Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | May 24, 2021 | Sep. 30, 2020 | |
Document Information [Line Items] | |||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | NY | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Entity File Number | 001-34362 | ||
Document Annual Report | true | ||
Trading Symbol | CMCO | ||
Security Exchange Name | NASDAQ | ||
Entity Tax Identification Number | 16-0547600 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2021 | ||
Amendment Flag | false | ||
Entity Registrant Name | COLUMBUS McKINNON CORP | ||
Entity Address, Address Line One | 205 Crosspoint Parkway | ||
Entity Address, City or Town | Buffalo | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 14068 | ||
City Area Code | 716 | ||
Local Phone Number | 689-5400 | ||
Entity Central Index Key | 0001005229 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | false | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well Known Seasoned Issuer | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Entity Common Stock Shares Outstanding (May) | 28,340,710 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Public Float (@ 9/30) - shares from Q2 times 9/30 stock price (adj. close) | $ 788,000,000 | ||
Document Fiscal Year (linked throughout the document) - not tagged | 2021 | ||
Document Fiscal Period Focus | FY |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 17. Income Taxes On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (“Tax Reform Act” or “the Act”). The legislation significantly changed U.S. tax law by, among other things, lowering corporate income tax rates, assessing a one-time transition tax on a deemed repatriation of non-previously taxed earnings of foreign subsidiaries, and implementing a territorial tax system. While the Tax Reform Act provides for a territorial tax system, beginning in 2018, it includes two new U.S. tax base erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions. The Act also provides for the foreign-derived intangible income (“FDII”) deduction for corporations that derive gross income from export activities The GILTI provisions require the Company to include in its U.S. income tax return any foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. For the years ended March 31, 2021, 2020, and 2019, the Company has not recorded material tax expense related to GILTI provisions. The Company has elected to account for GILTI tax in the period in which it is incurred, and therefore has not provided any deferred tax impacts of GILTI in its consolidated financial statements for the years ended March 31, 2021, 2020, and 2019. The BEAT provisions in the Tax Reform Act eliminate the deduction of certain base-erosion payments made to related foreign corporations, and impose a minimum tax if greater than regular tax. The BEAT tax had no impact on the Company's consolidated financial statements for the years ended March 31, 2021, 2020, and 2019. The FDII provisions of the Act provide an incentive to domestic corporations in the form of a lower tax rate on income derived from tangible and intangible products and services in foreign markets. This lower tax rate is accomplished via an additional tax deduction based on a percentage of qualifying sales. The FDII deduction provided the Company an additional tax benefit of $0, $1,029,000, and $945,000 in the years ended March 31, 2021, 2020, and 2019, respectively. SAB 118 measurement period adjustments On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. We applied the guidance in SAB 118 when accounting for the enactment-date effects of the Act in 2017 and throughout 2018. At December 31, 2017, we had not completed our accounting for all of the enactment-date income tax effects of the Act under ASC 740, Income Taxes, for the following aspects: remeasurement of deferred tax assets and liabilities and one-time transition tax. As of December 31, 2018, we completed our accounting for all of the enactment-date income tax effects of the Act, the impacts of which are summarized below. The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income from continuing operations before income tax expense. The sources and tax effects of the differences were as follows: Year Ended March 31, 2021 2020 2019 Statutory federal income tax rate 21.00 % 21.00 % 21.00 % Expected tax at statutory rate $ 2,116 $ 16,203 $ 11,108 Effect of Tax Reform Act (1) — — (1,500) State income taxes net of federal benefit (450) 1,397 1,728 Foreign taxes at rates other than statutory federal rate 287 1,102 (145) Net loss on sale of businesses (3) — — 4,041 Permanent items (6), (7) 178 266 (1,694) Valuation allowance (2), (4) 84 (1,184) 13,190 Foreign tax credits (2) — — (15,371) Federal tax credits (5) (700) (1,903) (1,376) Other (8) (545) 1,603 340 Actual tax provision expense $ 970 $ 17,484 $ 10,321 (1) For fiscal 2019, represents the discrete benefit of the reduction of the one-time transition tax of $1,500,000 recorded in fiscal 2018 to zero. (2) For fiscal 2019, primarily represents foreign tax credits generated by the one-time transition tax calculation and valuation allowance as the Company believes their utilization is uncertain. (3) For fiscal 2019, represents losses on sales of businesses that are not deductible for income tax purposes. (4) For fiscal 2020, represents the reversal of a valuation allowance on certain foreign tax credits offset by increases in valuation allowances required in certain foreign jurisdiction. (5) For fiscal 2021, Federal tax credits include research and development credits of $700,000. For fiscal 2020, Federal tax credits include research and development credits of $800,000 and minimum tax credits of $1,103,000. For fiscal 2019, Federal tax credits relate to research and development credits. (6) For fiscal 2019, permanent items include a FDII deduction of $945,000. (7) For fiscal 2020, permanent items include a net GILTI inclusion of $525,000 and a FDII deduction of $1,029,000. (8) For fiscal 2021, Other primarily relates to adjustments for previously estimated tax expenses. The provision for income tax expense (benefit) consisted of the following: Year Ended March 31, 2021 2020 2019 Current income tax expense (benefit): United States Federal $ 810 $ (2,491) $ (1,663) State taxes 618 626 394 Foreign 8,246 11,984 12,548 Deferred income tax expense (benefit): United States (5,996) 7,827 5,873 Foreign (2,708) (462) (6,831) $ 970 $ 17,484 $ 10,321 The Company applies the liability method of accounting for income taxes as required by ASC Topic 740, “Income Taxes.” 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, 2021 2020 Deferred tax assets: Federal net operating loss carryforwards $ 16,038 $ 18,091 State and foreign net operating loss carryforwards 7,404 7,142 Employee benefit plans 24,692 31,471 Insurance reserves 3,488 3,216 Accrued vacation and incentive costs 3,061 3,218 Federal tax credit carryforwards 13,238 11,922 ASC 842 Lease Liability 8,623 9,048 Equity compensation 2,782 1,974 Other 7,308 7,319 Valuation allowance (15,103) (15,036) Deferred tax assets after valuation allowance 71,531 78,365 Deferred tax liabilities: Property, plant, and equipment (1,889) (1,962) ASC 842 Right-of-Use Asset (8,446) (8,938) Intangible assets (58,716) (59,397) Total deferred tax liabilities (69,051) (70,297) Net deferred tax assets (liabilities) $ 2,480 $ 8,068 The net deferred tax asset decreased in fiscal 2021 primarily as a result of the termination of one of the Company's pension plans. The gross amount of the Company’s deferred tax assets were $86,634,000 and $93,401,000 at March 31, 2021 and 2020, respectively. The valuation allowance includes $2,896,000 and $2,696,000 related to foreign net operating losses at March 31, 2021 and 2020, respectively. The remaining valuation allowance primarily relates to foreign tax credits which the Company believes it will not utilize of $11,900,000 and $11,800,000 for the years ended March 31, 2021 and 2020, respectively. The Company’s foreign subsidiaries have net operating loss carryforwards of $10,552,000 that expire in periods ranging from five years to indefinite. Federal net operating losses of $76,371,000 arose from the acquisition of Magnetek and have expiration dates ranging from 2022 through 2035 and are subject to certain limitations under U.S. tax law. The state net operating losses of $77,889,000 have expiration dates ranging from 2021 through 2041. The federal tax credits have expiration dates ranging from 2028 to 2041. Deferred income taxes are classified within the consolidated balance sheets based on the following breakdown: March 31, 2021 2020 Net non-current deferred tax assets $ 20,080 $ 26,281 Net non-current deferred tax liabilities (17,600) (18,213) Net deferred tax assets (liabilities) $ 2,480 $ 8,068 Net non-current deferred tax liabilities are included in other non-current liabilities. Income from continuing operations before income tax expense includes foreign subsidiary income of $30,894,000, $37,577,000, and $14,362,000 for the years ended March 31, 2021, 2020, and 2019, respectively. As of March 31, 2021, the Company had approximately $69,000,000 of undistributed earnings of foreign subsidiaries. These earnings are considered to be permanently invested in operations outside the U.S. with the exception of the current earnings from one foreign subsidiary. Any repatriation of these amounts would not be expected to result in a material increase to income tax expense due to the one-time transition tax and the new U.S. territorial tax system. Determination of the amount of unrecognized deferred U.S. income tax liability with respect to such earnings is not practicable. During fiscal 2018, the Company adopted ASU No. 2016-09. There were shares of common stock issued through restricted stock units, the exercise of non-qualified stock options, or through the disqualifying disposition of incentive stock options in the years ended March 31, 2021 and 2020. The tax effect to the Company from these share transactions during fiscal 2021 and 2020 was a reduction to income tax expense of ($283,000) and ($169,000), respectively. Changes in the Company’s uncertain income tax positions, excluding the related accrual for interest and penalties, are as follows: 2021 2020 2019 Beginning balance $ 132 $ 936 $ 592 Additions for tax positions of the current year — — 550 Reductions for prior year tax positions — (802) (141) Foreign currency translation 9 (2) (65) Lapses in statutes of limitation — — — Ending balance $ 141 $ 132 $ 936 The Company had $57,000, $46,000, and $38,000 accrued for the payment of interest and penalties at March 31, 2021, 2020, and 2019 respectively. The Company recognizes interest expense or penalties related to uncertain tax positions as a part of income tax expense in its consolidated statements of operations. All of the unrecognized tax benefits as of March 31, 2021 would impact the effective tax rate if recognized. The Company and its subsidiaries file income tax returns in the U.S., various state, local, and foreign jurisdictions. The Company’s major tax jurisdictions are the United States and Germany. With few exceptions, the Company is no longer subject to tax examinations by tax authorities in the United States for tax years prior to March 31, 2017 and in Germany for tax years prior to March 31, 2012. The Company has a current tax examination in Germany for fiscal years 2012 to 2014. The Company anticipates that total unrecognized tax benefits will change due to the settlement of audits in certain foreign jurisdictions prior to March 31, 2022. |
Effects of New Accounting Prono
Effects of New Accounting Pronouncements | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Effects of New Accounting Pronouncements | Effects of New Accounting Pronouncements ASU 2016-13 (Topic 326) - Adopted in fiscal 2021 In November 2019, the FASB issued ASU No. 2019-11, "Codification Improvements to Topic 326: Financial Instruments - Credit Losses." The ASU allows, among other aspects, companies to make accounting policy elections to simplify certain aspects of the presentation and measurement of accrued interest on receivables as well as certain practical expedients for disclosure of accrued interest and financial assets secured by collateral maintenance provisions. The ASU was adopted in connection with the adoption of ASU 2016-13 described below. In May 2019, the FASB issued ASU No. 2019-05, "Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief." The ASU allows companies to elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that were previously recorded at amortized cost and are within the scope of ASC 326-20 if the instruments are eligible for the fair value option under ASC 825-10. The ASU was adopted in connection with the adoption of ASU 2016-13 described below. In November 2018, the FASB issued ASU No. 2018-19, "Codification Improvements to Topic 326: Financial Instruments - Credit Losses." The ASU changes the effective date of ASU 2016-13, Financial Instruments - Credit Losses, to fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). The standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted this standard and all related standards effective April 1, 2020. Refer to Note 4 (Revenue & Receivables) for the transition impact and further details. Other Topics adopted in fiscal 2021 In August 2020, the U.S. Securities and Exchange Commission ("SEC") issued its rule Modernization of Regulation S-K Items, which modernizes the disclosure requirements in Regulation S-K, Item 101, “Description of Business”; Item 103, “Legal Proceedings”; and Item 105, “Risk Factors.” The SEC stated that the final rule is intended to improve the readability of disclosures, reduce repetition, and eliminate immaterial information, thereby simplifying compliance for registrants and making disclosures more meaningful for investors. The SEC rule was effective November 9, 2020 and the Company adopted the rule in this Form 10-K. The main updates as a result of adopting the standard include enhanced disclosure on human capital in the Business section and elimination of Selected Financial Data and the Selected Quarterly Financial Data Note. In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820)." The ASU changes the fair value measurement disclosure requirements including new, eliminated, and modified disclosure requirements of ASC 820. For instance, the ASU requires the addition of disclosures for Level 3 fair value measurements with unrealized gains and losses included in other comprehensive income and disclosure of the range of the weighted average assumpitions used to develop significant unobservable inputs for Level 3 measurements. The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those years, with early adoption permitted for any eliminated or modified disclosures. The Company adopted this standard effective April 1, 2020 and the standard did not have a material impact on the financial statements for the twelve months ended March 31, 2021. In August 2018, the FASB issued ASU No. 2018-14, "Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plan (Topic 715)." The ASU amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans such as a narrative description describing the reasons for significant gains and losses affecting the benefit obligation for the period and the removal of disclosing amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost over the next year. The ASU is effective for fiscal years ending after December 15, 2020. The Company has adopted the standard and applicable changes are reflected in Note 13, Pensions and Other Benefit Plans. Other Topics not yet adopted In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The ASU is elective and is relief to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Optional expedients are provided for contract modification accounting under topics such as debt, leases, and derivatives. The optional amendments are effective for all entities as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 through December 31, 2022. We are currently evaluating the impact the standard will have on our consolidated financial statements if we chose to elect. In December 2019, the FASB issued ASU No. 2019-12, "Simplifying the Accounting for Income Taxes" (Topic 740). The standard clarifies, among other topics, that the effects of an enacted change in tax law on taxes currently payable or refundable for the current year be reflected in the computation of the annual effective tax rate in the first interim period that includes the enactment date of the new legislation. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. Early adoption is permitted for fiscal years, and interim periods within those years. We are currently evaluating the impact the standard will have on our consolidated financial statements. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
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: 2021 2020 2019 Beginning balance $ 132 $ 936 $ 592 Additions for tax positions of the current year — — 550 Reductions for prior year tax positions — (802) (141) Foreign currency translation 9 (2) (65) Lapses in statutes of limitation — — — Ending balance $ 141 $ 132 $ 936 |
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, 2021 2020 Net non-current deferred tax assets $ 20,080 $ 26,281 Net non-current deferred tax liabilities (17,600) (18,213) Net deferred tax assets (liabilities) $ 2,480 $ 8,068 |
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, 2021 2020 Deferred tax assets: Federal net operating loss carryforwards $ 16,038 $ 18,091 State and foreign net operating loss carryforwards 7,404 7,142 Employee benefit plans 24,692 31,471 Insurance reserves 3,488 3,216 Accrued vacation and incentive costs 3,061 3,218 Federal tax credit carryforwards 13,238 11,922 ASC 842 Lease Liability 8,623 9,048 Equity compensation 2,782 1,974 Other 7,308 7,319 Valuation allowance (15,103) (15,036) Deferred tax assets after valuation allowance 71,531 78,365 Deferred tax liabilities: Property, plant, and equipment (1,889) (1,962) ASC 842 Right-of-Use Asset (8,446) (8,938) Intangible assets (58,716) (59,397) Total deferred tax liabilities (69,051) (70,297) Net deferred tax assets (liabilities) $ 2,480 $ 8,068 |
Schedule of Components of Income Tax Expense (Benefit) | The sources and tax effects of the differences were as follows: Year Ended March 31, 2021 2020 2019 Statutory federal income tax rate 21.00 % 21.00 % 21.00 % Expected tax at statutory rate $ 2,116 $ 16,203 $ 11,108 Effect of Tax Reform Act (1) — — (1,500) State income taxes net of federal benefit (450) 1,397 1,728 Foreign taxes at rates other than statutory federal rate 287 1,102 (145) Net loss on sale of businesses (3) — — 4,041 Permanent items (6), (7) 178 266 (1,694) Valuation allowance (2), (4) 84 (1,184) 13,190 Foreign tax credits (2) — — (15,371) Federal tax credits (5) (700) (1,903) (1,376) Other (8) (545) 1,603 340 Actual tax provision expense $ 970 $ 17,484 $ 10,321 (1) For fiscal 2019, represents the discrete benefit of the reduction of the one-time transition tax of $1,500,000 recorded in fiscal 2018 to zero. (2) For fiscal 2019, primarily represents foreign tax credits generated by the one-time transition tax calculation and valuation allowance as the Company believes their utilization is uncertain. (3) For fiscal 2019, represents losses on sales of businesses that are not deductible for income tax purposes. (4) For fiscal 2020, represents the reversal of a valuation allowance on certain foreign tax credits offset by increases in valuation allowances required in certain foreign jurisdiction. (5) For fiscal 2021, Federal tax credits include research and development credits of $700,000. For fiscal 2020, Federal tax credits include research and development credits of $800,000 and minimum tax credits of $1,103,000. For fiscal 2019, Federal tax credits relate to research and development credits. (6) For fiscal 2019, permanent items include a FDII deduction of $945,000. (7) For fiscal 2020, permanent items include a net GILTI inclusion of $525,000 and a FDII deduction of $1,029,000. (8) For fiscal 2021, Other primarily relates to adjustments for previously estimated tax expenses. The provision for income tax expense (benefit) consisted of the following: Year Ended March 31, 2021 2020 2019 Current income tax expense (benefit): United States Federal $ 810 $ (2,491) $ (1,663) State taxes 618 626 394 Foreign 8,246 11,984 12,548 Deferred income tax expense (benefit): United States (5,996) 7,827 5,873 Foreign (2,708) (462) (6,831) $ 970 $ 17,484 $ 10,321 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 202,127 | $ 114,450 |
Trade accounts receivable, less allowance for doubtful accounts ($5,686 and $5,056, respectively) | 105,464 | 123,743 |
Inventories | 111,488 | 127,373 |
Prepaid expenses and other | 22,763 | 17,180 |
Total current assets | 441,842 | 382,746 |
Net property, plant, and equipment | 74,753 | 79,473 |
Goodwill | 331,176 | 319,679 |
Other intangibles, net | 213,362 | 217,962 |
Marketable securities | 7,968 | 7,322 |
Deferred taxes on income | 20,080 | 26,281 |
Other assets | 61,251 | 59,809 |
Total assets | 1,150,432 | 1,093,272 |
Current liabilities: | ||
Trade accounts payable | 68,593 | 57,289 |
Accrued liabilities | 110,816 | 93,585 |
Current portion of long-term debt | 4,450 | 4,450 |
Total current liabilities | 183,859 | 155,324 |
Long-term Debt, Excluding Current Maturities | 244,504 | 246,856 |
Other non-current liabilities | 191,920 | 227,507 |
Total liabilities | $ 620,283 | $ 629,687 |
Common Stock, Shares, Outstanding | 23,984,299 | 23,771,620 |
Common Stock, Shares, Issued | 23,984,299 | 23,771,620 |
Shareholders’ equity: | ||
Voting common stock: 50,000,000 shares authorized; 23,984,299 and 23,771,620 shares issued and outstanding | $ 240 | $ 238 |
Additional paid-in capital | 296,093 | 287,256 |
Retained earnings | 293,802 | 290,441 |
Accumulated other comprehensive loss | (59,986) | (114,350) |
Total shareholders’ equity | 530,149 | 463,585 |
Total liabilities and shareholders’ equity | $ 1,150,432 | $ 1,093,272 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 5,686 | $ 5,056 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 23,984,299 | 23,771,620 |
Common Stock, Shares, Outstanding | 23,984,299 | 23,771,620 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 649,642,000 | $ 809,162,000 | $ 876,282,000 |
Cost of Goods and Services Sold | 429,417,000 | 525,976,000 | 571,285,000 |
Income from operations | 42,255,000 | 89,824,000 | 69,442,000 |
Income from continuing operations before income tax expense | 10,076,000 | 77,156,000 | 52,898,000 |
Revenues [Abstract] | |||
Gross profit | 220,225,000 | 283,186,000 | 304,997,000 |
Operating Expenses [Abstract] | |||
Selling expenses | 76,907,000 | 91,054,000 | 97,925,000 |
General and administrative expenses | 76,035,000 | 77,880,000 | 83,567,000 |
Research and Development Expense | 12,405,000 | 11,310,000 | 13,491,000 |
Gain (Loss) on Disposition of Business | 0 | 176,000 | 25,672,000 |
Amortization of intangibles | 12,623,000 | 12,942,000 | 14,900,000 |
Other Income & Expenses [Abstract] | |||
Interest and debt expense | 12,081,000 | 14,234,000 | 17,144,000 |
Investment (income) loss, net | (1,693,000) | (891,000) | (727,000) |
Foreign currency exchange loss (gain), net | 941,000 | (1,514,000) | 843,000 |
Other (income) expense, net | 20,850,000 | 839,000 | (716,000) |
Current income tax expense (benefit): | |||
Income tax expense | 970,000 | 17,484,000 | 10,321,000 |
Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax & Other [Abstract] | |||
Net income | $ 9,106,000 | $ 59,672,000 | $ 42,577,000 |
Weighted Average Number of Shares Outstanding Basic [Abstract] | |||
Average basic shares outstanding | 23,897 | 23,619 | 23,276 |
Weighted Average Number of Shares Outstanding Diluted [Abstract] | |||
Average diluted shares outstanding | 24,173 | 23,855 | 23,660 |
Basic income per share: | |||
Basic income per share | $ 0.38 | $ 2.53 | $ 1.83 |
Diluted income per share: | |||
Diluted income per share | 0.38 | 2.50 | 1.80 |
Common Stock, Dividends, Per Share, Declared | $ 0.24 | $ 0.24 | $ 0.21 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Net income | $ 9,106,000 | $ 59,672,000 | $ 42,577,000 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 12,583,000 | (9,004,000) | (16,708,000) |
Pension liability adjustments, net of taxes of $(13,261), $8,062 and $2,242 | 41,571,000 | (24,051,000) | (5,711,000) |
Other post retirement obligations adjustments, net of taxes of $(12), $(35), and $(126) | 38,000 | 104,000 | 475,000 |
Split-dollar life insurance arrangement adjustments, net of taxes of $(24), $(17), and $(18) | 76,000 | 51,000 | 69,000 |
Change in derivatives qualifying as hedges, net of taxes of $(8), $(565), and $469 | 96,000 | 1,602,000 | (1,037,000) |
Adjustments [Abstract] | |||
Total other comprehensive income (loss) | 54,364,000 | (31,298,000) | (22,912,000) |
Comprehensive income | 63,470,000 | 28,374,000 | 19,665,000 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (13,297,000) | 8,010,000 | 2,097,000 |
Change in derivatives qualifying as hedges, tax | (8,000) | (565,000) | 469,000 |
Pension Plans | |||
Adjustments [Abstract] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (13,261,000) | 8,062,000 | 2,242,000 |
Postretirement Benefit Plans | |||
Adjustments [Abstract] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (12,000) | (35,000) | (126,000) |
Defined Benefit Postretirement Life Insurance | |||
Adjustments [Abstract] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (24,000) | $ (17,000) | $ (18,000) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2016 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (13,297,000) | $ 8,010,000 | $ 2,097,000 | |
Change in derivatives qualifying as hedges, tax | (8,000) | (565,000) | 469,000 | |
Pension Plans | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (13,261,000) | 8,062,000 | 2,242,000 | $ 7,605,000 |
Postretirement Benefit Plans | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (12,000) | (35,000) | (126,000) | 935,000 |
Defined Benefit Postretirement Life Insurance | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (24,000) | $ (17,000) | $ (18,000) | $ 747,000 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders Equity - USD ($) | Total | Unrealized Investment Gain | Directors | Common Stock ($0.01 par value) | Common Stock ($0.01 par value)Directors | Additional Paid-in Capital | Additional Paid-in CapitalDirectors | Retained Earnings | Retained EarningsDirectors | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossDirectors |
Opening Balance at Mar. 31, 2018 | $ 408,229,000 | $ 230,000 | $ 269,360,000 | $ 197,897,000 | $ (59,258,000) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 42,577,000 | 0 | 0 | 42,577,000 | 0 | ||||||
Payments of Dividends | (4,903,000) | 0 | 0 | 4,903,000 | 0 | ||||||
Change in foreign currency translation adjustment | (16,708,000) | 0 | 0 | 0 | (16,708,000) | ||||||
Change in net unrealized gain on investments, net of tax | (883,000) | 0 | 0 | 0 | (883,000) | ||||||
Change in derivatives qualifying as hedges, net of tax | (1,037,000) | 0 | 0 | 0 | (1,037,000) | ||||||
Change in pension liability and postretirement obligations, net of tax | (5,166,000) | 0 | 0 | 0 | (5,166,000) | ||||||
Stock compensation - directors | 5,768,000 | $ 430,000 | 0 | $ 0 | 5,768,000 | $ 430,000 | 0 | $ 0 | 0 | $ 0 | |
Stock Issued During Period, Value, Stock Options Exercised | 4,152,000 | 4,000 | 4,148,000 | 0 | 0 | ||||||
Restricted stock units released, shares, net of shares withheld for minimum statutory tax obligation | (2,188,000) | 0 | (2,188,000) | 0 | 0 | ||||||
closing balance at Mar. 31, 2019 | 431,159,000 | 234,000 | 277,518,000 | 236,459,000 | (83,052,000) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Change in derivatives qualifying as hedges, tax | 469,000 | ||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 2,097,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 187,907 | ||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 157,715 | ||||||||||
Comprehensive Income Loss Reclassification | $ 0 | ||||||||||
Comprehensive Income Loss Reclassification | Accounting Standards Update 2016-01 [Member] | $ 888,000 | (888,000) | 888,000 | ||||||||
Net income | 59,672,000 | 0 | 0 | 59,672,000 | 0 | ||||||
Payments of Dividends | (5,690,000) | 0 | 0 | 5,690,000 | 0 | ||||||
Change in foreign currency translation adjustment | (9,004,000) | 0 | 0 | 0 | (9,004,000) | ||||||
Change in derivatives qualifying as hedges, net of tax | 1,602,000 | 0 | 0 | 0 | 1,602,000 | ||||||
Change in pension liability and postretirement obligations, net of tax | (23,896,000) | 0 | 0 | 0 | (23,896,000) | ||||||
Stock compensation - directors | 4,047,000 | 460,000 | 0 | 0 | 4,047,000 | 460,000 | 0 | 0 | 0 | 0 | |
Stock Issued During Period, Value, Stock Options Exercised | 6,000,000 | 3,000 | 5,997,000 | 0 | 0 | ||||||
Restricted stock units released, shares, net of shares withheld for minimum statutory tax obligation | (765,000) | 1,000 | (766,000) | 0 | 0 | ||||||
closing balance at Mar. 31, 2020 | 463,585,000 | 238,000 | 287,256,000 | 290,441,000 | (114,350,000) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Change in derivatives qualifying as hedges, tax | (565,000) | ||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 8,010,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 296,027 | ||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 82,861 | ||||||||||
Comprehensive Income Loss Reclassification | $ 1,617,000 | 0 | |||||||||
Comprehensive Income Loss Reclassification | Accounting Standards Update 2016-01 [Member] | 0 | ||||||||||
Net income | 9,106,000 | 0 | 0 | 9,106,000 | 0 | ||||||
Payments of Dividends | (5,745,000) | ||||||||||
Dividends declared | 0 | 0 | (5,745,000) | 0 | |||||||
Change in foreign currency translation adjustment | 12,583,000 | 0 | 0 | 0 | 12,583,000 | ||||||
Change in derivatives qualifying as hedges, net of tax | 96,000 | 0 | 0 | 0 | 96,000 | ||||||
Change in pension liability and postretirement obligations, net of tax | 41,685,000 | 0 | 0 | 0 | 41,685,000 | ||||||
Stock compensation - directors | 7,482,000 | $ 540,000 | 0 | $ 0 | 7,482,000 | $ 540,000 | 0 | $ 0 | 0 | $ 0 | |
Stock Issued During Period, Value, Stock Options Exercised | 1,973,000 | 2,000 | 1,971,000 | 0 | 0 | ||||||
Tax effect of exercise of stock options | 0 | ||||||||||
Restricted stock units released, shares, net of shares withheld for minimum statutory tax obligation | (1,156,000) | (1,156,000) | 0 | ||||||||
closing balance at Mar. 31, 2021 | 530,149,000 | $ 240,000 | $ 296,093,000 | $ 293,802,000 | $ (59,986,000) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Change in derivatives qualifying as hedges, tax | (8,000) | ||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (13,297,000) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 97,398 | ||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 115,281 | ||||||||||
Comprehensive Income Loss Reclassification | $ (25,334,000) | $ 0 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders Equity (Parenthetical) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 97,398 | 296,027 | 187,907 |
Stock Issued During Period, Shares, New Issues | 4,312,500 | ||
Change in derivatives qualifying as hedges, tax | $ (8,000) | $ (565,000) | $ 469,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 115,281 | 82,861 | 157,715 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities: | |||
Net income | $ 9,106,000 | $ 59,672,000 | $ 42,577,000 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||
Depreciation and amortization | 28,153,000 | 29,126,000 | 32,675,000 |
Deferred income taxes and related valuation allowance | (8,704,000) | 7,364,000 | (958,000) |
Net loss (gain) on sale of real estate, investments and other | (1,594,000) | (563,000) | 194,000 |
Loss on sales of businesses | 0 | 176,000 | 25,672,000 |
Pension Expense (Reversal of Expense), Noncash | 19,038,000 | 0 | 0 |
Gain (Loss) on Disposition of Property Plant Equipment | (2,638,000) | 0 | 0 |
Amortization of deferred financing costs | 2,646,000 | 2,655,000 | 2,655,000 |
Stock-based compensation | 8,022,000 | 4,507,000 | 6,198,000 |
Other Operating Activities, Cash Flow Statement | 7,447,000 | 7,923,000 | 0 |
Changes in operating assets and liabilities, net of effects of business acquisitions and divestitures: | |||
Trade accounts receivable | 21,472,000 | 2,899,000 | (11,328,000) |
Inventories | 20,659,000 | 15,752,000 | (15,411,000) |
Prepaid expenses and other | (5,128,000) | (3,857,000) | (128,000) |
Increase (Decrease) in Other Operating Assets | (874,000) | (724,000) | (231,000) |
Trade accounts payable | 10,343,000 | 8,110,000 | 3,881,000 |
Accrued liabilities | (3,174,000) | (14,304,000) | 6,397,000 |
Increase (Decrease) in Other Noncurrent Liabilities | (7,632,000) | (13,389,000) | (13,156,000) |
Net cash provided by (used for) operating activities | 98,890,000 | 106,795,000 | 79,499,000 |
Investing activities: | |||
Proceeds from sales of marketable securities | 5,111,000 | 5,380,000 | 3,266,000 |
Purchases of marketable securities | (4,945,000) | (5,747,000) | (2,604,000) |
Capital expenditures | (12,300,000) | (9,432,000) | (12,288,000) |
Proceeds from Sales of Assets, Investing Activities | 5,453,000 | 0 | 0 |
Proceeds from Insurance Settlement, Investing Activities | (100,000) | 0 | 0 |
Proceeds from Equity Method Investment, Distribution, Return of Capital | (587,000) | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 446,000 | 51,000 | 176,000 |
Payments for (Proceeds from) Businesses and Interest in Affiliates | 0 | ||
Proceeds from Divestiture of Businesses | (214,000) | 14,230,000 | |
Net Cash Provided by (Used in) Investing Activities | (5,548,000) | (9,962,000) | 2,486,000 |
Financing activities: | |||
Proceeds from issuance of common stock | 1,973,000 | 6,000,000 | 4,152,000 |
Proceeds from (Repayments of) Debt, Maturing in More than Three Months | 25,000,000 | 0 | 0 |
Repayments of Lines of Credit | (25,000,000) | 0 | 0 |
Payments of Dividends | (5,733,000) | (5,670,000) | (4,652,000) |
Repayment of debt | (4,450,000) | (51,113,000) | (65,088,000) |
Payments of Financing Costs | 826,000 | 0 | 0 |
Other | (1,153,000) | (768,000) | (2,190,000) |
Net cash provided by (used for) financing activities | (10,189,000) | (51,551,000) | (67,778,000) |
Effect of exchange rate changes on cash | 4,524,000 | (1,925,000) | (6,429,000) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 87,677,000 | 43,357,000 | 7,778,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 202,377,000 | 114,700,000 | 71,343,000 |
Supplementary cash flows data: | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 9,451,000 | 11,555,000 | 14,411,000 |
Income taxes paid, net of refunds | 10,186,000 | 11,601,000 | 4,840,000 |
Property, plant and equipment purchases included in trade accounts payable | 730,000 | 365,000 | 227,000 |
Decrease in Restricted Cash | 250,000 | 250,000 | 250,000 |
Payments to Acquire Restricted Investments | $ 0 | $ 0 | $ (294,000) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss is as follows: March 31, 2021 2020 Foreign currency translation adjustment – net of tax $ (21,776) $ (34,359) Pension liability – net of tax (38,081) (79,651) Postretirement obligations – net of tax 1,989 1,950 Split-dollar life insurance arrangements – net of tax (1,264) (1,340) Derivatives qualifying as hedges – net of tax (854) (950) Accumulated other comprehensive loss $ (59,986) $ (114,350) The deferred taxes related to the adjustments associated with the items included in accumulated other comprehensive loss, net of deferred tax asset valuation allowances, were $(13,305,000), $7,445,000, and $2,566,000 for fiscal 2021, 2020, and 2019 respectively. Refer to Note 17 for discussion of the deferred tax asset valuation allowance. In the period subsequent to our initial recording of the valuation allowance in fiscal 2011, increases and decreases to both the deferred tax assets associated with items in accumulated other comprehensive loss, and the valuation allowance, have been recorded as offsets to comprehensive income. As a result of the Act as described in Note 17, the Company recorded as an offsetting entry a $(7,251,000) stranded tax effect in the minimum pension liability component and a $(194,000) stranded tax effect in the split dollar life insurance arrangement component of other comprehensive income in fiscal 2018. The stranded tax effect related to the other post retirement obligations component was not material. As a result of the recording of a deferred tax asset valuation allowance in fiscal 2011, the Company recorded as an offsetting entry a $7,605,000 stranded tax effect in the minimum pension liability component, $935,000 stranded tax effect in the other post retirement obligations component and a $747,000 stranded tax effect in the split dollar life insurance arrangement component of other comprehensive income. With the reversal of that valuation allowance in fiscal 2013, the Company recorded the reversal of the valuation allowance as a reduction of income taxes in the consolidated statement of operations. As a result of the recording of a deferred tax asset valuation allowance in fiscal 2005, the Company recorded as an offsetting entry a $406,000 stranded tax effect in the minimum pension liability component of other comprehensive income. With the reversal of that valuation allowance in fiscal 2006, the Company recorded the reversal of the valuation allowance as a reduction of income taxes in the consolidated statement of operations. The stranded tax effects described above are in accordance with ASC Topic 740, “Income Taxes” even though the impact of the act and the deferred tax asset valuation allowance described above were initially established as an adjustment to comprehensive income. This amount will remain indefinitely as a component of accumulated other comprehensive loss. The activity by year related to investments, including reclassification adjustments for activity included in earnings are as follows (all items shown net of tax): Year Ended March 31, 2021 2020 2019 Net unrealized investment gain (loss) at beginning of year $ — $ — $ 888 Unrealized holdings gain (loss) arising during the period — — — Reclassification adjustments for gain included in earnings — — — Adoption of ASU 2016-01 — — (888) Net change in unrealized gain (loss) on investments — — (888) Net unrealized investment gain at end of year $ — $ — $ — Changes in accumulated other comprehensive income by component are as follows (in thousands): March 31, 2021 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (79,041) $ (34,359) $ (950) (114,350) Other comprehensive income (loss) before reclassification 24,999 12,583 (8,552) 29,030 Amounts reclassified from other comprehensive loss to net income 16,686 — 8,648 25,334 Net current period other comprehensive (loss) income 41,685 12,583 96 54,364 Ending balance net of tax $ (37,356) $ (21,776) $ (854) $ (59,986) March 31, 2020 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (55,145) $ (25,355) $ (2,552) (83,052) Other comprehensive income (loss) before reclassification (25,449) (9,004) 4,772 (29,681) Amounts reclassified from other comprehensive loss to net income 1,553 — (3,170) (1,617) Net current period other comprehensive (loss) income (23,896) (9,004) 1,602 (31,298) Ending balance net of tax $ (79,041) $ (34,359) $ (950) $ (114,350) Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2021 are as follows (in thousands): Details of AOCL Components Amount reclassified from AOCL Affected line item on consolidated statement of operations Net pension amount unrecognized $ 22,009 (1) 22,009 Total before tax (5,323) Tax benefit $ 16,686 Net of tax Change in derivatives qualifying as hedges $ (90) Cost of products sold 1,585 Interest expense 7,874 Foreign currency 9,369 Total before tax (721) Tax benefit $ 8,648 Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 13 — Pensions and Other Benefit Plans for additional details.) Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2020 are as follows (in thousands): Details of AOCL Components Amount reclassified from AOCL Affected line item on consolidated statement of operations Net pension amount unrecognized $ 2,074 (1) 2,074 Total before tax (521) Tax benefit $ 1,553 Net of tax Change in derivatives qualifying as hedges $ (54) Cost of products sold (327) Interest expense (3,907) Foreign currency (4,288) Total before tax 1,118 Tax benefit $ (3,170) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 13 — Pensions and Other Benefit Plans for additional details.) |
Description of Business
Description of Business | 12 Months Ended |
Mar. 31, 2021 | |
Description Of Business [Abstract] | |
Description of Business | Description of Business Columbus McKinnon Corporation ("the Company") is a leading worldwide designer, manufacturer, and marketer of hoists, actuators, rigging tools, digital power control systems, motion control products, and other technologies, systems, and services that efficiently and ergonomically move, lift, position, and secure materials. Key products include hoists, rigging tools, digital power control systems, actuators, elevator application drive systems, and explosion-protected hoists. The Company is focused on commercial and industrial applications that require safety and productivity in moving material. The Company’s targeted market verticals include general industrial, construction and infrastructure, mining, oil & gas, energy, aerospace, transportation, automotive, heavy equipment manufacturing, and entertainment. |
Accounting Principles and Pract
Accounting Principles and Practices | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounting Principals and Practices | Accounting Principles and Practices Advertising Costs associated with advertising are expensed as incurred and are included in Selling expense in the Consolidated Statements of Operations. Advertising expenses were $999,000, $1,648,000, and $2,452,000 in fiscal 2021, 2020, and 2019, respectively. The decrease in fiscal 2021 was due to reduced spending including fewer trade shows expenses as a result of COVID-19. Cash and Cash Equivalents The Company considers as cash equivalents all highly liquid investments with an original maturity of three months or less. Concentrations of Labor Approximately 8% of the Company’s employees are represented by two separate U.S. collective bargaining agreements which expire in June 2021 and September 2021. Consolidation These consolidated financial statements include the accounts of the Company and its global subsidiaries; all significant intercompany accounts and transactions have been eliminated. Equity Method Investment The Company has an investment in Eastern Morris Cranes Company Limited ("EMC") whose principal activity is to manufacture various electrical overhead traveling cranes. This investment represents a minority ownership interest that is accounted for under the equity method of accounting since the Company has significant influence over the investee. As a result, the Company records its portion of the gains and losses incurred by this entity in Investment (income) loss in the Consolidated Statements of Operations. Foreign Currency Translations The Company translates foreign currency financial statements as described in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 830, “Foreign Currency Matters.” Under this method, all items of income and expense are translated to U.S. dollars at average exchange rates during the year. All assets and liabilities are translated to U.S. dollars at the year-end exchange rate. Gains or losses on translations are recorded in accumulated other comprehensive loss in the shareholders’ equity section of the balance sheet. The functional currency is the foreign currency in which the foreign subsidiaries conduct their business. Gains and losses from foreign currency transactions are reported in foreign currency exchange loss (gain). Goodwill Goodwill is not amortized but is tested for impairment at least annually, or more frequently if indicators of impairment exist, in accordance with the provisions of ASC Topic 350-20-35-1. Goodwill impairment is deemed to exist if the net book value of a reporting unit exceeds its estimated fair value. The fair value of a reporting unit is determined using a discounted cash flow methodology. The Company’s reporting units are determined based upon whether discrete financial information is available and reviewed regularly, whether those units constitute a business, and the extent of economic similarities and interdependencies between those reporting units for purposes of aggregation. The Company’s reporting units identified under ASC Topic 350-20-35-33 are at the component level, or one level below the reporting segment level as defined under ASC Topic 280-10-50-10 “Segment Reporting – Disclosure.” As of March 31, 2021, the Company’s one segment is subdivided into two reporting units. Further, the Company adopted ASU No. 2017-04, "Simplifying the Test for Goodwill Impairment (Topic 350)," in fiscal 2018, therefore, is no longer required to compare the implied fair value of goodwill with its carrying value amount as part of step two of the goodwill test. An impairment charge is the amount by which the carrying value is greater than the reporting unit's fair value. When the Company evaluates the potential for goodwill impairment, it assesses a range of qualitative factors including, but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for its products and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, and overall financial performance. If, after completing this assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value or if economic or other business factors indicate that the fair value of our reporting units may have declined since our last quantitative test, the Company performs a quantitative test. To perform the quantitative impairment test, the Company uses the discounted cash flow method and a market-based valuation model to estimate the fair value of the reporting units. The discounted cash flow method incorporates various assumptions, the most significant being projected revenue growth rates, operating profit margins and cash flows, the terminal growth rate, and the discount rate. The Company projects revenue growth rates, operating margins and cash flows based on each reporting unit's current business, expected developments, and operational strategies over a five-year period. In estimating the terminal growth rates, the Company considers its historical and projected results, as well as the economic environment in which its reporting units operate. The discount rates utilized for each reporting unit reflect the Company's assumptions of marketplace participants' cost of capital and risk assumptions, both specific to the reporting unit and overall in the economy. The Company performed its qualitative assessment as of February 28, 2021 and determined that the quantitative goodwill impairment test was not required for the Rest of Products and Duff-Norton reporting units. Based on various conditions in the current fiscal year, such as financial performance, macroeconomic conditions, and other company specific events, it was determined that the Rest of Products and Duff-Norton's reporting unit's fair value was not more likely than not less than its applicable carrying value. See Note 9 for further discussion of goodwill and intangible assets. Impairment of Long-Lived Assets The Company assesses impairment of its long-lived assets in accordance with the provisions of ASC Topic 360 “Property, Plant, and Equipment.” This statement requires long-lived assets, such as property and equipment and purchased intangibles subject to amortization, to be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to estimated undiscounted future cash flows expected to be generated by the asset group over its remaining useful life. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. The fair values are determined in accordance with ASC 820. In assessing long-lived assets for an impairment loss, assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Asset grouping requires a significant amount of judgment. Accordingly, facts and circumstances will influence how asset groups are determined for impairment testing. In assessing long-lived assets for impairment, management considered the Company’s product line portfolio, customers and related commercial agreements, labor agreements and other factors in grouping assets and liabilities at the lowest level for which identifiable cash flows are independent. The Company considers projected future undiscounted cash flows, trends and other factors in its assessment of whether impairment conditions exist. While the Company believes that its estimates of future cash flows are reasonable, different assumptions regarding such factors as future production volumes, customer pricing, economics, and productivity and cost initiatives, could significantly affect its estimates. In determining fair value of long-lived assets, management uses management estimates, discounted cash flow calculations, and appraisals where necessary. There were no impairments recorded related to long-lived assets in the current year. Intangible Assets At acquisition, the Company estimates and records the fair value of purchased intangible assets which primarily consist of trade names, customer relationships, and technology. The fair values are estimated based on management’s assessment as well as independent third party appraisals. Such valuations may include a discounted cash flow of anticipated revenues resulting from the acquired intangible asset. Amortization of intangible assets with finite lives is recognized over their estimated useful lives using an amortization method that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise realized. The straight line method is used for customer relationships. As a result of the negligible attrition rate in our customer base, the difference between the straight line method and attrition method is not considered significant. The estimated useful lives for our intangible assets range from 1 to 25 years. Similar to goodwill, indefinite-lived intangible assets (including trademarks on our acquisitions) are tested for impairment on an annual basis. When the Company evaluates the potential for impairment of intangible assets, it assesses a range of qualitative factors including, but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for its products and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, and overall financial performance. If, after completing this assessment, it is determined that it is more likely than not that the fair value of an indefinite-lived intangible asset is greater than its carrying value, we conclude that the indefinite-lived intangible asset is not impaired. If, after completing this assessment, it is determined that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value or if economic or other business factors indicate that the fair value of our indefinite-lived intangible assets may have declined since our last quantitative test, the Company performs a new quantitative test. The methodology used to value trademarks is the relief from royalty method. The recorded book value of these trademarks in excess of the calculated fair value triggers an impairment. The key estimate used in this calculation consists of an overall royalty rate applied to the sales covered by the trademark. After performing a qualitative assessment as of February 28, 2021, it was determined that the trademarks were not impaired. Inventories Inventories are valued at the lower of cost and net realizable value. Cost of approximately 39% of inventories at March 31, 2021 and 36% at March 31, 2020 have been determined using the LIFO (last-in, first-out) method. Costs of other inventories have been determined using the FIFO (first-in, first-out) or average cost method. FIFO cost approximates replacement cost. Costs in inventory include components for direct labor and overhead costs. Marketable Securities The Company’s marketable securities, which consist of equity and fixed income securities, are recorded at fair value. Under ASU 2016-01 all equity investments (including certain fixed income securities) in unconsolidated entities are measured at fair value through earnings. Therefore, gains and losses on marketable securities are realized within Investment (income) loss on the Consolidated Statements of Operations. Estimated fair value is based on published trading values at the balance sheet dates. The cost of securities sold is based on the specific identification method. Interest and dividend income are also included in Investment (income) loss on the Consolidated Statements of Operations. The marketable securities are carried as long-term assets since they are held for the settlement of the Company’s general and products liability insurance claims filed through CM Insurance Company, Inc., a wholly owned captive insurance subsidiary. The marketable securities are not available for general working capital purposes. Property, Plant, and Equipment Property, plant, and equipment are stated at cost and depreciated principally using the straight-line method over their respective estimated useful lives (buildings and building equipment—15 to 40 years; machinery and equipment—3 to 18 years). When depreciable assets are retired, or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in operating results. Research and Development Consistent with prior periods, the Company continues to account for R&D expenses in accordance with the provisions of ASC 730 and are expensed as incurred. Revenue Recognition, Accounts Receivable, and Concentration of Credit Risk The Company adopted ASC 606, "Revenue from Contracts with Customers," in fiscal 2019. Revenue from contracts with customers for standard products is recognized when legal title and significant risk and rewards has transferred to the customer, which is generally at the time of shipment. This is the point in time when control is deemed to transfer to the customer. The Company also sells custom engineered products and services which are contracts that are typically completed within one quarter but can extend beyond one year in duration. The Company generally recognizes revenue for customer engineered products upon satisfaction of its performance obligation under the contract which typically coincides with project completion which is when the products and services are controlled by the customer. Control is typically achieved at the later of when legal title and significant risk and rewards have transferred to the customer or the customer has accepted the asset. For both standard products and custom engineered products, the transaction price is based upon the price stated in either the purchase order or contract. Refer to Note 4 for further details. Additionally, the Company performs ongoing credit evaluations of its customers’ financial condition, but generally does not require collateral to support customer receivables. The credit risk is controlled through credit approvals, limits, and monitoring procedures. Accounts receivable are reported at net realizable value and do not accrue interest. The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends, and other factors. Accounts receivable are charged against the allowance for doubtful accounts once all collection efforts have been exhausted. The Company does not routinely permit customers to return product. However, sales returns are permitted in specific situations and typically include a restocking charge or the purchase of additional product. As a result of ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," discussed in Note 21 and effective in fiscal 2021, the Company has updated its existing allowance for doubtful accounts policy to comply with the new standard. Shipping and Handling Costs Shipping and handling costs are a component of cost of products sold. Stock-Based Compensation The Company records stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation.” This standard requires all equity-based payments to employees, including grants of employee stock options, to be recognized in the Consolidated Statements of Operations based on the grant date fair value of the award. Stock compensation expense is included in Cost of products sold, Selling, and General and administrative expense depending on the nature of the service of the employee receiving the award. The Company uses a straight-line method of attributing the value of stock compensation expense, subject to minimum levels of expense, based on vesting. See Note 15 for further discussion of stock-based compensation. Leases All leases are reviewed for operating or finance classification at their inception. Rent expense for leases that contain scheduled rent increases is recognized on a straight-line basis over the lease term. As described in Note 18, the Company adopted ASC 842, "Leases," effective April 1, 2019 whereas leases with terms greater than twelve months are recorded on the balance sheet as a right-of-use ("ROU") asset and corresponding lease liability. Refer to Note 18 for further details. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Warranties The Company offers warranties for certain products it sells. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company sold the product. As noted in the Revenue Recognition note (Note 4), the Company offers standard warranties which are typically 12 months in duration for standard products and 24 to 36 months for custom engineered products. These are assurance-type warranties that do not qualify as separate performance obligations under ASC 606. The Company estimates the costs that may be incurred under its standard warranties, based largely upon actual warranty repair costs history, and records a liability in the amount of such costs in the month that revenue is recognized. The resulting accrual balance is reviewed during the year. Factors that affect the Company’s warranty liability include the number of units sold, historical and anticipated rate of warranty claims, and cost per claim. Changes in the Company’s product warranty accrual are as follows: March 31, 2021 2020 Balance at beginning of year $ 3,581 $ 3,634 Accrual for warranties issued 2,319 2,723 Warranties settled (2,778) (2,548) Foreign currency translation 206 (228) Balance at end of year $ 3,328 $ 3,581 |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2021 | |
Business Combination, Step Acquisition [Abstract] | |
Acquisitions | Acquisitions & Disposals Disposals As part of our business strategy, in the first quarter of fiscal 2019 the Company started the process to sell its Tire Shredder business, its crane builder business, Crane Equipment and Service Inc., and Stahlhammer Bommern GmbH, its European forging business acquired in 2014 (the "Sold Businesses") as they were no longer considered part of the core business or a strategic fit with the Company's long-term growth and operational objectives. On December 28, 2018, the Company sold its Tire Shredder business and recognized a gain. On February 28, 2019, the Company sold the remaining two businesses, Crane Equipment and Service Inc. and Stahlhammer Bommern GmbH, and recognized a loss. As such, there are no remaining businesses which meet the criteria as being held for sale in accordance with ASC 360-10-45-9, "Property, Plant, and Equipment." The businesses were not deemed a strategic shift or significant to be considered discontinued operations. When businesses or asset groups meet the criteria as held for sale, they are recorded at the lesser of their carrying value or fair value less cost to sell. The Company recognized a gain on the sale of its Tire Shredder business in the amount of $1,059,000 during the twelve months ending March 31, 2019. The Company recognized a loss on Crane Equipment and Service Inc. and Stahlhammer Bommern GmbH in the amount of $26,731,000 during the twelve months ended March 31, 2019. The loss of $26,731,000 recognized during fiscal 2019 includes an impairment loss on the Sold Businesses in the amount of $27,753,000. The impairment loss included a $6,174,000 reduction to goodwill, a $1,872,000 reduction to other intangible assets, a $12,830,000 reduction to property, plant, and equipment, and a $6,877,000 reduction to inventory. Both the gain and loss on sale of business were recorded in Net loss on sales of businesses, including impairment on the Consolidated Statements of Operations and was determined based on the selling price less carrying value, described further in Note 5. Additionally, net sales and pre-tax income (loss) before recognized gain or loss on sales for the three Sold Businesses was $34,195,000 and $3,623,000 for the twelve months ended March 31, 2019. In the twelve months ending March 31, 2020, the Company recognized an additional loss of $176,000 as a result of a final working capital adjustment. As part of its Blueprint for Growth 2.0 strategy, the Company is consolidating its manufacturing footprint. The Company previously announced in fiscal 2019 the closure of its Salem, Ohio facility. In fiscal 2020 the Company announced its plans to consolidate its hoist manufacturing facility in Lisbon, Ohio with its Wadesboro, North Carolina and Damascus, Virginia facilities in fiscal 2021. The Salem, Ohio facility consolidation was completed during the first quarter of fiscal 2020 and the Lisbon, Ohio consolidation was completed during the nine months ended December 31, 2020. In total $1,797,000, $2,958,000, and $1,473,000 are included in Cost of products sold on the Consolidated Statements of Operations during the twelve months ended March 31, 2021, 2020, and 2019 respectively, related to the consolidation of the Salem and Lisbon facilities. Costs incurred include accelerated depreciation, accelerated lease costs, severance and other payroll related costs, costs to relocate inventory and machinery and equipment, and a payment of a previously recorded tax credit that will be refunded to the state. Further, the Company closed one of its facilities located in France and consolidated these operations into one of its German facilities. During the twelve months ended March 31, 2021, $815,000 of costs are included in Cost of products sold, $327,000 in General and administrative expenses, and $94,000 included in Selling expenses on the Consolidated Statements of Operations related to this consolidation, which primarily are severance and legal costs. During fiscal 2021, the Company sold one of its owned manufacturing facilities in China as a result of its plan to consolidate two of its Hangzhou, China manufacturing facilities into one and reorganize its Asia Pacific operations. The Company received cash in the amount of 45 million RMB (approximately $6,363,000) from the buyer to purchase the facility which resulted in a gain of $2,638,000, of which $2,189,000 is included in Cost of products sold and $449,000 is included in General and administrative expenses on the Consolidated Statements of Operations during the twelve months ended March 31, 2021. $1,455,000 of costs are included in General and administrative expenses and $296,000 are included in Selling expenses on the Consolidated Statements of Operations during the twelve months ended March 31, 2020 related to this consolidation. Acquisitions - subsequent to March 31, 2021 On April 7, 2021, the Company completed its acquisition of Dorner Mfg. Corp. ("Dorner") for $485,000,000 on a cash-free, debt-free basis with a working capital adjustment. Dorner, headquartered in Hartland, WI, is a leading automation solutions company providing unique, patented technologies in the design, application, manufacturing and integration of high-precision conveying systems. The acquisition of Dorner accelerates the Company’s shift to intelligent motion and serves as a platform to expand capabilities in advanced, higher technology automation solutions. Dorner is a leading supplier to the life sciences, food processing, and consumer packaged goods markets as well as the faster growing industrial automation and e-commerce sectors. Acquisition expenses incurred by the Company total $3,951,000 through March 31, 2021 and have been recorded in General and administrative expenses. To finance the Dorner acquisition, on April 7, 2021 the Company entered into a $750,000,000 credit facility ("First Lien Facilities") with JPMorgan Chase Bank, N.A. ("JPMorgan Chase Bank"), PNC Capital Markets LLC, and Wells Fargo Securities LLC. The First Lien Facilities consist of a Revolving Facility (the “New Revolving Credit Facility”) in an aggregate amount of $100,000,000 and a $650,000,000 First Lien Term Facility ("Bridge Facility"). Proceeds from the Bridge Facility were used, among other things, to finance the purchase price for the Dorner acquisition, pay related fees, expenses and transaction costs, and refinance the Company's borrowings under its prior Term Loan and Revolver. The key terms of the First Lien Facility are as follows: 1) Bridge Facility: An aggregate $650,000,000 Bridge Facility which requires quarterly principal amortization of 0.25% with the remaining principal due at maturity date. In addition, if the Company has Excess Cash Flow (ECF) as defined in the Credit Agreement, the ECF Percentage of the Excess Cash Flow for each fiscal year minus optional prepayments of the Loans (except prepayments of Revolving Loans that are not accompanied by a corresponding permanent reduction of Revolving Commitments) pursuant to Section 2.10(a) of the Credit Agreement other than to the extent that any such prepayment is funded with the proceeds of Funded Debt, shall be applied toward the prepayment of the Bridge Facility. The ECF Percentage is defined as 50% stepping down to 25% or 0% based on the achievement of specified Secured Leverage Ratios as of the last day of such fiscal year. 2) Revolver: An aggregate $100,000,000 secured revolving facility which includes sublimits for the issuance of standby letters of credit, swingline loans and multi-currency borrowings in certain specified foreign currencies. 3) Fees and Interest Rates: Commitment fees and interest rates are determined on the basis of either a Eurocurrency rate or a Base rate plus an applicable margin, which is based upon the Company's Total Leverage Ratio (as defined in the Credit Agreement) in the case of Revolver loans. 4) Prepayments: Provisions permitting a Borrower to voluntarily prepay either the Bridge Facility or Revolver in whole or in part at any time, and provisions requiring certain mandatory prepayments of the Bridge Facility or Revolver on the occurrence of certain events which will permanently reduce the commitments under the Credit Agreement, each without premium or penalty, subject to reimbursement of certain costs of the Lenders. A prepayment premium of 1% of the principal amount of the First Lien Term Facility is required if the prepayment is associated with a Repricing Transaction and it were to occur within the first six months following the closing date. 5) Covenants: Provisions containing covenants required of the Corporation and its subsidiaries including various affirmative and negative financial and operational covenants. The key financial covenant is triggered only on any date when any Extension of Credit under the Revolving Facility is outstanding (excluding any Letters of Credit) (the “Covenant Trigger”), and prohibits the Total Leverage Ratio for the Reference Period ended on such date from exceeding (i) 6.75:1.00 as of any date of determination prior to June 30, 2021, (ii) 5.75:1.00 as of any date of determination on June 30, 2021 and thereafter but prior to June 30, 2022, (iii) 4.75:1.00 as of any date of determination on June 30, 2022 and thereafter but prior to June 30, 2023 and (iv) 3.50:1.00 as of any date of determination on June 30, 2023 and thereafter. 6) Collateral: Obligations under the First Lien Facilities are secured by liens on substantially all assets of the Company and its material domestic subsidiaries. Debt and equity issuance costs were not material in fiscal 2021. In the first quarter of fiscal 2022, the Company expects to incur $6,272,000 in debt extinguishment costs, of which $5,946,000 relates to the Company's prior Term Loan and $326,000 relates to the Company's prior Revolver. These costs will be classified as Cost of debt refinancing in the Consolidated Statements of Operations. Further, in fiscal 2022 the Company expects to record $5,432,000 in deferred financing costs on the First Lien Term Facility, which will be amortized over seven years. The Company expects to record $4,027,000 in deferred financings costs on the New Revolver, of which $3,050,000 is related to the new Revolver and $977,000 is carried over from the Company's prior Revolver as certain Revolver lenders increased their borrowing capacity. These balances will be amortized over five years and classified in Other assets since no funds are expected to be drawn on the New Revolver in the first quarter of fiscal 2022. In addition to the debt borrowing described above, the Company commenced an underwritten public offering of 4,312,500 shares of its common stock at a price of $48.00 per share for total gross proceeds of $207,000,000. The Company used all of the net proceeds from the equity offering to repay in part outstanding borrowings under its Bridge Facility. The equity offering closed on May 4, 2021. Following the repayment, the Bridge Facility was refinanced with a Term Loan B facility. The terms of the Term Loan B facility are similar to the terms for the Bridge Facility with the exception of the limits related to the financial covenants which are triggered only on any date when any Extension of Credit under the Revolving Facility is outstanding. The Term Loan B prohibits the Total Leverage Ratio on such date from exceeding (i) 6.75:1.00 as of any date of determination prior to June 30, 2021, (ii) 5.50:1.00 as of any date of determination on June 30, 2021 and thereafter but prior to June 30, 2022, (iii) 4.50:1.00 as of any date of determination on June 30, 2022 and thereafter but prior to June 30, 2023 and (iv) 3.50:1.00 as of any date of determination on June 30, 2023 and thereafter. Fees paid on the portion of the First Lien Facilities that were associated with the Bridge Facility are expected to be expensed as part of Cost of debt refinancing in the Consolidated Statements of Operations in the amount of $8,531,000 in the first quarter of fiscal 2022. Lastly, purchase accounting allocations are not complete at this time. The Company has identified intangible assets and expects to record balances related to trade names, technology, customer relationships, and goodwill. Further, pro forma financial information presenting the combined results of operations as if the acquisitions had occurred as of April 1, 2020 has not been disclosed because it is deemed impracticable to do so. This is due to the initial accounting for the business combination is incomplete at this time. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC Topic 820 “Fair Value Measurements and Disclosures” establishes the standards for reporting financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value on a recurring basis (at least annually). Under these standards, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants at the measurement date. ASC Topic 820-10-35-37 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the valuation techniques that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is separated into three levels based on the reliability of inputs as follows: Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly, involving some degree of judgment. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The availability of observable inputs can vary and is affected by a wide variety of factors, including the type of asset/liability, whether the asset/liability is established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are required to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Company primarily uses readily observable market data in conjunction with internally developed discounted cash flow valuation models when valuing its derivative portfolio and, consequently, the fair value of the Company’s derivatives is based on Level 2 inputs. The carrying amount of the Company's annuity contract is recorded at net asset value of the contract and, consequently, its fair value is based on Level 2 inputs and is included in other assets on the Company's Consolidated Balance Sheet. The Company uses quoted prices in an inactive market when valuing its term loan and, consequently, the fair value is based on Level 2 inputs. The following table provides information regarding financial assets and liabilities measured or disclosed at fair value on a recurring basis: Fair value measurements at reporting date using Quoted prices in Significant Significant Description At March (Level 1) (Level 2) (Level 3) Assets/(Liabilities) Marketable securities $ 7,968 $ 7,968 $ — $ — Annuity contract 2,025 — 2,025 — Derivative assets (liabilities): Foreign exchange contracts (83) — (83) — Interest rate swap liability (2,057) — (2,057) — Cross currency swap liability (13,895) — (13,895) — Disclosed at fair value: Term loan $ (254,581) $ — $ (254,581) $ — Fair value measurements at reporting date using Quoted prices in Significant Significant Description At March (Level 1) (Level 2) (Level 3) Assets/(Liabilities) Marketable securities $ 7,322 $ 7,322 $ — $ — Annuity contract 2,059 — 2,059 — Derivative assets (liabilities): Foreign exchange contracts 285 — 285 — Interest rate swap asset (3,296) — (3,296) — Cross currency swap liability (5,254) — (5,254) — Cross currency swap asset 1,750 — 1,750 — Disclosed at fair value: Term loan $ (239,899) $ — $ (239,899) $ — The Company did not have any non-financial assets and liabilities that are recognized at fair value on a recurring basis. At March 31, 2021, the term loan and revolving credit facility have been recorded at carrying value which approximates fair value. Market gains, interest, and dividend income on marketable securities are recorded in investment (income) loss. Changes in the fair value of derivatives are recorded in foreign currency exchange (gain) loss or other comprehensive income (loss), to the extent that the derivative qualifies as a hedge under the provisions of ASC Topic 815. Interest and dividend income on marketable securities are measured based upon amounts earned on their respective declaration dates. Fiscal 2021 Non-Recurring Measurements There were no assets and liabilities measured at fair value on a non-recurring basis in Fiscal 2021. Fiscal 2020 Non-Recurring Measurements The fair value of the net assets of the Company’s Rest of Products and Duff-Norton reporting units were calculated on a non-recurring basis in fiscal 2020. These measurements have been used to quantitatively test goodwill for impairment on an annual basis under the provisions of ASC Topic 350-20-35-1 “Intangibles, Goodwill and Other – Goodwill Subsequent Measurement.” In fiscal 2021, the qualitative approach was used to determine if goodwill and indefinite-lived trademarks were impaired, and therefore, no non-recurring fair value measures were required in the analysis. The fiscal 2020 goodwill impairment test consisted of determining the fair values of the Rest of Products and Duff-Norton reporting units on a quantitative basis. The fair value for the Company’s reporting units cannot be determined using readily available quoted Level 1 inputs or Level 2 inputs that are observable in active markets. Therefore, the Company used a blended discounted cash flow and market-based valuation model to estimate the fair value using Level 3 inputs. To estimate the fair values of the Rest of Products and Duff-Norton reporting units, the Company used significant estimates and judgmental factors. The key estimates and factors used in the discounted cash flow valuation include revenue growth rates and profit margins based on internal forecasts, terminal value, and the weighted-average cost of capital used to discount future cash flows. The estimates used are disclosed below: Rest of Products Reporting Unit Duff-Norton Reporting Unit Compound annual growth rate 1.91 % 5.68 % Terminal value growth rate 3.0 % 3.5 % Weighted-average cost of capital 11.7 % 12.2 % We further test our indefinite-lived intangible asset balance of $47,857,000 consisting of trademarks on our recent acquisitions on an annual basis for impairment. The methodology used to value trademarks is the relief from royalty method. The recorded book value of these trademarks in excess of the calculated fair value results in impairment. The key estimate used in this calculation consists of an overall royalty rate applied to the sales covered by the trademark. After performing this analysis, we determined that the fair value of these trademarks exceeded their book values, and as such, other impairment was recorded. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | 4. Revenue & Receivables Revenue Recognition: The core principle under ASC 606 is for revenue to be recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration we expect to receive in exchange for those goods or services. To achieve this core principle, the Company applies the following five steps: 1) Identifying contracts with customers A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the related payment terms, (ii) the contract has commercial substance, and (iii) the Company determines that collection of substantially all consideration for goods and services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. 2) Identify the performance obligations in the contract Performance obligations promised in a contract are identified based on the products and services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other available resources, and are distinct in the context of the contract, whereby the transfer of the good or service is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised goods and services, the Company must apply judgment to determine whether promised goods and services are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised goods and services are accounted for as a combined performance obligation. 3) Determine the transaction price The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring products and services to the customer. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Any estimates, including the effect of the constraint on variable consideration, are evaluated at each reporting period for any changes. In applying this guidance, the Company also considers whether any significant financing components exist. 4) Allocate the transaction price to the performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation on a relative standalone selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct service that forms part of a single performance obligation. 5) Recognize revenue when or as the Company satisfies a performance obligation The Company determines whether it satisfies performance obligations either over time or at a point in time. Revenue is recognized over time if either 1) the customer simultaneously receives and consumes the benefits provided by the entity’s performance, 2) the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or 3) the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. If the entity does not satisfy a performance obligation over time, the related performance obligation is satisfied at a point in time by transferring the control of a promised good or service to a customer. Examples of control are using the asset to produce goods or services, enhancing the value of other assets, settling liabilities, and holding or selling the asset. For over time recognition, ASC 606 requires the Company to select a single revenue recognition method for the performance obligation that faithfully depicts the Company’s performance in transferring control of the goods and services. The guidance allows entities to choose between either an input method or an output method to measure progress toward complete satisfaction of a performance obligation. Performance obligations The Company has contracts with customers for standard products and custom engineered products and determines when and how to recognize revenue for each performance obligation based on the nature and type of contract following the five steps above. Revenue from contracts with customers for standard products is recognized when legal title and significant risk and rewards has transferred to the customer, which is generally at the time of shipment. This is the point in time when control is deemed to transfer to the customer. The Company sells standard products to customers utilizing purchase orders. Payment terms for these types of contracts generally require payment within 30-60 days. Each standard product is deemed to be a single performance obligation and the amount of revenue recognized is based on the negotiated price. The transaction price for standard products is based on the price reflected in each purchase order. Sales incentives are offered to customers who purchase standard products and include offers such as volume-based discounts, rebates for priority customers, and discounts for early cash payments. These sales incentives are accounted for as variable consideration included in the transaction price. Accordingly, the Company reduces revenue for these incentives in the period which the sale occurs and is based on the most likely amount method for estimating the amount of consideration the Company expects to receive. These sales incentive estimates are updated each reporting information as additional information becomes available. The Company also sells custom engineered products and services which are contracts that are typically completed within one quarter but can extend beyond one year in duration. For custom engineered products, the transaction price is based upon the price stated in the contract. Variable consideration has not been identified as a significant component of transaction price for custom engineered products and services. The Company generally recognizes revenue for custom engineered products upon satisfaction of its performance obligation under the contract which typically coincides with project completion which is when the products and services are controlled by the customer. Control is typically achieved at the later of when legal title and significant risk and rewards have transferred to the customer or the customer has accepted the asset. These contracts often require either up front or installment payments. These types of contracts are generally accounted for as one performance obligation as the products and services are not separately identifiable. The promised services (such as inspection, commissioning, and installation) are essential in order for the delivered product to operate as intended on the customer’s site and the services are therefore highly interrelated with product functionality. For most custom engineered products contracts, the Company determined that while there is no alternative use for the custom engineered products, the Company does not have an enforceable right to payment (which must include a reasonable profit margin) for performance completed to date in order to meet the over time revenue recognition criteria. Therefore, revenue is recognized at a point in time (when the contract is complete). For custom engineered products contracts that contain an enforceable right to payment (including reasonable profit margin) the Company satisfies the performance obligation over time and recognizes revenue based on the extent of progress towards completion of the performance obligation. The cost-to-cost measure of progress is an appropriate measure of progress toward satisfaction of performance obligations as this measure most accurately depicts the progress of work performed and transfer of control to the customers. Under the cost-to-cost measure of progress, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recognized proportionally as costs are incurred. Sales and other taxes collected with revenue are excluded from revenue, consistent with the previous revenue standard. Shipping and handling costs incurred prior to shipment are considered activities required to fulfill the Company’s promise to transfer goods, and do not qualify as a separate performance obligation. Additionally, the Company offers standard warranties which are typically 12 months in duration for standard products and 24 to 36 months for custom engineered products. These types of warranties are included in the purchase price of the product and are deemed to be assurance-type warranties which are not accounted for as a separate performance obligation. Other performance obligations included in a contract (such as drawings, owner’s manuals, and training services) are immaterial in the context of the contract and are not recognized as a separate performance obligation. Reconciliation of contract balances The Company records a contract liability when cash is received prior to recording revenue. Some standard contracts require a down payment while most custom engineered contracts require installment payments. Installment payments for the custom engineered contracts typically require a portion due at inception while the remaining payments are due upon completion of certain performance milestones. For both types of contracts, these contract liabilities, referred to as customer advances, are recorded at the time payment is received and are included in Accrued liabilities on the Consolidated Balance Sheets. When the related performance obligation is satisfied, the contract liability is released into revenue. The following table illustrates the balance and related activity for customer advances in fiscal 2021 and 2020 (in thousands): Customer advances (contract liabilities) March 31, 2021 2020 Beginning balance $ 10,796 $ 11,501 Additional customer advances received 35,815 36,058 Revenue recognized from customer advances included in the beginning balance (10,796) (11,501) Other revenue recognized from customer advances (21,177) (25,037) Other (1) 735 (225) Ending balance $ 15,373 $ 10,796 (1) Other includes the impact of foreign currency translation During the twelve months ended March 31, 2021, revenue was recognized prior to the right to invoice the customer which resulted in a contract asset balance in the amount of $8,559,000 and $2,361,000 as of March 31, 2021 and March 31, 2020, respectively. Contract assets are included in Prepaid expenses and other assets on the Consolidated Balance Sheets. Remaining Performance Obligations As of March 31, 2021, the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) was approximately $4,643,000. We expect to recognize approximately 84% of these sales over the next twelve months. Disaggregated revenue In accordance with ASC 606, the Company is required to disaggregate revenue into categories that depict how economic factors affect the nature, amount, timing and uncertainty of revenue and cash flows. The following table illustrates the disaggregation of revenue by product grouping for the year ending March 31, 2021 (in thousands): Twelve Months Ended Twelve Months Ended Net Sales by Product Grouping March 31, 2021 March 31, 2020 Industrial Products $ 271,414 $ 353,155 Crane Solutions 298,135 371,974 Engineered Products 79,989 83,977 All other 104 56 Total $ 649,642 $ 809,162 Industrial products include: manual chain hoists, electrical chain hoists, rigging/ clamps, industrial winches, hooks, shackles, and other forged attachments. Crane solutions products include: wire rope hoists, drives and controls, crane kits and components, and workstations. Engineered products include: linear and mechanical actuators, lifting tables, rail projects, and actuations systems. The All other product grouping includes miscellaneous revenue. Practical expedients Incremental costs to obtain a contract incurred by the Company primarily relate to sales commissions for contracts with a duration of one year or less. Therefore, these costs are expensed as incurred and are recorded in Selling Expenses on the Consolidated Statements of Operations. Unsatisfied performance obligations for contracts with an expected length of one year or less are not disclosed. Further, revenue from contracts with customers do not include a significant financing component as payment is generally expected within one year from when the performance obligation is controlled by the customer. Accounts Receivable: In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). The standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The Company adopted this standard effective April 1, 2020 under the modified retrospective method whereas comparative period information is not restated. The adoption of this standard did not have a significant impact on the Company’s consolidated financial statements, therefore no cumulative effect or catch up adjustment to the opening balance of retained earnings was recorded. Additionally, the Company identified and implemented appropriate changes to its allowance for doubtful accounts policy and internal controls to support reporting and disclosures. Under ASU 2016-13, the Company is required to remeasure expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. In addition to these factors, the Company establishes an allowance for doubtful accounts based upon the credit risk of specific customers, historical trends, and other factors. Accounts receivable are charged against the allowance for doubtful accounts once all collection efforts have been exhausted. Due to the short-term nature of such accounts receivable, the estimated amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances. In response to COVID-19, the Company continues to monitor the impact that COVID-19 is having on our customers and their outstanding receivable balances and is taking preventative measures, such as reducing credit limits and increasing bad debt expense, as necessary. The following table illustrates the balance and related activity for the allowance for doubtful accounts that is deducted from accounts receivable to present the net amount expected to be collected in the twelve months ending March 31, 2021 (in thousands): Allowance for doubtful accounts March 31, 2021 April 1, beginning balance $ 5,056 Bad debt expense 2,411 Less uncollectible accounts written off, net of recoveries (1,973) Other (1) 192 March 31, ending balance $ 5,686 |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: March 31, 2021 2020 At cost—FIFO basis: Raw materials $ 79,981 $ 85,452 Work-in-process 23,067 25,876 Finished goods 27,201 33,216 130,249 144,544 LIFO cost less than FIFO cost (18,761) (17,171) Net inventories $ 111,488 $ 127,373 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Mar. 31, 2021 | |
Marketable Securities [Abstract] | |
Marketable Securities | Marketable Securities and Other Investments In accordance with ASU 2016-01 "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," adopted by the Company on April 1, 2018, all equity investments in unconsolidated entities (other than those accounted for using the equity method of account) are measured at fair value through earnings. The Company's marketable securities are recorded at their fair value, with unrealized changes in market value realized within Investment (income) loss on the Consolidated Statements of Operations. The impact on earnings for unrealized gains and losses was a gain of $727,000, a loss of $143,000, and a loss of $183,000 in fiscal years 2021, 2020, and 2019, respectively. Consistent with prior periods, the estimated fair value is based on quoted prices at the balance sheet dates. The cost of securities is based on the specific identification method. Interest and dividend income are included in Investment (income) loss in the Consolidated Statements of Operations. Marketable securities are carried as long-term assets since they are held for the settlement of the Company’s general and products liability insurance claims filed through CM Insurance Company, Inc. ("CMIC"), a wholly owned captive insurance subsidiary. The marketable securities are not available for general working capital purposes. Net realized gains related to sales of marketable securities were $85,000, $50,000, and $201,000 in fiscal years 2021, 2020, and 2019, respectively, and are included in Investment (income) loss in the Consolidated Statements of Operations. The Company owns a 49% ownership interest in Eastern Morris Cranes Company Limited ("EMC"), a limited liability company organized and existing under the laws and regulations of the Kingdom of Saudi Arabia. The Company's ownership |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment | Property, Plant, and Equipment Consolidated property, plant, and equipment of the Company consisted of the following: March 31, 2021 2020 Land and land improvements $ 4,787 $ 4,985 Buildings 39,941 39,930 Machinery, equipment, and leasehold improvements 229,161 228,140 Construction in progress 14,188 12,950 288,077 286,005 Less accumulated depreciation 213,324 206,532 Net property, plant, and equipment $ 74,753 $ 79,473 Depreciation expense was $15,530,000, $16,184,000, and $17,775,000 for the years ended March 31, 2021, 2020, and 2019, respectively. Gross property, plant, and equipment includes capitalized software costs of $38,925,000 and $37,864,000 at March 31, 2021 and 2020, respectively. Accumulated depreciation includes accumulated amortization on capitalized software costs of $27,207,000 and $22,962,000 at March 31, 2021 and 2020, respectively. Amortization expense on capitalized software costs was $3,639,000, $2,937,000, and $3,045,000 during the years ended March 31, 2021, 2020, and 2019, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible AssetsAs discussed in Note 2, goodwill is not amortized but is tested for impairment at least annually, in accordance with the provisions of ASC Topic 350-20-35-1. Goodwill impairment is deemed to exist if the net book value of a reporting unit exceeds its estimated fair value. The fair value of a reporting unit is determined using a discounted cash flow methodology. The Company’s reporting units are determined based upon whether discrete financial information is available and reviewed regularly, whether those units constitute a business, and the extent of economic similarities and interdependencies between those reporting units for purposes of aggregation. The Company’s reporting units identified under ASC Topic 350-20-35-33 are at the component level, or one level below the operating segment level as defined under ASC Topic 280-10-50-10 “Segment Reporting – Disclosure.” The Company has two reporting units as of March 31, 2021, both of which have goodwill. The Duff-Norton reporting unit (which designs, manufactures, and sources mechanical and electromechanical actuators and rotary unions) had goodwill of $9,699,000 and $9,593,000 at March 31, 2021 and 2020, respectively, and the Rest of Products reporting unit (representing the hoist, chain, and forgings, digital power control systems, and distribution businesses) had goodwill of $321,477,000 and $310,086,000 at March 31, 2021 and 2020, respectively. Fiscal 2021 Annual Goodwill and Intangible Asset Impairment Test When we evaluate the potential for goodwill impairment, we assess a range of qualitative factors including, but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for our products and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, and overall financial performance. If, after completing this assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value or if economic or other business factors indicate that the fair value of our reporting units may have declined since our last quantitative test, we proceed to a quantitative impairment test. To perform the quantitative impairment test, the Company uses the discounted cash flow method to estimate the fair value of the reporting units. The discounted cash flow method incorporates various assumptions, the most significant being projected revenue growth rates, operating profit margins and cash flows, the terminal growth rate, and the discount rate. The Company projects revenue growth rates, operating margins and cash flows based on each reporting unit's current business, expected developments, and operational strategies over a five-year period. In estimating the terminal growth rates, the Company considers its historical and projected results, as well as the economic environment in which its reporting units operate. The discount rates utilized for each reporting unit reflect the Company's assumptions of marketplace participants' cost of capital and risk assumptions, both specific to the reporting unit and overall in the economy. We performed the qualitative assessment as of February 28, 2021 and determined that it is not more likely than not that the fair value of the Rest of Products and Duff-Norton reporting units are less than their carrying value. Further, other economic and business factors do not indicate that the fair value of our reporting units have declined since the last quantitative test. As a result, the quantitative goodwill impairment test was not required for the Rest of Products and Duff-Norton reporting units. In accordance with ASC Topic 350-30-35, indefinite-lived intangible assets that are not subject to amortization shall be tested for impairment annually or more frequently if events or circumstances indicate that it is more likely than not that an asset is impaired. Similar to goodwill, we first assess various qualitative factors in the analysis. If, after completing this assessment, it is determined that it is more likely than not that the fair value of an indefinite-lived intangible asset is greater than its carrying value, we conclude that the indefinite-lived intangible asset is not impaired. If, after completing this assessment, it is determined that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value or if economic or other business factors indicate that the fair value of our indefinite-lived intangible assets may have declined since our last quantitative test, the Company performs a new quantitative test. The methodology used to value trademarks is the relief from royalty method. The recorded book value of these trademarks in excess of the calculated fair value triggers an impairment. The key estimate used in this calculation consists of an overall royalty rate applied to the sales covered by the trademark. After performing a qualitative assessment as of February 28, 2021, it was determined that the trademarks were not impaired. A summary of changes in goodwill during the years ended March 31, 2021 and 2020 is as follows: Balance at April 1, 2019 $ 322,816 Currency translation (3,137) Balance at March 31, 2020 $ 319,679 Currency translation 11,497 Balance at March 31, 2021 $ 331,176 Goodwill is recognized net of accumulated impairment losses of $113,174,000 as of both March 31, 2021 and 2020. There were no goodwill impairment losses recorded in fiscal 2021 and fiscal 2020, and $6,174,000 recorded in 2019, respectively. The goodwill impairment in fiscal 2019 was the result of classifying a business as held for sale. The held for sale classification required the Company to assign a portion of goodwill from the Rest of Products reporting unit to the held for sale business based on its relative fair value and to record the assets and liabilities of the businesses held for sale at the lower of its carrying amount or fair value less cost to sell. Based on this analysis, the Company recorded a $6,174,000 goodwill impairment charge at the time the business was classified as held for sale. Identifiable intangible assets at March 31, 2021 are summarized as follows (in thousands): Gross Accumulated Net Trademark $ 6,377 $ (4,760) $ 1,617 Indefinite-lived trademark 47,857 — 47,857 Customer relationships 188,447 (55,785) 132,662 Acquired technology 46,843 (16,021) 30,822 Other 3,259 (2,855) 404 Balance at March 31, 2021 $ 292,783 $ (79,421) $ 213,362 Identifiable intangible assets at March 31, 2020 were as follows (in thousands): Gross Accumulated Net Trademark $ 6,016 $ (4,238) $ 1,778 Indefinite-lived trademark 46,670 — 46,670 Customer relationships 179,882 (44,216) 135,666 Acquired technology 46,669 (13,306) 33,363 Other 3,143 (2,658) 485 Balance at March 31, 2020 $ 282,380 $ (64,418) $ 217,962 The Company’s intangible assets that are considered to have finite lives are amortized over the period in which the assets are expected to generate future cash flows. Identifiable intangible assets acquired in a business combination are amortized over their estimated useful lives. The weighted-average amortization periods are 15 years for trademarks, 18 years for customer relationships, 18 years for acquired technology, 5 years for other, and 18 years in total. Trademarks with a book value of $47,857,000 have an indefinite useful life and are therefore not being amortized. Total amortization expense was $12,623,000, $12,942,000, and $14,900,000 for fiscal 2021, 2020, and 2019, respectively. Based on the current amount of intangible assets, the estimated amortization expense for each of the succeeding five years is expected to be approximately $12,600,000. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments The Company uses derivative instruments to manage selected foreign currency and interest rate exposures. The Company does not use derivative instruments for speculative trading purposes. All derivative instruments must be recorded on the balance sheet at fair value. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is recorded as accumulated other comprehensive gain (loss), or “AOCL,” and is reclassified to earnings when the underlying transaction has an impact on earnings. The ineffective portion of changes in the fair value of the foreign currency forward agreements is reported in foreign currency exchange loss (gain) in the Company’s consolidated statement of operations. The ineffective portion of changes in the fair value of the interest rate swap agreements is reported in interest expense. For derivatives not designated as cash flow hedges, all changes in market value are recorded as a foreign currency exchange (gain) loss in the Company’s consolidated statements of operations. The cash flow effects of derivatives are reported within net cash provided by operating activities. The Company is exposed to credit losses in the event of non-performance by the counterparties on its financial instruments. The counterparties have investment grade credit ratings. The Company anticipates that these counterparties will be able to fully satisfy their obligations under the contracts. The Company has derivative contracts with three counterparties as of March 31, 2021. The Company's agreements with its counterparties contain provisions pursuant to which the Company could be declared in default of its derivative obligations. As of March 31, 2021, the Company had not posted any collateral related to these agreements. If the Company had breached any of these provisions as of March 31, 2021, it could have been required to settle its obligations under these agreements at amounts which approximate the March 31, 2021 fair values reflected in the table below. During the year ended March 31, 2021, the Company was not in default of any of its derivative obligations. As of March 31, 2021 and 2020, the Company had no derivatives designated as net investments or fair value hedges in accordance with ASC Topic 815, “Derivatives and Hedging.” The Company has a cross currency swap agreement that is designated as a cash flow hedge to hedge changes in the value of an intercompany loan to a foreign subsidiary due to changes in foreign exchange rates. This intercompany loan is related to the acquisition of STAHL. As of March 31, 2021, the notional amount of this derivatives was $159,520,000, and the contract matures on January 31, 2022. From its March 31, 2021 balance of AOCL, the Company expects to reclassify approximately $653,000 out of AOCL, and into foreign currency exchange loss (gain), during the next 12 months based on the contractual payments due under this intercompany loan. The Company has foreign currency forward agreements that are designated as cash flow hedges to hedge a portion of forecasted inventory purchases denominated in foreign currencies. The notional amount of those derivatives is $6,457,000 and all contracts mature by March 31, 2022. From its March 31, 2021 balance of AOCL, the Company expects to reclassify approximately $57,000 out of AOCL during the next 12 months based on the underlying transactions of the sales of the goods purchased. The Company's policy is to maintain a capital structure that is comprised of 50-70% of fixed rate long-term debt and 30-50% of variable rate long-term debt. The Company has two interest rate swap agreements in which the Company receives interest at a variable rate and pays interest at a fixed rate. These interest rate swap agreements are designated as cash flow hedges to hedge changes in interest expense due to changes in the variable interest rate of the senior secured term loan. The amortizing interest rate swaps mature by December 31, 2023 and had a total notional amount of $119,820,000 as of March 31, 2021. The effective portion of the changes in fair values of the interest rate swaps is reported in AOCL and will be reclassified to interest expense over the life of the swap agreements. From its March 31, 2021 balance of AOCL, the Company expects to reclassify approximately $901,000 out of AOCL, and into interest expense, during the next 12 months. The following is the effect of derivative instruments on the consolidated statements of operations for the years ended March 31, 2021, 2020, and 2019 (in thousands): Derivatives Designated as Cash Flow Type of Instrument Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives (Effective Portion) Location of Gain or Amount of Gain or (Loss) Reclassified from AOCL into Income (Effective Portion) March 31, 2021 Foreign exchange contracts $ (238) Cost of products sold $ 83 2021 Interest rate swap $ (521) Interest expense $ (1,463) 2021 Cross currency swap $ (7,793) Foreign currency exchange loss (gain) $ (7,268) 2020 Foreign exchange contracts $ 303 Cost of products sold $ 40 2020 Interest rate swap $ (3,185) Interest expense $ 242 2020 Cross currency swap $ 7,654 Foreign currency exchange loss (gain) $ 2,888 2019 Foreign exchange contracts $ (24) Cost of products sold $ (16) 2019 Interest rate swap $ (1,275) Interest expense $ 765 2019 Cross currency swap $ 18,242 Foreign currency exchange loss (gain) $ 17,231 Derivatives Not Designated as Hedging Instruments (Foreign Exchange Contracts) Location of Gain or (Loss) Recognized in Income on Derivatives Amount of March 31, 2021 Foreign currency exchange loss (gain) $ — 2020 Foreign currency exchange loss (gain) $ 17 2019 Foreign currency exchange loss (gain) $ 13 The following is information relative to the Company’s derivative instruments in the consolidated balance sheets as of March 31, 2021 and 2020 (in thousands): Fair Value of Asset (Liability) Derivatives Designated as Balance Sheet Location 2021 2020 Foreign exchange contracts Prepaid expenses and other $ — $ 318 Foreign exchange contracts Accrued Liabilities (83) (33) Interest rate swap Accrued Liabilities (1,185) (1,402) Interest rate swap Other non current liabilities (872) (1,894) Cross currency swap Prepaid expenses and other — 1,750 Cross currency swap Accrued liabilities (13,895) — Cross currency swap Other non current liabilities — (5,254) |
Accrued Liabilities and Other N
Accrued Liabilities and Other Non-current Liabilities | 12 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities and Other Non-current Liabilities | Accrued Liabilities and Other Non-current Liabilities Consolidated accrued liabilities of the Company consisted of the following: March 31, 2021 2020 Accrued payroll $ 29,871 $ 29,966 Accrued income taxes payable 9,938 11,889 Accrued health insurance 1,677 2,018 Accrued general and product liability costs 3,500 3,500 Customer advances, deposits, and rebates 15,643 13,507 Current ROU lease liabilities 7,673 6,924 Cross currency swap 13,895 — Other accrued liabilities 28,619 25,781 $ 110,816 $ 93,585 Consolidated other non-current liabilities of the Company consisted of the following: March 31, 2021 2020 Accumulated postretirement benefit obligation $ 1,195 $ 1,617 Accrued general and product liability costs 17,727 8,444 Accrued pension cost 114,911 149,524 Cross currency swap — 5,254 Deferred income tax 17,600 18,213 Non-current ROU lease liabilities 27,321 31,629 Other non-current liabilities 13,166 12,826 $ 191,920 $ 227,507 |
Debt
Debt | 12 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Consolidated long-term debt of the Company consisted of the following: March 31, 2021 2020 Term loan 254,900 259,350 Unamortized deferred financing costs, net (5,946) (8,044) Total debt 248,954 251,306 Less: current portion 4,450 4,450 Total debt, less current portion $ 244,504 $ 246,856 On January 31, 2017 the Company entered into a Credit Agreement ("Credit Agreement") and $545,000,000 of debt facilities ("Facilities") in connection with the STAHL acquisition. The Facilities consist of a Revolving Facility ("Revolver") in the amount of $100,000,000 and a $445,000,000 1st Lien Term Loan ("Term Loan"). The Term Loan has a seven On February 26, 2018, the Company amended the Credit Agreement (known as the "First Amended Credit Agreement"). The First Amended Credit Agreement has the same terms mentioned above except for a reduction in interest rates. The applicable rate for the repriced term loan was reduced from 3.00% to 2.50%. The Company accounted for the First Amended Credit Agreement as a debt modification, therefore, debt repricing fees incurred in fiscal 2018 were expensed as General and Administrative expenses and the deferred financing fees incurred as part of the Credit Agreement (discussed below) remain unchanged. On August 26, 2020, the Company entered into a Second Amendment (known as the "Second Amended Credit Agreement") to the Credit Agreement (as amended by the First Amended Credit Agreement). The First Amended Credit Agreement extends the $100,000,000 secured Revolver which was originally set to expire on January 31, 2022 to August 25, 2023. At March 31, 2021 the Company has not drawn from the Revolver. The key terms of the agreement are as follows: • Term Loan: An aggregate $445,000,000 1st Lien Term Loan which requires quarterly principal amortization of 0.25% with the remaining principal due at maturity date. In addition, if the Company has Excess Cash Flow ("ECF") as defined in the Credit Agreement, the ECF Percentage of the Excess Cash Flow for such fiscal year minus optional prepayment of the Loans (except prepayments of Revolving Loans that are not accompanied by a corresponding permanent reduction of Revolving Commitments) pursuant to Section 2.10(a) of the Credit Agreement other than to the extent that any such prepayment is funded with the proceeds of Funded Debt, shall be applied toward the prepayment of the Term Loan. The ECF Percentage is defined as 50% stepping down to 25% or 0% based on the Secured Leverage Ratio as of the last day of the fiscal year. • Revolver: An aggregate $100,000,000 secured revolving facility which includes sublimits for the issuance of standby letters of credit, swingline loans and multi-currency borrowings in certain specified foreign currencies. • Fees and Interest Rates: Commitment fees and interest rates are determined on the basis of either a Eurocurrency rate or a Base rate plus an applicable margin based upon the Company's Total Leverage Ratio (as defined in the Credit Agreement). • Prepayments: Provisions permitting a Borrower to voluntarily prepay either the Term Loan or Revolver in whole or in part at any time, and provisions requiring certain mandatory prepayments of the Term Loan or Revolver on the occurrence of certain events which will permanently reduce the commitments under the Credit Agreement, each without premium or penalty, subject to reimbursement of certain costs of the Lenders. A prepayment premium of 1% of the principal amount of the First Lien Term Loans is required if the prepayment is associated with a Repricing Transaction and it were to occur within the first twelve months. • Covenants: Provisions containing covenants required of the Corporation and its subsidiaries including various affirmative and negative financial and operational covenants. The key financial covenant is triggered only on any date when any Extension of Credit under the Revolving Facility is outstanding (excluding any Letters of Credit) (the “Covenant Trigger”), and permits the Total Leverage Ratio for the Reference Period ended on such date to not exceed (i) 4.50:1.00 as of any date of determination prior to December 31, 2017, (ii) 4.00:1.00 as of any date of determination on December 31, 2017 and thereafter but prior to December 31, 2018, (iii) 3.50:1.00 as of any date of determination on December 31, 2018 and thereafter but prior to December 31, 2019 and (iv) 3.00:1.00 as of any date of determination on December 31, 2019 and thereafter. As there is no amount drawn on the Revolver as of March 31, 2021 the requirement to comply with the covenant is not triggered. Had we been required to determine the covenant ratio we would have been in compliance with the covenant provisions as of March 31, 2021 and 2020. The Facility is secured by all U.S. inventory, receivables, equipment, real property, certain subsidiary stock (limited to 65% of non-U.S. subsidiaries) and intellectual property. The Credit Agreement allows the declaration of dividends, but limits our ability to pay dividends. As discussed in Note 3, the Company completed its acquisition of Dorner on April 7, 2021 and entered into a $750,000,000 First Lien Facility with JPMorgan Chase Bank, PNC Capital Markets LLC, and Wells Fargo Securities LLC. The First Lien Facilities consist of a Revolving Facility in an aggregate amount of $100,000,000 and a $650,000,000 First Lien Term Facility (Bridge Facility). Proceeds from the Bridge Facility were used, among other things, to finance the purchase price for the Dorner acquisition, pay related fees, expenses and transaction costs, and refinance the Company's borrowings under its prior Term Loan and Revolving Credit Facilities. The Company subsequently used proceeds from an equity offering to repay $198,720,000 of the Bridge Facility. The Bridge Facility was refinanced and replaced with a Term Loan B facility. Refer to Note 3 for key terms of the credit agreement which go into effect in fiscal 2022. The outstanding balance of the Term Loan was $254,900,000 and $259,350,000 as of March 31, 2021 and 2020, respectively. The Company made $4,450,000 of principal payment on the Term Loan during fiscal 2021 and $51,113,000 of principal payment on the Term Loan during fiscal 2020. The Company is obligated to make $4,450,000 of principal payments over the next 12 months. As previously discussed, in response to COVID-19 the Company took all appropriate measures to protect the cash flow and liquidity of the Company. As such, only the required principal amount has been recorded within the current portion of long-term debt on the Company's Consolidated Balance Sheet with the remaining balance recorded as long-term debt. There was $0 outstanding on the Revolving Credit Facility and $17,302,000 outstanding letters of credit as of March 31, 2021. The outstanding letters of credit at March 31, 2021 consisted of $537,000 in commercial letters of credit and $16,765,000 of standby letters of credit. The gross balance of deferred financing costs on the term loan was $14,690,000 as of March 31, 2021 and 2020. The accumulated amortization balances were $8,744,000 and $6,645,000 as of March 31, 2021 and 2020, respectively. The gross balance of deferred financing costs associated with the Revolving Credit Facility is included in Other assets is $3,615,000 as of March 31, 2021 and $2,789,000 as of March 31, 2020. The accumulated amortization balance is $2,313,000 and $1,766,000 as of March 31, 2021 and March 31, 2020 respectively. These balances are classified in Other assets since no funds were drawn on the Revolving Credit Facility as of March 31, 2021 and March 31, 2020. The principal payments obligated to be made as of March 31, 2021 on the Term Loan are as follows: 2022 4,450 2023 4,450 2024 4,450 2025 241,550 Thereafter — $ 254,900 The principal payments obligated to be made under the Term Loan B facility entered into during fiscal 2022 in connection with the Dorner acquisition are $4,500,000 per year, plus a required excess cash flow sweep as defined in the agreement. Non-U.S. Lines of Credit and Loans Unsecured and uncommitted lines of credit are available to meet short-term working capital needs for certain of our subsidiaries operating outside of the U.S. The lines of credit are available on an offering basis, meaning that transactions under the line of credit will be on such terms and conditions, including interest rate, maturity, representations, covenants, and events of default, as mutually agreed between our subsidiaries and the local bank at the time of each specific transaction. As of March 31, 2021, unsecured credit lines totaled approximately $2,580,000, of which $0 was drawn. In addition, unsecured lines of $15,478,000 were available for bank guarantees issued in the normal course of business of which $12,598,000 was utilized. |
Pensions and Other Benefit Plan
Pensions and Other Benefit Plans | 12 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pensions and Other Benefit Plans | Pensions and Other Benefit Plans The Company provides retirement plans, including defined benefit and defined contribution plans, and other postretirement benefit plans to certain employees. The Company applies ASC Topic 715 “Compensation – Retirement Benefits,” which required the recognition in pension and other postretirement benefits obligations and accumulated other comprehensive income of actuarial gains or losses, prior service costs or credits and transition assets or obligations that had previously been deferred. This statement also requires an entity to measure a defined benefit postretirement plan’s assets and obligations that determine its funded status as of the end of the fiscal year. Pension Plans The Company provides defined benefit pension plans to certain employees. The Company uses March 31 as the measurement date. The following provides a reconciliation of benefit obligation, plan assets, and funded status of the plans: March 31, 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 459,866 $ 446,397 Service cost 1,092 1,139 Interest cost 11,527 14,759 Actuarial (gain) loss 3,729 26,193 Benefits paid (24,492) (26,852) Settlement (53,499) — Foreign exchange rate changes 6,618 (1,770) Benefit obligation at end of year $ 404,841 $ 459,866 Change in plan assets: Fair value of plan assets at beginning of year $ 313,366 $ 321,902 Actual gain (loss) on plan assets 49,582 7,512 Employer contribution 1,316 10,967 Benefits paid (24,492) (26,852) Settlement (53,499) — Foreign exchange rate changes 405 (163) Fair value of plan assets at end of year $ 286,678 $ 313,366 Funded status $ (118,163) $ (146,500) Unrecognized actuarial loss 51,540 105,878 Net amount recognized $ (66,623) $ (40,622) During fiscal 2021, the Company settled the liabilities for one of its U.S. pension plans through a combination of (i) lump sum payments to eligible participants who elected to receive them and (ii) the purchase of annuity contracts for participants who did not elect lump sums. The lump sum payments were paid during the quarter ended June 30, 2020 and resulted in a settlement charge of $2,722,000 which was recorded in Other (income) expense, net on the Consolidated Statements of Operations. During the quarter ended September 30, 2020, the Company purchased annuity contracts to settle the remaining liabilities of the terminated plan. The total settlement charge of $19,038,000 was recorded in Other (income) expense, net on the Statements of Operations during the twelve months ending March 31, 2021. The remaining surplus of the terminated plan was $3,910,000 as of March 31, 2021 and will be used, as prescribed in the applicable regulations, to fund obligations associated with the Company's U.S. defined contribution plans. Amounts recognized in the consolidated balance sheets are as follows: March 31, 2021 2020 Other assets $ 427 $ 6,587 Accrued liabilities (3,679) (3,563) Other non-current liabilities (114,911) (149,524) Accumulated other comprehensive loss, before tax 51,540 105,878 Net amount recognized $ (66,623) $ (40,622) Other assets are presented separately from pension liabilities for pension plans that are overfunded. Other assets decreased in the current year due to the pension settlement, described above. Net periodic pension cost included the following components: 2021 2020 2019 Service costs—benefits earned during the period $ 1,092 $ 1,139 $ 1,078 Interest cost on projected benefit obligation 11,527 14,759 15,526 Expected return on plan assets (12,787) (15,887) (18,454) Net amortization 3,234 2,279 2,339 Settlement 19,038 — — Net periodic pension cost (benefit) $ 22,104 $ 2,290 $ 489 Information for pension plans with a projected benefit obligation in excess of plan assets is as follows: March 31, 2021 2020 Projected benefit obligation $ 401,870 $ 410,181 Fair value of plan assets 283,280 257,093 Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows: March 31, 2021 2020 Accumulated benefit obligation $ 396,673 $ 401,918 Fair value of plan assets 283,280 254,508 Unrecognized gains and losses are amortized through March 31, 2021 on a straight-line basis over the average remaining service period of active participants. Starting in fiscal 2016, the Company changed the amortization period of its largest plan to the average remaining lifetime of inactive participants, as a significant portion of the plan population is now inactive. This change increases the amortization period of the unrecognized gains and losses. The weighted-average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also net periodic pension cost for the following year: 2021 2020 2019 Discount rate 2.62 % 2.79 % 3.42 % Expected long-term rate of return on plan assets 4.60 % 5.01 % 5.77 % Rate of compensation increase on active plans 2.76 % 2.76 % 2.76 % Interest crediting rates used in cash balance pension plans 1.10 % 2.25 % 2.25 % The expected rates of return on plan asset assumptions are determined considering long-term historical averages and real returns on each asset class. The Company’s retirement plan target and actual asset allocations are as follows: Target Actual 2022 2021 2020 Equity securities 45%-35% 45% 33% Fixed income securities 55%-65% 55% 67% Total plan assets 100% 100% 100% Investments allocated to fixed income decreased as of March 31, 2021 due to the pension settlement, described above, since the plan was fully funded and invested in fixed income securities. The Company has an investment objective for domestic pension plans to adequately provide for both the growth and liquidity needed to support all current and future benefit payment obligations. The Company's policy is to de-risk the portfolio by increasing liability-hedging investments as the pension liability funded status increases, which is known as the glide path method. Within the table above, cash equivalents are categorized as fixed income as they earn lower returns than equity securities which includes alternative real estate funds (shown in the fair value tables below). The Company’s funding policy with respect to the defined benefit pension plans is to contribute annually at least the minimum amount required by the Employee Retirement Income Security Act of 1974 (ERISA). Additional contributions may be made to minimize PBGC premiums. The Company plans to contribute the minimum amount required (approximately $5,215,000) to its pension plans in fiscal 2022 as a response to COVID-19 but will reassess later in the fiscal year and increase contributions if economic conditions improve. Information about the expected benefit payments for the Company’s defined benefit plans is as follows: 2022 $ 23,615 2023 23,838 2024 23,729 2025 23,638 2026 23,612 2027-2031 114,262 Postretirement Benefit Plans The Company sponsors a defined benefit other postretirement health care plan that provide medical and life insurance coverage to certain U.S. retirees and their dependents of one of its subsidiaries. Prior to the acquisition of this subsidiary, the Company did not sponsor any postretirement benefit plans. The Company pays the majority of the medical costs for certain retirees and their spouses who are under age 65. For retirees and dependents of retirees who retired prior to January 1, 1989, and are age 65 or over, the Company contributes 100% toward the American Association of Retired Persons (“AARP”) premium frozen at the 1992 level. For retirees and dependents of retirees who retired after January 1, 1989, the Company contributes $35 per month toward the AARP premium. The life insurance plan is noncontributory. The Company’s postretirement health benefit plans are not funded. The following sets forth a reconciliation of benefit obligation and the funded status of the plan: March 31, 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 1,887 $ 2,348 Interest cost 46 71 Actuarial gain (313) (340) Benefits paid (232) (192) Benefit obligation at end of year $ 1,388 $ 1,887 Funded status $ (1,388) $ (1,887) Unrecognized actuarial gain (1,467) (1,417) Net amount recognized $ (2,855) $ (3,304) Amounts recognized in the consolidated balance sheets are as follows: March 31, 2021 2020 Accrued liabilities $ (193) $ (270) Other non-current liabilities (1,195) (1,617) Accumulated other comprehensive gain, before tax (1,467) (1,417) Net amount recognized $ (2,855) $ (3,304) In fiscal 2021, net periodic postretirement benefit cost included the following: Year Ended March 31, 2021 2020 2019 Interest cost $ 46 $ 71 $ 92 Net amortization (263) (205) (156) Net periodic postretirement benefit cost $ (217) $ (134) $ (64) For measurement purposes, healthcare costs are assumed to increase 6.00% in fiscal 2022, grading down over time to 4.5% in 2029. The discount rate used in determining the accumulated postretirement benefit obligation was 2.52% and 3.17% as of March 31, 2021 and 2020, respectively. Information about the expected benefit payments for the Company’s postretirement health benefit plans is as follows: 2022 $ 195 2023 179 2024 166 2025 152 2026 135 2027-2031 454 The Company has collateralized split-dollar life insurance arrangements with two of its former officers. Under these arrangements, the Company pays certain premium costs on life insurance policies for the former officers. Upon the later of the death of the former officer and their spouse, the Company will receive all of the premiums paid to-date. The net periodic pension cost for fiscal 2021 was $141,000 and the liability at March 31, 2021 is $4,682,000 with $4,544,000 included in Other non-current liabilities and $138,000 included in Accrued liabilities in the Consolidated Balance Sheet. The cash surrender value of the policies is $3,496,000 and $3,346,000 at March 31, 2021 and 2020, respectively. The balance is included in Other assets in the consolidated balance sheet. Other Benefit Plans The Company also sponsors defined contribution plans covering substantially all domestic employees and certain international employees. Participants may elect to contribute basic contributions. These plans provide for employer contributions based on employee eligibility and participation. The Company recorded a charge for such contributions of approximately $4,063,000, $5,239,000, and $5,260,000 for the years ended March 31, 2021, 2020, and 2019, respectively which are included in Cost of Products Sold, Selling Expenses, and General and Administrative Expenses within the Consolidated Statements of Operations. The Company expects its contributions for the defined contribution plans in future years to be higher than contributions in fiscal 2021 as the Company temporarily paused contributions to a portion of U.S. employees' defined contributions plans in response to COVID-19. In the first quarter of fiscal 2022 contributions have resumed. Fair Values of Plan Assets The Company classified its investments within the categories of equity securities, fixed income securities, alternative real estate, and cash equivalents, as the Company’s management bases its investment objectives and decisions from these four categories. The Company’s investment policy is to use its glide-path method to de-risk the portfolio by increasing liability-hedging investments as the pension liability funded status increases. The fair values of the Company’s defined benefit plans’ consolidated assets by asset category as of March 31 were as follows: March 31, 2021 2020 Asset categories: Equity securities $ 116,468 $ 94,336 Fixed income securities 155,553 199,613 Alternative real estate 12,863 9,401 Cash equivalents 1,794 10,016 Total $ 286,678 $ 313,366 The fair values of our defined benefit plans’ consolidated assets were determined using the fair value hierarchy of inputs described in Note 5. The fair values by category of inputs as of March 31, 2021 and March 31, 2020 were as follows: Measured at NAV (1) Quoted Prices Significant other Significant As of March 31, 2021: (Level 1) (Level 2) (Level 3) Total Asset categories: Equity securities $ 52,710 $ 63,758 $ — $ — $ 116,468 Fixed income securities 25,198 7,115 $ 122,071 1,169 155,553 Alternative real estate 12,862 1 — — 12,863 Cash equivalents — 1,794 — — 1,794 Total $ 90,770 $ 72,668 $ 122,071 $ 1,169 $ 286,678 (1) Reflects the net asset value (NAV) practical expedient used to approximate fair value. Measured at NAV (1) Quoted Prices Significant other Significant As of March 31, 2020: (Level 1) (Level 2) (Level 3) Total Asset categories: Equity securities $ 42,252 $ 52,084 $ — $ — $ 94,336 Fixed income securities 30,598 24,014 139,498 5,503 199,613 Alternative real estate 4,195 5,206 — — 9,401 Cash equivalents — 10,016 — — 10,016 Total $ 77,045 $ 91,320 $ 139,498 $ 5,503 $ 313,366 (1) Reflects the net asset value (NAV) practical expedient used to approximate fair value. Level 1 securities consist of mutual funds with quoted market prices. The Level 2 fixed income securities are investments in a combination of funds whose underlying investments are in a variety of fixed income securities including foreign and domestic corporate bonds, securities issued by the U.S. government, U.S. and foreign government obligations, and other similar fixed income investments. The fair values of the underlying investments in these funds are generally based on independent broker dealer bids, or by comparison to other debt securities having similar durations, yields, and credit ratings. The fair values of these funds are determined based on their net asset values which are published daily. We are not aware of any significant restrictions on the issuances or redemption of shares of these funds Fair value of Level 3 fixed income securities at the beginning of the year was $5,503,000. During fiscal 2021 fixed income securities earned investment return of $6,000 and had disbursements of $4,340,000, which includes liquidations and termination of one of the Company's pension plans, resulting in an ending balance of $1,169,000. These fixed income securities consist primarily of insurance contracts which are carried at their liquidation value based on actuarial calculations and the terms of the contracts. Significant inputs in determining the fair value for these contracts include company contributions, contract disbursements, and stated interest rates. Gains and losses on these contracts are recognized as part of net periodic pension cost and recorded as part of cost of sales, selling, or general and administrative expense. |
Employee Stock Ownership
Employee Stock Ownership | 12 Months Ended |
Mar. 31, 2021 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | |
Employee Stock Ownership Plan (ESOP) | Employee Stock Ownership Plan (ESOP) Effective January 1, 2012 the ESOP was closed to new hires. Prior to this date, substantially all of the Company’s U.S. non-union employees were participants in the ESOP. Additionally, during the year ended March 31, 2015 the final loan payment was made by the ESOP to the Company and there was no compensation expense recorded in fiscal years 2021, 2020, or 2019. At March 31, 2021 and 2020, 216,000 and 234,000 of ESOP shares, respectively, were allocated or available to be allocated to participants’ accounts. There are no shares of collateralized common stock related to the ESOP loan outstanding at March 31, 2021 and no ESOP shares were pledged as collateral to guarantee the ESOP term loans. |
Earnings Per Share and Stock Pl
Earnings Per Share and Stock Plans | 12 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share and Stock Plans | Earnings per Share and Stock Plans Earnings per Share The Company calculates earnings per share in accordance with ASC Topic 260, “Earnings per Share.” Basic earnings per share exclude any dilutive effects of options, warrants, and convertible securities. Diluted earnings per share include any dilutive effects of stock options, unvested restricted stock units, unvested performance shares, and unvested restricted stock. Stock options and performance shares with respect to 244,000 and 196,000 common shares were not included in the computation of diluted earnings per share for fiscal 2021 and 2020, respectively, because they were antidilutive. For the years ended March 31, 2021 and 2020, an additional 105,000 and 40,000, respectively, in contingently issuable shares were not included in the computation of diluted earnings per share because a performance condition had not yet been met. The following table sets forth the computation of basic and diluted earnings per share (share data presented in thousands): Year Ended March 31, Numerator for basic and diluted earnings per share: 2021 2020 2019 Net income $ 9,106 $ 59,672 $ 42,577 Denominators: Weighted-average common stock outstanding— denominator for basic EPS 23,897 23,619 23,276 Effect of dilutive employee stock options, RSU's and performance shares 276 236 384 Adjusted weighted-average common stock outstanding and assumed conversions— denominator for diluted EPS 24,173 23,855 23,660 The weighted-average common stock outstanding shown above is net of unallocated ESOP shares (see Note 14). In fiscal 2022, the Company issued 4,312,500 shares of common stock raising $198,720,000 net of fees in connection with the Dorner acquisition which was completed in April. Refer to Note 3 for additional details of this transaction. Stock Plans The Company records stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation,” applying the modified prospective method. This Statement requires all equity-based payments to employees, including grants of employee stock options, to be recognized in the statement of earnings based on the grant date fair value of the award. Under the modified prospective method, the Company is required to record equity-based compensation expense for all awards granted after the date of adoption and for the unvested portion of previously granted awards outstanding as of the date of adoption. The Company grants share based compensation to eligible participants under the 2016 Long Term Incentive Plan, as Amended and Restated in June 2019 ("2016 LTIP"). The total number of shares of common stock with respect to which awards may be granted under the 2016 LTIP were increased by 2,500,000 as a result of the June 2019 amendment. Shares not previously authorized for issuance under any of the prior stock plans and any shares not issued or subject to outstanding awards under the prior stock plans are still available for issuance. Details of the shares granted under these plans are discussed below. Prior to the adoption of the 2016 LTIP, the Company granted stock awards under the 2010 Long Term Incentive Plan and the 2006 Long Term Incentive Plan, collectively referred to as the “Prior Stock Plans.” Stock based compensation expense was $8,022,000, $4,507,000, and $6,198,000 for fiscal 2021, 2020, and 2019, respectively. The lower stock based compensation expense in fiscal 2020 is primarily related to shares that were forfeited when the Company's Chief Executive Officer (CEO) resigned on January 10, 2020. The forfeiture resulted in the reversal of $1,981,000 in stock compensation expense during fiscal 2020 recorded as a reduction to General and administrative expenses. Stock compensation expense is included in cost of products sold, selling, general and administrative, and research and development expenses depending on the nature of the service of the employee receiving the award. The Company recognizes expense for all share–based awards over the service period, which is the shorter of the period until the employees’ retirement eligibility dates or the service period for the award, for awards expected to vest. Accordingly, expense is generally reduced for estimated forfeitures. ASC Topic 718 requires forfeitures to be estimated at the time of grant and revised if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company recognized compensation expense for stock option awards and unvested restricted share awards that vest based on time or market parameters straight-line over the requisite service period for vesting of the award. Long Term Incentive Plan Under the 2016 LTIP, t he total number of shares of common stock with respect to which awards may be granted under the plan is 2,500,000 in addition to shares not previously authorized for issuance under any of the prior stock plans and any shares not issued or subject to outstanding awards under the prior stock plans. As of March 31, 2021, 2,252,000 shares remain for future grants. The 2016 LTIP was designed as an omnibus plan and awards may consist of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, or stock bonuses. Under the 2016 LTIP, the granting of awards to employees may take the form of options, restricted shares, and performance shares. The Compensation Committee of our Board of Directors determines the number of shares, the term, the frequency and date, the type, the exercise periods, any performance criteria pursuant to which awards may be granted, and the restriction and other terms and conditions of each grant in accordance with terms of the Plan. In connection with the acquisition of Magnetek, the Company agreed to continue the 2014 Stock Incentive Plan of Magnetek, Inc. (the "Magnetek Stock Plan"). In doing so, the Company has available under the Magnetek Stock Plan 164,461 of the Company's shares which can be granted to certain employees as stock-based compensation. Stock Option Plans Prior to fiscal 2021, options outstanding under the 2016 LTIP generally become exercisable over a 4-year period at a rate of 25% per year commencing one year from the date of grant and have an exercise price of not less than 100% of the fair market value of the common stock on the date of grant. For fiscal 2021, options outstanding under the 2016 LTIP generally become exercisable over a 3-year period at a rate of 33% per year commencing one year from the date of grant and have an exercise price of not less than 100% of the fair market value of the common stock on the date of grant. A summary of option transactions during each of the three fiscal years in the period ended March 31, 2021 is as follows: Shares Weighted- Weighted- Aggregate Outstanding at April 1, 2018 922,450 21.04 7.56 $ 13,654 Granted 133,743 38.70 Exercised (187,907) 22.09 Cancelled (33,509) 23.94 Outstanding at March 31, 2019 834,777 23.52 7.04 $ 9,602 Granted 171,515 35.16 Exercised (296,027) 20.26 Cancelled (183,471) 31.01 Outstanding at March 31, 2020 526,794 26.53 6.93 $ 1,518 Granted 242,178 26.74 Exercised (97,398) 20.24 Cancelled (13,760) 31.85 Outstanding at March 31, 2021 657,814 27.45 7.29 $ 16,652 Exercisable at March 31, 2021 268,815 $ 24.41 5.66 $ 7,622 The Company calculated intrinsic value for those options that had an exercise price lower than the market price of our common shares as of March 31, 2021. The aggregate intrinsic value of outstanding options as of March 31, 2021 is calculated as the difference between the exercise price of the underlying options and the market price of our common shares for the 657,814 options that were in-the-money at that date. The aggregate intrinsic value of exercisable options as of March 31, 2021 is calculated as the difference between the exercise price of the underlying options and the market price of our common shares for the 268,815 exercisable options that were in-the-money at that date. The Company's closing stock price was $52.76 as of March 31, 2021. The total intrinsic value of stock options exercised was $1,749,000, $5,438,000, and $3,577,000 during fiscal 2021, 2020, and 2019, respectively. The grant date fair value of options that vested was $9.15, $7.43, and $7.36 during fiscal 2021, 2020, and 2019, respectively. As of March 31, 2021, $2,463,000 of unrecognized compensation cost related to non-vested stock options is expected to be recognized over a weighted-average period of approximately 2.0 years. Exercise prices for options outstanding as of March 31, 2021, ranged from $13.43 to $38.70. The following table provides certain information with respect to stock options outstanding at March 31, 2021: Stock Options Weighted-average Weighted-average Range of Exercise Prices $10.01 to 20.00 90,811 $ 15.26 4.92 $20.01 to 30.00 322,668 $ 25.15 7.41 $30.01 to $40.00 244,335 $35.01 8.02 657,814 $ 27.45 7.29 The following table provides certain information with respect to stock options exercisable at March 31, 2021: Range of Exercise Prices Stock Options Weighted- average Exercise Price per share $10.01 to $20.00 90,811 $ 15.26 $20.01 to $30.00 116,935 24.81 $30.01 to $40.00 61,069 37.25 268,815 $ 24.41 The fair value of stock options granted was estimated on the date of grant using a Black-Scholes option pricing model. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of subjective assumptions including the expected stock price volatility. Because the Company’s employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options. The weighted-average grant date fair value of the options was $8.46, $12.39, and $13.56 for options granted during fiscal 2021, 2020, and 2019, respectively. The following table provides the weighted-average assumptions used to value stock options granted during fiscal 2021, 2020, and 2019: Year Ended Year Ended Year Ended Assumptions: Risk-free interest rate 0.23 % 2.23 % 2.64 % Dividend yield 0.90 % 0.68 % 0.52 % Volatility factor 0.380 0.372 0.352 Expected life 5.5 years 5.5 years 5.5 years To determine expected volatility, the Company uses historical volatility based on daily closing prices of its Common Stock over periods that correlate with the expected terms of the options granted. The risk-free rate is based on the United States Treasury yield curve at the time of grant for the appropriate term of the options granted. Expected dividends are based on the Company's history and expectation of dividend payouts. The expected term of stock options is based on vesting schedules, expected exercise patterns and contractual terms. Restricted Stock Units The Company granted restricted stock units under the 2016 LTIP during fiscal 2021, 2020, and 2019 to employees as well as to the Company’s non-executive directors as part of their annual compensation. Prior to fiscal 2021, restricted stock units for employees vest ratably based on service one-quarter after each of years one, two, three, and four. For fiscal 2021, restricted stock units for employees vest ratably based on service one-third after each of years one, two, and three. A summary of the restricted stock unit awards granted under the Company’s LTIP plan as of March 31, 2021 is as follows: Shares Weighted-average Unvested at April 1, 2018 336,789 $ 22.62 Granted 116,942 37.90 Vested (211,932) 22.66 Forfeited (11,602) 25.18 Unvested at March 31, 2019 230,197 $ 30.22 Granted 151,351 38.40 Vested (106,792) 31.90 Forfeited (62,035) 31.61 Unvested at March 31, 2020 212,721 $ 35.20 Granted 195,181 29.16 Vested (125,150) 31.85 Forfeited (12,963) 34.74 Unvested at March 31, 2021 269,789 $ 32.41 Total unrecognized compensation cost related to unvested restricted stock units as of March 31, 2021 is $5,152,000 and is expected to be recognized over a weighted average period of 2.1 years. The fair value of restricted stock units that vested during the year ended March 31, 2021 and 2020 was $3,986,000 and $3,320,000, respectively. Performance Shares The Company granted performance shares under the 2016 LTIP during fiscal 2021, 2020, and 2019. Performance based shares are recognized as compensation expense based upon their grant date fair value and to the extent it is probable that the performance conditions will be met. This expense is recognized ratably over the three Fiscal 2018 performance shares granted vest pursuant to a performance condition based upon the Company’s Consolidated Net Sales. During fiscal 2019, the Company determined that the fiscal year 2018 performance shares were earned based on the performance condition being met. Fiscal 2019 performance shares granted vest pursuant to a performance condition based upon the Company’s Consolidated EBITDA margin for the twelve months ended March 31, 2020. During fiscal 2020, the Company determined that the fiscal year 2019 performance shares were earned based on the performance condition being met. Fiscal 2020 performance shares granted vest pursuant to a performance condition based upon the Company’s Consolidated EBITDA margin for the twelve months ended March 31, 2021. During fiscal 2021, the Company determined that this performance condition would not be met. Fiscal 2021 performance shares granted vest pursuant to a performance condition based upon the Company’s Consolidated EBITDA margin for the twelve months ended March 31, 2023. At this time the Company believes the March 31, 2023 performance condition will be met. A summary of the performance shares transactions during each of the three fiscal years in the period ended March 31, 2021 is as follows: Shares Weighted-average Unvested at April 1, 2018 126,570 $ 19.42 Granted 34,695 36.43 Forfeited (7,879) 22.40 Unvested at March 31, 2019 153,386 $ 23.11 Granted 38,585 37.67 Forfeited (125,251) 22.67 Unvested at March 31, 2020 66,720 $ 32.36 Granted 83,164 25.97 Vested (23,201) 25.28 Forfeited (3,451) 25.28 Unvested at March 31, 2021 123,232 $ 29.58 The Company had $2,349,000 in unrecognized compensation costs related to the unvested performance share awards as of March 31, 2021. Directors Stock During fiscal 2021, 2020, and 2019, a total of 16,209, 11,768, and 10,031 shares of stock, respectively, were granted under the 2016 LTIP to the Company’s non-executive directors as part of their annual compensation. The weighted average fair value grant price of those shares was $33.32, $39.09, and $41.88 for fiscal 2021, 2020, and 2019, respectively. The expense related to the shares for fiscal 2021 was $540,000 and $460,000 and $430,000 for fiscal years 2020 and 2019. Dividends On March 22, 2021 the Company's Board of Directors approved payment of a quarterly dividend of $0.06 per common share, representing an annual dividend rate of $0.24 per share. The dividend was paid on May 13, 2021 to shareholders of record on May 3, 2021 and totaled approximately $1,440,000. Stock Repurchase Plan |
Loss Contingencies
Loss Contingencies | 12 Months Ended |
Mar. 31, 2021 | |
Loss Contingency [Abstract] | |
Loss Contingencies | Loss Contingencies From time to time, the Company is named a defendant in legal actions arising out of the normal course of business. The Company is not a party to any pending legal proceeding other than ordinary, routine litigation incidental to our business. The Company does not believe that any of our pending litigation will have a material impact on its business. Accrued general and product liability costs are actuarially estimated reserves based on amounts determined from loss reports, individual cases filed with the Company, and an amount for losses incurred but not reported. The aggregate amounts of reserves were $21,227,000 (gross of estimated insurance recoveries of $8,052,000) and $11,944,000 of which $17,727,000 and $8,444,000 are included in Other non current liabilities and $3,500,000 in Accrued liabilities for both years as of March 31, 2021 and 2020, respectively. The liability for accrued general and product liability costs are funded by investments in marketable securities (see Notes 2 and 7). The following table provides a reconciliation of the beginning and ending balances for accrued general and product liability: Year Ended March 31, 2021 2020 2019 Accrued general and product liability, beginning of year $ 11,944 $ 12,686 $ 13,582 Estimated insurance recoveries 8,052 — — Add provision for claims 4,634 3,233 2,887 Deduct payments for claims (3,403) (3,975) (3,783) Accrued general and product liability, end of year $ 21,227 $ 11,944 $ 12,686 Estimated insurance recoveries (8,052) — — Net accrued general and product liability, end of year $ 13,175 $ 11,944 $ 12,686 The per occurrence limits on the self-insurance for general and product liability coverage to Columbus McKinnon through its wholly-owned captive insurance company were $2,000,000 from inception through fiscal 2003 and $3,000,000 for fiscal 2004 and thereafter. In addition to the per occurrence limits, the Company’s coverage is also subject to an annual aggregate limit, applicable to losses only. These limits range from $2,000,000 to $6,000,000 for each policy year from inception through fiscal 2021. Along with other manufacturing companies, the Company is subject to various federal, state, and local laws relating to the protection of the environment. To address the requirements of such laws, the Company has adopted a corporate environmental protection policy which provides that all of its owned or leased facilities shall, and all of its employees have the duty to, comply with all applicable environmental regulatory standards, and the Company utilizes an environmental auditing program for its facilities to ensure compliance with such regulatory standards. The Company has also established managerial responsibilities and internal communication channels for dealing with environmental compliance issues that may arise in the course of its business. Because of the complexity and changing nature of environmental regulatory standards, it is possible that situations will arise from time to time requiring the Company to incur expenditures in order to ensure environmental regulatory compliance. However, the Company is not aware of any environmental condition or any operation at any of its facilities, either individually or in the aggregate, which would cause expenditures having a material adverse effect on its results of operations, financial condition or cash flows and, accordingly, has not budgeted any material capital expenditures for environmental compliance for fiscal 2021. We have entered a voluntary environmental cleanup program in certain states where we operate and believe that our current reserves are sufficient to remediate these locations. For all of the currently known environmental matters, we have accrued as of March 31, 2021, a total of $777,000 which, in our opinion, is sufficient to deal with such matters. The Company is not aware of any environmental condition or any operation at any of its facilities, either individually or in the aggregate, which would cause expenditures to have a material adverse effect on its results of operations, financial condition or cash flows and, accordingly, has not budgeted any material capital expenditures for environmental compliance for fiscal 2021. Like many industrial manufacturers, the Company is involved in asbestos-related litigation. In continually evaluating costs relating to its estimated asbestos-related liability, the Company reviews, among other things, the incidence of past and recent claims, the historical case dismissal rate, the mix of the claimed illnesses and occupations of the plaintiffs, its recent and historical resolution of the cases, the number of cases pending against it, the status and results of broad-based settlement discussions, and the number of years such activity might continue. Based on this review, the Company has estimated its share of liability to defend and resolve probable asbestos-related personal injury claims. This estimate is highly uncertain due to the limitations of the available data and the difficulty of forecasting with any certainty the numerous variables that can affect the range of the liability. The Company will continue to study the variables in light of additional information in order to identify trends that may become evident and to assess their impact on the range of liability that is probable and estimable. Based on actuarial information, the Company has estimated its asbestos-related aggregate liability including related legal costs to range between $5,400,000 and $9,700,000, net of insurance recoveries, using actuarial parameters of continued claims for a period of 37 years from March 31, 2021. The Company has estimated its asbestos-related aggregate liability that is probable and estimable, net of insurance recoveries, in accordance with U.S. generally accepted accounting principles to be $6,956,000. The Company has reflected this liability gross of insurance recoveries of $8,052,000 as a liability in the consolidated financial statements as of March 31, 2021. The recorded liability does not consider the impact of any potential favorable federal legislation. This liability will fluctuate based on the uncertainty in the number of future claims that will be filed and the cost to resolve those claims, which may be influenced by a number of factors, including the outcome of the ongoing broad-based settlement negotiations, defensive strategies, and the cost to resolve claims outside the broad-based settlement program. Of this amount, management expects to incur asbestos liability payments of approximately $2,000,000 over the next 12 months. Because payment of the liability is likely to extend over many years, management believes that the potential additional costs for claims will not have a material effect on the financial condition of the Company or its liquidity, although the effect of any future liabilities recorded could be material to earnings in a future period. A share of the Company's previously incurred asbestos-related expenses and future asbestos-related expenses are covered by pre-existing insurance policies. The Company had been engaged in a legal action against the insurance carriers for those policies to recover past expenses and future costs incurred. The Company came to an agreement with the insurance carriers to settle its case against them for recovery of a portion of past and future asbestos-related legal defense costs. The agreement was finalized during the quarter ended September 30, 2020. The terms of the settlement require the carriers to pay gross defense costs prior to retro-premiums of 65% for future asbestos-related defense costs subject to an annual cap of $1,650,000 for claims covered by the settlement. The reimbursement net of retro-premiums is approximately 47% which resulted in a $1,830,000 increase to the Company's asbestos liability during the year ended March 31, 2021. In addition, the insurance carriers are required to reimburse the Company for past defense costs through the date of the settlement amounting to $3,006,000. Of this amount, $2,842,000 has been paid prior to March 31, 2021 with the remaining expected to be paid in the next quarter. The reimbursement for past cost is recorded net of a contingent legal fee of $1,500,000 which was paid in fiscal 2021. Further, the insurance carriers accept 100% coverage for indemnity costs related to all covered cases. Estimates of the future cost sharing have been included in the loss reserve calculation as of March 31, 2021 and 2020. The Company has recorded a receivable for the estimated future cost sharing in Other assets in the Balance Sheet at March 31, 2021 in the amount of $8,052,000, which offsets its asbestos reserves. The Company is also involved in other unresolved legal actions that arise in the normal course of business. The most prevalent of these unresolved actions involve disputes related to product design, manufacture and performance liability. The Company's estimation of its product-related aggregate liability that is probable and estimable, in accordance with U.S. generally accepted accounting principles approximates $5,635,000, which has been reflected as a liability in the consolidated financial statements as of March 31, 2021. In some cases, we cannot reasonably estimate a range of loss because there is insufficient information regarding the matter. Management believes that the potential additional costs for claims will not have a material effect on the financial condition of the Company or its liquidity, although the effect of any future liabilities recorded could be material to earnings in a future period. The following loss contingencies relate to the Company's Magnetek subsidiary: Product Liability Magnetek has been named, along with multiple other defendants, in asbestos-related lawsuits associated with business operations previously acquired but which are no longer owned. During Magnetek's ownership, none of the businesses produced or sold asbestos-containing products. For such claims, Magnetek is uninsured and either contractually indemnified against liability, or contractually obligated to defend and indemnify the purchaser of these former business operations. The Company aggressively seeks dismissal from these proceedings. Based on actuarial information, the asbestos related liability including legal costs is estimated to be approximately $565,000 which has been reflected as a liability in the consolidated financial statements at March 31, 2021. Litigation-Other In October 2010, Magnetek received a request for indemnification from Power-One, Inc. ("Power-One") for an Italian tax matter arising out of the sale of Magnetek's power electronics business to Power-One in October 2006. With a reservation of rights, Magnetek affirmed its obligation to indemnify Power-One for certain pre-closing taxes. The sale included an Italian company, Magnetek, S.p.A., and its wholly owned subsidiary, Magnetek Electronics (Shenzhen) Co. Ltd. (the “Power-One China Subsidiary”). The tax authority in Arezzo, Italy, issued a notice of audit report in September 2010 wherein it asserted that the Power-One China Subsidiary had its administrative headquarters in Italy with fiscal residence in Italy and, therefore, is subject to taxation in Italy. In November 2010, the tax authority issued a notice of tax assessment for the period of July 2003 to June 2004, alleging that taxes of approximately $2,200,000 (Euro 1,900,000) were due in Italy on taxable income earned by the Power-One China Subsidiary during this period. In addition, the assessment alleges potential penalties together with interest in the amount of approximately $3,000,000 (Euro 2,600,000) for the alleged failure of the Power-One China Subsidiary to file its Italian tax return. The Power-One China Subsidiary filed its response with the provincial tax commission of Arezzo, Italy in January 2011. A hearing before the Tax Court was held in July 2012 on the tax assessment for the period of July 2003 to June 2004. In September 2012, the Tax Court ruled in favor of the Power-One China Subsidiary dismissing the tax assessment for the period of July 2003 to June 2004. In February 2013, the tax authority filed an appeal of the Tax Court's September 2012 ruling. The Regional Tax Commission of Florence heard the appeal of the tax assessment dismissal for the period of July 2003 to June 2004 and thereafter issued its ruling finding in favor of the tax authority. Magnetek believes the court’s decision was based upon erroneous interpretations of the applicable law and appealed the ruling to the Italian Supreme Court in April 2015. The tax authority in Arezzo, Italy also issued a tax inspection report in January 2011 for the periods July 2002 to June 2003 and July 2004 to December 2006 claiming that the Power-One China Subsidiary failed to file Italian tax returns for the reported periods. In August 2012, the tax authority in Arezzo, Italy issued notices of tax assessment for the periods July 2002 to June 2003 and July 2004 to December 2006, alleging that taxes of approximately $7,900,000 (Euro 6,700,000) were due in Italy on taxable income earned by the Power-One China Subsidiary together with an allegation of potential penalties in the amount of approximately $3,300,000 (Euro 2,800,000) for the alleged failure of the Power-One China Subsidiary to file its Italian tax returns. On June 3, 2015, the Tax Court ruled in favor of the Power-One China Subsidiary dismissing the tax assessments for the periods of July 2002 to June 2003 and July 2004 to December 2006. On July 27, 2015, the tax authority filed an appeal of the Tax Court's ruling of June 3, 2015. In May 2016, the Regional Tax Court of Florence rejected the appeal of the tax authority and at the same time canceled the notices of assessment for the fiscal years of 2004/2005 and 2005/2006. The tax authority had up to six months to appeal the decision. In December 2016, Magnetek was served by the Italian Revenue Service with two appeals to the Italian Supreme Court regarding the two positive judgments on the tax assessments for the fiscal periods 2004/2005 and 2005/2006. In March 2017, the tax authority rejected the appeal of the assessment for 2005/2006 fiscal year. The tax authority had until October 2017 to appeal this decision. In October 2017, Magnetek was served by the Italian Revenue Service with an appeal to the Italian Supreme Court against the positive judgment on the tax assessment for fiscal year 2005/2006. In November 2017 Magnetek filed a memorandum with the Italian Revenue Service and the Italian Supreme Court in response to the appeal made by the tax authority. In February 2018 an appeal hearing was held at the Regional Tax Court of Florence regarding the Italian tax authority's claim for taxes due for fiscal 2002/2003. In October 2018 Magnetek was served by the Italian Revenue Service with an appeal to the Italian Supreme Court against the positive judgment on the tax assessment for fiscal year 2002/2003. In November 2018 Magnetek filed a memorandum with the Italian Supreme Court in response to the appeal made by the tax authority. The Company believes it will be successful and does not expect to incur a liability related to these assessments. Environmental Matters From time to time, Magnetek has taken action to bring certain facilities associated with previously owned businesses into compliance with applicable environmental laws and regulations. Upon the subsequent sale of certain businesses, Magnetek agreed to indemnify the buyers against environmental claims associated with the divested operations, subject to certain conditions and limitations. Remediation activities, including those related to indemnification obligations, did not involve material expenditures during fiscal year 2021. Magnetek has also been identified by the United States Environmental Protection Agency and certain state agencies as a potentially responsible party for cleanup costs associated with alleged past waste disposal practices at several previously utilized, owned or leased facilities and offsite locations. Its remediation activities as a potentially responsible party were not material in fiscal year 2021. Although the materiality of future expenditures for environmental activities may be affected by the level and type of contamination, the extent and nature of cleanup activities required by governmental authorities, the nature of Magnetek's alleged connection to the contaminated sites, the number and financial resources of other potentially responsible parties, the availability of indemnification rights against third parties, and the identification of additional contaminated sites, Magnetek's estimated share of liability, if any, for environmental remediation, including its indemnification obligations, is not expected to be material. In 1986, Magnetek acquired the stock of Universal Manufacturing Corporation (“Universal”) from a predecessor of Fruit of the Loom (“FOL”), and the predecessor agreed to indemnify Magnetek against certain environmental liabilities arising from pre- acquisition activities at a facility in Bridgeport, Connecticut. Environmental liabilities covered by the indemnification agreement included completion of additional cleanup activities, if any, at the Bridgeport facility and defense and indemnification against liability for potential response costs related to offsite disposal locations. Magnetek's leasehold interest in the Bridgeport facility was assigned to the buyer in connection with the sale of Magnetek's transformer business in June 2001. FOL, the successor to the indemnification obligation, filed a petition for Reorganization under Chapter 11 of the Bankruptcy Code in 1999 and Magnetek filed a proof of claim in the proceeding for obligations related to the environmental indemnification agreement. Magnetek believes that FOL had substantially completed the clean-up obligations required by the indemnification agreement prior to the bankruptcy filing. In November 2001, Magnetek and FOL entered into an agreement involving the allocation of certain potential tax benefits and Magnetek withdrew its claims in the bankruptcy proceeding. Magnetek further believes that FOL's obligation to the state of Connecticut was not discharged in the reorganization proceeding. In January 2007, the Connecticut Department of Environmental Protection (“DEP”) requested parties, including Magnetek, to submit reports summarizing the investigations and remediation performed to date at the site and the proposed additional investigations and remediation necessary to complete those actions at the site. DEP requested additional information relating to site investigations and remediation. Magnetek and the DEP agreed to the scope of the work plan in November 2010. The Company has recorded a liability of $377,000, included in the amount specified above, related to the Bridgeport facility, representing the best estimate of future site investigation costs and remediation costs which are expected to be incurred in the future. The Company has recorded total liabilities of $523,000 for all environmental matters related to Magnetek in the consolidated financial statements as of March 31, 2021 on an undiscounted basis. In September of 2017, Magnetek received a request for defense and indemnification from Monsanto Company, Pharmacia, LLC, and Solutia, Inc. (collectively, “Monsanto”) with respect to: (1) lawsuits brought by plaintiffs claiming that Monsanto manufactured polychlorinated biphenyls ("PCBs"), exposure to which allegedly caused injury to plaintiffs; and (2) lawsuits brought by municipalities and municipal entities claiming that Monsanto should be responsible for a variety of damages due to the presence of PCBs in bodies of water in those municipalities and/or in water treated by those municipal entities. Monsanto claims to be entitled to defense and indemnification from Magnetek under a so-called “Special Undertaking” apparently executed by Universal in January of 1972, which purportedly required Universal to defend and indemnify Monsanto from liabilities “arising out of or in connection with the receipt, purchase, possession, handling, use, sale or disposition of” PCBs by Universal. Magnetek has declined Monsanto’s tender, and believes that it has meritorious legal and factual defenses to the demands made by Monsanto. Magnetek is vigorously defending against those demands and has commenced litigation to, among other things, declare the Special Undertaking void and unenforceable. Monsanto has, in turn, commenced an action to enforce the Special Undertaking. Magnetek intends to continue to vigorously prosecute its declaratory judgment action and to defend against Monsanto’s action against it. We cannot reasonably estimate a potential range of loss with respect to Monsanto’s tender because there is insufficient information regarding the underlying matters. Management believes, however, that the potential additional legal costs related to such matters will not have a material effect on the financial condition of the Company or its liquidity, although the effect of any future liabilities recorded could be material to earnings in a future period. The Company had previously filed suit against Travelers in District Court seeking coverage under insurance policies in the name of Magnetek’s predecessor Universal Manufacturing. In July 2019, the District Court ruled that Travelers is obligated to defend Magnetek under these policies in connection with Magnetek’s litigation against Monsanto. The Court held that Monsanto’s claims against Magnetek fall within the insuring agreement of the Travelers policies and that none of the policy exclusions precluded the possibility of coverage. The Court also held that Travelers prior settlements with other insureds under the policies did not cut off or release Magnetek’s rights under the policies. Travelers moved for reconsideration and had sought discovery from Magnetek and Monsanto in connection with that motion. On September 22, 2020, the Court issued an order denying the motion to reconsider and denying the motion to compel discovery from Magnetek. The result was that the Court’s prior order granting Magnetek partial summary judgment and requiring Travelers’ to reimburse Magnetek’s defense costs to date and fund its defense costs moving forward was now binding, subject to Travelers right to appeal. Travelers moved for a reconsideration of the order which was denied in September 2020 and in March 2021 Traveler’s window to appeal the court order closed. As a result, the Company recorded a receivable for approximately $900,000 as of March 31, 2021 in past defense costs which are to be reimbursed. The receivable has been reflected as a reduction to Cost of products sold in fiscal 2021. The receivable was subsequently paid in full in April 2021. The Company is also engaged in similar coverage litigation against Transportation Insurance Company in the Circuit Court of Cook County, Illinois. The Company has sought a ruling that Transportation Insurance Company is also obligated to reimburse Magnetek’s defense costs to date and fund its defense costs moving forward. That motion is not yet fully briefed. |
Rental Expense and Lease Commit
Rental Expense and Lease Commitments | 12 Months Ended |
Mar. 31, 2021 | |
Operating Leased Assets [Line Items] | |
Leases of Lessee Disclosure [Text Block] | 18. Leases Transition In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASC 842"). ASC 842 requires the recognition of lease ROU assets and lease liabilities by lessees for those leases classified as operating leases and additional disclosures regarding the nature of the Company's leases, significant judgments made, and amounts recognized in the financial statements relating to those leases. The Company adopted this standard effective April 1, 2019 under the modified retrospective method whereas comparative period information is not restated. In addition, the Company elected the package of practical expedients which permits the Company to not reassess whether existing contracts are or contain leases, to not reassess the lease classification of any existing leases, and to not reassess initial direct costs for any existing leases. The Company also elected the practical expedient to not separate lease and non-lease components for all classes of underlying assets and made an accounting policy election to not record leases with an initial term of twelve months or less on the balance sheet for all classes of underlying assets. As a result of the adoption of ASC 842, the Company recognized an initial operating lease ROU assets of $35,553,000 on April 1, 2019 with a corresponding lease liability of the same amount. The standard did not materially impact the Company's Consolidated Statement of Operations or the Consolidated Statements of Cash Flows for the fiscal year ending March 31, 2020. Nature of leases The Company's leases are classified as operating leases and consist of manufacturing facilities, sales offices, distribution centers, warehouses, vehicles, and equipment. For leases with terms greater than twelve months, at lease commencement the Company recognizes a ROU asset and a lease liability. The initial lease liability is recognized at the present value of remaining lease payments over the lease term. Leases with an initial term of twelve months or less are not recorded on the Company's Consolidated Balance Sheet. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. Additionally, because the Company has elected to not separate lease and non-lease components, variable costs also include payments to the landlord for common area maintenance, real estate taxes, insurance, and other operating expenses. The Company's leases have lease terms ranging from 1 to 15 years, some of which include options to extend or terminate the lease. The exercise of lease renewal options is at the Company’s sole discretion. When deemed reasonably certain of exercise, the renewal options are included in the determination of the lease term. The Company’s lease agreements do not contain material residual value guarantees or any material restrictive covenants. As of March 31, 2021, the Company does not have any significant additional operating leases that have not yet commenced. Significant assumptions or judgments The discount rate implicit within each lease is generally not readily determinable, therefore, the Company uses its estimated incremental borrowing rate in determining the present value of lease payments. The incremental borrowing rate is determined based on the Company’s recent debt issuances, lease term, and the currency in which lease payments are made. The following table presents the weighted average remaining lease term and discount rate as of March 31, 2021 and March 31, 2020, respectively: March 31, 2021 March 31, 2020 Weighted-average remaining lease term (in years) 5.99 6.74 Weighted-average discount rate 3.86 % 4.05 % Amounts recognized on the financial statements The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of March 31, 2021 and March 31, 2020, respectively (in thousands): Balance sheet classification March 31, 2021 March 31, 2020 Assets Other assets $ 34,181 $ 38,125 Current Accrued liabilities 7,673 6,924 Non-current Other non current liabilities 27,321 31,629 Total liabilities $ 34,994 $ 38,553 Operating lease expense of $9,175,000 and $8,869,000 for the fiscal years ending March 31, 2021 and March 31, 2020, respectively, is included in income from operations on the Consolidated Statements of Operations. Short-term lease expense, sublease income, and variable lease expenses are not material for the fiscal year ending March 31, 2021. Rental expense for the year ended March 31, 2019 was $12,248,000 under ASC 840 (prior to the adoption of ASC 842). Other lease disclosures At March 31, 2021, the maturities of operating lease liabilities were as follows (in thousands): Year: March 31, 2021 2022 $ 9,002 2023 8,019 2024 5,212 2025 4,695 2026 3,599 Thereafter 9,345 Total undiscounted lease payments $ 39,872 Less: imputed interest $ 4,878 Present value of lease liabilities $ 34,994 Supplemental cash flow information related to operating leases is as follows (in thousands): Year ended Year ended Cash paid for amounts included in the measurement of operating lease liabilities $ 8,909 $ 8,593 ROU assets obtained in exchange for new operating lease liabilities $ 2,866 $ 10,589 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Reporting | Business Segment Information ASC Topic 280, “Segment Reporting,” establishes the standards for reporting information about operating segments in financial statements. The Company has one operating and reportable segment for both internal and external reporting purposes. Financial information relating to the Company’s operations by geographic area is as follows: Year Ended March 31, 2021 2020 2019 Net sales: United States $ 348,986 $ 450,242 $ 485,969 Germany 164,380 175,492 196,055 Europe, Middle East, and Africa (Excluding Germany) 90,415 121,600 127,453 Canada 15,443 21,984 22,206 Asia Pacific 13,829 14,193 17,749 Latin America 16,589 25,651 26,850 Total $ 649,642 $ 809,162 $ 876,282 Note: Net sales to external customers are attributed to geographic areas based upon the location from which the product was shipped from the Company to the customer. Year Ended March 31, 2021 2020 2019 Total assets: United States $ 540,184 $ 518,914 $ 496,580 Germany 435,638 438,210 429,859 Europe, Middle East, and Africa (Excluding Germany) 125,262 86,638 85,680 Canada 8,647 9,979 8,688 Asia Pacific 19,326 20,314 22,129 Latin America 21,375 19,217 18,635 Total $ 1,150,432 $ 1,093,272 $ 1,061,571 Year Ended March 31, 2021 2020 2019 Long-lived assets: United States $ 269,061 $ 272,816 $ 282,456 Germany 336,606 327,420 342,150 Europe, Middle East, and Africa 8,359 9,561 10,163 Canada 1,395 1,192 1,319 Asia Pacific 2,235 4,928 5,781 Latin America 1,635 1,197 1,190 Total $ 619,291 $ 617,114 $ 643,059 Note: Long-lived assets include net property, plant, and equipment, goodwill, and other intangibles, net. Sales by major product group are as follows: Year Ended March 31, 2021 2020 2019 Hoists $ 394,682 $ 492,126 $ 518,806 Chain and rigging tools 47,557 68,666 89,215 Industrial cranes 37,025 44,149 59,085 Actuators and rotary unions 75,458 77,957 77,719 Digital power control and delivery systems 74,943 100,658 98,187 Elevator application drive systems 19,977 25,606 25,548 Other — — 7,722 Total $ 649,642 $ 809,162 $ 876,282 The prior year sales by major product group amounts have been reclassified to be consistent with the current period presentation. On December 28, 2018, the Company sold its Tire Shredder business, and on February 28, 2019, the Company sold Crane Equipment and Service Inc. and Stahlhammer Bommern GmbH. In fiscal year 2019, these businesses accounted for chain and rigging tools sales of $12,289,000, industrial cranes sales of $14,184,000, and other sales of $7,722,000. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II—Valuation and qualifying accounts March 31, 2021, 2020, and 2019 Dollars in thousands Additions Description Balance at Charged to Costs and Expenses Charged Acquisition/Divestiture Deductions Balance Year ended March 31, 2021: Deducted from asset accounts: Allowance for doubtful accounts $ 5,056 $ 2,411 $ 192 $ — $ 1,973 (1) $ 5,686 Deferred tax asset valuation allowance 15,036 84 (17) — — 15,103 Total $ 20,092 $ 2,495 $ 175 $ — $ 1,973 $ 20,789 Reserves on balance sheet: Accrued general and product liability costs, net of insurance recoveries $ 11,944 $ 4,634 $ — $ — $ 3,403 (2) $ 13,175 Year ended March 31, 2020: Deducted from asset accounts: Allowance for doubtful accounts $ 3,264 $ 3,115 $ (69) $ — $ 1,254 (1) $ 5,056 Deferred tax asset valuation allowance 16,881 (1,184) (661) — — 15,036 Total $ 20,145 $ 1,931 $ (730) $ — $ 1,254 $ 20,092 Reserves on balance sheet: Accrued general and product liability costs, net of insurance recoveries $ 12,686 $ 3,033 $ — $ — $ 3,775 (2) $ 11,944 Year ended March 31, 2019: Deducted from asset accounts: Allowance for doubtful accounts $ 3,520 $ 784 $ (112) $ (26) $ 902 (1) $ 3,264 Deferred tax asset valuation allowance 4,671 13,190 (848) (132) — 16,881 Total $ 8,191 $ 13,974 $ (960) $ (158) $ 902 $ 20,145 Reserves on balance sheet: Accrued general and product liability costs, net of insurance recoveries $ 13,582 $ 2,887 $ — $ — $ 3,783 (2) $ 12,686 _________________ (1) Uncollectible accounts written off, net of recoveries (2) Insurance claims and expenses paid |
Accounting Principles and Pra_2
Accounting Principles and Practices (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Advertising | Advertising |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers as cash equivalents all highly liquid investments with an original maturity of three months or less. |
Concentration of Labor | Concentrations of Labor Approximately 8% of the Company’s employees are represented by two separate U.S. collective bargaining agreements which expire in June 2021 and September 2021. |
Consolidation | Consolidation |
Schedule of Equity Method Investments [Line Items] | Equity Method Investment |
Foreign Currency Translations | Foreign Currency Translations The Company translates foreign currency financial statements as described in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 830, “Foreign Currency Matters.” Under this method, all items of income and expense are translated to U.S. dollars at average exchange rates during the year. All assets and liabilities are translated to U.S. dollars at the year-end exchange rate. Gains or losses on translations are recorded in accumulated other comprehensive loss |
Goodwill | Goodwill Goodwill is not amortized but is tested for impairment at least annually, or more frequently if indicators of impairment exist, in accordance with the provisions of ASC Topic 350-20-35-1. Goodwill impairment is deemed to exist if the net book value of a reporting unit exceeds its estimated fair value. The fair value of a reporting unit is determined using a discounted cash flow methodology. The Company’s reporting units are determined based upon whether discrete financial information is available and reviewed regularly, whether those units constitute a business, and the extent of economic similarities and interdependencies between those reporting units for purposes of aggregation. The Company’s reporting units identified under ASC Topic 350-20-35-33 are at the component level, or one level below the reporting segment level as defined under ASC Topic 280-10-50-10 “Segment Reporting – Disclosure.” As of March 31, 2021, the Company’s one segment is subdivided into two reporting units. Further, the Company adopted ASU No. 2017-04, "Simplifying the Test for Goodwill Impairment (Topic 350)," in fiscal 2018, therefore, is no longer required to compare the implied fair value of goodwill with its carrying value amount as part of step two of the goodwill test. An impairment charge is the amount by which the carrying value is greater than the reporting unit's fair value. When the Company evaluates the potential for goodwill impairment, it assesses a range of qualitative factors including, but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for its products and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, and overall financial performance. If, after completing this assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value or if economic or other business factors indicate that the fair value of our reporting units may have declined since our last quantitative test, the Company performs a quantitative test. To perform the quantitative impairment test, the Company uses the discounted cash flow method and a market-based valuation model to estimate the fair value of the reporting units. The discounted cash flow method incorporates various assumptions, the most significant being projected revenue growth rates, operating profit margins and cash flows, the terminal growth rate, and the discount rate. The Company projects revenue growth rates, operating margins and cash flows based on each reporting unit's current business, expected developments, and operational strategies over a five-year period. In estimating the terminal growth rates, the Company considers its historical and projected results, as well as the economic environment in which its reporting units operate. The discount rates utilized for each reporting unit reflect the Company's assumptions of marketplace participants' cost of capital and risk assumptions, both specific to the reporting unit and overall in the economy. The Company performed its qualitative assessment as of February 28, 2021 and determined that the quantitative goodwill impairment test was not required for the Rest of Products and Duff-Norton reporting units. Based on various conditions in the current fiscal year, such as financial performance, macroeconomic conditions, and other company specific events, it was determined that the Rest of Products and Duff-Norton's reporting unit's fair value was not more likely than not less than its applicable carrying value. See Note 9 for further discussion of goodwill and intangible assets. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company assesses impairment of its long-lived assets in accordance with the provisions of ASC Topic 360 “Property, Plant, and Equipment.” This statement requires long-lived assets, such as property and equipment and purchased intangibles subject to amortization, to be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to estimated undiscounted future cash flows expected to be generated by the asset group over its remaining useful life. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. The fair values are determined in accordance with ASC 820. In assessing long-lived assets for an impairment loss, assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Asset grouping requires a significant amount of judgment. Accordingly, facts and circumstances will influence how asset groups are determined for |
Intangible Assets | Intangible Assets At acquisition, the Company estimates and records the fair value of purchased intangible assets which primarily consist of trade names, customer relationships, and technology. The fair values are estimated based on management’s assessment as well as independent third party appraisals. Such valuations may include a discounted cash flow of anticipated revenues resulting from the acquired intangible asset. Amortization of intangible assets with finite lives is recognized over their estimated useful lives using an amortization method that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise realized. The straight line method is used for customer relationships. As a result of the negligible attrition rate in our customer base, the difference between the straight line method and attrition method is not considered significant. The estimated useful lives for our intangible assets range from 1 to 25 years. |
Inventories | Inventories |
Marketable Securities | Marketable Securities The Company’s marketable securities, which consist of equity and fixed income securities, are recorded at fair value. Under ASU 2016-01 all equity investments (including certain fixed income securities) in unconsolidated entities are measured at fair value through earnings. Therefore, gains and losses on marketable securities are realized within Investment (income) loss on the Consolidated Statements of Operations. Estimated fair value is based on published trading values at the balance sheet dates. The cost of securities sold is based on the specific identification method. Interest and dividend income are also included in Investment (income) loss on the Consolidated Statements of Operations. The marketable securities are carried as long-term assets since they are held for the settlement of the Company’s general and products liability insurance claims filed through CM Insurance Company, Inc., a wholly owned captive insurance subsidiary. The marketable securities are not available for general working capital purposes. |
Property, Plant and Equipment | Property, Plant, and Equipment |
Research and Development | Research and Development |
Revenue Recognition, Accounts Receivable and Concentration of Credit Risk | Revenue Recognition, Accounts Receivable, and Concentration of Credit Risk The Company adopted ASC 606, "Revenue from Contracts with Customers," in fiscal 2019. Revenue from contracts with customers for standard products is recognized when legal title and significant risk and rewards has transferred to the customer, which is generally at the time of shipment. This is the point in time when control is deemed to transfer to the customer. The Company also sells custom engineered products and services which are contracts that are typically completed within one quarter but can extend beyond one year in duration. The Company generally recognizes revenue for customer engineered products upon satisfaction of its performance obligation under the contract which typically coincides with project completion which is when the products and services are controlled by the customer. Control is typically achieved at the later of when legal title and significant risk and rewards have transferred to the customer or the customer has accepted the asset. For both standard products and custom engineered products, the transaction price is based upon the price stated in either the purchase order or contract. Refer to Note 4 for further details. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are a component of cost of products sold. |
Share-based Compensation | Stock-Based Compensation The Company records stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation.” This standard requires all equity-based payments to employees, including grants of employee stock options, to be recognized in the Consolidated Statements of Operations based on the grant date fair value of the award. Stock compensation expense is included in Cost of products sold, Selling, and General and administrative expense depending on the nature of the service of the employee receiving the award. The Company uses a straight-line method of attributing the value of stock compensation expense, subject to minimum levels of expense, based on vesting. See Note 15 for further discussion of stock-based compensation. |
Leases | Leases All leases are reviewed for operating or finance classification at their inception. Rent expense for leases that contain scheduled rent increases is recognized on a straight-line basis over the lease term. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Warranties | Warranties The Company offers warranties for certain products it sells. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company sold the product. As noted in the Revenue Recognition note (Note 4), the Company offers standard warranties which are typically 12 months in duration for standard products and 24 to 36 months for custom engineered products. These are assurance-type warranties that do not qualify as separate performance obligations under ASC 606. The Company estimates the costs that may be incurred under its standard warranties, based largely upon actual warranty repair costs history, and records a liability in the amount of such costs in the month that revenue is recognized. The resulting accrual balance is reviewed during the year. Factors that affect the Company’s warranty liability include the number of units sold, historical and anticipated rate of warranty claims, and cost per claim. Changes in the Company’s product warranty accrual are as follows: |
Accounting Principles and Pra_3
Accounting Principles and Practices (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Product Warranty Liability | Changes in the Company’s product warranty accrual are as follows: March 31, 2021 2020 Balance at beginning of year $ 3,581 $ 3,634 Accrual for warranties issued 2,319 2,723 Warranties settled (2,778) (2,548) Foreign currency translation 206 (228) Balance at end of year $ 3,328 $ 3,581 |
Fair value Measurements (Tables
Fair value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Disclosures [Text Block] | Fair Value Measurements ASC Topic 820 “Fair Value Measurements and Disclosures” establishes the standards for reporting financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value on a recurring basis (at least annually). Under these standards, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants at the measurement date. ASC Topic 820-10-35-37 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the valuation techniques that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is separated into three levels based on the reliability of inputs as follows: Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly, involving some degree of judgment. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The availability of observable inputs can vary and is affected by a wide variety of factors, including the type of asset/liability, whether the asset/liability is established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are required to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Company primarily uses readily observable market data in conjunction with internally developed discounted cash flow valuation models when valuing its derivative portfolio and, consequently, the fair value of the Company’s derivatives is based on Level 2 inputs. The carrying amount of the Company's annuity contract is recorded at net asset value of the contract and, consequently, its fair value is based on Level 2 inputs and is included in other assets on the Company's Consolidated Balance Sheet. The Company uses quoted prices in an inactive market when valuing its term loan and, consequently, the fair value is based on Level 2 inputs. The following table provides information regarding financial assets and liabilities measured or disclosed at fair value on a recurring basis: Fair value measurements at reporting date using Quoted prices in Significant Significant Description At March (Level 1) (Level 2) (Level 3) Assets/(Liabilities) Marketable securities $ 7,968 $ 7,968 $ — $ — Annuity contract 2,025 — 2,025 — Derivative assets (liabilities): Foreign exchange contracts (83) — (83) — Interest rate swap liability (2,057) — (2,057) — Cross currency swap liability (13,895) — (13,895) — Disclosed at fair value: Term loan $ (254,581) $ — $ (254,581) $ — Fair value measurements at reporting date using Quoted prices in Significant Significant Description At March (Level 1) (Level 2) (Level 3) Assets/(Liabilities) Marketable securities $ 7,322 $ 7,322 $ — $ — Annuity contract 2,059 — 2,059 — Derivative assets (liabilities): Foreign exchange contracts 285 — 285 — Interest rate swap asset (3,296) — (3,296) — Cross currency swap liability (5,254) — (5,254) — Cross currency swap asset 1,750 — 1,750 — Disclosed at fair value: Term loan $ (239,899) $ — $ (239,899) $ — The Company did not have any non-financial assets and liabilities that are recognized at fair value on a recurring basis. At March 31, 2021, the term loan and revolving credit facility have been recorded at carrying value which approximates fair value. Market gains, interest, and dividend income on marketable securities are recorded in investment (income) loss. Changes in the fair value of derivatives are recorded in foreign currency exchange (gain) loss or other comprehensive income (loss), to the extent that the derivative qualifies as a hedge under the provisions of ASC Topic 815. Interest and dividend income on marketable securities are measured based upon amounts earned on their respective declaration dates. Fiscal 2021 Non-Recurring Measurements There were no assets and liabilities measured at fair value on a non-recurring basis in Fiscal 2021. Fiscal 2020 Non-Recurring Measurements The fair value of the net assets of the Company’s Rest of Products and Duff-Norton reporting units were calculated on a non-recurring basis in fiscal 2020. These measurements have been used to quantitatively test goodwill for impairment on an annual basis under the provisions of ASC Topic 350-20-35-1 “Intangibles, Goodwill and Other – Goodwill Subsequent Measurement.” In fiscal 2021, the qualitative approach was used to determine if goodwill and indefinite-lived trademarks were impaired, and therefore, no non-recurring fair value measures were required in the analysis. The fiscal 2020 goodwill impairment test consisted of determining the fair values of the Rest of Products and Duff-Norton reporting units on a quantitative basis. The fair value for the Company’s reporting units cannot be determined using readily available quoted Level 1 inputs or Level 2 inputs that are observable in active markets. Therefore, the Company used a blended discounted cash flow and market-based valuation model to estimate the fair value using Level 3 inputs. To estimate the fair values of the Rest of Products and Duff-Norton reporting units, the Company used significant estimates and judgmental factors. The key estimates and factors used in the discounted cash flow valuation include revenue growth rates and profit margins based on internal forecasts, terminal value, and the weighted-average cost of capital used to discount future cash flows. The estimates used are disclosed below: Rest of Products Reporting Unit Duff-Norton Reporting Unit Compound annual growth rate 1.91 % 5.68 % Terminal value growth rate 3.0 % 3.5 % Weighted-average cost of capital 11.7 % 12.2 % We further test our indefinite-lived intangible asset balance of $47,857,000 consisting of trademarks on our recent acquisitions on an annual basis for impairment. The methodology used to value trademarks is the relief from royalty method. The recorded book value of these trademarks in excess of the calculated fair value results in impairment. The key estimate used in this calculation consists of an overall royalty rate applied to the sales covered by the trademark. After performing this analysis, we determined that the fair value of these trademarks exceeded their book values, and as such, other impairment was recorded. |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Rest of Products Reporting Unit Duff-Norton Reporting Unit Compound annual growth rate 1.91 % 5.68 % Terminal value growth rate 3.0 % 3.5 % Weighted-average cost of capital 11.7 % 12.2 % |
Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis | The following table provides information regarding financial assets and liabilities measured or disclosed at fair value on a recurring basis: Fair value measurements at reporting date using Quoted prices in Significant Significant Description At March (Level 1) (Level 2) (Level 3) Assets/(Liabilities) Marketable securities $ 7,968 $ 7,968 $ — $ — Annuity contract 2,025 — 2,025 — Derivative assets (liabilities): Foreign exchange contracts (83) — (83) — Interest rate swap liability (2,057) — (2,057) — Cross currency swap liability (13,895) — (13,895) — Disclosed at fair value: Term loan $ (254,581) $ — $ (254,581) $ — Fair value measurements at reporting date using Quoted prices in Significant Significant Description At March (Level 1) (Level 2) (Level 3) Assets/(Liabilities) Marketable securities $ 7,322 $ 7,322 $ — $ — Annuity contract 2,059 — 2,059 — Derivative assets (liabilities): Foreign exchange contracts 285 — 285 — Interest rate swap asset (3,296) — (3,296) — Cross currency swap liability (5,254) — (5,254) — Cross currency swap asset 1,750 — 1,750 — Disclosed at fair value: Term loan $ (239,899) $ — $ (239,899) $ — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Accounts Receivable, Allowance for Credit Loss | The following table illustrates the balance and related activity for the allowance for doubtful accounts that is deducted from accounts receivable to present the net amount expected to be collected in the twelve months ending March 31, 2021 (in thousands): Allowance for doubtful accounts March 31, 2021 April 1, beginning balance $ 5,056 Bad debt expense 2,411 Less uncollectible accounts written off, net of recoveries (1,973) Other (1) 192 March 31, ending balance $ 5,686 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table illustrates the balance and related activity for customer advances in fiscal 2021 and 2020 (in thousands): Customer advances (contract liabilities) March 31, 2021 2020 Beginning balance $ 10,796 $ 11,501 Additional customer advances received 35,815 36,058 Revenue recognized from customer advances included in the beginning balance (10,796) (11,501) Other revenue recognized from customer advances (21,177) (25,037) Other (1) 735 (225) Ending balance $ 15,373 $ 10,796 |
Disaggregation of Revenue [Table Text Block] | The following table illustrates the disaggregation of revenue by product grouping for the year ending March 31, 2021 (in thousands): Twelve Months Ended Twelve Months Ended Net Sales by Product Grouping March 31, 2021 March 31, 2020 Industrial Products $ 271,414 $ 353,155 Crane Solutions 298,135 371,974 Engineered Products 79,989 83,977 All other 104 56 Total $ 649,642 $ 809,162 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consisted of the following: March 31, 2021 2020 At cost—FIFO basis: Raw materials $ 79,981 $ 85,452 Work-in-process 23,067 25,876 Finished goods 27,201 33,216 130,249 144,544 LIFO cost less than FIFO cost (18,761) (17,171) Net inventories $ 111,488 $ 127,373 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment | Consolidated property, plant, and equipment of the Company consisted of the following: March 31, 2021 2020 Land and land improvements $ 4,787 $ 4,985 Buildings 39,941 39,930 Machinery, equipment, and leasehold improvements 229,161 228,140 Construction in progress 14,188 12,950 288,077 286,005 Less accumulated depreciation 213,324 206,532 Net property, plant, and equipment $ 74,753 $ 79,473 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | A summary of changes in goodwill during the years ended March 31, 2021 and 2020 is as follows: Balance at April 1, 2019 $ 322,816 Currency translation (3,137) Balance at March 31, 2020 $ 319,679 Currency translation 11,497 Balance at March 31, 2021 $ 331,176 |
Schedule of Indefinite-Lived Intangible Assets | Identifiable intangible assets at March 31, 2021 are summarized as follows (in thousands): Gross Accumulated Net Trademark $ 6,377 $ (4,760) $ 1,617 Indefinite-lived trademark 47,857 — 47,857 Customer relationships 188,447 (55,785) 132,662 Acquired technology 46,843 (16,021) 30,822 Other 3,259 (2,855) 404 Balance at March 31, 2021 $ 292,783 $ (79,421) $ 213,362 Identifiable intangible assets at March 31, 2020 were as follows (in thousands): Gross Accumulated Net Trademark $ 6,016 $ (4,238) $ 1,778 Indefinite-lived trademark 46,670 — 46,670 Customer relationships 179,882 (44,216) 135,666 Acquired technology 46,669 (13,306) 33,363 Other 3,143 (2,658) 485 Balance at March 31, 2020 $ 282,380 $ (64,418) $ 217,962 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following is the effect of derivative instruments on the consolidated statements of operations for the years ended March 31, 2021, 2020, and 2019 (in thousands): Derivatives Designated as Cash Flow Type of Instrument Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives (Effective Portion) Location of Gain or Amount of Gain or (Loss) Reclassified from AOCL into Income (Effective Portion) March 31, 2021 Foreign exchange contracts $ (238) Cost of products sold $ 83 2021 Interest rate swap $ (521) Interest expense $ (1,463) 2021 Cross currency swap $ (7,793) Foreign currency exchange loss (gain) $ (7,268) 2020 Foreign exchange contracts $ 303 Cost of products sold $ 40 2020 Interest rate swap $ (3,185) Interest expense $ 242 2020 Cross currency swap $ 7,654 Foreign currency exchange loss (gain) $ 2,888 2019 Foreign exchange contracts $ (24) Cost of products sold $ (16) 2019 Interest rate swap $ (1,275) Interest expense $ 765 2019 Cross currency swap $ 18,242 Foreign currency exchange loss (gain) $ 17,231 Derivatives Not Designated as Hedging Instruments (Foreign Exchange Contracts) Location of Gain or (Loss) Recognized in Income on Derivatives Amount of March 31, 2021 Foreign currency exchange loss (gain) $ — 2020 Foreign currency exchange loss (gain) $ 17 2019 Foreign currency exchange loss (gain) $ 13 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following is information relative to the Company’s derivative instruments in the consolidated balance sheets as of March 31, 2021 and 2020 (in thousands): Fair Value of Asset (Liability) Derivatives Designated as Balance Sheet Location 2021 2020 Foreign exchange contracts Prepaid expenses and other $ — $ 318 Foreign exchange contracts Accrued Liabilities (83) (33) Interest rate swap Accrued Liabilities (1,185) (1,402) Interest rate swap Other non current liabilities (872) (1,894) Cross currency swap Prepaid expenses and other — 1,750 Cross currency swap Accrued liabilities (13,895) — Cross currency swap Other non current liabilities — (5,254) |
Accrued Liabilities and Other_2
Accrued Liabilities and Other Non-current Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Consolidated accrued liabilities of the Company consisted of the following: March 31, 2021 2020 Accrued payroll $ 29,871 $ 29,966 Accrued income taxes payable 9,938 11,889 Accrued health insurance 1,677 2,018 Accrued general and product liability costs 3,500 3,500 Customer advances, deposits, and rebates 15,643 13,507 Current ROU lease liabilities 7,673 6,924 Cross currency swap 13,895 — Other accrued liabilities 28,619 25,781 $ 110,816 $ 93,585 Consolidated other non-current liabilities of the Company consisted of the following: March 31, 2021 2020 Accumulated postretirement benefit obligation $ 1,195 $ 1,617 Accrued general and product liability costs 17,727 8,444 Accrued pension cost 114,911 149,524 Cross currency swap — 5,254 Deferred income tax 17,600 18,213 Non-current ROU lease liabilities 27,321 31,629 Other non-current liabilities 13,166 12,826 $ 191,920 $ 227,507 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Consolidated long-term debt of the Company consisted of the following: March 31, 2021 2020 Term loan 254,900 259,350 Unamortized deferred financing costs, net (5,946) (8,044) Total debt 248,954 251,306 Less: current portion 4,450 4,450 Total debt, less current portion $ 244,504 $ 246,856 |
Schedule of Maturities of Long-term Debt | The principal payments obligated to be made as of March 31, 2021 on the Term Loan are as follows: 2022 4,450 2023 4,450 2024 4,450 2025 241,550 Thereafter — $ 254,900 |
Net Periodic Benefit Cost (Tabl
Net Periodic Benefit Cost (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following provides a reconciliation of benefit obligation, plan assets, and funded status of the plans: March 31, 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 459,866 $ 446,397 Service cost 1,092 1,139 Interest cost 11,527 14,759 Actuarial (gain) loss 3,729 26,193 Benefits paid (24,492) (26,852) Settlement (53,499) — Foreign exchange rate changes 6,618 (1,770) Benefit obligation at end of year $ 404,841 $ 459,866 Change in plan assets: Fair value of plan assets at beginning of year $ 313,366 $ 321,902 Actual gain (loss) on plan assets 49,582 7,512 Employer contribution 1,316 10,967 Benefits paid (24,492) (26,852) Settlement (53,499) — Foreign exchange rate changes 405 (163) Fair value of plan assets at end of year $ 286,678 $ 313,366 Funded status $ (118,163) $ (146,500) Unrecognized actuarial loss 51,540 105,878 Net amount recognized $ (66,623) $ (40,622) During fiscal 2021, the Company settled the liabilities for one of its U.S. pension plans through a combination of (i) lump sum payments to eligible participants who elected to receive them and (ii) the purchase of annuity contracts for participants who did not elect lump sums. The lump sum payments were paid during the quarter ended June 30, 2020 and resulted in a settlement charge of $2,722,000 which was recorded in Other (income) expense, net on the Consolidated Statements of Operations. During the quarter ended September 30, 2020, the Company purchased annuity contracts to settle the remaining liabilities of the terminated plan. The total settlement charge of $19,038,000 was recorded in Other (income) expense, net on the Statements of Operations during the twelve months ending March 31, 2021. The remaining surplus of the terminated plan was $3,910,000 as of March 31, 2021 and will be used, as prescribed in the applicable regulations, to fund obligations associated with the Company's U.S. defined contribution plans. Amounts recognized in the consolidated balance sheets are as follows: March 31, 2021 2020 Other assets $ 427 $ 6,587 Accrued liabilities (3,679) (3,563) Other non-current liabilities (114,911) (149,524) Accumulated other comprehensive loss, before tax 51,540 105,878 Net amount recognized $ (66,623) $ (40,622) Net periodic pension cost included the following components: 2021 2020 2019 Service costs—benefits earned during the period $ 1,092 $ 1,139 $ 1,078 Interest cost on projected benefit obligation 11,527 14,759 15,526 Expected return on plan assets (12,787) (15,887) (18,454) Net amortization 3,234 2,279 2,339 Settlement 19,038 — — Net periodic pension cost (benefit) $ 22,104 $ 2,290 $ 489 Information for pension plans with a projected benefit obligation in excess of plan assets is as follows: March 31, 2021 2020 Projected benefit obligation $ 401,870 $ 410,181 Fair value of plan assets 283,280 257,093 Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows: March 31, 2021 2020 Accumulated benefit obligation $ 396,673 $ 401,918 Fair value of plan assets 283,280 254,508 The weighted-average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also net periodic pension cost for the following year: 2021 2020 2019 Discount rate 2.62 % 2.79 % 3.42 % Expected long-term rate of return on plan assets 4.60 % 5.01 % 5.77 % Rate of compensation increase on active plans 2.76 % 2.76 % 2.76 % Interest crediting rates used in cash balance pension plans 1.10 % 2.25 % 2.25 % The Company’s retirement plan target and actual asset allocations are as follows: Target Actual 2022 2021 2020 Equity securities 45%-35% 45% 33% Fixed income securities 55%-65% 55% 67% Total plan assets 100% 100% 100% Information about the expected benefit payments for the Company’s defined benefit plans is as follows: 2022 $ 23,615 2023 23,838 2024 23,729 2025 23,638 2026 23,612 2027-2031 114,262 The Company’s postretirement health benefit plans are not funded. The following sets forth a reconciliation of benefit obligation and the funded status of the plan: March 31, 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 1,887 $ 2,348 Interest cost 46 71 Actuarial gain (313) (340) Benefits paid (232) (192) Benefit obligation at end of year $ 1,388 $ 1,887 Funded status $ (1,388) $ (1,887) Unrecognized actuarial gain (1,467) (1,417) Net amount recognized $ (2,855) $ (3,304) Amounts recognized in the consolidated balance sheets are as follows: March 31, 2021 2020 Accrued liabilities $ (193) $ (270) Other non-current liabilities (1,195) (1,617) Accumulated other comprehensive gain, before tax (1,467) (1,417) Net amount recognized $ (2,855) $ (3,304) In fiscal 2021, net periodic postretirement benefit cost included the following: Year Ended March 31, 2021 2020 2019 Interest cost $ 46 $ 71 $ 92 Net amortization (263) (205) (156) Net periodic postretirement benefit cost $ (217) $ (134) $ (64) Information about the expected benefit payments for the Company’s postretirement health benefit plans is as follows: 2022 $ 195 2023 179 2024 166 2025 152 2026 135 2027-2031 454 The fair values of the Company’s defined benefit plans’ consolidated assets by asset category as of March 31 were as follows: March 31, 2021 2020 Asset categories: Equity securities $ 116,468 $ 94,336 Fixed income securities 155,553 199,613 Alternative real estate 12,863 9,401 Cash equivalents 1,794 10,016 Total $ 286,678 $ 313,366 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The fair values by category of inputs as of March 31, 2021 and March 31, 2020 were as follows: Measured at NAV (1) Quoted Prices Significant other Significant As of March 31, 2021: (Level 1) (Level 2) (Level 3) Total Asset categories: Equity securities $ 52,710 $ 63,758 $ — $ — $ 116,468 Fixed income securities 25,198 7,115 $ 122,071 1,169 155,553 Alternative real estate 12,862 1 — — 12,863 Cash equivalents — 1,794 — — 1,794 Total $ 90,770 $ 72,668 $ 122,071 $ 1,169 $ 286,678 (1) Reflects the net asset value (NAV) practical expedient used to approximate fair value. Measured at NAV (1) Quoted Prices Significant other Significant As of March 31, 2020: (Level 1) (Level 2) (Level 3) Total Asset categories: Equity securities $ 42,252 $ 52,084 $ — $ — $ 94,336 Fixed income securities 30,598 24,014 139,498 5,503 199,613 Alternative real estate 4,195 5,206 — — 9,401 Cash equivalents — 10,016 — — 10,016 Total $ 77,045 $ 91,320 $ 139,498 $ 5,503 $ 313,366 |
Earnings Per Share and Stock _2
Earnings Per Share and Stock Plans (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per share (share data presented in thousands): Year Ended March 31, Numerator for basic and diluted earnings per share: 2021 2020 2019 Net income $ 9,106 $ 59,672 $ 42,577 Denominators: Weighted-average common stock outstanding— denominator for basic EPS 23,897 23,619 23,276 Effect of dilutive employee stock options, RSU's and performance shares 276 236 384 Adjusted weighted-average common stock outstanding and assumed conversions— denominator for diluted EPS 24,173 23,855 23,660 |
Schedule of Stock Options Roll Forward | A summary of option transactions during each of the three fiscal years in the period ended March 31, 2021 is as follows: Shares Weighted- Weighted- Aggregate Outstanding at April 1, 2018 922,450 21.04 7.56 $ 13,654 Granted 133,743 38.70 Exercised (187,907) 22.09 Cancelled (33,509) 23.94 Outstanding at March 31, 2019 834,777 23.52 7.04 $ 9,602 Granted 171,515 35.16 Exercised (296,027) 20.26 Cancelled (183,471) 31.01 Outstanding at March 31, 2020 526,794 26.53 6.93 $ 1,518 Granted 242,178 26.74 Exercised (97,398) 20.24 Cancelled (13,760) 31.85 Outstanding at March 31, 2021 657,814 27.45 7.29 $ 16,652 Exercisable at March 31, 2021 268,815 $ 24.41 5.66 $ 7,622 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table provides certain information with respect to stock options outstanding at March 31, 2021: Stock Options Weighted-average Weighted-average Range of Exercise Prices $10.01 to 20.00 90,811 $ 15.26 4.92 $20.01 to 30.00 322,668 $ 25.15 7.41 $30.01 to $40.00 244,335 $35.01 8.02 657,814 $ 27.45 7.29 The following table provides certain information with respect to stock options exercisable at March 31, 2021: Range of Exercise Prices Stock Options Weighted- average Exercise Price per share $10.01 to $20.00 90,811 $ 15.26 $20.01 to $30.00 116,935 24.81 $30.01 to $40.00 61,069 37.25 268,815 $ 24.41 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table provides the weighted-average assumptions used to value stock options granted during fiscal 2021, 2020, and 2019: Year Ended Year Ended Year Ended Assumptions: Risk-free interest rate 0.23 % 2.23 % 2.64 % Dividend yield 0.90 % 0.68 % 0.52 % Volatility factor 0.380 0.372 0.352 Expected life 5.5 years 5.5 years 5.5 years |
Schedule of Unvested Restricted Stock Units Roll Forward | A summary of the restricted stock unit awards granted under the Company’s LTIP plan as of March 31, 2021 is as follows: Shares Weighted-average Unvested at April 1, 2018 336,789 $ 22.62 Granted 116,942 37.90 Vested (211,932) 22.66 Forfeited (11,602) 25.18 Unvested at March 31, 2019 230,197 $ 30.22 Granted 151,351 38.40 Vested (106,792) 31.90 Forfeited (62,035) 31.61 Unvested at March 31, 2020 212,721 $ 35.20 Granted 195,181 29.16 Vested (125,150) 31.85 Forfeited (12,963) 34.74 Unvested at March 31, 2021 269,789 $ 32.41 |
Schedule of Nonvested Performance-based Units Activity | A summary of the performance shares transactions during each of the three fiscal years in the period ended March 31, 2021 is as follows: Shares Weighted-average Unvested at April 1, 2018 126,570 $ 19.42 Granted 34,695 36.43 Forfeited (7,879) 22.40 Unvested at March 31, 2019 153,386 $ 23.11 Granted 38,585 37.67 Forfeited (125,251) 22.67 Unvested at March 31, 2020 66,720 $ 32.36 Granted 83,164 25.97 Vested (23,201) 25.28 Forfeited (3,451) 25.28 Unvested at March 31, 2021 123,232 $ 29.58 |
Loss Contingencies (Tables)
Loss Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Loss Contingency [Abstract] | |
Loss Contingencies Reconciliation | The following table provides a reconciliation of the beginning and ending balances for accrued general and product liability: Year Ended March 31, 2021 2020 2019 Accrued general and product liability, beginning of year $ 11,944 $ 12,686 $ 13,582 Estimated insurance recoveries 8,052 — — Add provision for claims 4,634 3,233 2,887 Deduct payments for claims (3,403) (3,975) (3,783) Accrued general and product liability, end of year $ 21,227 $ 11,944 $ 12,686 Estimated insurance recoveries (8,052) — — Net accrued general and product liability, end of year $ 13,175 $ 11,944 $ 12,686 |
Rental Expense and Lease Comm_2
Rental Expense and Lease Commitments (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | At March 31, 2021, the maturities of operating lease liabilities were as follows (in thousands): Year: March 31, 2021 2022 $ 9,002 2023 8,019 2024 5,212 2025 4,695 2026 3,599 Thereafter 9,345 Total undiscounted lease payments $ 39,872 Less: imputed interest $ 4,878 Present value of lease liabilities $ 34,994 |
Lease, Cost [Table Text Block] | March 31, 2021 March 31, 2020 Weighted-average remaining lease term (in years) 5.99 6.74 Weighted-average discount rate 3.86 % 4.05 % Amounts recognized on the financial statements The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of March 31, 2021 and March 31, 2020, respectively (in thousands): Balance sheet classification March 31, 2021 March 31, 2020 Assets Other assets $ 34,181 $ 38,125 Current Accrued liabilities 7,673 6,924 Non-current Other non current liabilities 27,321 31,629 Total liabilities $ 34,994 $ 38,553 |
Lessee, Operating Lease, Disclosure [Table Text Block] | Supplemental cash flow information related to operating leases is as follows (in thousands): Year ended Year ended Cash paid for amounts included in the measurement of operating lease liabilities $ 8,909 $ 8,593 ROU assets obtained in exchange for new operating lease liabilities $ 2,866 $ 10,589 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information relating to the Company’s operations by geographic area is as follows: Year Ended March 31, 2021 2020 2019 Net sales: United States $ 348,986 $ 450,242 $ 485,969 Germany 164,380 175,492 196,055 Europe, Middle East, and Africa (Excluding Germany) 90,415 121,600 127,453 Canada 15,443 21,984 22,206 Asia Pacific 13,829 14,193 17,749 Latin America 16,589 25,651 26,850 Total $ 649,642 $ 809,162 $ 876,282 Note: Net sales to external customers are attributed to geographic areas based upon the location from which the product was shipped from the Company to the customer. Year Ended March 31, 2021 2020 2019 Total assets: United States $ 540,184 $ 518,914 $ 496,580 Germany 435,638 438,210 429,859 Europe, Middle East, and Africa (Excluding Germany) 125,262 86,638 85,680 Canada 8,647 9,979 8,688 Asia Pacific 19,326 20,314 22,129 Latin America 21,375 19,217 18,635 Total $ 1,150,432 $ 1,093,272 $ 1,061,571 Year Ended March 31, 2021 2020 2019 Long-lived assets: United States $ 269,061 $ 272,816 $ 282,456 Germany 336,606 327,420 342,150 Europe, Middle East, and Africa 8,359 9,561 10,163 Canada 1,395 1,192 1,319 Asia Pacific 2,235 4,928 5,781 Latin America 1,635 1,197 1,190 Total $ 619,291 $ 617,114 $ 643,059 Note: Long-lived assets include net property, plant, and equipment, goodwill, and other intangibles, net. Sales by major product group are as follows: Year Ended March 31, 2021 2020 2019 Hoists $ 394,682 $ 492,126 $ 518,806 Chain and rigging tools 47,557 68,666 89,215 Industrial cranes 37,025 44,149 59,085 Actuators and rotary unions 75,458 77,957 77,719 Digital power control and delivery systems 74,943 100,658 98,187 Elevator application drive systems 19,977 25,606 25,548 Other — — 7,722 Total $ 649,642 $ 809,162 $ 876,282 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss is as follows: March 31, 2021 2020 Foreign currency translation adjustment – net of tax $ (21,776) $ (34,359) Pension liability – net of tax (38,081) (79,651) Postretirement obligations – net of tax 1,989 1,950 Split-dollar life insurance arrangements – net of tax (1,264) (1,340) Derivatives qualifying as hedges – net of tax (854) (950) Accumulated other comprehensive loss $ (59,986) $ (114,350) The activity by year related to investments, including reclassification adjustments for activity included in earnings are as follows (all items shown net of tax): Year Ended March 31, 2021 2020 2019 Net unrealized investment gain (loss) at beginning of year $ — $ — $ 888 Unrealized holdings gain (loss) arising during the period — — — Reclassification adjustments for gain included in earnings — — — Adoption of ASU 2016-01 — — (888) Net change in unrealized gain (loss) on investments — — (888) Net unrealized investment gain at end of year $ — $ — $ — Changes in accumulated other comprehensive income by component are as follows (in thousands): March 31, 2021 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (79,041) $ (34,359) $ (950) (114,350) Other comprehensive income (loss) before reclassification 24,999 12,583 (8,552) 29,030 Amounts reclassified from other comprehensive loss to net income 16,686 — 8,648 25,334 Net current period other comprehensive (loss) income 41,685 12,583 96 54,364 Ending balance net of tax $ (37,356) $ (21,776) $ (854) $ (59,986) March 31, 2020 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (55,145) $ (25,355) $ (2,552) (83,052) Other comprehensive income (loss) before reclassification (25,449) (9,004) 4,772 (29,681) Amounts reclassified from other comprehensive loss to net income 1,553 — (3,170) (1,617) Net current period other comprehensive (loss) income (23,896) (9,004) 1,602 (31,298) Ending balance net of tax $ (79,041) $ (34,359) $ (950) $ (114,350) |
Reclassification out of Accumulated Other Comprehensive Income | Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2021 are as follows (in thousands): Details of AOCL Components Amount reclassified from AOCL Affected line item on consolidated statement of operations Net pension amount unrecognized $ 22,009 (1) 22,009 Total before tax (5,323) Tax benefit $ 16,686 Net of tax Change in derivatives qualifying as hedges $ (90) Cost of products sold 1,585 Interest expense 7,874 Foreign currency 9,369 Total before tax (721) Tax benefit $ 8,648 Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 13 — Pensions and Other Benefit Plans for additional details.) Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2020 are as follows (in thousands): Details of AOCL Components Amount reclassified from AOCL Affected line item on consolidated statement of operations Net pension amount unrecognized $ 2,074 (1) 2,074 Total before tax (521) Tax benefit $ 1,553 Net of tax Change in derivatives qualifying as hedges $ (54) Cost of products sold (327) Interest expense (3,907) Foreign currency (4,288) Total before tax 1,118 Tax benefit $ (3,170) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 13 — Pensions and Other Benefit Plans for additional details.) |
Description of Business (Narrat
Description of Business (Narrative) (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Sales Revenue, Goods, Net [Member] | United States | |
Percentage of sales to customers | 53.00% |
Accounting Principles and Pra_4
Accounting Principles and Practices (Narratives) (Details) | 12 Months Ended | ||
Mar. 31, 2021USD ($)SegmentCollective_Bargaining_AgreementReporting_Unit | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Accounting Policies [Line Items] | |||
Standard and Extended Product Warranty Accrual | $ 3,328,000 | $ 3,581,000 | $ 3,634,000 |
Asset Impairment Charges | (2,638,000) | 0 | 0 |
Advertising expenses | $ 999,000 | $ 1,648,000 | 2,452,000 |
Number of reporting units | Reporting_Unit | 2 | ||
Percentage of LIFO inventory | 39.00% | 36.00% | |
Research and development costs | $ 12,405,000 | $ 11,310,000 | 13,491,000 |
Standard and Extended Product Warranty Accrual, Increase for Warranties Issued | 2,319,000 | 2,723,000 | |
Standard and Extended Product Warranty Accrual, Decrease for Payments | 2,778,000 | 2,548,000 | |
Foreign Currency Transaction Gain (Loss), before Tax | (941,000) | 1,514,000 | $ (843,000) |
Foreign Currency Translation [Abstract] | |||
Other Asset Impairment Charges | $ 0 | ||
Number of Reportable Segments | Segment | 1 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Warranty Obligations [Member] | |||
Accounting Policies [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ 206,000 | $ (228,000) | |
Minimum | |||
Accounting Policies [Line Items] | |||
Estimated useful life of intangible assets | 1 year | ||
Minimum | Building and building equipment | |||
Accounting Policies [Line Items] | |||
Estimated useful lives of property plant and equipment | 15 years | ||
Minimum | Vehicles/Equipment | |||
Accounting Policies [Line Items] | |||
Estimated useful lives of property plant and equipment | 3 years | ||
Maximum | |||
Accounting Policies [Line Items] | |||
Estimated useful life of intangible assets | 25 years | ||
Maximum | Building and building equipment | |||
Accounting Policies [Line Items] | |||
Estimated useful lives of property plant and equipment | 40 years | ||
Maximum | Vehicles/Equipment | |||
Accounting Policies [Line Items] | |||
Estimated useful lives of property plant and equipment | 18 years | ||
Workforce Subject to Collective Bargaining Arrangements | Unionized Employees Concentration Risk | |||
Accounting Policies [Line Items] | |||
Percentage of employees | 8.00% | ||
Foreign Currency Translation [Abstract] | |||
Number of collective bargaining agreements | Collective_Bargaining_Agreement | 2 | ||
Short-term Contract with Customer [Member] | |||
Accounting Policies [Line Items] | |||
Revenue, Performance Obligation, Description of Warranty | 12 | ||
Long-term Contract with Customer [Member] | |||
Accounting Policies [Line Items] | |||
Revenue, Performance Obligation, Description of Warranty | 24 to 36 |
Accounting Principles and Pra_5
Accounting Principles and Practices (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Business Acquisition [Line Items] | |||
Document Fiscal Year (linked throughout the document) - not tagged | 2021 | ||
Advertising Expense | $ 999 | $ 1,648 | $ 2,452 |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of year | 3,581 | 3,634 | |
Accrual for warranties issued | 2,319 | 2,723 | |
Warranties settled | (2,778) | (2,548) | |
Balance at end of year | $ 3,328 | $ 3,581 | $ 3,634 |
Acquisitions (Narratives) (Deta
Acquisitions (Narratives) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Business Acquisition [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $ (2,638,000) | $ 0 | $ 0 | |
Revenue from Contract with Customer, Excluding Assessed Tax | 649,642,000 | 809,162,000 | 876,282,000 | |
Gain (Loss) on Disposition of Business | 0 | (176,000) | (25,672,000) | |
Impairment of Long-Lived Assets Held-for-use | 27,753,000 | |||
Net sales: | $ 649,642,000 | 809,162,000 | 876,282,000 | |
Estimated useful life | 18 years | |||
Long-term Debt | $ 248,954,000 | $ 251,306,000 | ||
Common Stock, Shares, Issued | 23,984,299 | 23,771,620 | ||
Voting common stock: 50,000,000 shares authorized; 23,984,299 and 23,771,620 shares issued and outstanding | $ 240,000 | $ 238,000 | ||
Debt Issuance Costs, Net | 0 | |||
Gross balance of deferred costs | $ 14,690,000 | 14,690,000 | ||
Stock Issued During Period, Shares, New Issues | 4,312,500 | |||
Shares Issued, Price Per Share | $ 48 | |||
Forecast | ||||
Business Acquisition [Line Items] | ||||
Extinguishment of Debt, Amount | $ 6,272,000 | |||
Line of Credit | ||||
Business Acquisition [Line Items] | ||||
Gross balance of deferred costs | $ 3,615,000 | 2,789,000 | ||
Line of Credit | Forecast | ||||
Business Acquisition [Line Items] | ||||
Gross balance of deferred costs | 4,027,000 | |||
Estimate of Fair Value Measurement | Office Building | ||||
Business Acquisition [Line Items] | ||||
Proceeds from Sale of Buildings | 6,363,000 | |||
United States | ||||
Business Acquisition [Line Items] | ||||
Net sales: | 348,986,000 | 450,242,000 | 485,969,000 | |
Business Exit Costs | 1,797,000 | 2,958,000 | 1,473,000 | |
Cost of Sales [Member] | FRANCE | ||||
Business Acquisition [Line Items] | ||||
Business Exit Costs | 815,000 | |||
Selling and Marketing Expense [Member] | FRANCE | ||||
Business Acquisition [Line Items] | ||||
Business Exit Costs | 94,000 | |||
General and Administrative Expense | FRANCE | ||||
Business Acquisition [Line Items] | ||||
Business Exit Costs | 327,000 | |||
Asia Pacific [Member] | ||||
Business Acquisition [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | 2,638,000 | |||
Asia Pacific [Member] | Cost of Sales [Member] | ||||
Business Acquisition [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | 2,189,000 | |||
Business Exit Costs | 1,455,000 | |||
Asia Pacific [Member] | Selling and Marketing Expense [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Exit Costs | 296,000 | |||
Asia Pacific [Member] | General and Administrative Expense | ||||
Business Acquisition [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 449,000 | |||
Engineered drawings | ||||
Business Acquisition [Line Items] | ||||
Estimated useful life | 5 years | |||
Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Estimated useful life | 18 years | |||
STAHL [Member] | Line of Credit | ||||
Business Acquisition [Line Items] | ||||
Secured Long-term Debt, Noncurrent | $ (445,000,000) | |||
STAHL [Member] | Line of Credit | Forecast | ||||
Business Acquisition [Line Items] | ||||
Extinguishment of Debt, Amount | 326,000 | |||
Gross balance of deferred costs | 977,000 | |||
STAHL [Member] | New Revolving Credit Facility | ||||
Business Acquisition [Line Items] | ||||
Secured Long-term Debt, Noncurrent | (100,000,000) | |||
STAHL [Member] | New Revolving Credit Facility | Forecast | ||||
Business Acquisition [Line Items] | ||||
Extinguishment of Debt, Amount | 5,946,000 | |||
Dorner | ||||
Business Acquisition [Line Items] | ||||
Secured Long-term Debt, Noncurrent | (750,000,000) | |||
Payments to Acquire Businesses, Gross | 485,000,000 | |||
Dorner | Forecast | ||||
Business Acquisition [Line Items] | ||||
Gross balance of deferred costs | 5,432,000 | |||
Stock Issued During Period, Value, New Issues | 198,720,000 | |||
Proceeds from Issuance of Common Stock | 207,000,000 | |||
Dorner | Line of Credit | ||||
Business Acquisition [Line Items] | ||||
Secured Long-term Debt, Noncurrent | (100,000,000) | |||
Dorner | Line of Credit | Forecast | ||||
Business Acquisition [Line Items] | ||||
Gross balance of deferred costs | 3,050,000 | |||
Dorner | Bridge Loan | ||||
Business Acquisition [Line Items] | ||||
Secured Long-term Debt, Noncurrent | (650,000,000) | |||
Dorner | Bridge Loan | Forecast | ||||
Business Acquisition [Line Items] | ||||
Unamortized Debt Issuance Expense | $ 8,531,000 | |||
Dorner | General and Administrative Expense | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Transaction Costs | $ 3,951,000 | |||
Goodwill [Member] | ||||
Business Acquisition [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 6,174,000 | |||
Engineered drawings | ||||
Business Acquisition [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | 1,872,000 | |||
Property, Plant and Equipment [Member] | ||||
Business Acquisition [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | 12,830,000 | |||
Inventories [Member] | ||||
Business Acquisition [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | 6,877,000 | |||
Sarasota [Member] | ||||
Business Acquisition [Line Items] | ||||
Gain (Loss) on Disposition of Business | 1,059,000 | |||
CES and STB [Member] | ||||
Business Acquisition [Line Items] | ||||
Gain (Loss) on Disposition of Business | 26,731,000 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 34,195,000 | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ (3,623,000) |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Business Acquisition [Line Items] | |||
Net income | $ 9,106 | $ 59,672 | $ 42,577 |
Goodwill | 331,176 | 319,679 | $ 322,816 |
Deferred Tax Assets, Net | $ 2,480 | $ 8,068 | |
Earnings Per Share, Basic | $ 0.38 | $ 2.53 | $ 1.83 |
Earnings Per Share, Diluted | $ 0.38 | $ 2.50 | $ 1.80 |
Accrued liabilities | $ 110,816 | $ 93,585 |
Divestitures Disposals (Details
Divestitures Disposals (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 649,642,000 | $ 809,162,000 | $ 876,282,000 |
Gain (Loss) on Disposition of Business | 0 | $ (176,000) | (25,672,000) |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 34,195,000 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (3,623,000) | ||
Sarasota [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on Disposition of Business | 1,059,000 | ||
Other | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Goodwill, Impairment Loss | $ 6,174,000 | ||
Asia Pacific [Member] | Cost of Sales [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Business Exit Costs | 1,455,000 | ||
Asia Pacific [Member] | Selling and Marketing Expense [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Business Exit Costs | $ 296,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narratives) (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Indefinite-lived trademark | $ 47,857,000 | $ 46,670,000 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Rest of Products [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Goodwill, Fair Value Disclosure | 0.0191 | |
Measurement Input, Long-term Revenue Growth Rate [Member] | Duff Norton Group [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Goodwill, Fair Value Disclosure | 0.0568 | |
Measurement Input, Cap Rate [Member] | Rest of Products [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Goodwill, Fair Value Disclosure | 0.030 | |
Measurement Input, Cap Rate [Member] | Duff Norton Group [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Goodwill, Fair Value Disclosure | 0.035 | |
Measurement Input, Discount Rate [Member] | Rest of Products [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Goodwill, Fair Value Disclosure | 0.117 | |
Measurement Input, Discount Rate [Member] | Duff Norton Group [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Goodwill, Fair Value Disclosure | 0.122 | |
Variable Annuity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 2,025,000 | 2,059,000 |
Variable Annuity [Member] | (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Variable Annuity [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Variable Annuity [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | $ 2,025,000 | $ 2,059,000 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and liabilities measured at fair value on recurring bases) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | $ 7,968 | $ 7,322 |
(Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 7,968 | 7,322 |
(Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
(Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Variable Annuity [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other Assets, Fair Value Disclosure | 2,025 | 2,059 |
Variable Annuity [Member] | (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Variable Annuity [Member] | (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other Assets, Fair Value Disclosure | 2,025 | 2,059 |
Variable Annuity [Member] | (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Foreign exchange contracts | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | (83) | (285) |
Foreign exchange contracts | (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | 0 | 0 |
Foreign exchange contracts | (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | (83) | (285) |
Foreign exchange contracts | (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | 0 | 0 |
Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | ||
Equity securities | (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | ||
Equity securities | (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | ||
Equity securities | (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | ||
Term loan | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | (254,581) | (239,899) |
Term loan | (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | 0 | 0 |
Term loan | (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | (254,581) | (239,899) |
Term loan | (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | 0 | 0 |
Liability [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | (2,057) | |
Liability [Member] | Interest Rate Swap [Member] | (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | 0 | |
Liability [Member] | Interest Rate Swap [Member] | (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | (2,057) | |
Liability [Member] | Interest Rate Swap [Member] | (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | 0 | |
Liability [Member] | Cross Currency Interest Rate Contract [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | (13,895) | (5,254) |
Liability [Member] | Cross Currency Interest Rate Contract [Member] | (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | 0 | 0 |
Liability [Member] | Cross Currency Interest Rate Contract [Member] | (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | (13,895) | (5,254) |
Liability [Member] | Cross Currency Interest Rate Contract [Member] | (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liabilities | $ 0 | 0 |
Assets [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets | (3,296) | |
Assets [Member] | Interest Rate Swap [Member] | (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets | 0 | |
Assets [Member] | Interest Rate Swap [Member] | (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets | (3,296) | |
Assets [Member] | Interest Rate Swap [Member] | (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets | 0 | |
Assets [Member] | Cross Currency Interest Rate Contract [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets | 1,750 | |
Assets [Member] | Cross Currency Interest Rate Contract [Member] | (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets | 0 | |
Assets [Member] | Cross Currency Interest Rate Contract [Member] | (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets | 1,750 | |
Assets [Member] | Cross Currency Interest Rate Contract [Member] | (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets | $ 0 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | ||
Contract with Customer, Asset, Net, Current | $ 8,559,000 | $ 2,361,000 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 649,642,000 | 809,162,000 | $ 876,282,000 | |
Contract with Customer, Liability, Current | 15,373,000 | 10,796,000 | 11,501,000 | |
Proceeds from Customers for Progress Payments | 35,815,000 | 36,058,000 | ||
Contract with Customer, Liability, Revenue Recognized | (10,796,000) | (11,501,000) | ||
Increase (Decrease) in Deferred Revenue and Customer Advances and Deposits | 735,000 | (225,000) | ||
Accounts Receivable, Allowance for Credit Loss, Current | 5,686,000 | 5,056,000 | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 2,495,000 | 1,931,000 | 13,974,000 | |
Deductions | (1,973,000) | (1,254,000) | (902,000) | |
Charged to Other Accounts | 175,000 | (730,000) | 960,000 | |
Revenue, Remaining Performance Obligation, Amount | $ 4,643,000 | |||
Revenue, Remaining Performance Obligation, Percentage | 84.00% | |||
Allowance for doubtful accounts | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | $ 2,411,000 | 3,115,000 | 784,000 | |
Deductions | [1] | (1,973,000) | (1,254,000) | (902,000) |
Charged to Other Accounts | $ 192,000 | (69,000) | $ 112,000 | |
Long-term Contract with Customer [Member] | ||||
Revenue, Performance Obligation, Description of Warranty | 24 to 36 | |||
Short-term Contract with Customer [Member] | ||||
Revenue, Performance Obligation, Description of Warranty | 12 | |||
Other Income [Member] | ||||
Contract with Customer, Liability, Revenue Recognized | $ (21,177,000) | (25,037,000) | ||
Engineered Products [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 79,989,000 | 83,977,000 | ||
All other [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 104,000 | 56,000 | ||
Crane Solutions [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 298,135,000 | 371,974,000 | ||
Industrial Products [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 271,414,000 | $ 353,155,000 | ||
[1] | SCHEDULE II—Valuation and qualifying accounts March 31, 2021, 2020, and 2019 Dollars in thousands Additions Description Balance at Charged to Costs and Expenses Charged Acquisition/Divestiture Deductions Balance Year ended March 31, 2021: Deducted from asset accounts: Allowance for doubtful accounts $ 5,056 $ 2,411 $ 192 $ — $ 1,973 (1) $ 5,686 Deferred tax asset valuation allowance 15,036 84 (17) — — 15,103 Total $ 20,092 $ 2,495 $ 175 $ — $ 1,973 $ 20,789 Reserves on balance sheet: Accrued general and product liability costs, net of insurance recoveries $ 11,944 $ 4,634 $ — $ — $ 3,403 (2) $ 13,175 Year ended March 31, 2020: Deducted from asset accounts: Allowance for doubtful accounts $ 3,264 $ 3,115 $ (69) $ — $ 1,254 (1) $ 5,056 Deferred tax asset valuation allowance 16,881 (1,184) (661) — — 15,036 Total $ 20,145 $ 1,931 $ (730) $ — $ 1,254 $ 20,092 Reserves on balance sheet: Accrued general and product liability costs, net of insurance recoveries $ 12,686 $ 3,033 $ — $ — $ 3,775 (2) $ 11,944 Year ended March 31, 2019: Deducted from asset accounts: Allowance for doubtful accounts $ 3,520 $ 784 $ (112) $ (26) $ 902 (1) $ 3,264 Deferred tax asset valuation allowance 4,671 13,190 (848) (132) — 16,881 Total $ 8,191 $ 13,974 $ (960) $ (158) $ 902 $ 20,145 Reserves on balance sheet: Accrued general and product liability costs, net of insurance recoveries $ 13,582 $ 2,887 $ — $ — $ 3,783 (2) $ 12,686 _________________ (1) Uncollectible accounts written off, net of recoveries (2) Insurance claims and expenses paid |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 79,981 | $ 85,452 |
Work-in-process | 23,067 | 25,876 |
Finished goods | 27,201 | 33,216 |
Inventory, Gross | 130,249 | 144,544 |
LIFO cost less than FIFO cost | (18,761) | (17,171) |
Net inventories | $ 111,488 | $ 127,373 |
Inventories (Narratives) (Detai
Inventories (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Business Acquisition [Line Items] | |||
Increase (Decrease) in Inventories | $ (20,659) | $ (15,752) | $ 15,411 |
LIFO liquidations | 1,640 | 2,805 | |
Net inventories | $ 111,488 | $ 127,373 |
Marketable Securities (Narrativ
Marketable Securities (Narratives) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Gain (Loss) on Securities [Line Items] | |||
Net realized gains to sales of marketable securities | $ 85,000 | $ 50,000 | $ 201,000 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (13,297,000) | 8,010,000 | 2,097,000 |
Equity Method Investment, Ownership Percentage | 49.00% | ||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 587,000 | 0 | 0 |
Unrealized Loss on Securities | 727,000 | 143,000 | $ 183,000 |
Equity Method Investments | |||
Foreign Currency Translation [Abstract] | |||
Proceeds from Dividends Received | 1,290,000 | ||
EMC [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Equity Method Investments | 3,040,000 | 3,402,000 | |
EMC [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Due from Related Parties, Current | 2,250,000 | 4,166,000 | |
Investment Income, Net | 715,000 | $ 778,000 | |
EMC [Member] | Equity Method Investments | |||
Foreign Currency Translation [Abstract] | |||
Foreign Currency Transaction Gain (Loss), Unrealized | $ 213,000 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Other Depreciation and Amortization | $ 15,530,000 | $ 16,184,000 | $ 17,775,000 |
Land and land improvements | 4,787,000 | 4,985,000 | |
Buildings | 39,941,000 | 39,930,000 | |
Machinery, equipment, and leasehold improvements | 229,161,000 | 228,140,000 | |
Construction in progress | 14,188,000 | 12,950,000 | |
Property, plant, and equipment | 288,077,000 | 286,005,000 | |
Less accumulated depreciation | 213,324,000 | 206,532,000 | |
Net property, plant, and equipment | 74,753,000 | 79,473,000 | |
Capitalized Computer Software, Gross | 38,925,000 | 37,864,000 | |
Capital Computer Software Accumulated Amortization | 27,207,000 | 22,962,000 | |
Capitalized Computer Software Depreciation Expense | $ 3,639,000 | $ 2,937,000 | $ 3,045,000 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment (Narratives) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Other Depreciation and Amortization | $ 15,530,000 | $ 16,184,000 | $ 17,775,000 |
Accumulated amortization on capitalized software costs | 27,207,000 | 22,962,000 | |
Depreciation expense on capitalized software costs | $ 3,639,000 | $ 2,937,000 | $ 3,045,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narratives) (Details) | 12 Months Ended | ||
Mar. 31, 2021USD ($)Reporting_Unit | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||
Number of reporting units | Reporting_Unit | 2 | ||
Goodwill | $ 331,176,000 | $ 319,679,000 | $ 322,816,000 |
Duff Norton reporting unit goodwill | 9,699,000 | 9,593,000 | |
Rest of products reporting unit goodwill | 321,477,000 | 310,086,000 | |
Impairment charges related to goodwill or intangible assets | 0 | 0 | |
2016 | 12,600,000 | ||
2017 | 12,600,000 | ||
2018 | 12,600,000 | ||
2019 | 12,600,000 | ||
2020 | $ 12,600,000 | ||
Weighted-average amortization periods | 18 years | ||
Indefinite-lived trademark | $ 47,857,000 | 46,670,000 | |
Amortization of intangibles | 12,623,000 | 12,942,000 | 14,900,000 |
Gain (Loss) on Disposition of Property Plant Equipment | (2,638,000) | 0 | $ 0 |
Goodwill, Impaired, Accumulated Impairment Loss | $ 113,174,000 | 113,174,000 | |
Trademark | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-average amortization periods | 15 years | ||
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-average amortization periods | 18 years | ||
Acquired technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-average amortization periods | 18 years | ||
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-average amortization periods | 5 years | ||
Goodwill [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 6,174,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gain (Loss) on Disposition of Business | $ 0 | $ (176,000) | $ (25,672,000) |
Gain (Loss) on Disposition of Property Plant Equipment | (2,638,000) | 0 | 0 |
Goodwill, Impaired, Accumulated Impairment Loss | 113,174,000 | 113,174,000 | |
Goodwill [Roll Forward] | |||
Opening Balance | 319,679,000 | 322,816,000 | |
Acquisition of Hebetechnik (See Note 3) | 11,497,000 | (3,137,000) | |
Closing Balance | 331,176,000 | 319,679,000 | 322,816,000 |
Gross Carrying Amount | 292,783,000 | 282,380,000 | |
Indefinite-lived trademark | 47,857,000 | 46,670,000 | |
Accumulated Amortization | (79,421,000) | (64,418,000) | |
Net | 213,362,000 | 217,962,000 | |
Amortization of intangibles | 12,623,000 | 12,942,000 | $ 14,900,000 |
Impairment charges related to goodwill or intangible assets | 0 | 0 | |
Trademark | |||
Goodwill [Roll Forward] | |||
Gross Carrying Amount | 6,377,000 | 6,016,000 | |
Accumulated Amortization | (4,760,000) | (4,238,000) | |
Net | 1,617,000 | 1,778,000 | |
Customer relationships | |||
Goodwill [Roll Forward] | |||
Gross Carrying Amount | 188,447,000 | 179,882,000 | |
Accumulated Amortization | (55,785,000) | (44,216,000) | |
Net | 132,662,000 | 135,666,000 | |
Acquired technology | |||
Goodwill [Roll Forward] | |||
Gross Carrying Amount | 46,843,000 | 46,669,000 | |
Accumulated Amortization | (16,021,000) | (13,306,000) | |
Net | 30,822,000 | 33,363,000 | |
Other | |||
Goodwill [Roll Forward] | |||
Gross Carrying Amount | 3,259,000 | 3,143,000 | |
Accumulated Amortization | (2,855,000) | (2,658,000) | |
Net | $ 404,000 | 485,000 | |
Goodwill [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 6,174,000 |
Derivative Instruments (Narrati
Derivative Instruments (Narratives) (Details) | 12 Months Ended | ||
Mar. 31, 2021USD ($)Counterparty | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Derivatives, Fair Value [Line Items] | |||
Number of different counterparties | Counterparty | 3 | ||
Reclassify Next Year | |||
Derivatives, Fair Value [Line Items] | |||
Amount of accumulated other comprehensive loss expected to be reclassified in the next 12 months | $ 57,000 | ||
Derivatives Designated as Hedging Instruments | Currency Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of accumulated other comprehensive loss expected to be reclassified in the next 12 months | 653,000 | ||
Derivative, Notional Amount | 159,520,000 | ||
Derivatives Designated as Hedging Instruments | Commodity Contract | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 6,457,000 | ||
Derivatives Designated as Hedging Instruments | Reclassify Next Year | |||
Derivatives, Fair Value [Line Items] | |||
Amount of accumulated other comprehensive loss expected to be reclassified in the next 12 months | 901,000 | ||
Derivatives Designated as Hedging Instruments | Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 119,820,000 | ||
Cost of Sales [Member] | Derivatives Designated as Hedging Instruments | Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 83,000 | $ 40,000 | $ (16,000) |
Cost of Sales [Member] | Derivatives Designated as Hedging Instruments | Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 242,000 | ||
Foreign Currency Gain (Loss) [Member] | Derivatives Designated as Hedging Instruments | Cross Currency Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (2,888,000) | (17,231,000) | |
Interest Expense [Member] | Derivatives Designated as Hedging Instruments | Currency Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (7,268,000) | ||
Interest Expense [Member] | Derivatives Designated as Hedging Instruments | Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (1,463,000) | ||
Interest Expense [Member] | Derivatives Designated as Hedging Instruments | Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 765,000 |
Derivative Instruments (Pretax
Derivative Instruments (Pretax effect of derivative instruments on the condensed consolidated statement of operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Derivatives Designated as Hedging Instruments | Foreign Exchange Contract [Member] | Cost of products sold | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives (Effective Portion) | $ (238) | $ 303 | $ (24) |
Derivatives Designated as Hedging Instruments | Currency Swap [Member] | Cost of products sold | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives (Effective Portion) | (7,793) | ||
Derivatives Designated as Hedging Instruments | Interest Rate Swap [Member] | Cost of products sold | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives (Effective Portion) | (521) | (3,185) | (1,275) |
Derivatives Designated as Hedging Instruments | Cross Currency Interest Rate Contract [Member] | Cost of products sold | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives (Effective Portion) | 7,654 | 18,242 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Foreign Currency Gain (Loss) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivatives | 0 | 17 | $ 13 |
Prepaid expenses and other | Derivatives Designated as Hedging Instruments | Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 318 | |
Accrued Liabilities | Derivatives Designated as Hedging Instruments | Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (83) | (33) | |
Accrued Liabilities | Derivatives Designated as Hedging Instruments | Currency Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (13,895) | 0 | |
Accrued Liabilities | Derivatives Designated as Hedging Instruments | Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (1,185) | (1,402) | |
Other Noncurrent Liabilities [Member] | Derivatives Designated as Hedging Instruments | Currency Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | (5,254) | |
Other Noncurrent Liabilities [Member] | Derivatives Designated as Hedging Instruments | Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ (872) | $ (1,894) |
Derivative Instruments (Derivat
Derivative Instruments (Derivative instruments in the condensed consolidated balance sheet) (Details) - Derivatives Designated as Hedging Instruments - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Foreign Exchange Contract [Member] | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 0 | $ 318 |
Interest Rate Swap [Member] | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (1,185) | (1,402) |
Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (872) | (1,894) |
Currency Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 0 | $ 1,750 |
Accrued Liabilities and Other_3
Accrued Liabilities and Other Non-current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Accrued Liabilities [Abstract] | ||
Accrued payroll | $ 29,871 | $ 29,966 |
Accrued income taxes payable | 9,938 | 11,889 |
Accrued health insurance | 1,677 | 2,018 |
Accrued general and product liability costs | 3,500 | 3,500 |
Deposit Liability, Current | 15,643 | 13,507 |
Operating Lease, Liability, Current | 7,673 | 6,924 |
Other accrued liabilities | 28,619 | 25,781 |
Accrued liabilities | 110,816 | 93,585 |
Liability, Other Postretirement Defined Benefit Plan, Noncurrent | 1,195 | 1,617 |
Standard Product Warranty Accrual, Noncurrent | 17,727 | 8,444 |
Liability, Defined Benefit Pension Plan, Noncurrent | 114,911 | 149,524 |
Deferred income tax | 17,600 | 18,213 |
Other Sundry Liabilities, Noncurrent | 13,166 | 12,826 |
Other non-current liabilities | 191,920 | 227,507 |
Operating Lease, Liability, Noncurrent | 27,321 | 31,629 |
Accrued Liabilities | Currency Swap [Member] | Derivatives Designated as Hedging Instruments | ||
Accrued Liabilities [Abstract] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 13,895 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (13,895) | 0 |
Other Noncurrent Liabilities [Member] | Currency Swap [Member] | Derivatives Designated as Hedging Instruments | ||
Accrued Liabilities [Abstract] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | 5,254 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 0 | $ (5,254) |
Debt (Narratives) (Details)
Debt (Narratives) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Line of Credit Facility [Line Items] | |||
New Credit Agreement 2017 | $ 545,000,000 | ||
Outstanding letters of credit | 17,302,000 | ||
Payments of financing costs | 826,000 | $ 0 | $ 0 |
Carrying amount of the Company's revolving credit facility | $ 254,900,000 | $ 259,350,000 | |
Stated interest rate percentage | 2.50% | 3.00% | |
Long-term Debt, Current Maturities | $ 4,450,000 | $ 4,450,000 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | ||
Gross balance of deferred costs | 14,690,000 | 14,690,000 | |
Accumulated amortization balances | 8,744,000 | 6,645,000 | |
Debt obligations | 2,580,000 | ||
Amount drawn on unsecured credit lines | 0 | ||
Debt Instrument, Unamortized Discount, Noncurrent | (5,946,000) | (8,044,000) | |
Long-term Debt | $ (248,954,000) | (251,306,000) | |
Long-term Debt, Term | 7 years | ||
Line of Credit Facility, Current Borrowing Capacity | $ 100,000,000 | ||
2015 | 4,450,000 | ||
Minimum | |||
Line of Credit Facility [Line Items] | |||
Outstanding letters of credit | 537,000 | ||
Foreign Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 15,478,000 | ||
Outstanding borrowings | 12,598,000 | ||
Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Gross balance of deferred costs | 3,615,000 | 2,789,000 | |
Bridge Loan | |||
Line of Credit Facility [Line Items] | |||
Repayments of Secured Debt | 198,720,000 | ||
Standby Letters of Credit | |||
Line of Credit Facility [Line Items] | |||
Outstanding letters of credit | 16,765,000 | ||
STAHL [Member] | |||
Line of Credit Facility [Line Items] | |||
Secured Debt, Current | 4,450,000 | ||
STAHL [Member] | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Secured Long-term Debt, Noncurrent | 445,000,000 | ||
STAHL [Member] | New Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Secured Long-term Debt, Noncurrent | 100,000,000 | ||
Accumulated amortization balances | 2,313,000 | 1,766,000 | |
STAHL [Member] | Other Current Liabilities [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Periodic Payment, Principal | 4,450,000 | $ 51,113,000 | |
Dorner | |||
Line of Credit Facility [Line Items] | |||
Secured Long-term Debt, Noncurrent | 750,000,000 | ||
2015 | 4,500,000 | ||
Dorner | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Secured Long-term Debt, Noncurrent | 100,000,000 | ||
Dorner | Bridge Loan | |||
Line of Credit Facility [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 650,000,000 |
Debt (Details)
Debt (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | ||
Document Fiscal Year (linked throughout the document) - not tagged | 2021 | |
Accumulated amortization balances | $ 8,744,000 | $ 6,645,000 |
Long-term Debt, Gross | 254,900,000 | 259,350,000 |
Outstanding borrowings | (5,946,000) | (8,044,000) |
Long-term Debt | 248,954,000 | 251,306,000 |
Current portion of long-term debt | 4,450,000 | 4,450,000 |
Long-term Debt, Excluding Current Maturities | 244,504,000 | 246,856,000 |
Maturities of Long-term Debt [Abstract] | ||
2015 | 4,450,000 | |
2016 | 4,450,000 | |
2017 | 4,450,000 | |
2018 | 241,550,000 | |
Thereafter | 0 | |
STAHL [Member] | New Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Accumulated amortization balances | 2,313,000 | 1,766,000 |
STAHL [Member] | Other Current Liabilities [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Periodic Payment, Principal | $ 4,450,000 | $ 51,113,000 |
Pension and Other Benefits (Det
Pension and Other Benefits (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Change in pension liability and postretirement obligations, net of tax | $ (41,685,000) | $ 23,896,000 | $ 5,166,000 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | $ 313,366,000 | 313,366,000 | ||
Fair value of plan assets at end of year | 286,678,000 | 313,366,000 | ||
Dorner | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||||
Secured Long-term Debt, Noncurrent | 750,000,000 | |||
Dorner | Bridge Loan | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||||
Secured Long-term Debt, Noncurrent | 650,000,000 | |||
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 5,215,000 | |||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 401,870,000 | 410,181,000 | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 283,280,000 | 257,093,000 | ||
Assets for Plan Benefits, Defined Benefit Plan | 427,000 | 6,587,000 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 19,038,000 | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (24,492,000) | (26,852,000) | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 459,866,000 | 459,866,000 | 446,397,000 | |
Service cost | 1,092,000 | 1,139,000 | 1,078,000 | |
Interest cost | 11,527,000 | 14,759,000 | 15,526,000 | |
Actuarial (gain) loss | 3,729,000 | 26,193,000 | ||
Benefits paid | (24,492,000) | (26,852,000) | ||
Foreign exchange rate changes | 6,618,000 | (1,770,000) | ||
Benefit obligation at end of year | 404,841,000 | 459,866,000 | 446,397,000 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 313,366,000 | 313,366,000 | 321,902,000 | |
Actual gain (loss) on plan assets | 49,582,000 | 7,512,000 | ||
Employer contribution | 1,316,000 | 10,967,000 | ||
Foreign exchange rate changes | 405,000 | (163,000) | ||
Fair value of plan assets at end of year | 286,678,000 | 313,366,000 | 321,902,000 | |
Funded status | (118,163,000) | (146,500,000) | ||
Unrecognized actuarial loss | (105,878,000) | |||
Net amount recognized | (66,623,000) | (40,622,000) | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||||
Accrued liabilities | (3,679,000) | (3,563,000) | ||
Other non-current liabilities | (114,911,000) | (149,524,000) | ||
Net amount recognized | (66,623,000) | (40,622,000) | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 51,540,000 | 105,878,000 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 22,104,000 | 2,290,000 | 489,000 | |
Federal tax credits (5) | (53,499,000) | 0 | ||
Defined Benefit Plan, Plan Assets, Payment for Settlement | 53,499,000 | 0 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 2,722,000 | |||
Postretirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (232,000) | (192,000) | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 1,887,000 | 1,887,000 | 2,348,000 | |
Interest cost | 46,000 | 71,000 | 92,000 | |
Actuarial (gain) loss | 313,000 | 340,000 | ||
Benefit obligation at end of year | 1,388,000 | 1,887,000 | 2,348,000 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Funded status | (1,388,000) | (1,887,000) | ||
Net amount recognized | (2,855,000) | (3,304,000) | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||||
Accrued liabilities | (193,000) | (270,000) | ||
Other non-current liabilities | (1,195,000) | (1,617,000) | ||
Net amount recognized | (2,855,000) | (3,304,000) | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 1,467,000 | 1,417,000 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (217,000) | (134,000) | $ (64,000) | |
Equity Securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 94,336,000 | 94,336,000 | ||
Fair value of plan assets at end of year | 116,468,000 | 94,336,000 | ||
Fixed Income Securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 199,613,000 | 199,613,000 | ||
Fair value of plan assets at end of year | 155,553,000 | 199,613,000 | ||
Real Estate Funds [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 9,401,000 | 9,401,000 | ||
Fair value of plan assets at end of year | 12,863,000 | 9,401,000 | ||
Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 10,016,000 | 10,016,000 | ||
Fair value of plan assets at end of year | 1,794,000 | 10,016,000 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 91,320,000 | 91,320,000 | ||
Fair value of plan assets at end of year | 72,668,000 | 91,320,000 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 52,084,000 | 52,084,000 | ||
Fair value of plan assets at end of year | 63,758,000 | 52,084,000 | ||
Fair Value, Inputs, Level 1 [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 24,014,000 | 24,014,000 | ||
Fair value of plan assets at end of year | 7,115,000 | 24,014,000 | ||
Fair Value, Inputs, Level 1 [Member] | Real Estate Funds [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 5,206,000 | 5,206,000 | ||
Fair value of plan assets at end of year | 1,000 | 5,206,000 | ||
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 10,016,000 | 10,016,000 | ||
Fair value of plan assets at end of year | 1,794,000 | 10,016,000 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 139,498,000 | 139,498,000 | ||
Fair value of plan assets at end of year | 122,071,000 | 139,498,000 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 139,498,000 | 139,498,000 | ||
Fair value of plan assets at end of year | 122,071,000 | 139,498,000 | ||
Fair Value, Inputs, Level 2 [Member] | Real Estate Funds [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | ||
(Level 3) | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 5,503,000 | 5,503,000 | ||
Fair value of plan assets at end of year | 1,169,000 | 5,503,000 | ||
(Level 3) | Equity Securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | ||
(Level 3) | Fixed Income Securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 5,503,000 | 5,503,000 | ||
Fair value of plan assets at end of year | 1,169,000 | 5,503,000 | ||
(Level 3) | Real Estate Funds [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | ||
(Level 3) | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 77,045,000 | 77,045,000 | ||
Fair value of plan assets at end of year | 90,770,000 | 77,045,000 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 42,252,000 | 42,252,000 | ||
Fair value of plan assets at end of year | 52,710,000 | 42,252,000 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 30,598,000 | 30,598,000 | ||
Fair value of plan assets at end of year | 25,198,000 | 30,598,000 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Real Estate Funds [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 4,195,000 | 4,195,000 | ||
Fair value of plan assets at end of year | 12,862,000 | 4,195,000 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | $ 0 | 0 | ||
Fair value of plan assets at end of year | $ 0 | $ 0 |
Pension and Other Benefit Plans
Pension and Other Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | |||||
Total liabilities | $ 620,283,000 | $ 629,687,000 | ||||
Accrued liabilities | 110,816,000 | 93,585,000 | ||||
Other non-current liabilities | 191,920,000 | 227,507,000 | ||||
Charge recorded for contributions to defined contribution plans | $ 4,063,000 | $ 5,239,000 | $ 5,260,000 | |||
Fair value of plan assets at beginning of year | 313,366,000 | |||||
Fair value of plan assets at end of year | 313,366,000 | 286,678,000 | 313,366,000 | |||
(Level 3) | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets at beginning of year | 5,503,000 | |||||
Fair value of plan assets at end of year | 5,503,000 | 1,169,000 | 5,503,000 | |||
Pension Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 51,540,000 | 105,878,000 | ||||
Defined Benefit Plan, Benefit Obligation | 446,397,000 | $ 404,841,000 | $ 459,866,000 | |||
Curtailment charge | (19,038,000) | 0 | $ 0 | |||
Employer contribution | 1,316,000 | 10,967,000 | ||||
Assumed percentage increase for healthcare costs | 6.00% | |||||
Ultimate healthcare trend rate in five years | 4.50% | |||||
Discount rate | 3.42% | 2.62% | 2.79% | |||
Net periodic pension cost (benefit) | 22,104,000 | 2,290,000 | $ 489,000 | |||
Fair value of plan assets at beginning of year | 313,366,000 | 321,902,000 | ||||
Fair value of plan assets at end of year | 313,366,000 | 321,902,000 | 321,902,000 | $ 286,678,000 | $ 313,366,000 | |
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ||||||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 283,280,000 | 257,093,000 | ||||
Investment Holdings [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan | 3,910,000 | |||||
Pension Plans | (Level 3) | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fixed income securities investment return | 6,000 | |||||
Disbursements | $ 4,340,000 | |||||
Postretirement Benefit Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 1,467,000 | 1,417,000 | ||||
Defined Benefit Plan, Benefit Obligation | 2,348,000 | $ 1,388,000 | $ 1,887,000 | |||
Retirement age | 65 years | |||||
Percentage of premium contributed | 100.00% | |||||
Discount rate | 2.52% | 3.17% | ||||
Net periodic pension cost (benefit) | $ (217,000) | $ (134,000) | $ (64,000) | |||
Postretirement Benefit Plans | American Association of Retired Persons | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Employer contribution | 35 | |||||
Defined Benefit Postretirement Life Insurance | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic pension cost (benefit) | $ 141,000 | |||||
Total liabilities | $ 4,682,000 | |||||
Accrued liabilities | 4,544,000 | |||||
Other non-current liabilities | 138,000 | |||||
Cash Surrender Value of Life Insurance | $ 3,496,000 | $ 3,346,000 | ||||
Maximum [Member] | Equity Securities [Member] | Pension Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 35.00% | |||||
Maximum [Member] | Fixed Income Securities [Member] | Pension Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 65.00% | |||||
Minimum | Equity Securities [Member] | Pension Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45.00% | |||||
Minimum | Fixed Income Securities [Member] | Pension Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55.00% |
Net Periodic Benefit Cost (Comp
Net Periodic Benefit Cost (Components of net periodic pension cost and net periodic postretirement benefit cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ 401,870 | $ 410,181 | |
Service cost | 1,092 | 1,139 | $ 1,078 |
Interest cost | 11,527 | 14,759 | 15,526 |
Expected return on plan assets | (12,787) | (15,887) | (18,454) |
Net amortization | 3,234 | 2,279 | 2,339 |
Net periodic pension cost (benefit) | 22,104 | 2,290 | $ 489 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | |||
Accumulated benefit obligation | $ 396,673 | $ 401,918 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.62% | 2.79% | 3.42% |
Expected long-term rate of return on plan assets | 4.60% | 5.01% | 5.77% |
Rate of compensation increase on active plans | 2.76% | 2.76% | 2.76% |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 283,280 | $ 254,508 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 1.10% | 2.25% | 2.25% |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 283,280 | $ 257,093 | |
Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 46 | 71 | $ 92 |
Net amortization | (263) | (205) | (156) |
Net periodic pension cost (benefit) | $ (217) | $ (134) | $ (64) |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.52% | 3.17% |
Pension and Other Benefit Pla_2
Pension and Other Benefit Plans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Target | 100.00% | ||
Actual | 100.00% | 100.00% | |
Pension Plans | |||
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |||
2021 | $ 23,615 | ||
2022 | 23,838 | ||
2023 | 23,729 | ||
2024 | 23,638 | ||
2025 | 23,612 | ||
2027-2031 | $ 114,262 | ||
Pension Plans | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual | 45.00% | 33.00% | |
Pension Plans | Equity securities | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target | 35.00% | ||
Pension Plans | Equity securities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target | 45.00% | ||
Pension Plans | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual | 55.00% | 67.00% | |
Pension Plans | Fixed income securities | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target | 65.00% | ||
Pension Plans | Fixed income securities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target | 55.00% | ||
Postretirement Benefit Plans | |||
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 195 | ||
2022 | 179 | ||
2023 | 166 | ||
2024 | 152 | ||
2025 | 135 | ||
2027-2031 | $ 454 |
Pensions and Other Benefits (De
Pensions and Other Benefits (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | $ 286,678,000 | $ 313,366,000 |
(Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 72,668,000 | 91,320,000 |
(Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 122,071,000 | 139,498,000 |
(Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 1,169,000 | 5,503,000 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 90,770,000 | 77,045,000 |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 116,468,000 | 94,336,000 |
Equity securities | (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 63,758,000 | 52,084,000 |
Equity securities | (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 0 | 0 |
Equity securities | (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 0 | 0 |
Equity securities | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 52,710,000 | 42,252,000 |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 155,553,000 | 199,613,000 |
Fixed income securities | (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 7,115,000 | 24,014,000 |
Fixed income securities | (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 122,071,000 | 139,498,000 |
Fixed income securities | (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 1,169,000 | 5,503,000 |
Fixed income securities | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 25,198,000 | 30,598,000 |
Real Estate Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 12,863,000 | 9,401,000 |
Real Estate Funds [Member] | (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 1,000 | 5,206,000 |
Real Estate Funds [Member] | (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 0 | 0 |
Real Estate Funds [Member] | (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 0 | 0 |
Real Estate Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 12,862,000 | 4,195,000 |
Cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 1,794,000 | 10,016,000 |
Cash equivalents | (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 1,794,000 | 10,016,000 |
Cash equivalents | (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 0 | 0 |
Cash equivalents | (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 0 | 0 |
Cash equivalents | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | $ 0 | $ 0 |
Employee Stock Ownership (Narra
Employee Stock Ownership (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | ||
ESOP shares allocated or available to be allocated to participants' accounts | $ 216 | $ 234 |
Earnings Per Share and Stock _3
Earnings Per Share and Stock Plans (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2,349,000 | ||||
Common Stock, Shares, Issued | 23,984,299 | 23,771,620 | |||
Common Stock, Value, Issued | $ 240,000 | $ 238,000 | |||
Common shares not included in the computation of diluted loss per share because they were antidilutive | 244,000 | 196,000 | |||
Proceeds from issuance of common stock | $ 1,973,000 | $ 6,000,000 | $ 4,152,000 | ||
Dividend distribution declared per preferred share purchase right | $ 1,440,000 | ||||
Quarterly dividend rate per share | $ 0.06 | ||||
Annual dividend rate per share | $ 0.24 | ||||
Stock-based compensation | $ 8,022,000 | $ 4,507,000 | $ 6,198,000 | ||
Stock Repurchase Program, Authorized Amount | 20 | ||||
Payments for Repurchase of Common Stock | $ 0 | ||||
Stock Issued During Period, Shares, New Issues | 4,312,500 | ||||
ESOP Debt Guarantee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 268,815 | ||||
Weighted- average Exercise Price per share | $ 24.41 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 657,814 | 526,794 | 834,777 | 922,450 | |
Weighted-average Exercise Price | $ 27.45 | $ 26.53 | $ 23.52 | $ 21.04 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 3 months 14 days | 6 years 11 months 4 days | 7 years 14 days | 7 years 6 months 21 days | |
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 25.28 | $ 22.67 | $ 22.40 | ||
Common shares not included in the computation of diluted loss per share because they were antidilutive | 105,000 | 40,000 | |||
Period options generally become exercisable | 3 years | ||||
Shares of restricted stock that vested during the period | (23,201) | ||||
Grant date fair value of shares that vested | $ 25.28 | ||||
Weighted average fair value grant price | 29.58 | $ 32.36 | 23.11 | $ 19.42 | |
Long Term Incentive Plans [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 34.74 | $ 31.61 | $ 25.18 | ||
Shares of restricted stock that vested during the period | 125,150 | 106,792 | 211,932 | ||
Grant date fair value of shares that vested | $ 31.85 | $ 31.90 | $ 22.66 | ||
Weighted average fair value grant price | $ 32.41 | $ 35.20 | $ 30.22 | $ 22.62 | |
Long Term Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total number of shares of common stock which may be granted under the plan | 2,500,000 | ||||
Long Term Incentive Plan | ESOP Debt Guarantee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grants | 2,252,000 | ||||
Number of options at the money | 657,814 | ||||
Closing stock price | $ 52.76 | ||||
Total intrinsic value of stock options exercised | 1,749,000 | $ 5,438,000 | $ 3,577,000 | ||
Fair value of shares that vested (price per share) | 9.15 | $ 7.43 | $ 7.36 | ||
Unrecognized compensation cost related to non-vested stock options | $ 2,463,000 | ||||
Weighted average period of recognition for unrecognized compensation cost | 2 years | ||||
Weighted-average fair value of options | $ 8.46 | $ 12.39 | $ 13.56 | ||
Long Term Incentive Plan | ESOP Debt Guarantee | ESOP Debt Guarantee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options at the money | 268,815 | ||||
Long Term Incentive Plan | ESOP Debt Guarantee | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Based Compensation Percent Of Shares Available To Exercise At Year One | $ 0.25 | ||||
Weighted-average Exercise Price | $ 13.43 | ||||
Long Term Incentive Plan | ESOP Debt Guarantee | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Based Compensation Percent Of Shares Available To Exercise At Year One | $ 1 | ||||
Weighted-average Exercise Price | $ 38.70 | ||||
Long Term Incentive Plan | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average period of recognition for unrecognized compensation cost | 2 years 1 month 6 days | ||||
Total unrecognized compensation cost related to unvested restricted stock units | $ 5,152,000 | ||||
Fair value of restricted stock units that vested during the period | 3,986,000 | $ 3,320,000 | |||
Long Term Incentive Plan | Directors Stock Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 540,000 | $ 460,000 | $ 430,000 | ||
Shares of stock granted under the LTIP to non-executive directors | 16,209 | 11,768 | 10,031 | ||
Weighted average fair value grant price | $ 33.32 | $ 39.09 | $ 41.88 | ||
Long Term Incentive Plan | Cost of Goods Sold, Selling, and General and Administrative | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 8,022,000 | $ 4,507,000 | $ 6,198,000 | ||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | $ 1,981,000 | ||||
Stock Incentive Plan of Magnetek [Member] | ESOP Debt Guarantee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grants | 164,461 | ||||
Dorner | Forecast | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Issued During Period, Value, New Issues | $ 198,720,000 | ||||
$30.01 to 40.00 [Member] | ESOP Debt Guarantee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 61,069 | ||||
Weighted- average Exercise Price per share | $ 37.25 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 244,335 | ||||
Weighted-average Exercise Price | $ 35.01 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years 7 days |
Earnings Per Share and Stock _4
Earnings Per Share and Stock Plans (Schedule of Earnings Per Share) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator for basic and diluted earnings per share: | |||
Net income | $ 9,106 | $ 59,672 | $ 42,577 |
Denominators: | |||
Average basic shares outstanding | 23,897 | 23,619 | 23,276 |
Effect of dilutive employee stock options, RSU's and performance shares | 276 | 236 | 384 |
Average diluted shares outstanding | 24,173 | 23,855 | 23,660 |
Earnings Per Share and Stock _5
Earnings Per Share and Stock Plans (Summary of Option Transactions) (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Exercised | (97,398) | (296,027) | (187,907) | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of options, Outstanding, at Beginning of the year | 526,794 | 834,777 | 922,450 | |
Granted | 242,178 | 171,515 | 133,743 | |
Exercised | (97,398) | (296,027) | (187,907) | |
Cancelled | (13,760) | (183,471) | (33,509) | |
Number of options, Outstanding, Closing Balance | 657,814 | 526,794 | 834,777 | 922,450 |
Exercisable at end of period | 268,815 | |||
Beginning of year, Average Option Price | $ 26.53 | $ 23.52 | $ 21.04 | |
Granted | 26.74 | 35.16 | 38.70 | |
Exercised | 20.24 | 20.26 | 22.09 | |
Cancelled | 31.85 | 31.01 | 23.94 | |
End of year, Average Option Price | 27.45 | $ 26.53 | $ 23.52 | $ 21.04 |
End of year, Average Exercisable Price | $ 24.41 | |||
Outstanding at period end, Weighted average Remaining Contractual Life (in years) | 7 years 3 months 14 days | 6 years 11 months 4 days | 7 years 14 days | 7 years 6 months 21 days |
Exercisable at period end, Weighted average Remaining Contractual Life (in years) | 5 years 7 months 28 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 16,652,000 | $ 1,518 | $ 9,602 | $ 13,654 |
Exercisable at end of period, Aggregate Intrinsic Value | $ 7,622,000 |
Earnings Per Share and Stock _6
Earnings Per Share and Stock Plans 1 of 2 (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Assumptions: | ||||
Risk-free interest rate | 0.23% | 2.23% | 2.64% | |
Dividend yield | 0.90% | 0.68% | 0.52% | |
Volatility factor | 38.00% | 37.20% | 35.20% | |
Expected life | 5 years 6 months | 5 years 6 months | 5 years 6 months | |
Stock Options | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Stock Options Outstanding | 657,814 | 526,794 | 834,777 | 922,450 |
Weighted-average Exercise Price | $ 27.45 | $ 26.53 | $ 23.52 | $ 21.04 |
Weighted-average Remaining Contractual Life | 7 years 3 months 14 days | 6 years 11 months 4 days | 7 years 14 days | 7 years 6 months 21 days |
Stock Options Exercisable | 268,815 | |||
Weighted- average Exercise Price per share | $ 24.41 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 16,652,000 | $ 1,518 | $ 9,602 | $ 13,654 |
Stock Options | $10.01 to 20.00 | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Stock Options Outstanding | 90,811 | |||
Weighted-average Exercise Price | $ 15.26 | |||
Weighted-average Remaining Contractual Life | 4 years 11 months 1 day | |||
Stock Options Exercisable | 90,811 | |||
Weighted- average Exercise Price per share | $ 15.26 | |||
Stock Options | $20.01 to 30.00 | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Stock Options Outstanding | 322,668 | |||
Weighted-average Exercise Price | $ 25.15 | |||
Weighted-average Remaining Contractual Life | 7 years 4 months 28 days | |||
Stock Options Exercisable | 116,935 | |||
Weighted- average Exercise Price per share | $ 24.81 | |||
Stock Options | $30.01 to 40.00 [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Stock Options Outstanding | 244,335 | |||
Weighted-average Exercise Price | $ 35.01 | |||
Weighted-average Remaining Contractual Life | 8 years 7 days | |||
Stock Options Exercisable | 61,069 | |||
Weighted- average Exercise Price per share | $ 37.25 | |||
Long Term Incentive Plans [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 125,150 | 106,792 | 211,932 |
Earnings Per Share and Stock _7
Earnings Per Share and Stock Plans 2 of 2 (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Unvested Opening Balance | 66,720 | 153,386 | 126,570 |
Granted | 83,164 | 38,585 | 34,695 |
Forfeited | (3,451) | (125,251) | (7,879) |
Unvested Closing Balance | 123,232 | 66,720 | 153,386 |
Unvested Opening Balance | $ 32.36 | $ 23.11 | $ 19.42 |
Granted | 25.97 | 37.67 | 36.43 |
Vested | 25.28 | ||
Unvested Closing Balance | $ 29.58 | 32.36 | 23.11 |
Stock Granted, Value, Share-based Compensation, Forfeited | (23,201) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 25.28 | $ 22.67 | $ 22.40 |
Long Term Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Unvested Opening Balance | 212,721 | 230,197 | 336,789 |
Granted | 195,181 | 151,351 | 116,942 |
Forfeited | (12,963) | (62,035) | (11,602) |
Unvested Closing Balance | 269,789 | 212,721 | 230,197 |
Unvested Opening Balance | $ 35.20 | $ 30.22 | $ 22.62 |
Granted | 29.16 | 38.40 | 37.90 |
Vested | 31.85 | 31.90 | 22.66 |
Unvested Closing Balance | $ 32.41 | $ 35.20 | $ 30.22 |
Stock Granted, Value, Share-based Compensation, Forfeited | 125,150 | 106,792 | 211,932 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 34.74 | $ 31.61 | $ 25.18 |
Loss Contingencies (Narratives)
Loss Contingencies (Narratives) (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual, Product Liability, Gross | $ 21,227,000 | $ 11,944,000 | $ 12,686,000 | |
Loss Contingency Alleged Taxes Owed | 7,900,000 | |||
Loss Contingency Alleged Taxes Owed Including Penalties And Interest | 3,300,000 | |||
Accrual for Environmental Loss Contingencies | 777,000 | |||
Estimated Insurance Recoveries | 8,052,000 | 0 | 0 | |
Loss Contingency Accrual, Product Liability, Net | 13,175,000 | 11,944,000 | 12,686,000 | |
Loss Contingency Accrual, Period Increase (Decrease) | 1,830,000 | |||
Gain (Loss) Related to Litigation Settlement | 3,006,000 | |||
Proceeds from Legal Settlements | 2,842,000 | |||
Aggregate amount of reserves | 21,227,000 | 11,944,000 | $ 12,686,000 | $ 13,582,000 |
Per occurrence limits on self-insurance for general and product liability coverage | 2,000,000 | |||
Per occurrence limits on self-insurance for general and product liability coverage for 2014 and thereafter | 3,000,000 | |||
Coverage minimum | 2,000,000 | |||
Coverage maximum | $ 6,000,000 | |||
Claims maximum period | 37 years | |||
Asbestos related aggregate liability | $ 6,956,000,000 | |||
Estimated asbestos related liability payments over the next 12 months | 2,000,000 | |||
Proceeds from Legal Settlements | 2,842,000 | |||
Product related aggregate liability | 5,635,000,000 | |||
Minimum | ||||
Loss Contingencies [Line Items] | ||||
Asbestos-related aggregate liability - Maximum | 5,400,000 | |||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
Asbestos-related aggregate liability - Maximum | 9,700,000 | |||
Litigation Settlement, Amount Awarded from Other Party | 1,650,000 | |||
Travelers | ||||
Loss Contingencies [Line Items] | ||||
Increase (Decrease) in Insurance Settlements Receivable | 900,000 | |||
Other Noncurrent Liabilities [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual, Product Liability, Gross | 17,727,000 | $ 8,444,000 | ||
Accrued Liabilities | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual, Product Liability, Gross | 3,500,000 | |||
Gain (Loss) Related to Litigation Settlement | 1,500,000 | |||
Tax Year 2003/2004 [Member] | Minimum | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Alleged Taxes Owed | 2,200,000 | |||
Tax Year 2003/2004 [Member] | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Alleged Taxes Owed | 3,000,000 | |||
Magnetek [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accrual for Environmental Loss Contingencies | 523,000 | |||
Asbestos-related aggregate liability - Maximum | 565,000 | |||
Magnetek [Member] | Bridgeport Facility [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accrual for Environmental Loss Contingencies | $ 377,000 |
Loss Contingencies (Details)
Loss Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Loss Contingency Accrual [Roll Forward] | |||
Accrued general and product liability, beginning of year | $ 11,944 | $ 12,686 | $ 13,582 |
Add provision for claims | 4,634 | 3,233 | 2,887 |
Deduct payments for claims | (3,403) | (3,975) | (3,783) |
Accrued general and product liability, end of year | $ 21,227 | $ 11,944 | $ 12,686 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit) | $ 525,000 | ||
Deferred Tax Liability Lease Asset | $ (8,446,000) | (8,938,000) | |
Deferred Tax Asset Lease Liability | 8,623,000 | 9,048,000 | |
Effective Income Tax Rate Reconciliation, Deduction, Amount | $ 0 | $ 1,029,000 | $ 945,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 810,000 | $ (2,491,000) | $ (1,663,000) |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 1,500,000 | ||
Gross amounts of deferred tax assets | 86,634,000 | 93,401,000 | |
Valuation allowance | (15,103,000) | (15,036,000) | |
Foreign net operating losses | 10,552,000 | ||
Foreign subsidiary income | 30,894,000 | 37,577,000 | 14,362,000 |
Undistributed Earnings of Foreign Subsidiaries | 69,000,000 | ||
Income Tax Effects Allocated Directly to Equity, Employee Stock Options | 283,000 | 169,000 | |
Amount accrued for the payment of interest and penalties | 57,000 | 46,000 | 38,000 |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | (700,000) | (1,903,000) | |
Federal tax credits (5) | 700,000 | 800,000 | $ (1,376,000) |
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | 1,103,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 11,900,000 | 11,800,000 | |
State and foreign net operating loss carryforwards | 7,404,000 | 7,142,000 | |
Magnetek [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 76,371,000 | ||
State and foreign net operating loss carryforwards | 77,889,000 | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Foreign net operating losses | $ 2,896,000 | $ 2,696,000 |
Income Taxes 1 of 2 (Details)
Income Taxes 1 of 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Expected tax at statutory rate | $ 2,116 | $ 16,203 | $ 11,108 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0 | $ 0 | $ (1,500) |
Expected tax rate (percentage) | 21.00% | 21.00% | 21.00% |
State income taxes net of federal benefit | $ (450) | $ 1,397 | $ 1,728 |
Foreign taxes at rates other than statutory federal rate | 287 | 1,102 | (145) |
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | 0 | 0 | 4,041 |
Permanent items (6), (7) | 178 | 266 | (1,694) |
Valuation allowance (2), (4) | 84 | (1,184) | 13,190 |
Foreign tax credits (2) | 0 | 0 | (15,371) |
Federal tax credits (5) | 700 | 800 | (1,376) |
Other (8) | (545) | 1,603 | 340 |
Income tax expense | 970 | 17,484 | 10,321 |
Current income tax expense (benefit): | |||
United States Federal | 810 | (2,491) | (1,663) |
State taxes | 618 | 626 | 394 |
Foreign | 8,246 | 11,984 | 12,548 |
Deferred income tax expense (benefit): | |||
United States | (5,996) | 7,827 | 5,873 |
Foreign | (2,708) | (462) | (6,831) |
Income tax expense | 970 | 17,484 | $ 10,321 |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ (700) | $ (1,903) |
Income Taxes 2 of 2 (Details)
Income Taxes 2 of 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | $ 0 | $ 0 | $ 550 |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 16,038 | 18,091 | |
Deferred tax assets: | |||
State and foreign net operating loss carryforwards | 7,404 | 7,142 | |
Employee benefit plans | 24,692 | 31,471 | |
Insurance reserves | 3,488 | 3,216 | |
Accrued vacation and incentive costs | 3,061 | 3,218 | |
Federal tax credit carryforwards | 13,238 | 11,922 | |
Deferred Tax Asset Lease Liability | 8,623 | 9,048 | |
Equity compensation | 2,782 | 1,974 | |
Other | 7,308 | 7,319 | |
Valuation allowance | (15,103) | (15,036) | |
Deferred tax assets after valuation allowance | 71,531 | 78,365 | |
Deferred tax liabilities: | |||
Property, plant, and equipment | (1,889) | (1,962) | |
Deferred Tax Liability Lease Asset | (8,446) | (8,938) | |
Intangible assets | (58,716) | (59,397) | |
Total deferred tax liabilities | (69,051) | (70,297) | |
Net deferred tax assets (liabilities) | 2,480 | 8,068 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | 132 | 936 | 592 |
Reductions for prior year tax positions | 0 | (802) | (141) |
Foreign currency translation | 9 | (2) | (65) |
Lapses in statutes of limitation | 0 | 0 | 0 |
Ending balance | $ 141 | $ 132 | $ 936 |
Income Taxes - Balance Sheet Cl
Income Taxes - Balance Sheet Classification (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 20,080 | $ 26,281 |
Deferred Tax Assets, Net, Classification [Abstract] | ||
Net non-current deferred tax liabilities | (17,600) | (18,213) |
Net deferred tax assets (liabilities) | $ 2,480 | $ 8,068 |
Rental Expense and Lease Comm_3
Rental Expense and Lease Commitments (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Apr. 01, 2019 | |
Operating Leased Assets [Line Items] | ||||
Short-term Lease, Cost | $ 0 | |||
Sublease Income | 0 | |||
Variable Lease, Cost | 0 | |||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 9,002,000 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 8,019,000 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 5,212,000 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 4,695,000 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 3,599,000 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 9,345,000 | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 39,872,000 | |||
Receivable with Imputed Interest, Discount | 4,878,000 | |||
Operating Lease, Payments | $ 8,909,000 | $ 8,593,000 | ||
Operating Lease, Weighted Average Remaining Lease Term | 5 years 11 months 26 days | 6 years 8 months 26 days | ||
Operating Lease, Right-of-Use Asset | $ 34,181,000 | $ 38,125,000 | $ 35,553,000 | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.86% | 4.05% | ||
Operating Lease, Liability, Current | $ 7,673,000 | $ 6,924,000 | ||
Operating Lease, Liability, Noncurrent | 27,321,000 | 31,629,000 | ||
Operating Lease, Liability | 34,994,000 | 38,553,000 | ||
Operating Lease, Cost | 9,175,000 | 8,869,000 | $ 12,248,000 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 2,866,000 | $ 10,589,000 | ||
Minimum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 1 year | |||
Maximum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 15 years |
Summary Financial Information (
Summary Financial Information (Statement of Financial Position) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Stated interest rate percentage | 2.50% | 3.00% | ||
Current assets: | ||||
Cash and cash equivalents | $ 202,127 | $ 114,450 | ||
Trade accounts receivable, less allowance for doubtful accounts | 105,464 | 123,743 | ||
Inventories | 111,488 | 127,373 | ||
Prepaid expenses and other | 22,763 | 17,180 | ||
Total current assets | 441,842 | 382,746 | ||
Net property, plant, and equipment | 74,753 | 79,473 | ||
Goodwill | 331,176 | 319,679 | $ 322,816 | |
Other intangibles, net | 213,362 | 217,962 | ||
Marketable securities | 7,968 | 7,322 | ||
Deferred taxes on income | 20,080 | 26,281 | ||
Other assets | 61,251 | 59,809 | ||
Total assets | 1,150,432 | 1,093,272 | 1,061,571 | |
Trade accounts payable | 68,593 | 57,289 | ||
Accrued liabilities | 110,816 | 93,585 | ||
Current portion of long-term debt | 4,450 | 4,450 | ||
Total current liabilities | 183,859 | 155,324 | ||
Other non-current liabilities | 191,920 | 227,507 | ||
Total liabilities | 620,283 | 629,687 | ||
Total shareholders’ equity | 530,149 | 463,585 | $ 431,159 | $ 408,229 |
Total liabilities and shareholders’ equity | $ 1,150,432 | $ 1,093,272 |
Summary Financial Information_2
Summary Financial Information (Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Gross profit | $ 220,225 | $ 283,186 | $ 304,997 |
Selling expenses | 76,907 | 91,054 | 97,925 |
General and administrative expenses | 76,035 | 77,880 | 83,567 |
Amortization of intangibles | 12,623 | 12,942 | 14,900 |
Income from operations | 42,255 | 89,824 | 69,442 |
Interest and debt expense | 12,081 | 14,234 | 17,144 |
Investment (income) loss, net | (1,693) | (891) | (727) |
Foreign currency exchange loss (gain), net | 941 | (1,514) | 843 |
Other (income) expense, net | 20,850 | 839 | (716) |
Income from continuing operations before income tax expense | 10,076 | 77,156 | 52,898 |
Income tax expense | 970 | 17,484 | 10,321 |
Net income | $ 9,106 | $ 59,672 | $ 42,577 |
Summary Financial Information_3
Summary Financial Information (OCI Statement) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Net income | $ 9,106 | $ 59,672 | $ 42,577 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 12,583 | (9,004) | (16,708) |
Change in derivatives qualifying as hedges, net of tax | 96 | 1,602 | (1,037) |
Adjustments [Abstract] | |||
Total other comprehensive income (loss) | 54,364 | (31,298) | (22,912) |
Comprehensive income | $ 63,470 | $ 28,374 | $ 19,665 |
Summary Financial Information_4
Summary Financial Information (Consolidated Statements of Cash Flows ) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities: | ||||
Net cash provided by (used for) operating activities | $ 98,890 | $ 106,795 | $ 79,499 | |
Investing activities: | ||||
Proceeds from sales of marketable securities | 5,111 | 5,380 | 3,266 | |
Purchases of marketable securities | (4,945) | (5,747) | (2,604) | |
Capital expenditures | (12,300) | (9,432) | (12,288) | |
Financing activities: | ||||
Proceeds from issuance of common stock | 1,973 | 6,000 | 4,152 | |
Repayment of debt | (4,450) | (51,113) | (65,088) | |
Other | (1,153) | (768) | (2,190) | |
Net cash provided by (used for) financing activities | (10,189) | (51,551) | (67,778) | |
Effect of exchange rate changes on cash | 4,524 | (1,925) | (6,429) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 202,377 | $ 114,700 | $ 71,343 | $ 63,565 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 649,642,000 | $ 809,162,000 | $ 876,282,000 |
Total assets: | 1,150,432,000 | 1,093,272,000 | 1,061,571,000 |
Long-Lived Assets | 619,291,000 | 617,114,000 | 643,059,000 |
Chain And Forged Attachments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 47,557,000 | 68,666,000 | 89,215,000 |
Hoists | |||
Segment Reporting Information [Line Items] | |||
Revenues | 394,682,000 | 492,126,000 | 518,806,000 |
Industrial cranes | |||
Segment Reporting Information [Line Items] | |||
Revenues | 37,025,000 | 44,149,000 | 59,085,000 |
Actuators and rotary unions | |||
Segment Reporting Information [Line Items] | |||
Revenues | 75,458,000 | 77,957,000 | 77,719,000 |
Digital Power Control and Delivery Systems [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 74,943,000 | 100,658,000 | 98,187,000 |
Elevator Application Drive Systems [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 19,977,000 | 25,606,000 | 25,548,000 |
Other | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 7,722,000 |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenues | 348,986,000 | 450,242,000 | 485,969,000 |
Total assets: | 540,184,000 | 518,914,000 | 496,580,000 |
Long-Lived Assets | 269,061,000 | 272,816,000 | 282,456,000 |
GERMANY | |||
Segment Reporting Information [Line Items] | |||
Revenues | 164,380,000 | 175,492,000 | 196,055,000 |
Total assets: | 435,638,000 | 438,210,000 | 429,859,000 |
Long-Lived Assets | 336,606,000 | 327,420,000 | 342,150,000 |
Europe, Middle East, and Africa (Excluding Germany) | |||
Segment Reporting Information [Line Items] | |||
Revenues | 90,415,000 | 121,600,000 | 127,453,000 |
Total assets: | 125,262,000 | 86,638,000 | 85,680,000 |
Long-Lived Assets | 8,359,000 | 9,561,000 | 10,163,000 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Revenues | 15,443,000 | 21,984,000 | 22,206,000 |
Total assets: | 8,647,000 | 9,979,000 | 8,688,000 |
Long-Lived Assets | 1,395,000 | 1,192,000 | 1,319,000 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 13,829,000 | 14,193,000 | 17,749,000 |
Total assets: | 19,326,000 | 20,314,000 | 22,129,000 |
Long-Lived Assets | 2,235,000 | 4,928,000 | 5,781,000 |
Latin America [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 16,589,000 | 25,651,000 | 26,850,000 |
Total assets: | 21,375,000 | 19,217,000 | 18,635,000 |
Long-Lived Assets | $ 1,635,000 | $ 1,197,000 | 1,190,000 |
Chain and rigging tools | Chain And Forged Attachments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 12,289,000 | ||
Chain and rigging tools | Industrial cranes | |||
Segment Reporting Information [Line Items] | |||
Revenues | 14,184,000 | ||
Chain and rigging tools | Other | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 7,722,000 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 649,642 | $ 809,162 | $ 876,282 |
Net income per share - diluted (in dollars per share) | $ 0.38 | $ 2.50 | $ 1.80 |
Earnings Per Share, Basic | $ 0.38 | $ 2.53 | $ 1.83 |
Operating Income (Loss) | $ 42,255 | $ 89,824 | $ 69,442 |
Gross Profit | $ 220,225 | $ 283,186 | $ 304,997 |
Accumulated other comprehensi_3
Accumulated other comprehensive loss (Narrative) (Details) - USD ($) | 12 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2016 | Mar. 31, 2005 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Deferred taxes related to adjustments included in AOCI | $ (13,305,000) | $ 7,445,000 | $ 2,566,000 | |||
Change in pension liability and postretirement obligations, tax | 13,297,000 | (8,010,000) | (2,097,000) | |||
Amount of charge in the minimum pension liability component of other comprehensive income | $ 406,000 | |||||
Accumulated other comprehensive loss | (59,986,000) | (114,350,000) | (83,052,000) | |||
Other comprehensive income (loss) before reclassification | 29,030,000 | (29,681,000) | ||||
Amounts reclassified from other comprehensive loss to net income | 25,334,000 | (1,617,000) | ||||
Net current period other comprehensive (loss) income | 54,364,000 | (31,298,000) | ||||
Retirement Obligations | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | (37,356,000) | (79,041,000) | (55,145,000) | |||
Other comprehensive income (loss) before reclassification | 24,999,000 | (25,449,000) | ||||
Amounts reclassified from other comprehensive loss to net income | 16,686,000 | 1,553,000 | ||||
Net current period other comprehensive (loss) income | 41,685,000 | (23,896,000) | ||||
Retirement Obligations | Cost of products sold | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amounts reclassified from other comprehensive loss to net income | 22,009,000 | [1] | 2,074,000 | |||
Retirement Obligations | Tax expense | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amounts reclassified from other comprehensive loss to net income | (5,323,000) | (521,000) | ||||
Foreign Currency | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | (21,776,000) | (34,359,000) | (25,355,000) | |||
Other comprehensive income (loss) before reclassification | 12,583,000 | (9,004,000) | ||||
Amounts reclassified from other comprehensive loss to net income | 0 | 0 | ||||
Net current period other comprehensive (loss) income | 12,583,000 | (9,004,000) | ||||
Change in Derivatives Qualifying as Hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | (854,000) | (950,000) | (2,552,000) | |||
Other comprehensive income (loss) before reclassification | (8,552,000) | 4,772,000 | ||||
Amounts reclassified from other comprehensive loss to net income | 8,648,000 | (3,170,000) | ||||
Net current period other comprehensive (loss) income | 96,000 | 1,602,000 | ||||
Change in Derivatives Qualifying as Hedges | Cost of products sold | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amounts reclassified from other comprehensive loss to net income | (90,000) | (54,000) | ||||
Change in Derivatives Qualifying as Hedges | Tax expense | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amounts reclassified from other comprehensive loss to net income | (721,000) | 1,118,000 | ||||
Change in Derivatives Qualifying as Hedges | Interest Expense [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amounts reclassified from other comprehensive loss to net income | 1,585,000 | (327,000) | ||||
Change in Derivatives Qualifying as Hedges | Foreign Currency | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amounts reclassified from other comprehensive loss to net income | 7,874,000 | (3,907,000) | ||||
Change in Derivatives Qualifying as Hedges | income before tax [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amounts reclassified from other comprehensive loss to net income | 9,369,000 | (4,288,000) | ||||
Change in Derivatives Qualifying as Hedges | Net of tax expense [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amounts reclassified from other comprehensive loss to net income | 8,648,000 | (3,170,000) | ||||
Pension Plans | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Change in pension liability and postretirement obligations, tax | 13,261,000 | (8,062,000) | (2,242,000) | $ (7,605,000) | ||
Postretirement Benefit Plans | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Change in pension liability and postretirement obligations, tax | 12,000 | 35,000 | 126,000 | (935,000) | ||
Defined Benefit Postretirement Life Insurance | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Change in pension liability and postretirement obligations, tax | 24,000 | $ 17,000 | 18,000 | $ (747,000) | ||
Pension Plans | Pension Plans | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Change in pension liability and postretirement obligations, tax | (7,251,000) | |||||
Defined Benefit Postretirement Life Insurance | Defined Benefit Postretirement Life Insurance | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Change in pension liability and postretirement obligations, tax | $ (194,000) | |||||
Accounting Standards Update 2016-01 [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amounts reclassified from other comprehensive loss to net income | $ (888,000) | |||||
[1] | 20. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss is as follows: March 31, 2021 2020 Foreign currency translation adjustment – net of tax $ (21,776) $ (34,359) Pension liability – net of tax (38,081) (79,651) Postretirement obligations – net of tax 1,989 1,950 Split-dollar life insurance arrangements – net of tax (1,264) (1,340) Derivatives qualifying as hedges – net of tax (854) (950) Accumulated other comprehensive loss $ (59,986) $ (114,350) The deferred taxes related to the adjustments associated with the items included in accumulated other comprehensive loss, net of deferred tax asset valuation allowances, were $(13,305,000), $7,445,000, and $2,566,000 for fiscal 2021, 2020, and 2019 respectively. Refer to Note 17 for discussion of the deferred tax asset valuation allowance. In the period subsequent to our initial recording of the valuation allowance in fiscal 2011, increases and decreases to both the deferred tax assets associated with items in accumulated other comprehensive loss, and the valuation allowance, have been recorded as offsets to comprehensive income. As a result of the Act as described in Note 17, the Company recorded as an offsetting entry a $(7,251,000) stranded tax effect in the minimum pension liability component and a $(194,000) stranded tax effect in the split dollar life insurance arrangement component of other comprehensive income in fiscal 2018. The stranded tax effect related to the other post retirement obligations component was not material. As a result of the recording of a deferred tax asset valuation allowance in fiscal 2011, the Company recorded as an offsetting entry a $7,605,000 stranded tax effect in the minimum pension liability component, $935,000 stranded tax effect in the other post retirement obligations component and a $747,000 stranded tax effect in the split dollar life insurance arrangement component of other comprehensive income. With the reversal of that valuation allowance in fiscal 2013, the Company recorded the reversal of the valuation allowance as a reduction of income taxes in the consolidated statement of operations. As a result of the recording of a deferred tax asset valuation allowance in fiscal 2005, the Company recorded as an offsetting entry a $406,000 stranded tax effect in the minimum pension liability component of other comprehensive income. With the reversal of that valuation allowance in fiscal 2006, the Company recorded the reversal of the valuation allowance as a reduction of income taxes in the consolidated statement of operations. The stranded tax effects described above are in accordance with ASC Topic 740, “Income Taxes” even though the impact of the act and the deferred tax asset valuation allowance described above were initially established as an adjustment to comprehensive income. This amount will remain indefinitely as a component of accumulated other comprehensive loss. The activity by year related to investments, including reclassification adjustments for activity included in earnings are as follows (all items shown net of tax): Year Ended March 31, 2021 2020 2019 Net unrealized investment gain (loss) at beginning of year $ — $ — $ 888 Unrealized holdings gain (loss) arising during the period — — — Reclassification adjustments for gain included in earnings — — — Adoption of ASU 2016-01 — — (888) Net change in unrealized gain (loss) on investments — — (888) Net unrealized investment gain at end of year $ — $ — $ — Changes in accumulated other comprehensive income by component are as follows (in thousands): March 31, 2021 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (79,041) $ (34,359) $ (950) (114,350) Other comprehensive income (loss) before reclassification 24,999 12,583 (8,552) 29,030 Amounts reclassified from other comprehensive loss to net income 16,686 — 8,648 25,334 Net current period other comprehensive (loss) income 41,685 12,583 96 54,364 Ending balance net of tax $ (37,356) $ (21,776) $ (854) $ (59,986) March 31, 2020 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (55,145) $ (25,355) $ (2,552) (83,052) Other comprehensive income (loss) before reclassification (25,449) (9,004) 4,772 (29,681) Amounts reclassified from other comprehensive loss to net income 1,553 — (3,170) (1,617) Net current period other comprehensive (loss) income (23,896) (9,004) 1,602 (31,298) Ending balance net of tax $ (79,041) $ (34,359) $ (950) $ (114,350) Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2021 are as follows (in thousands): Details of AOCL Components Amount reclassified from AOCL Affected line item on consolidated statement of operations Net pension amount unrecognized $ 22,009 (1) 22,009 Total before tax (5,323) Tax benefit $ 16,686 Net of tax Change in derivatives qualifying as hedges $ (90) Cost of products sold 1,585 Interest expense 7,874 Foreign currency 9,369 Total before tax (721) Tax benefit $ 8,648 Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 13 — Pensions and Other Benefit Plans for additional details.) Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2020 are as follows (in thousands): Details of AOCL Components Amount reclassified from AOCL Affected line item on consolidated statement of operations Net pension amount unrecognized $ 2,074 (1) 2,074 Total before tax (521) Tax benefit $ 1,553 Net of tax Change in derivatives qualifying as hedges $ (54) Cost of products sold (327) Interest expense (3,907) Foreign currency (4,288) Total before tax 1,118 Tax benefit $ (3,170) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 13 — Pensions and Other Benefit Plans for additional details.) |
Accumulated other comprehensi_4
Accumulated other comprehensive loss 1 of 2 (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign currency translation adjustment – net of tax | $ (21,776) | $ (34,359) | |
Pension liability – net of tax | (38,081) | (79,651) | |
Postretirement obligations – net of tax | 1,989 | 1,950 | |
Split-dollar life insurance arrangements – net of tax | (1,264) | (1,340) | |
Derivatives qualifying as hedges – net of tax | (854) | (950) | |
Accumulated other comprehensive loss | $ (59,986) | $ (114,350) | $ (83,052) |
Accumulated other comprehensi_5
Accumulated other comprehensive loss 2 of 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassification | $ 29,030 | $ (29,681) | |
Amounts reclassified from other comprehensive loss to net income | 25,334 | (1,617) | |
Unrealized Investment Gain | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized investment gain (loss) at beginning of year | 0 | 0 | $ 888 |
Other comprehensive income (loss) before reclassification | 0 | 0 | 0 |
Amounts reclassified from other comprehensive loss to net income | 0 | 0 | 0 |
Net change in unrealized gain (loss) on investments | 0 | 0 | (888) |
Net unrealized investment gain at end of year | 0 | 0 | 0 |
Accounting Standards Update 2016-01 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from other comprehensive loss to net income | (888) | ||
Net unrealized investment gain at end of year | $ 0 | ||
Accounting Standards Update 2016-01 [Member] | Unrealized Investment Gain | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from other comprehensive loss to net income | $ 0 | $ 888 |
Accumulated Other Comprehensi_6
Accumulated Other Comprehensive Loss (Schedule of Changed in Accumulated Other Comprehensive Income by Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance net of tax | $ (114,350) | $ (83,052) | |||
Other comprehensive income (loss) before reclassification | 29,030 | (29,681) | |||
Amounts reclassified from other comprehensive loss to net income | 25,334 | (1,617) | |||
Net current period other comprehensive (loss) income | 54,364 | (31,298) | |||
Ending balance net of tax | (59,986) | (114,350) | $ (83,052) | ||
Unrealized Investment Gain | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other comprehensive income (loss) before reclassification | 0 | 0 | 0 | ||
Amounts reclassified from other comprehensive loss to net income | 0 | 0 | 0 | ||
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | 0 | 0 | 0 | $ 888 | |
Retirement Obligations | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance net of tax | (79,041) | (55,145) | |||
Other comprehensive income (loss) before reclassification | 24,999 | (25,449) | |||
Amounts reclassified from other comprehensive loss to net income | 16,686 | 1,553 | |||
Net current period other comprehensive (loss) income | 41,685 | (23,896) | |||
Ending balance net of tax | (37,356) | (79,041) | (55,145) | ||
Foreign Currency | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance net of tax | (34,359) | (25,355) | |||
Other comprehensive income (loss) before reclassification | 12,583 | (9,004) | |||
Amounts reclassified from other comprehensive loss to net income | 0 | 0 | |||
Net current period other comprehensive (loss) income | 12,583 | (9,004) | |||
Ending balance net of tax | (21,776) | (34,359) | (25,355) | ||
Change in Derivatives Qualifying as Hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance net of tax | (950) | (2,552) | |||
Other comprehensive income (loss) before reclassification | (8,552) | 4,772 | |||
Amounts reclassified from other comprehensive loss to net income | 8,648 | (3,170) | |||
Net current period other comprehensive (loss) income | 96 | 1,602 | |||
Ending balance net of tax | (854) | (950) | (2,552) | ||
income before tax [Member] | Change in Derivatives Qualifying as Hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amounts reclassified from other comprehensive loss to net income | 9,369 | (4,288) | |||
Cost of products sold | Retirement Obligations | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amounts reclassified from other comprehensive loss to net income | 22,009 | [1] | 2,074 | ||
Cost of products sold | Change in Derivatives Qualifying as Hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amounts reclassified from other comprehensive loss to net income | (90) | (54) | |||
Interest Expense [Member] | Change in Derivatives Qualifying as Hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amounts reclassified from other comprehensive loss to net income | 1,585 | (327) | |||
Foreign Currency | Change in Derivatives Qualifying as Hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amounts reclassified from other comprehensive loss to net income | 7,874 | (3,907) | |||
Tax expense | Retirement Obligations | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amounts reclassified from other comprehensive loss to net income | (5,323) | (521) | |||
Tax expense | Change in Derivatives Qualifying as Hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amounts reclassified from other comprehensive loss to net income | (721) | 1,118 | |||
Net of tax expense [Member] | Change in Derivatives Qualifying as Hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amounts reclassified from other comprehensive loss to net income | 8,648 | (3,170) | |||
Accounting Standards Update 2016-01 [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amounts reclassified from other comprehensive loss to net income | (888) | ||||
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | $ 0 | ||||
Accounting Standards Update 2016-01 [Member] | Unrealized Investment Gain | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amounts reclassified from other comprehensive loss to net income | $ 0 | $ 888 | |||
[1] | 20. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss is as follows: March 31, 2021 2020 Foreign currency translation adjustment – net of tax $ (21,776) $ (34,359) Pension liability – net of tax (38,081) (79,651) Postretirement obligations – net of tax 1,989 1,950 Split-dollar life insurance arrangements – net of tax (1,264) (1,340) Derivatives qualifying as hedges – net of tax (854) (950) Accumulated other comprehensive loss $ (59,986) $ (114,350) The deferred taxes related to the adjustments associated with the items included in accumulated other comprehensive loss, net of deferred tax asset valuation allowances, were $(13,305,000), $7,445,000, and $2,566,000 for fiscal 2021, 2020, and 2019 respectively. Refer to Note 17 for discussion of the deferred tax asset valuation allowance. In the period subsequent to our initial recording of the valuation allowance in fiscal 2011, increases and decreases to both the deferred tax assets associated with items in accumulated other comprehensive loss, and the valuation allowance, have been recorded as offsets to comprehensive income. As a result of the Act as described in Note 17, the Company recorded as an offsetting entry a $(7,251,000) stranded tax effect in the minimum pension liability component and a $(194,000) stranded tax effect in the split dollar life insurance arrangement component of other comprehensive income in fiscal 2018. The stranded tax effect related to the other post retirement obligations component was not material. As a result of the recording of a deferred tax asset valuation allowance in fiscal 2011, the Company recorded as an offsetting entry a $7,605,000 stranded tax effect in the minimum pension liability component, $935,000 stranded tax effect in the other post retirement obligations component and a $747,000 stranded tax effect in the split dollar life insurance arrangement component of other comprehensive income. With the reversal of that valuation allowance in fiscal 2013, the Company recorded the reversal of the valuation allowance as a reduction of income taxes in the consolidated statement of operations. As a result of the recording of a deferred tax asset valuation allowance in fiscal 2005, the Company recorded as an offsetting entry a $406,000 stranded tax effect in the minimum pension liability component of other comprehensive income. With the reversal of that valuation allowance in fiscal 2006, the Company recorded the reversal of the valuation allowance as a reduction of income taxes in the consolidated statement of operations. The stranded tax effects described above are in accordance with ASC Topic 740, “Income Taxes” even though the impact of the act and the deferred tax asset valuation allowance described above were initially established as an adjustment to comprehensive income. This amount will remain indefinitely as a component of accumulated other comprehensive loss. The activity by year related to investments, including reclassification adjustments for activity included in earnings are as follows (all items shown net of tax): Year Ended March 31, 2021 2020 2019 Net unrealized investment gain (loss) at beginning of year $ — $ — $ 888 Unrealized holdings gain (loss) arising during the period — — — Reclassification adjustments for gain included in earnings — — — Adoption of ASU 2016-01 — — (888) Net change in unrealized gain (loss) on investments — — (888) Net unrealized investment gain at end of year $ — $ — $ — Changes in accumulated other comprehensive income by component are as follows (in thousands): March 31, 2021 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (79,041) $ (34,359) $ (950) (114,350) Other comprehensive income (loss) before reclassification 24,999 12,583 (8,552) 29,030 Amounts reclassified from other comprehensive loss to net income 16,686 — 8,648 25,334 Net current period other comprehensive (loss) income 41,685 12,583 96 54,364 Ending balance net of tax $ (37,356) $ (21,776) $ (854) $ (59,986) March 31, 2020 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (55,145) $ (25,355) $ (2,552) (83,052) Other comprehensive income (loss) before reclassification (25,449) (9,004) 4,772 (29,681) Amounts reclassified from other comprehensive loss to net income 1,553 — (3,170) (1,617) Net current period other comprehensive (loss) income (23,896) (9,004) 1,602 (31,298) Ending balance net of tax $ (79,041) $ (34,359) $ (950) $ (114,350) Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2021 are as follows (in thousands): Details of AOCL Components Amount reclassified from AOCL Affected line item on consolidated statement of operations Net pension amount unrecognized $ 22,009 (1) 22,009 Total before tax (5,323) Tax benefit $ 16,686 Net of tax Change in derivatives qualifying as hedges $ (90) Cost of products sold 1,585 Interest expense 7,874 Foreign currency 9,369 Total before tax (721) Tax benefit $ 8,648 Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 13 — Pensions and Other Benefit Plans for additional details.) Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2020 are as follows (in thousands): Details of AOCL Components Amount reclassified from AOCL Affected line item on consolidated statement of operations Net pension amount unrecognized $ 2,074 (1) 2,074 Total before tax (521) Tax benefit $ 1,553 Net of tax Change in derivatives qualifying as hedges $ (54) Cost of products sold (327) Interest expense (3,907) Foreign currency (4,288) Total before tax 1,118 Tax benefit $ (3,170) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 13 — Pensions and Other Benefit Plans for additional details.) |
Effects of New Accounting Pro_2
Effects of New Accounting Pronouncements Lease disclosure (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Cash and cash equivalents | $ 202,127 | $ 114,450 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 202,377 | $ 114,700 | $ 71,343 | $ 63,565 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | $ 20,092 | $ 20,145 | $ 8,191 | |
Charged to Costs and Expenses | (2,495) | (1,931) | (13,974) | |
Charged to Other Accounts | 175 | (730) | 960 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | 0 | 0 | 158 | |
Deductions | 1,973 | 1,254 | 902 | |
Balance at End of Period | 20,789 | 20,092 | 20,145 | |
Allowance for doubtful accounts | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 5,056 | 3,264 | 3,520 | |
Charged to Costs and Expenses | (2,411) | (3,115) | (784) | |
Charged to Other Accounts | 192 | (69) | 112 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | 0 | 0 | 26 | |
Deductions | [1] | 1,973 | 1,254 | 902 |
Balance at End of Period | 5,686 | 5,056 | 3,264 | |
Deferred tax asset valuation allowance | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 15,036 | 16,881 | 4,671 | |
Charged to Costs and Expenses | 84 | 1,184 | 13,190 | |
Charged to Other Accounts | (17) | (661) | 848 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | 0 | 0 | 132 | |
Deductions | 0 | 0 | 0 | |
Balance at End of Period | 15,103 | 15,036 | 16,881 | |
Accrued general and product liability costs, net of insurance recoveries | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 11,944 | 12,686 | 13,582 | |
Charged to Costs and Expenses | (4,634) | (3,033) | (2,887) | |
Charged to Other Accounts | 0 | 0 | 0 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | 0 | 0 | 0 | |
Deductions | 3,403 | 3,775 | 3,783 | |
Balance at End of Period | $ 13,175 | $ 11,944 | $ 12,686 | |
[1] | SCHEDULE II—Valuation and qualifying accounts March 31, 2021, 2020, and 2019 Dollars in thousands Additions Description Balance at Charged to Costs and Expenses Charged Acquisition/Divestiture Deductions Balance Year ended March 31, 2021: Deducted from asset accounts: Allowance for doubtful accounts $ 5,056 $ 2,411 $ 192 $ — $ 1,973 (1) $ 5,686 Deferred tax asset valuation allowance 15,036 84 (17) — — 15,103 Total $ 20,092 $ 2,495 $ 175 $ — $ 1,973 $ 20,789 Reserves on balance sheet: Accrued general and product liability costs, net of insurance recoveries $ 11,944 $ 4,634 $ — $ — $ 3,403 (2) $ 13,175 Year ended March 31, 2020: Deducted from asset accounts: Allowance for doubtful accounts $ 3,264 $ 3,115 $ (69) $ — $ 1,254 (1) $ 5,056 Deferred tax asset valuation allowance 16,881 (1,184) (661) — — 15,036 Total $ 20,145 $ 1,931 $ (730) $ — $ 1,254 $ 20,092 Reserves on balance sheet: Accrued general and product liability costs, net of insurance recoveries $ 12,686 $ 3,033 $ — $ — $ 3,775 (2) $ 11,944 Year ended March 31, 2019: Deducted from asset accounts: Allowance for doubtful accounts $ 3,520 $ 784 $ (112) $ (26) $ 902 (1) $ 3,264 Deferred tax asset valuation allowance 4,671 13,190 (848) (132) — 16,881 Total $ 8,191 $ 13,974 $ (960) $ (158) $ 902 $ 20,145 Reserves on balance sheet: Accrued general and product liability costs, net of insurance recoveries $ 13,582 $ 2,887 $ — $ — $ 3,783 (2) $ 12,686 _________________ (1) Uncollectible accounts written off, net of recoveries (2) Insurance claims and expenses paid |