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1048 - Disclosure - Income Taxes (Tables)
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Reporting Entity [Axis]0001604028 (http://www.sec.gov/CIK)
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