tax at statutory rate	$	15,640		$	8,109		$	2,116
State income taxes net of federal benefit	2,719			759			(450)
Foreign taxes at rates other than statutory federal rate	1,757			1,027			287
Employee benefits	1,207			(202)			(67)
US Tax on foreign earnings	1,257			845			352
Permanent items	(190)			(1,161)			(107)
Valuation allowance	(787)			300			84
Federal tax credits	(1,539)			(700)			(700)
Other	285			(114)			(545)
Tax audit adjustments (2)	2,523			—			—
Unremitted earnings	720			—			—
Return to provision adjustment	2,454			(77)			—
Actual tax provision expense	$	26,046		$	8,786		$	970

(1) Fiscal year 2022 and 2021 table amounts have been adjusted to be consistent with individual rate reconciling items disclosed for fiscal 2023.

(2) For fiscal 2023, the Company settled income tax assessments related to tax periods prior to the Company's acquisition of STAHL. In accordance with the tax indemnification clause of the share purchase agreement, the Company received full reimbursement from STAHL’s prior owner which was recorded as a gain in Other (income) expense, net.