Income Tax Disclosure [Abstract] | Period [Axis] |
---|
2015-04-01 - 2016-03-31 |
---|
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes of Domestic and Foreign Operations |
The components of Income before income taxes for the fiscal years
ended March 31 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
United States
|
|
$ |
45,159 |
|
|
$ |
(4,381 |
) |
|
$ |
17,841 |
|
Foreign
|
|
|
14,140 |
|
|
|
9,304 |
|
|
|
12,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
59,299 |
|
|
$ |
4,923 |
|
|
$ |
30,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of Income Tax Expense |
The components of Income tax expense for the fiscal years ended
March 31 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$ |
6,889 |
|
|
$ |
20,592 |
|
|
$ |
21,476 |
|
State and local
|
|
|
2,126 |
|
|
|
3,655 |
|
|
|
3,857 |
|
Foreign
|
|
|
3,791 |
|
|
|
831 |
|
|
|
1,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current tax expense
|
|
|
12,806 |
|
|
|
25,078 |
|
|
|
26,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred:
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
10,019 |
|
|
|
(16,270 |
) |
|
|
(5,034 |
) |
State and local
|
|
|
1,431 |
|
|
|
(2,626 |
) |
|
|
(2,687 |
) |
Foreign
|
|
|
(758 |
) |
|
|
102 |
|
|
|
899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deferred tax expense (benefit)
|
|
|
10,692 |
|
|
|
(18,794 |
) |
|
|
(6,822 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Income tax expense
|
|
$ |
23,498 |
|
|
$ |
6,284 |
|
|
$ |
19,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate Varied from Statutory Federal Income Tax Rate |
For the fiscal years ended March 31, our effective tax rate
varied from the statutory Federal income tax rate as a result of
the following factors:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
Federal statutory rate
|
|
|
35.0 |
% |
|
|
35.0 |
% |
|
|
35.0 |
% |
Redeemable convertible preferred stock dividend
|
|
|
(0.8 |
) |
|
|
(3.8 |
) |
|
|
(11.4 |
) |
ESOP stock appreciation
|
|
|
5.8 |
|
|
|
82.3 |
|
|
|
8.4 |
|
ESOP compensation for Special Dividend on unallocated shares
|
|
|
— |
|
|
|
0.2 |
|
|
|
25.8 |
|
Effect of tax rate of foreign subsidiaries
|
|
|
0.8 |
|
|
|
(9.3 |
) |
|
|
(3.0 |
) |
State and local taxes—net of federal income tax benefit
|
|
|
4.3 |
|
|
|
19.7 |
|
|
|
1.2 |
|
Stock-based compensation
|
|
|
(1.8 |
) |
|
|
64.7 |
|
|
|
1.2 |
|
Uncertain tax position change
|
|
|
(3.6 |
) |
|
|
(35.2 |
) |
|
|
6.8 |
|
Qualified production activity credit
|
|
|
(0.9 |
) |
|
|
(37.1 |
) |
|
|
(5.6 |
) |
Cumulative adjustments to deferred taxes
|
|
|
— |
|
|
|
— |
|
|
|
(0.7 |
) |
Executive repurchase agreement
|
|
|
— |
|
|
|
7.2 |
|
|
|
2.3 |
|
Other
|
|
|
0.8 |
|
|
|
3.9 |
|
|
|
4.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective rate
|
|
|
39.6 |
% |
|
|
127.6 |
% |
|
|
64.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of Deferred Tax Assets and Liabilities |
The tax effect of temporary differences that give rise to
significant portions of the deferred tax assets and deferred tax
liabilities at March 31 were comprised of:
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
|
2016 |
|
|
2015 |
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
State income taxes
|
|
$ |
1,927 |
|
|
$ |
1,526 |
|
ESOP loan repayment
|
|
|
1,390 |
|
|
|
1,421 |
|
Receivable and other allowances
|
|
|
2,150 |
|
|
|
2,534 |
|
Derivatives
|
|
|
4,397 |
|
|
|
3,533 |
|
Inventory
|
|
|
1,433 |
|
|
|
11,271 |
|
Non-Qualified stock options
|
|
|
4,309 |
|
|
|
6,478 |
|
Bonus accrual
|
|
|
1,852 |
|
|
|
1,736 |
|
Accrued rebates
|
|
|
1,378 |
|
|
|
1,378 |
|
Worker’s compensation
|
|
|
1,390 |
|
|
|
667 |
|
Contingent consideration
|
|
|
533 |
|
|
|
247 |
|
Purchase card accrual
|
|
|
232 |
|
|
|
232 |
|
Foreign NOL’s
|
|
|
1,507 |
|
|
|
1,504 |
|
Other
|
|
|
2,259 |
|
|
|
1,039 |
|
|
|
|
|
|
|
|
|
|
Total deferred tax assets
|
|
|
24,757 |
|
|
|
33,566 |
|
Less: valuation allowance
|
|
|
(1,507 |
) |
|
|
(1,504 |
) |
|
|
|
|
|
|
|
|
|
Total net deferred tax assets
|
|
|
23,250 |
|
|
|
32,062 |
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
|
8,882 |
|
|
|
10,983 |
|
Property, plant and equipment
|
|
|
52,115 |
|
|
|
51,440 |
|
Leases
|
|
|
6,059 |
|
|
|
4,035 |
|
Capitalized software costs
|
|
|
2,935 |
|
|
|
3,159 |
|
Goodwill
|
|
|
3,643 |
|
|
|
2,735 |
|
Other
|
|
|
1,867 |
|
|
|
1,486 |
|
|
|
|
|
|
|
|
|
|
Total deferred tax liabilities
|
|
|
75,501 |
|
|
|
73,838 |
|
|
|
|
|
|
|
|
|
|
Net deferred tax liability
|
|
$ |
52,251 |
|
|
$ |
41,776 |
|
|
|
|
|
|
|
|
|
|
Net deferred tax assets are included in Deferred income taxes and
other current assets and Other assets on the Consolidated Balance
Sheets. The related balances at March 31 were as follows:
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
|
2016 |
|
|
2015 |
|
Net current deferred tax assets
|
|
$ |
11,701 |
|
|
$ |
21,056 |
|
Net non-current deferred tax liabilities
|
|
|
63,952 |
|
|
|
62,832 |
|
|
Reconciliation of Beginning and Ending Balance of Unrecognized Tax Benefits |
if resolved favorably, would reduce income tax expense by $7,998. A
reconciliation of the beginning and ending amounts of unrecognized
tax benefits for the years ended March 31,
2016, March 31, 2015 and 2014 is as follows:
|
|
|
|
|
(Amounts in thousands) |
|
Balance as of March 31, 2013
|
|
$ |
10,668 |
|
|
|
|
|
|
Tax positions taken in current year
|
|
|
2,954 |
|
Decreases in tax positions for prior years
|
|
|
(47 |
) |
Increases in tax positions for prior years
|
|
|
825 |
|
Settlements
|
|
|
— |
|
Lapse of statute of limitations
|
|
|
(1,545 |
) |
|
|
|
|
|
Balance as of March 31, 2014
|
|
|
12,855 |
|
|
|
|
|
|
Decreases in tax positions for prior years
|
|
|
(672 |
) |
Increases in tax positions for prior years
|
|
|
336 |
|
Settlements
|
|
|
— |
|
Lapse of statute of limitations
|
|
|
(2,067 |
) |
|
|
|
|
|
Balance as of March 31, 2015
|
|
$ |
10,452 |
|
|
|
|
|
|
Tax positions taken in current year
|
|
|
917 |
|
Decreases in tax positions for prior years
|
|
|
(599 |
) |
Increases in tax positions for prior years
|
|
|
358 |
|
Settlements
|
|
|
— |
|
Lapse of statute of limitations
|
|
|
(3,130 |
) |
|
|
|
|
|
Balance as of March 31, 2016
|
|
$ |
7,998 |
|
|
|
|
|
|
|