Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | May 23, 2023 | Sep. 30, 2022 | |
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, 2023 | ||
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) | 28,690,905 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Public Float (@ 9/30) - shares from Q2 times 9/30 stock price (adj. close) | $ 740,000,000 | ||
Document Fiscal Period Focus | FY | ||
Auditor Firm ID | 42 | ||
Auditor Location | Buffalo, New York | ||
Auditor Name | Ernst & Young LLP |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 133,176 | $ 115,390 |
Trade accounts receivable, less allowance for doubtful accounts ($3,620 and $5,717, respectively) | 151,451 | 147,515 |
Inventories | 179,359 | 172,139 |
Prepaid expenses and other | 32,254 | 31,545 |
Total current assets | 496,240 | 466,589 |
Net property, plant, and equipment | 94,360 | 97,926 |
Goodwill | 644,629 | 648,849 |
Other intangibles, net | 362,537 | 390,788 |
Marketable securities | 10,368 | 10,294 |
Deferred Income Taxes and Other Assets, Noncurrent | 2,035 | 2,313 |
Other assets | 88,286 | 68,948 |
Total assets | 1,698,455 | 1,685,707 |
Current liabilities: | ||
Trade accounts payable | 76,736 | 90,881 |
Accrued liabilities | 124,317 | 118,187 |
Long-Term Debt and Lease Obligation, Current | 40,551 | |
Current portion of long-term debt and finance lease obligations | 40,604 | |
Total current liabilities | 241,657 | 249,619 |
Long-Term Debt and Lease Obligation | 430,988 | 470,675 |
Other non-current liabilities | 192,013 | 192,610 |
Total liabilities | $ 864,658 | $ 912,904 |
Common Stock, Shares, Outstanding | 28,611,721 | 28,517,333 |
Common Stock, Shares, Issued | 28,611,721 | 28,517,333 |
Shareholders’ equity: | ||
Voting common stock: 50,000,000 shares authorized; 28,611,721 and 28,517,333 shares issued and outstanding | $ 286 | $ 285 |
Additional paid-in capital | 515,797 | 506,074 |
Retained earnings | 356,758 | 316,343 |
Accumulated other comprehensive loss | (38,043) | (49,899) |
Total shareholders’ equity | 833,797 | 772,803 |
Total liabilities and shareholders’ equity | $ 1,698,455 | $ 1,685,707 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Treasury Stock, Value | $ (1,001) | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 3,620 | $ 5,717 | $ 5,686 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 | |
Common Stock, Shares, Issued | 28,611,721 | 28,517,333 | |
Common Stock, Shares, Outstanding | 28,611,721 | 28,517,333 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 936,240 | $ 906,555 | $ 649,642 |
Cost of Goods and Services Sold | 594,141 | 590,825 | 429,417 |
Income from operations | 97,841 | 73,781 | 42,255 |
Revenues [Abstract] | |||
Gross profit | 342,099 | 315,730 | 220,225 |
Operating Expenses [Abstract] | |||
Selling expenses | 102,528 | 99,187 | 76,907 |
General and administrative expenses | 94,794 | 102,128 | 76,035 |
Research and Development Expense | 20,935 | 15,351 | 12,405 |
Amortization of intangibles | 26,001 | 25,283 | 12,623 |
Other Income & Expenses [Abstract] | |||
Interest and debt expense | 27,942 | 20,126 | 12,081 |
Extinguishment of Debt, Amount | 0 | 14,803 | 0 |
Investment (income) loss, net | (315) | (46) | (1,693) |
Foreign currency exchange loss (gain), net | (2,189) | 1,574 | 941 |
Other (income) expense, net | (2,072) | (1,122) | 20,850 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 74,475 | 38,446 | 10,076 |
Current income tax expense (benefit): | |||
Income tax expense | 26,046 | 8,786 | 970 |
Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax & Other [Abstract] | |||
Net income | $ 48,429 | $ 29,660 | $ 9,106 |
Weighted Average Number of Shares Outstanding Basic [Abstract] | |||
Average basic shares outstanding | 28,600 | 28,040 | 23,897 |
Weighted Average Number of Shares Outstanding Diluted [Abstract] | |||
Average diluted shares outstanding | 28,818 | 28,401 | 24,173 |
Basic income per share: | |||
Basic income per share | $ 1.69 | $ 1.06 | $ 0.38 |
Diluted income per share: | |||
Diluted income per share | 1.68 | 1.04 | 0.38 |
Common Stock, Dividends, Per Share, Declared | $ 0.28 | $ 0.25 | $ 0.24 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 48,429,000 | $ 29,660,000 | $ 9,106,000 |
Adjustments [Abstract] | |||
Total other comprehensive income (loss) | 11,856,000 | 10,087,000 | 54,364,000 |
Comprehensive income | 60,285,000 | 39,747,000 | 63,470,000 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (3,735,000) | (5,279,000) | (13,297,000) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Transition Asset (Obligation), Reclassification Adjustment from AOCI, before Tax | (2,636,000) | (39,000) | (8,000) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (2,636,000) | (39,000) | (8,000) |
AOCI Attributable to Parent [Member] | |||
Net income | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (4,273,000) | (6,303,000) | 12,583,000 |
Pension liability adjustments, net of taxes of $(3,678), $(5,282) and $(13,261) | 8,058,000 | 16,286,000 | 41,571,000 |
Other post retirement obligations adjustments, net of taxes of $16, $48, and $(12) | (66,000) | (153,000) | 38,000 |
Split-dollar life insurance arrangement adjustments, net of taxes of $(73), $(45), and $(24) | 251,000 | 180,000 | 76,000 |
Adjustments [Abstract] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 7,886,000 | 77,000 | 96,000 |
Retained Earnings | |||
Net income | 48,429,000 | 29,660,000 | 9,106,000 |
Pension Plans | |||
Adjustments [Abstract] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (3,678,000) | (5,282,000) | (13,261,000) |
Postretirement Benefit Plans | |||
Adjustments [Abstract] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 16,000 | 48,000 | (12,000) |
Defined Benefit Postretirement Life Insurance | |||
Adjustments [Abstract] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (73,000) | $ (45,000) | $ (24,000) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2018 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (3,735,000) | $ (5,279,000) | $ (13,297,000) | |
Pension Plans | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (3,678,000) | (5,282,000) | (13,261,000) | $ 7,605,000 |
Postretirement Benefit Plans | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 16,000 | 48,000 | (12,000) | 935,000 |
Defined Benefit Postretirement Life Insurance | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (73,000) | $ (45,000) | $ (24,000) | $ 747,000 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders Equity - USD ($) | Total | Directors | Common Stock ($0.01 par value) | Common Stock ($0.01 par value) Directors | Additional Paid-in Capital | Additional Paid-in Capital Directors | Retained Earnings | Retained Earnings Directors | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Directors | Treasury Stock | Treasury Stock Directors |
Opening Balance at Mar. 31, 2020 | $ 463,585,000 | $ 238,000 | $ 287,256,000 | $ 290,441,000 | $ (114,350,000) | $ 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 9,106,000 | 0 | 0 | 9,106,000 | 0 | 0 | ||||||
Payments of Dividends | 5,745,000 | 0 | 0 | (5,745,000) | 0 | 0 | ||||||
Change in foreign currency translation adjustment | 12,583,000 | 0 | 0 | 0 | 12,583,000 | 0 | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (8,000) | 96,000 | ||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 96,000 | 0 | 0 | 0 | 96,000 | 0 | ||||||
Change in pension liability and postretirement obligations, net of tax | 41,685,000 | 0 | 0 | 0 | 41,685,000 | 0 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 7,482,000 | $ 540,000 | 0 | $ 0 | 7,482,000 | $ 540,000 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 |
Stock Issued During Period, Value, Stock Options Exercised | 1,973,000 | 2,000 | 1,971,000 | 0 | 0 | 0 | ||||||
Restricted stock units released, shares, net of shares withheld for minimum statutory tax obligation | (1,156,000) | 0 | (1,156,000) | 0 | 0 | 0 | ||||||
closing balance at Mar. 31, 2021 | 530,149,000 | 240,000 | 296,093,000 | 293,802,000 | (59,986,000) | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
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 | |||||||||||
Payments for Repurchase of Common Stock | $ 0 | |||||||||||
Net income | 29,660,000 | 0 | 0 | 29,660,000 | 0 | 0 | ||||||
Payments of Dividends | 7,119,000 | 0 | 0 | (7,119,000) | 0 | 0 | ||||||
Change in foreign currency translation adjustment | (6,302,000) | 0 | 0 | 0 | (6,302,000) | 0 | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (39,000) | 77,000 | ||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 77,000 | 0 | 0 | 0 | 77,000 | 0 | ||||||
Change in pension liability and postretirement obligations, net of tax | 16,312,000 | 0 | 0 | 0 | 16,312,000 | 0 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 10,287,000 | 959,000 | 0 | 0 | 10,287,000 | 959,000 | 0 | 0 | 0 | 0 | 0 | 0 |
Stock Issued During Period, Value, Stock Options Exercised | 2,655,000 | 1,000 | 2,654,000 | 0 | 0 | 0 | ||||||
Restricted stock units released, shares, net of shares withheld for minimum statutory tax obligation | (2,580,000) | 1,000 | (2,581,000) | 0 | 0 | 0 | ||||||
closing balance at Mar. 31, 2022 | 772,803,000 | 285,000 | 506,074,000 | 316,343,000 | (49,899,000) | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (5,279,000) | |||||||||||
Payments of Stock Issuance Costs | 8,340 | |||||||||||
Proceeds from Other Equity | $ 198,705,000 | 43,000 | 198,662,000 | 0 | 0 | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 105,132,000 | |||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 115,402,000 | |||||||||||
Comprehensive Income Loss Reclassification | $ 4,930,000 | |||||||||||
Payments for Repurchase of Common Stock | 0 | |||||||||||
Net income | 48,429,000 | 0 | 0 | 48,429,000 | 0 | 0 | ||||||
Payments of Dividends | 8,014,000 | 0 | ||||||||||
Dividends declared | 0 | 0 | (8,014,000) | 0 | ||||||||
Change in foreign currency translation adjustment | (4,273,000) | 0 | 0 | 0 | (4,273,000) | 0 | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (2,636,000) | 7,886,000 | ||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 7,886,000 | 0 | 0 | 0 | 7,886,000 | 0 | ||||||
Change in pension liability and postretirement obligations, net of tax | 8,243,000 | 0 | 0 | 0 | 8,243,000 | 0 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 9,231,000 | $ 1,194,000 | 0 | $ 0 | 9,231,000 | $ 1,194,000 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 |
Stock Issued During Period, Value, Stock Options Exercised | 713,000 | 0 | 713,000 | 0 | 0 | 0 | ||||||
Restricted stock units released, shares, net of shares withheld for minimum statutory tax obligation | (1,414,000) | 1,000 | (1,415,000) | 0 | 0 | 0 | ||||||
closing balance at Mar. 31, 2023 | 833,797,000 | 286,000 | 515,797,000 | 356,758,000 | (38,043,000) | (1,001,000) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (3,735,000) | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 32,158 | |||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 93,315 | |||||||||||
Comprehensive Income Loss Reclassification | $ 4,011,000 | |||||||||||
Payments for Repurchase of Common Stock | $ (1,001,000) | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,001,000) | ||||||
Treasury Stock, Shares | 31,085 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders Equity (Parenthetical) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 32,158 | 105,132,000 | 97,398 |
Payments of Stock Issuance Costs | $ 8,340 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 93,315 | 115,402,000 | 115,281 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities: | |||
Net income | $ 48,429,000 | $ 29,660,000 | $ 9,106,000 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||
Depreciation and amortization | 41,947,000 | 41,924,000 | 28,153,000 |
Deferred income taxes and related valuation allowance | (300,000) | (1,969,000) | (8,704,000) |
Net loss (gain) on sale of real estate, investments and other | (54,000) | 136,000 | (1,594,000) |
Stock-based compensation | 10,425,000 | 11,246,000 | 8,022,000 |
Amortization of deferred financing costs | 1,721,000 | 1,703,000 | 2,646,000 |
Unrealized Gain (Loss) on Derivatives | (438,000) | 853,000 | 0 |
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | 14,803,000 | 0 |
Pension Expense (Reversal of Expense), Noncash | 0 | 0 | 19,038,000 |
Gain (Loss) on Disposition of Property Plant Equipment | (232,000) | (375,000) | (2,638,000) |
Other Operating Activities, Cash Flow Statement | 7,867,000 | 7,945,000 | 7,447,000 |
Changes in operating assets and liabilities, net of effects of business acquisitions and divestitures: | |||
Trade accounts receivable | (4,858,000) | (18,988,000) | 21,472,000 |
Inventories | (9,087,000) | (40,201,000) | 20,659,000 |
Prepaid expenses and other | 6,667,000 | (47,000) | (5,128,000) |
Increase (Decrease) in Other Operating Assets | 123,000 | (25,000) | (874,000) |
Trade accounts payable | (13,964,000) | 12,681,000 | 10,343,000 |
Accrued liabilities | 9,150,000 | 696,000 | (3,174,000) |
Increase (Decrease) in Other Noncurrent Liabilities | (13,689,000) | (11,211,000) | (7,632,000) |
Net cash provided by (used for) operating activities | 83,636,000 | 48,881,000 | 98,890,000 |
Proceeds from Sale and Maturity of Marketable Securities | 3,651,000 | 4,434,000 | 5,111,000 |
Investing activities: | |||
Capital expenditures | (12,632,000) | (13,104,000) | (12,300,000) |
Proceeds from Sales of Assets, Investing Activities | 373,000 | 461,000 | 5,453,000 |
Proceeds from Insurance Settlement, Investing Activities | 0 | 482,000 | 100,000 |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 313,000 | 324,000 | 587,000 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | 446,000 |
Payments to Acquire Restricted Investments | (1,616,000) | (539,778,000) | 0 |
Net Cash Provided by (Used in) Investing Activities | (13,932,000) | (554,311,000) | (5,548,000) |
Financing activities: | |||
Proceeds from issuance of common stock | 713,000 | 2,655,000 | 1,973,000 |
Proceeds from (Repayments of) Debt, Maturing in More than Three Months | 0 | 0 | 25,000,000 |
Repayments of Lines of Credit | 0 | 0 | (25,000,000) |
Payments for Repurchase of Common Stock | (1,001,000) | 0 | 0 |
Payments of Dividends | (8,008,000) | (6,562,000) | (5,733,000) |
Repayment of debt | (40,550,000) | (477,846,000) | (4,450,000) |
Payments of Financing Costs | 0 | 0 | (826,000) |
Proceeds from Issuance of Long-term Debt | 0 | 725,000,000 | 0 |
Proceeds from Issuance or Sale of Equity | 0 | 207,000,000 | 0 |
Debt Related Commitment Fees and Debt Issuance Costs | 0 | (26,184,000) | 0 |
Proceeds from Derivative Instrument, Financing Activities | 24,495,000 | 19,417,000 | 0 |
Payments for Derivative Instrument, Financing Activities | (24,221,000) | (20,206,000) | 0 |
Other | (1,415,000) | (2,574,000) | (1,153,000) |
Net cash provided by (used for) financing activities | (49,987,000) | 420,700,000 | (10,189,000) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | (1,931,000) | (2,007,000) | 4,524,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 17,786,000 | (86,737,000) | 87,677,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 133,426,000 | 115,640,000 | 202,377,000 |
Supplementary cash flows data: | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 26,089,000 | 18,823,000 | 9,451,000 |
Income taxes paid, net of refunds | 22,032,000 | 9,767,000 | 10,186,000 |
Property, plant and equipment purchases included in trade accounts payable | 624,000 | 329,000 | 730,000 |
Restricted Cash | 250,000 | 250,000 | 250,000 |
Payments to Acquire Marketable Securities | (4,021,000) | (7,130,000) | (4,945,000) |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 175,000 | $ 0 | $ 0 |
Description of Business
Description of Business | 12 Months Ended |
Mar. 31, 2023 | |
Description Of Business [Abstract] | |
Description of Business | Description of Business Columbus McKinnon Corporation (the "Company") is a leading worldwide designer, manufacturer, and marketer of intelligent motion solutions that efficiently and ergonomically move, lift, position, and secure materials. Key products include hoists, crane components, precision conveyor systems, accumulation tables, rigging tools, light rail workstations, and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how. The Company’s targeted market verticals include general industrial, construction and infrastructure, mining, oil & gas, energy, aerosp ace, transportation, automotive, heavy equipment manufacturing, and entertainment. |
Accounting Principles and Pract
Accounting Principles and Practices | 12 Months Ended |
Mar. 31, 2023 | |
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 $2,342,000, $2,410,000, and 999,000 in fiscal 2023, 2022, and 2021, respectively. 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 6% of the Company’s employees are represented by two separate U.S. collective bargaining agreements which expire in May 2024 and September 2024. We also have various labor agreements with our non-U.S. employees that we negotiate from time to time. 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"), a limited liability company organized and existing under the laws and regulations of the Kingdom of Saudi Arabia, 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 for eign currency financial statements as described in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 830, “Foreign Currency Matters.” Under this me thod, 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, 2023, the Company’s one segment is subdivided into three reporting units. An impairment charge is recorded if 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. In order to perform the quantitative impairment tests for the Rest of Products, Precision Conveyance and Duff Norton reporting units, the Company uses the discounted cash flow method to estimate fair value. The discounted cash flow method incorporates various assumptions, the most significant being projected revenue growth rates, EBITDA margins and cash flows, the terminal growth rate, and the weighted-average cost of capital. The Company projects discounted cash flows based on each reporting unit's current business, expected developments, and operational strategies over a five to seven-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 weighted-average cost of capital 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, 2023 and determined that the quantitative goodwill impairment test was required for the Rest of Products, Duff-Norton and Precision Conveyance reporting units. Based on results of the quantitative impairment test for the reporting units, the Company determined the fair value was not less than its carrying value. Refer to Note 5 for valuation techniques and significant inputs and Note 9 for further discussion of goodwill and intangibles.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 indicators of impairment 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 we determined that economic factors indicate that the fair value of our indefinite-lived intangible assets may have declined since our last quantitative test. We performed the quantitative test as of February 28, 2023 and determined that the trademarks were not impaired. Refer to Note 9 for further details. Inventories Inventories are valued at the lower of cost and net realizable value. Cost of approximately 37% of inventories at March 31, 2023 and 35% at March 31, 2022 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 research and development 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 receivables 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," 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. 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 Note 4 to the financial statements, 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, 2023 2022 Balance at beginning of year $ 2,173 $ 3,328 Accrual for warranties issued 1,199 1,274 Warranties settled (1,489) (2,538) Foreign currency translation (56) 109 Balance at end of year $ 1,827 $ 2,173 |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2022 | |
Business Combination, Step Acquisition [Abstract] | |
Acquisitions | Acquisitions & Disposals Acquisitions On April 7, 2021, the Company completed its acquisition of Dorner Mfg. Corp. ("Dorner") for $481,012,000. 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. The results of Dorner included in the Company’s consolidated financial statements from the date of acquisition are Net sales and Income from operations of $132,014,000 and $12,451,000 for the year ended March 31, 2022. Dorner's Income from operations for the year ended March 31, 2022 includes $218,000 in integration related severance costs, which have been included in General and administrative expenses and acquisition related inventory amortization of $2,981,000, which has been included in Cost of products sold. In addition, the Company incurred acquisition integration and deal expenses in the amount of $8,908,000 in the year ended March 31, 2022, which are included in General and administrative expenses. The Company also incurred $970,000 in costs related to a transaction bonus that was paid 45 days after the acquisition date to key personnel of which $521,000 has been recorded as part of Cost of products sold, $350,000 has been recorded as part of Selling expenses, $74,000 has been recorded as part of General and administrative expenses, and $25,000 has been recorded as part of Research and development expenses in the year ended March 31, 2022. In addition, the Company incurred immaterial acquisition and deal costs in the year ended March 31, 2023. 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 ("PNC"), and Wells Fargo Securities LLC ("Wells Fargo"). 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 (as defined below). See Note 12, Debt, for further details on the Company's new debt agreement and subsequent equity offering. The purchase price has been allocated to the assets acquired and liabilities assumed as of the date of acquisition. The excess consideration of $287,141,000 has been recorded as goodwill as of March 31, 2022. The identifiable intangible assets acquired include customer relationships of $137,000,000, technology of $45,000,000, and trade names of $8,000,000. The weighted average life of the acquired identifiable intangible assets subject to amortization was estimated at 15 years at the time of acquisition. Approximately $8,000,000 of goodwill arising as a result of the acquisition is deductible for tax purposes. The assignment of purchase consideration to the assets acquired and liabilities assumed is as follows (in thousands): Cash $ 8,058 Working Capital 20,218 Property, plant, and equipment, net 26,104 Intangible assets 190,000 Other assets 658 Other liabilities (896) Finance lease liabilities (14,582) Deferred and other taxes, net (35,689) Goodwill $ 287,141 Total $ 481,012 See Note 5 for assumptions used in determining the fair values of the intangible assets acquired. On December 1, 2021, the Company completed its acquisition of Garvey Corporation ("Garvey") for $67,347,000 including $907,000 in cash acquired, after an adjustment for working capital finalized in fiscal 2023 for $1,616,000, and subject to a $2,000,000 contingent payment that only becomes payable if (a) the EBITDA target set forth in the Purchase Agreement for the twelve-month period commencing on the month immediately following closing is achieved and (b) a specific current executive of Garvey remains employed with Garvey until at least March 31, 2023. During the December 31, 2022 quarter, the EBITDA target measurement period was completed. Garvey's actual EBITDA exceeded the projected EBITDA as of the opening Balance Sheet. As such, the Company recorded an adjustment for $1,230,000 which increased the contingent consideration liability and general and administrative expenses during December 2022. As both targets were met at March 31, 2023, the Company will pay the contingent consideration in early fiscal 2024. The Company financed the acquisition by borrowing $75,000,000 utilizing the Accordion feature under its existing Term Loan B, discussed in Note 12. Garvey is a leading accumulation systems solutions company providing unique, patented systems for the automation of production processes whose products complement those of Dorner. The transaction was accounted for using the acquisition method and, accordingly, the results of the acquired business have been included in the Company's results of operations from the acquisition date. As the Company has determined that the acquisition is not material to its existing operations, certain disclosures, including pro forma financial information, have not been included. In connection with the acquisition, the Company incurred $376,000 of integration and deal expenses, which are included in General and administrative expenses in the year ended March 31, 2022. In addition, the Company incurred immaterial acquisition and deal costs in the year ended March 31, 2023. The purchase price has been allocated to the assets acquired and liabilities assumed as of the date of acquisition. The excess consideration of $40,832,000 has been recorded as goodwill, a decrease of $384,000 from March 31, 2022 relating to an adjustment for the contingent payment of $2,000,000 to reclassify it as part of Prepaid expenses and other assets on the Consolidated Balance Sheet and an increase of $1,616,000 related to the working capital adjustment. The identifiable intangible assets acquired include customer relationships of $8,200,000, engineered drawings of $4,670,000, trademarks of $3,610,000, patent of $2,440,000, backlog of $2,100,000 and non-compete agreement of $330,000. The weighted average life of the acquired identifiable intangible assets subject to amortization was estimated at 10 years at the time of acquisition. All of the goodwill arising as a result of the acquisition is deductible for tax purposes. The assignment of purchase consideration to the assets acquired and liabilities assumed is as follows (in thousands): Cash $ 907 Working Capital 1,709 Property, plant, and equipment, net 3,072 Intangible assets 21,350 Other assets 1,382 Other liabilities (1,905) Goodwill 40,832 Total $ 67,347 Acquisitions - subsequent to March 31, 2023 On April 26, 2023, the Company announced that it has executed a definitive agreement to acquire montratec, a leading automation solutions company that designs and develops intelligent automation and transport systems for interlinking industrial production and logistics processes. montratec provides its modular, intelligent monorail transport systems for the electric vehicle (EV), semiconductor, electronics, life sciences, aerospace and other industries. The all-cash transaction is expected to be valued at approximately $110,000,000 million at closing using current exchange rates plus an earnout in an amount expected not to exceed $14,000,000 million based on EBITDA performance. The transaction is expected to close by May 31, 2023, subject to typical closing conditions requirements. Acquisition expenses incurred by the Company were immaterial through March 31, 2023 and have been recorded in General and administrative expenses. To finance the montratec acquisition, the Company expanded its New Revolving Credit Facility by $75 million. The Company has drawn on the expanded New Revolving Credit facility to initially fund the acquisition on May 31, 2023. In addition, the Company plans to raise approximately $50 million in additional debt by June 30, 2023 through the securitization of certain of the Company's U.S. customer accounts receivable balances. The Company intends to use these proceeds to partially repay borrowings under its New Revolving Credit Facility. Disposals As part of its operations strategy, the Company is consolidating its manufacturing footprint. 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 Lisbon, Ohio consolidation was completed during the third quarter of fiscal 2021. During fiscal 2022, the Company sold its former manufacturing facility in Lisbon, Ohio for $461,000. This resulted in a gain of $375,000 which is included in Cost of products sold on the Consolidated Statements of Operations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2023 | |
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 31, 2023 (Level 1) (Level 2) (Level 3) Assets/(Liabilities) Marketable securities $ 10,368 $ 10,368 $ — $ — Annuity contract 1,612 — 1,612 — Derivative assets (liabilities): Foreign exchange contracts 97 — 97 — Interest rate swap 10,475 — 10,475 — Cross currency swap (2,102) — (2,102) — Disclosed at fair value: Term loan $ (460,825) $ — $ (460,825) $ — Fair value measurements at reporting date using Quoted prices in Significant Significant Description At March 31, 2022 (Level 1) (Level 2) (Level 3) Assets/(Liabilities) Marketable securities 10,294 $ 10,294 $ — $ — Annuity contract 1,884 — 1,884 — Derivative assets (liabilities): Foreign exchange contracts (217) — (217) — Interest rate swap 3,613 — 3,613 — Cross currency swap (8,713) — (8,713) — Disclosed at fair value: Term loan $ (497,534) $ — $ (497,534) $ — The Company did not have any non-financial assets and liabilities that are recognized at fair value on a recurring basis. At March 31, 2023, the Term Loan and New 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 2023 Non-Recurring Measurements The fair value of the net assets of the Company’s Rest of Products, Precision Conveyor and Duff-Norton reporting units were calculated on a non-recurring basis. These measurements have been used to 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.” The Fiscal 2023 goodwill impairment test consisted of determining the fair values of the Rest of Products, Precision Conveyor 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 weighted 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, Precision Conveyor 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 and the weighted-average cost of capital used to discount future cash flows. The estimates used are disclosed below: Rest of Products Reporting Unit Precision Conveyor Reporting Unit Duff-Norton Reporting Unit Compound annual growth rate 6.73 % 9.82 % 9.14 % Terminal value growth rate 3.0 % 3.0 % 3.5 % Weighted-average cost of capital 11.8 % 13.2 % 10.4 % We further test our indefinite-lived intangible asset balance of $46,338,000 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. Fiscal 2022 Non-Recurring Measurements Assets and liabilities that were measured on a non-recurring basis during fiscal 2022 include assets and liabilities acquired in connection with the acquisitions of Dorner on April 7, 2021 and Garvey on December 1, 2021, described in Note 3. The estimated fair values allocated to the assets acquired and liabilities assumed relied upon fair value measurements based primarily on Level 3 inputs. The valuation techniques used to allocate fair values to working capital items; property, plant, and equipment; and identifiable intangible assets included the cost approach, market approach, and other income approaches. For identifiable intangible assets these techniques included the multi-period excess earnings approach, the relief from royalty approach, and other income approaches. The valuation techniques relied on a number of inputs which included the cost and condition of property, plant, and equipment and forecasted net sales and income. For the Dorner acquisition, significant valuation inputs included an attrition rate of 10.0% for customer relationships, an estimated royalty rate of 5.0% for technology, a royalty rate of 1.0% for trademark and trade names, and a weighted average cost of capital of 11.0%. For the Garvey acquisition, significant valuation inputs included an attrition rate of 33.0% for customer relationships, an estimated engineering cost per hour of $37.50 for engineered drawings, royalty rates ranging from 0.75% to 1.5% for trademarks and trade names, a royalty rate of 4.5% for patents, and a weighted average cost of capital of 13.6%. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Mar. 31, 2023 | |
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 to 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 2023 and 2022 (in thousands): Customer advances (contract liabilities) March 31, 2023 2022 Beginning balance $ 22,453 $ 15,373 Additional customer advances received 67,721 51,850 Revenue recognized from customer advances included in the beginning balance (22,453) (15,373) Other revenue recognized from customer advances (40,444) (43,569) Customer advances recorded from Dorner and Garvey acquisitions — 14,750 Other (1) (274) (578) Ending balance $ 27,003 $ 22,453 (1) Other includes the impact of foreign currency translation Revenue was recognized prior to the right to invoice the customer which resulted in a contract asset balance in the amount of $2,944,000 and $2,410,000 as of March 31, 2023 and March 31, 2022, respectively. Contract assets are included in Prepaid expenses and other assets on the Consolidated Balance Sheets. Remaining Performance Obligations As of March 31, 2023, the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) was approximately $14,524,000. We expect to recognize approximately 31% 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 years ending March 31, 2023, 2022 and 2021 (in thousands): Year Ended March 31, Net Sales by Product Grouping 2023 2022 2021 Industrial Products $ 330,295 $ 334,866 $ 271,414 Crane Solutions 366,277 339,400 298,135 Precision Conveyors Products 149,586 144,587 — Engineered Products 89,963 87,604 79,989 All other 119 98 104 Total $ 936,240 $ 906,555 $ 649,642 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. Precision conveyor products include: low profile, flexible chain, large scale, sanitary and vertical elevation conveyor systems, as well as pallet system conveyors and accumulation 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: Effective April 1, 2020, the Company adopted “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). 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. 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 year ending March 31, 2023 and March 31, 2022 (in thousands): March 31, Allowance for doubtful accounts 2023 2022 April 1, beginning balance $ 5,717 $ 5,686 Bad debt expense 1,055 1,929 Less uncollectible accounts written off, net of recoveries (3,056) (1,955) Allowance recorded from acquisitions — 227 Other (1) (96) (170) March 31, ending balance $ 3,620 $ 5,717 |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: March 31, 2023 2022 At cost—FIFO basis: Raw materials $ 142,490 $ 129,015 Work-in-process 26,323 28,093 Finished goods 39,714 36,661 208,527 193,769 LIFO cost less than FIFO cost (29,168) (21,630) Net inventories $ 179,359 $ 172,139 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Mar. 31, 2023 | |
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," 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, net on the Consolidated Statements of Operations. The impact on earnings for unrealized gains and losses was a loss of $296,000, a loss of $370,000, and a gain of $727,000 in fiscal years 2023, 2022, and 2021, 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, net 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 not material in fiscal 2023 and 2022, respectively, and $85,000 in 2021, 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 represents an equity investment in a strategic customer of STAHL serving the Kingdom of Saudi Arabia. The investment's carrying value is presented in Other assets in the Consolidated Balance Sheets in the amount of $2,752,000 and $2,765,000 as of March 31, 2023 and March 31, 2022, respectively, and has been accounted for as an equity method investment. The investment value was increased for the Company's ownership percentage of income earned by EMC in the amount of $365,000 and $212,000 in the twelve months ended March 31, 2023 and March 31, 2022, respectively, and is recorded in Investment (income) loss, net on the Consolidated Statement of Operations. Additionally, the investment value decreased in the amount of $67,000 and $163,000 due to the effect of currency translation in the twelve months ended March 31, 2023 and March 31, 2022, respectively. Further, in the twelve months ended March 31, 2023 and March 31, 2022, EMC distributed cash dividends which the Company received 49% of pursuant to its ownership interest. The investment value was decreased for the Company's share of EMC's cash dividend in the amount of $313,000 and $324,000 in the twelve months ended March 31, 2023 and March 31, 2022, respectively, as they were determined to be a return of the Company's investment. Dividends are included in investing activities on the Consolidated Statements of Cash Flows in the amount of $313,000 and $324,000 in the twelve months ended March 31, 2023 and March 31, 2022, respectively, as the distribution exceeded cumulative equity in earnings, under the cumulative earnings approach. The balance of the cash dividend is included in operating activities on the Consolidated Statement of Cash Flows under the cumulative earnings approach. The March 31, 2023 and 2022 trade accounts receivable balances due from EMC are $5,083,000 and $4,133,000, respectively, and are comprised of amounts due for the sale of goods and services in the ordinary course of business. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 Land and land improvements $ 5,467 $ 5,610 Buildings 60,899 57,549 Machinery, equipment, and leasehold improvements 249,379 249,793 Construction in progress 10,344 14,248 326,089 327,200 Less accumulated depreciation 231,729 229,274 Net property, plant, and equipment $ 94,360 $ 97,926 Depreciation expense was $15,946,000, $16,639,000, and $15,530,000 for the years ended March 31, 2023, 2022, and 2021, respectively. Gross property, plant, and equipment includes capitalized software costs of $43,826,000 and $39,752,000 at March 31, 2023 and 2022, respectively. Accumulated depreciation includes accumulated amortization on capitalized software costs of $29,809,000 and $29,000,000 at March 31, 2023 and 2022, respectively. Amortization expense on capitalized software costs was $2,132,000, $2,399,000, and $3,639,000 during the years ended March 31, 2023, 2022, and 2021, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 31, 2023 | |
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 calculated using the discounted cash flow method. 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 three reporting units as of March 31, 2023 and March 31, 2022. The Duff-Norton reporting unit (which designs, manufactures, and sources mechanical and electromechanical actuators and rotary unions) had goodwill of $9,699,000 at March 31, 2023 and 2022, respectively. The Rest of Products reporting unit (representing the hoist, chain, and forgings, digital power control systems, and distribution businesses) had goodwill of $306,988,000 and $310,793,000 at March 31, 2023 and 2022, respectively. The Precision Conveyance reporting unit (which represents high-precision conveying systems) had goodwill of $327,942,000 and $328,357,000 at March 31, 2023 and March 31, 2022. Fiscal 2023 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, EBITDA margins and cash flows, the terminal growth rate, and the weighted-average cost of capital. The Company projects discounted cash flows based on each reporting unit's current business, expected developments, and operational strategies over a five to seven-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 weighted-average cost of capital 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, 2023 and determined that the quantitative test should be performed for the Rest of Products, Duff-Norton and Precision Conveyance reporting units. We also performed sensitivities and other analysis and determined that goodwill is not impaired as of February 28, 2023 for the Rest of Products, Duff-Norton and Precision Conveyance reporting units. Please refer to Note 5 for a discussion of the key assumptions used in the quantitative assessment. 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, 2023, we determined that economic factors indicate that the fair value of our indefinite-lived intangible assets may have declined since our last quantitative test. We performed the quantitative test as of February 28, 2023 and determined that the trademarks were not impaired. A summary of changes in goodwill during the years ended March 31, 2023 and 2022 is as follows: Balance at April 1, 2021 $ 331,176 Acquisition of Dorner (Refer to Note 3) $ 287,141 Acquisition of Garvey (Refer to Note 3) $ 41,216 Currency Translation $ (10,684) Balance at March 31, 2022 648,849 Working capital adjustment for Garvey (Refer to Note 3) 1,616 Garvey contingent payment reclassification (Refer to Note 3) (2,000) Currency translation (3,836) Balance at March 31, 2023 $ 644,629 Goodwill is recognized net of accumulated impairment losses of $113,174,000 as of both March 31, 2023 and 2022, respectively. Identifiable intangible assets acquired in a business combination are amortized over their estimated useful lives. Identifiable intangible assets at March 31, 2023 are summarized as follows (in thousands): Gross Accumulated Net Trademark $ 19,478 $ (6,315) $ 13,163 Indefinite-lived trademark 46,338 — 46,338 Customer relationships 322,658 (88,685) 233,973 Acquired technology 96,291 (27,945) 68,346 Other 3,585 (2,868) 717 Balance at March 31, 2023 $ 488,350 $ (125,813) $ 362,537 Identifiable intangible assets at March 31, 2022 were as follows (in thousands): Gross Accumulated Net Trademark $ 19,529 $ (5,032) $ 14,497 Indefinite-lived trademark 46,721 — 46,721 Customer relationships 325,431 (71,202) 254,229 Acquired technology 96,433 (21,789) 74,644 Other 3,476 (2,779) 697 Balance at March 31, 2022 $ 491,590 $ (100,802) $ 390,788 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 14 years for trademarks, 17 years for customer relationships, 16 years for acquired technology, 5 years for other, and 17 years in total. Trademarks with a book value of $46,338,000 have an indefinite useful life and are therefore not being amortized. Total amortization expense was $26,001,000, $25,283,000, and $12,623,000 for fiscal 2023, 2022, and 2021, respectively. The increase in amortization expense is the result of the Dorner and Garvey acquisitions and related intangible assets acquired. Based on the current amount of intangible assets, the estimated amortization expense for each of the succeeding five years is expected to be approximately $26,000,000, excluding the potential acquisition of montratec which is expected to close on May 31, 2023. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023. 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, 2023, the Company had not posted any collateral related to these agreements. If the Company had breached any of these provisions as of March 31, 2023, it could have been required to settle its obligations under these agreements at amounts which approximate the March 31, 2023 fair values reflected in the table below. During the year ended March 31, 2023, the Company was not in default of any of its derivative obligations. As of March 31, 2023 and 2022, 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, 2023, the notional amount of this derivative was $115,780,000, and the contract matures on March 31, 2028. During fiscal 2022, the Company modified the cross currency swap by extending it to fiscal year 2028, matching the intercompany loan. The Company has concluded that the transaction to modify the cross currency swap, as well as the modified swap, maintained hedge accounting. The modified cross currency swap is considered to have an other than insignificant financing element. As such, its cash flows are classified within financing activities in the Statement of Cash Flows. From its March 31, 2023 balance of AOCL, the Company expects to reclassify approximately $126,000 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. As of March 31, 2023, the notional amount of these derivatives was $5,743,000, and all contracts mature by March 31, 2024. From its March 31, 2023 balance of AOCL, the Company expects to reclassify approximately $68,000 out of AOCL during the next 12 months based on the expected 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 three interest rate swap agreements in which the Company receives interest at a variable rate and pays interest at a fixed rate. The third interest rate swap agreement was entered into in fiscal year 2022 as a result of the additional debt from the Dorner and Garvey acquisitions. 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 February 28, 2025 and had a total notional amount of $273,591,000 as of March 31, 2023. 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, 2023 balance of AOCL, the Company expects to reclassify approximately $5,450,000 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 Operation for the years ended March 31, 2023, 2022, and 2021 (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, 2023 Foreign exchange contracts $ 57 Cost of products sold $ (201) 2023 Interest rate swap $ 7,295 Interest expense $ 2,368 2023 Cross currency swap $ 5,033 Foreign currency exchange loss (gain) $ 2,332 2022 Foreign exchange contracts $ (193) Cost of products sold $ (60) 2022 Interest rate swap $ 2,567 Interest expense $ (2,020) 2022 Cross currency swap $ 3,548 Foreign currency exchange loss (gain) $ 7,925 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) The following is information relative to the Company’s derivative instruments in the Consolidated Balance Sheets as of March 31, 2023 and 2022 (in thousands): Fair Value of Asset (Liability) Derivatives Designated as Balance Sheet Location 2023 2022 Foreign exchange contracts Other Assets $ 136 $ — Foreign exchange contracts Accrued Liabilities (39) (217) Interest rate swap Prepaid expenses and other 7,644 859 Interest rate swap Other Assets 3,218 4,512 Interest rate swap Accrued Liabilities (387) (1,371) Interest rate swap Other non current liabilities — (387) Cross currency swap Prepaid expenses and other 168 — Cross currency swap Accrued liabilities — (170) Cross currency swap Other non current liabilities (2,270) (8,543) |
Accrued Liabilities and Other N
Accrued Liabilities and Other Non-current Liabilities | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 Accrued payroll $ 39,713 $ 38,984 Accrued income taxes payable 9,152 11,797 Accrued health insurance 2,216 2,246 Accrued general and product liability costs 4,900 3,900 Customer advances, deposits, and rebates 27,827 22,908 Current ROU lease liabilities 7,966 7,965 Cross currency swap — 170 Other accrued liabilities 32,543 30,217 $ 124,317 $ 118,187 Consolidated other non-current liabilities of the Company consisted of the following: March 31, 2023 2022 Accumulated postretirement benefit obligation $ 826 $ 1,013 Accrued general and product liability costs 16,203 18,675 Accrued pension cost 70,660 86,674 Cross currency swap 2,270 8,543 Deferred income tax 45,999 41,645 Non-current ROU lease liabilities 46,524 23,711 Other non-current liabilities 9,531 12,349 $ 192,013 $ 192,610 |
Debt
Debt | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Consolidated long-term debt of the Company consisted of the following: March 31, 2023 2022 Term loan 462,560 502,560 Unamortized deferred financing costs, net (4,508) (5,425) Total debt 458,052 497,135 Less: current portion 40,000 40,000 Total debt, less current portion $ 418,052 $ 457,135 On January 31, 2017 the Company entered into a Credit Agreement (the "Previous 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 had a seven Agreement extended the $100,000,000 secured Revolver which was originally set to expire on January 31, 2022 to August 25, 2023. As discussed in Note 3, the Company completed its acquisition of Dorner on April 7, 2021 and entered into the First Lien Facilities with JPMorgan Chase Bank, PNC and Wells Fargo. The First Lien Facilities consist of the New Revolving Credit Facility and the 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. In addition to the debt borrowing described above, the Company commenced and completed 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 part of its outstanding borrowings under its Bridge Facility. The equity offering closed on May 4, 2021. Following the repayment of outstanding borrowings under the Bridge Facility, the Bridge Facility was refinanced with a syndicated Term Loan B facility (the "Term Loan B") on May 14, 2021. The key terms of the Term Loan B facility are as follows: 1) Term Loan B: An aggregate $450,000,000 Term Loan B facility, which requires quarterly principal amortization of 0.25% with the remaining principal due at the maturity date. In addition, if the Company has Excess Cash Flow ("ECF") as defined in the Credit Agreement for the First Lien Facilities (the “First Lien Facilities 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 First Lien Facilities 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 B 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. Further, the Company may draw additional Incremental Facilities (referred to as an "Accordion") by executing and delivering to JPMorgan Chase Bank, N.A. an Increased Facility Activation Notice specifying the amount of such increase requested. Lenders shall have no obligation to participate in any increase unless they agree to do so in their sole discretion. 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 First Lien Facilities Credit Agreement) in the case of Revolver loans. 4) Prepayments: Provisions permitting a Borrower to voluntarily prepay either the Term Loan B facility or Revolver in whole or in part at any time, and provisions requiring certain mandatory prepayments of the Term Loan B facility or Revolver on the occurrence of certain events which will permanently reduce the commitments under the First Lien Facilities Credit Agreement, each without premium or penalty, subject to reimbursement of certain costs of the Lenders. 5) Covenants: Provisions containing covenants required of the Company 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 New Revolving Credit 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) 5.50:1.00 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. 6) Collateral: Obligations under the First Lien Facilities are secured by liens on substantially all assets of the Company and its material domestic subsidiaries. In fiscal 2022, the Company incurred $14,803,000 in debt extinguishment costs of which $5,946,000 related to the Company's prior Term Loan, $326,000 related to the Company's prior Revolver, and $8,531,000 related to fees paid on the portion of the First Lien Facilities that were associated with the Bridge Facility, all of which were incurred in the first quarter of fiscal 2022. These costs were classified as Cost of debt refinancing in the Consolidated Statements of Operations. There were no similar expenses incurred in fiscal 2023. Further, in the first quarter of fiscal 2022, the Company recorded $5,432,000 in deferred financing costs on the Bridge Facility, which will be amortized over seven years. The Company recorded $4,027,000 in deferred financings costs on the New Revolving Credit Facility, of which $3,050,000 is related to the New Revolving Credit Facility 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 are classified in Other assets since no funds were drawn on the New Revolving Credit Facility. Also discussed in Note 3, the Company completed its acquisition of Garvey on November 30, 2021 and borrowed additional funds in accordance with the Accordion feature under its existing Term Loan B to increase the principal amount of the Term Loan B facility by $75,000,000. Proceeds from the Accordion were used, among other things, to finance the purchase price for the Garvey acquisition, and pay related fees, expenses, and transaction costs. No material amendment to the terms of the Term Loan B facility or the First Lien Facilities was necessary for the Company to exercise this Accordion feature. In the third quarter of fiscal 2022, the Company recorded $892,000 in deferred financing costs on the Accordion, which will be amortized over the remaining life of the Term Loan B. The outstanding principal balance of the Term Loan B facility was $462,560,000 as of March 31, 2023, which includes $75,000,000 in principal balance from the Accordion exercised in the third quarter of fiscal 2022, and the outstanding balance of the Term Loan B was $502,560,000 as of March 31, 2022. The Company made $40,000,000 and $22,440,000 of principal payments on the Term Loan B during fiscal 2023 and fiscal 2022, respectively. The Company is obligated to make $5,260,000 of principal payments on the Term Loan B facility over the next 12 months plus applicable ECF payments, if required, however, plans to pay down approximately $40,000,000 in principal payments in total during such 12 month period. This 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 were no outstanding borrowings and $15,104,000 outstanding letters of credit issued against the New Revolving Credit Facility as of March 31, 2023. The outstanding letters of credit at March 31, 2023 consisted of $183,000 in commercial letters of credit and $14,921,000 of standby letters of credit. The gross balance of deferred financing costs on the Term Loan B facility was $6,323,000, which includes $892,000 from the Accordion exercise, as of March 31, 2023, and 2022. The accumulated amortization balances were $1,815,000 and $898,000 as of March 31, 2023 and 2022, respectively. The gross balance of deferred financing costs associated with the New Revolving Credit Facility was $4,027,000 as of March 31, 2023, and 2022, respectively, which are included in Other assets on the Consolidated Balance Sheet. The accumulated amortization balance is $1,611,000 and 805,000 as of March 31, 2023 and March 31, 2022, respectively. The principal payments obligated to be made as of March 31, 2023 on the Term Loan B facility are as follows: 2024 $ 5,260 2025 $ 5,260 2026 $ 5,260 2027 $ 5,260 Thereafter 441,520 $ 462,560 In connection with Dorner acquisition, the Company recorded a finance lease for a manufacturing facility in Hartland, WI under a 23 year lease agreement, which terminates in 2035. The outstanding balance on the finance lease obligation is $13,541,000 as of March 31, 2023 of which $ 604,000 Leases , for further details. 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, 2023, unsecured credit lines totaled approximately $2,385,000, of which $0 was drawn. In addition, unsecured lines of $12,933,000 were available for bank guarantees issued in the normal course of business of which $12,596,000 was utilized. Subsequent event |
Pensions and Other Benefit Plan
Pensions and Other Benefit Plans | 12 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Compensation and Employee 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, 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 356,974 $ 404,841 Service cost 707 980 Interest cost 11,312 10,130 Actuarial (gain) loss (42,652) (30,482) Benefits paid (23,980) (23,200) Foreign exchange rate changes (2,151) (5,295) Benefit obligation at end of year $ 300,210 $ 356,974 Change in plan assets: Fair value of plan assets at beginning of year $ 271,985 $ 286,678 Actual gain (loss) on plan assets (20,735) 3,048 Employer contribution 4,796 5,442 Benefits paid (23,980) (23,200) Foreign exchange rate changes (399) 17 Fair value of plan assets at end of year $ 231,667 $ 271,985 Funded status $ (68,543) $ (84,989) Unrecognized actuarial loss 17,169 29,230 Net amount recognized $ (51,374) $ (55,759) 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. There was no remaining asset surplus from the terminated plan as of March 31, 2023. The remaining surplus of $2,176,000 as of March 31, 2022, was 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, 2023 2022 Other assets $ 5,832 $ 5,208 Accrued liabilities (3,715) (3,523) Other non-current liabilities (70,660) (86,674) Accumulated other comprehensive loss, before tax 17,169 29,230 Net amount recognized $ (51,374) $ (55,759) Other assets are presented separately from pension liabilities for pension plans that are over funded. Net periodic pension cost included the following components: Year Ended March 31, 2023 2022 2021 Service costs—benefits earned during the period $ 707 $ 980 $ 1,092 Interest cost on projected benefit obligation 11,312 10,130 11,527 Expected return on plan assets (10,844) (13,037) (12,787) Net amortization 851 1,457 3,234 Settlement (62) — 19,038 Net periodic pension cost (benefit) $ 1,964 $ (470) $ 22,104 Information for pension plans with a projected benefit obligation in excess of plan assets is as follows: March 31, 2023 2022 Projected benefit obligation $ 176,201 $ 211,307 Fair value of plan assets 101,826 121,110 Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows: March 31, 2023 2022 Accumulated benefit obligation $ 173,149 $ 207,612 Fair value of plan assets 101,826 121,110 Unrecognized gains and losses are amortized through March 31, 2023 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: 2023 2022 2021 Discount rate 4.82 % 3.35 % 2.62 % Expected long-term rate of return on plan assets 4.13 % 4.70 % 4.60 % Rate of compensation increase on active plans 3.00 % 2.76 % 2.76 % Interest crediting rates used in cash balance pension plans 4.04 % 1.05 % 1.10 % 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 2024 2023 2022 Equity securities 22%-12% 22% 34% Fixed income securities 88% - 78% 78% 66% Total plan assets 100% 100% 100% 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 approximately $6,839,000 to its pension plans in fiscal 2024. Information about the expected benefit payments for the Company’s defined benefit plans is as follows: 2024 $ 23,152 2025 23,105 2026 23,140 2027 23,109 2028 22,891 2029-2033 108,124 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 net periodic postretirement benefit cost for fiscal 2023 was $158,000 and the liability at March 31, 2023 is $997,000 with $826,000 included in Other non-current liabilities and $171,000 included in Accrued liabilities in the Consolidated Balance Sheet. 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 2023 was $124,000 and the liability at March 31, 2023 is $4,492,000 with $4,356,000 included in Other non-current liabilities and $136,000 included in Accrued liabilities in the Consolidated Balance Sheet. The cash surrender value of the policies is $3,690,000 and $3,590,000 at March 31, 2023 and 2022, 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 $5,808,000, $4,540,000, and $4,063,000 for the years ended March 31, 2023, 2022, and 2021, respectively which are included in Cost of Products Sold, Selling Expenses, and General and Administrative Expenses within the Consolidated Statements of Operations. 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, 2023 2022 Asset categories: Equity securities $ 41,850 $ 80,020 Fixed income securities 178,904 178,155 Alternative real estate 8,565 11,849 Cash equivalents 2,348 1,961 Total $ 231,667 $ 271,985 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, 2023 and March 31, 2022 were as follows: Measured at NAV (1) Quoted Prices Significant other Significant As of March 31, 2023: (Level 1) (Level 2) (Level 3) Total Asset categories: Equity securities $ 14,274 $ 27,576 $ — $ — $ 41,850 Fixed income securities 25,936 7,064 145,904 — 178,904 Alternative real estate 8,565 — — — 8,565 Cash equivalents — 2,348 — — 2,348 Total $ 48,775 $ 36,988 $ 145,904 $ — $ 231,667 (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, 2022: (Level 1) (Level 2) (Level 3) Total Asset categories: Equity securities $ 33,321 $ 46,699 $ — $ — $ 80,020 Fixed income securities 26,312 17,013 133,670 1,160 178,155 Alternative real estate 11,849 — — — 11,849 Cash equivalents — 1,961 — — 1,961 Total $ 71,482 $ 65,673 $ 133,670 $ 1,160 $ 271,985 (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. |
Employee Stock Ownership
Employee Stock Ownership | 12 Months Ended |
Mar. 31, 2023 | |
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 2023, 2022, or 2021. At March 31, 2023 and 2022, 177,000 and 190,000 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, 2023 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, 2023 | |
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 651,000 and 156,000 common shares were not included in the computation of diluted earnings per share for fiscal 2023 and 2022, respectively, because they were antidilutive. For the years ended March 31, 2023 and 2022, an additional 179,000 and 120,000, 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: 2023 2022 2021 Net income $ 48,429 $ 29,660 $ 9,106 Denominators: Weighted-average common stock outstanding— denominator for basic EPS 28,600 28,040 23,897 Effect of dilutive employee stock options, RSU's and performance shares 218 361 276 Adjusted weighted-average common stock outstanding and assumed conversions— denominator for diluted EPS 28,818 28,401 24,173 The weighted-average common stock outstanding shown above is net of unallocated ESOP shares (see Note 14). During fiscal 2023, the Company repurchased 31,000 shares of its common stock at an aggregate cost of $1,001,000 in accordance with the Company's previously adopted share repurchase program. The value of the shares purchased are reflected as Treasury stock on the Company's Consolidated Balance Sheet as of March 31, 2023. In May of fiscal 2022, the Company issued 4,312,500 shares of common stock raising $198,705,000 net of fees in connection with the Dorner acquisition. 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 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 $10,425,000, $11,246,000, and $8,022,000 for fiscal 2023, 2022, and 2021, respectively. 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, 2023, 1,100,000 shares remain available 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, 2022 and 2023, 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, 2023 is as follows: Shares Weighted- Weighted- Aggregate Outstanding at April 1, 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 Granted 159,643 54.06 Exercised (105,132) 25.24 Cancelled (32,540) 31.71 Outstanding at March 31, 2022 679,785 33.82 7.08 $ 15,294 Granted 394,586 34.91 Exercised (32,158) 22.15 Cancelled (67,042) 35.32 Outstanding at March 31, 2023 975,171 34.54 7.13 $ 5,497 Exercisable at March 31, 2023 446,720 $ 31.21 5.41 $ 3,717 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, 2023. The aggregate intrinsic value of outstanding options as of March 31, 2023 is calculated as the difference between the exercise price of the underlying options and the market price of our common shares for the 693,000 options that were in-the-money at that date. The aggregate intrinsic value of exercisable options as of March 31, 2023 is calculated as the difference between the exercise price of the underlying options and the market price of our common shares for the 331,000 exercisable options that were in-the-money at that date. The Company's closing stock price was $37.16 as of March 31, 2023. The total intrinsic value of stock options exercised was $360,000, $2,513,000, and $1,749,000 during fiscal 2023, 2022, and 2021, respectively. The grant date fair value of options that vested was $10.36, $11.19, and $9.15 during fiscal 2023, 2022, and 2021, respectively. As of March 31, 2023, $3,063,000 of unrecognized compensation cost related to non-vested stock options is expected to be recognized over a weighted-average period of approximately 1.7 years. Exercise prices for options outstanding as of March 31, 2023, ranged from $15.16 to $54.26. The following table provides certain information with respect to stock options outstanding at March 31, 2023: Stock Options Weighted-average Weighted-average Range of Exercise Prices $10.01 to 20.00 61,285 $ 15.26 3.07 $20.01 to 30.00 200,340 $ 25.17 5.61 $30.01 to $40.00 490,041 $ 33.77 7.78 $40.01 to $50.00 82,181 $ 42.77 8.94 $50.01 to $60.00 141,324 $ 54.26 7.76 975,171 $ 34.54 7.13 The following table provides certain information with respect to stock options exercisable at March 31, 2023: Range of Exercise Prices Stock Options Weighted- average Exercise Price per share $10.01 to 20.00 61,285 $ 15.26 $20.01 to 30.00 161,345 25.08 $30.01 to $40.00 166,837 35.14 $40.01 to $50.00 2,122 49.36 $50.01 to $60.00 55,131 54.26 446,720 $ 31.21 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 $11.13, $17.71, and $8.46 for options granted during fiscal 2023, 2022, and 2021, respectively. The following table provides the weighted-average assumptions used to value stock options granted during fiscal 2023, 2022, and 2021: Year Ended March 31, 2023 Year Ended March 31, 2022 Year Ended March 31, 2021 Assumptions: Risk-free interest rate 2.53 % 0.35 % 0.23 % Dividend yield 0.81 % 0.44 % 0.90 % Volatility factor 0.330 0.372 0.380 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 2023, 2022, and 2021 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, 2022, and 2023 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, 2023 is as follows: Shares Weighted-average Unvested at April 1, 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 Granted 133,082 49.98 Vested (138,407) 35.71 Forfeited (19,728) 35.41 Unvested at March 31, 2022 244,736 $ 39.86 Granted 161,582 31.61 Vested (132,953) 35.44 Forfeited (26,140) 38.15 Unvested at March 31, 2023 247,225 $ 37.02 Total unrecognized compensation cost related to unvested restricted stock units as of March 31, 2023 is $3,588,000 and is expected to be recognized over a weighted average period of 1.7 years. The fair value of restricted stock units that vested during the year ended March 31, 2023 and 2022 was $4,713,000 and $4,943,000, respectively. Performance Shares The Company granted performance shares under the 2016 LTIP during fiscal 2023, 2022, and 2021. 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 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. During fiscal 2023, the Company determined that the performance condition on its fiscal 2021 performance shares would not be fully met. The Company has adjusted its stock-based compensation expense accordingly in fiscal 2023. Fiscal 2022 performance shares granted vest pursuant to a performance condition based upon the Company’s Consolidated Return on Invested Capital ("ROIC") for the twelve months ended March 31, 2024. At this time, the Company believes the March 31, 2024 performance condition will be met. Fiscal 2023 performance shares granted vest pursuant to a performance condition based upon the Company’s Consolidated ROIC for the twelve months ended March 31, 2025. At this time, the Company believes the March 31, 2025 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, 2023 is as follows: Shares Weighted-average Unvested at April 1, 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 Granted 41,322 52.01 Vested (18,296) 36.43 Forfeited (8,226) 30.25 Unvested at March 31, 2022 138,032 $ 35.35 Granted 67,606 33.03 Forfeited (26,633) 35.26 Unvested at March 31, 2023 179,005 $ 34.49 The Company had $1,496,000 in unrecognized compensation costs related to the unvested performance share awards as of March 31, 2023. Directors Stock During fiscal 2023, 2022, and 2021, a total of 41,313, 21,928, and 16,209 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 $28.91, $43.73, and $33.32 for fiscal 2023, 2022, and 2021, respectively. The expense related to the shares was $1,194,000, $959,000 and 540,000 for fiscal 2023, 2022 and 2021, respectively. Dividends On March 20, 2023, the Company's Board of Directors approved payment of a quarterly dividend of $0.07 per common share, representing an annual dividend rate of $0.28 per share. The dividend was paid on May 15, 2023 to shareholders of record on May 5, 2023 and totaled approximately $2,005,000. Stock Repurchase Plan |
Loss Contingencies
Loss Contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Loss Contingency [Abstract] | |
Contingencies Disclosure | 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 $21,103,000 (gross of estimated insurance recoveries of $8,272,000) and $22,575,000 (gross of estimated insurance recoveries of $9,160,000) of which $16,203,000 and $18,675,000 are included in Other non current liabilities and $4,900,000 and $3,900,000 in Accrued liabilities as of March 31, 2023 and 2022, 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, 2023 2022 2021 Accrued general and product liability, beginning of year $ 22,575 $ 21,227 $ 11,944 Estimated insurance recoveries (889) 1,109 8,052 Add provision for claims 3,025 6,648 4,634 Deduct payments for claims (3,608) (6,409) (3,403) Accrued general and product liability, end of year $ 21,103 $ 22,575 $ 21,227 Estimated insurance recoveries (8,272) (9,160) (8,052) Net accrued general and product liability, end of year $ 12,831 $ 13,415 $ 13,175 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 2023. The Company also purchases excess general and product liability insurance up to an aggregate $75,000,000 limit. Asbestos 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 net asbestos-related aggregate liability including related legal costs to range between $5,300,000 and $9,700,000, net of insurance recoveries, using actuarial parameters of continued claims for a period of 38 years from March 31, 2023. 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 approximates $7,051,000. The Company has reflected the liability gross of insurance recoveries of $8,272,000 as a liability in the consolidated financial statements as of March 31, 2023. 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 $2,900,000 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 costs and future costs for 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. Further, the insurance carriers are expected to cover 100% of 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, 2023 and 2022. The Company has recorded a receivable for the estimated future cost sharing in Other assets in the Balance Sheet in the amount of $8,272,000 and $9,160,000, which offsets its asbestos reserves, at March 31, 2023 and 2022, respectively. Product Liability 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 $5,117,000, which has been reflected as a liability in the consolidated financial statements as of March 31, 2023. In some cases, the Company 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. In addition, one of the Company's subsidiaries, Magnetek, Inc. ("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. The asbestos-related liability including legal costs is estimated to be approximately $663,000 and $562,000, which has been reflected as a liability in the consolidated financial statements at March 31, 2023 and 2022, respectively. 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 and therefore it should be considered resident in Italy and 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 $2,100,000 (Euro 1,900,000), plus interest, were due in Italy on taxable income earned by the Power-One China Subsidiary during this period. In addition, the assessment alleges potential penalties in the amount of approximately $2,400,000 (Euro 2,200,000) 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 believed 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. In April 2022, the Italian Supreme Court upheld the appeal in favor of Power-One. The tax authority in Arezzo, Italy also issued a tax inspection report in January 2011 for the periods July 2002 to June 2003 (fiscal period 2002/2003) and July 2004 to December 2006 (fiscal periods 2004/2005 and 2005/2006) 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 four notices of tax assessment for the periods July 2002 to June 2003 and July 2004 to December 2006, alleging that taxes of approximately $7,300,000 (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 $3,000,000 (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, with four judgements, 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 four appeals of the Tax Court's ruling of June 3, 2015. In May 2016, the Regional Tax Court of Florence rejected the appeals 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 decisions. In December 2016, the Power-One China Subsidiary was served by the Italian Revenue Agency 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 February 2017 the Power-One China Subsidiary filed two memorandum before the Italian Supreme Court in response to the appeals made by the tax authority against the positive judgments on the tax assessments for fiscal years 2004/2005 and 2005/2006. In March 2017, the Regional Tax Court of Florence rejected the appeal of the assessment for 2006 fiscal year (period July 2006-December 2006). The tax authority had until October 2017 to appeal this decision. In October 2017, the Power-One China Subsidiary was served by the Italian Revenue Agency with an appeal to the Italian Supreme Court against the positive judgment on the tax assessment for fiscal year 2006. In November 2017 the Power-One China Subsidiary filed a memorandum before the Italian Supreme Court in response to the appeal made by the tax authority against the positive judgment on the tax assessment for fiscal year 2006. 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 year 2002/2003. In March 2018, the Regional Tax Court of Florence rejected the appeal of the assessment for 2002/2003 fiscal year. In October 2018 the Power-One China Subsidiary was served by the Italian Revenue Agency with an appeal to the Italian Supreme Court against the positive judgment on the tax assessment for fiscal year 2002/2003. In November 2018 the Power-One China Subsidiary filed a memorandum with the Italian Supreme Court in response to the appeal made by the tax authority. In April 2022, the Supreme Court filed judgments concerning the tax assessments for fiscal years 2002/2003 and 2006. Further, in July 2022, the Supreme Court filed judgments concerning the tax assessments for the fiscal periods 2004/2005 and 2005/2006. In all four judgments, the Supreme Court upheld the appeals of the Italian Tax Authority and remitted the proceedings back to the Regional Tax Court for a new evaluation of the substance of the dispute. In December 2022 the Power One China Subsidiary resumed the proceedings concerning the tax assessments for fiscal years 2002/2003 and 2006 before the Regional Tax Court. A hearing was held before the Regional Tax Court in April 2023 and in May the court ruled in favor of the Company. This decision can be appealed through December 2023. In March 2023 the Power One China Subsidiary resumed the proceedings concerning the tax assessments for fiscal years 2004/2005 and 2005/2006 before the Regional Tax Court with hearings expected later in fiscal 2024. The Company believes it will be successful and does not expect to incur a liability related to these assessments. 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 Magnetek's predecessor Universal Manufacturing ("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. The Company 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 Universal. 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. The Company is also engaged in similar insurance 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. Environmental Matters 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 2022. 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 $218,000, 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. For all of the currently known environmental matters, the Company has accrued as of March 31, 2023 a total of $707,000 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 2024. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 17. Income Taxes 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, 2023 2022 2021 Statutory federal income tax rate (1) 21.00 % 21.00 % 21.00 % Expected tax at statutory rate $ 15,640 $ 8,109 $ 2,116 State income taxes net of federal benefit 2,719 759 (450) Foreign taxes at rates other than statutory federal rate 1,757 1,027 287 Employee benefits 1,207 (202) (67) US Tax on foreign earnings 1,257 845 352 Permanent items (190) (1,161) (107) Valuation allowance (787) 300 84 Federal tax credits (1,539) (700) (700) Other 285 (114) (545) Tax audit adjustments (2) 2,523 — — Unremitted earnings 720 — — Return to provision adjustment 2,454 (77) — Actual tax provision expense $ 26,046 $ 8,786 $ 970 (1) Fiscal year 2022 and 2021 table amounts have been adjusted to be consistent with individual rate reconciling items disclosed for fiscal 2023. (2) For fiscal 2023, the Company settled income tax assessments related to tax periods prior to the Company's acquisition of STAHL. In accordance with the tax indemnification clause of the share purchase agreement, the Company received full reimbursement from STAHL’s prior owner which was recorded as a gain in Other (income) expense, net. The provision for income tax expense (benefit) consisted of the following: Year Ended March 31, 2023 2022 2021 Current income tax expense (benefit): United States Federal $ 7,772 $ (2,482) $ 810 State taxes 2,218 571 618 Foreign 16,356 12,666 8,246 Deferred income tax expense (benefit): United States (517) 1,139 (5,996) Foreign 217 (3,108) (2,708) $ 26,046 $ 8,786 $ 970 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, 2023 2022 Deferred tax assets: Federal net operating loss carryforwards $ 12,908 $ 17,567 State and foreign net operating loss carryforwards 6,656 10,075 Employee benefit plans 11,609 16,625 Insurance reserves 3,500 3,609 Accrued vacation and incentive costs 4,071 3,682 Federal tax credit carryforwards 12,065 12,427 ASC 842 Lease Liability 16,544 10,872 Equity compensation 4,552 3,927 Capitalized Research and Development Costs 6,976 2,003 Interest Carryforwards 3,271 3,795 Other 1,073 2,596 Valuation allowance (15,978) (16,147) Deferred tax assets after valuation allowance 67,247 71,031 Deferred tax liabilities: Property, plant, and equipment (7,389) (4,917) ASC 842 Right-of-Use Asset (15,706) (10,130) Intangible assets (88,116) (95,316) Total deferred tax liabilities (111,211) (110,363) Net deferred tax assets (liabilities) $ (43,964) $ (39,332) The valuation allowance includes $2,070,000 and $4,322,000 primarily related to foreign net operating losses at March 31, 2023 and 2022, respectively. A valuation allowance of $1,820,000 was established in fiscal 2023 for separate state net operating losses. The remaining valuation allowance primarily relates to foreign tax credits which the Company believes it will not utilize of $12,088,000 and $11,825,000 for the years ended March 31, 2023 and 2022, respectively. The Company’s foreign subsidiaries have net operating loss carryforwards of $2,943,000 that expire in periods ranging from five years to indefinite. Federal net operating losses from the acquisition of Dorner were fully utilized in fiscal 2023. Federal net operating losses of $61,465,000 remaining from the acquisition of Magnetek, have expiration dates ranging from 2024 through 2035, and are subject to certain limitations under U.S. tax law. The state net operating losses of $81,406,000 have expiration dates ranging from 2024 through 2042. The federal tax credits have expiration dates ranging from 2028 to 2033. Deferred income taxes are classified within the consolidated balance sheets based on the following breakdown: March 31, 2023 2022 Net non-current deferred tax assets $ 2,035 $ 2,313 Net non-current deferred tax liabilities (45,999) (41,645) Net deferred tax assets (liabilities) $ (43,964) $ (39,332) Net non-current deferred tax liabilities are included in other non-current liabilities. Income before income tax expense includes foreign subsidiary income of $48,399,000, $42,127,000, and $30,894,000 for the years ended March 31, 2023, 2022, and 2021, respectively. Historically, we have asserted that the unremitted earnings of most of our foreign subsidiaries were indefinitely reinvested in the jurisdiction in which they were earned. However, as of March 31, 2023, the Company has determined that certain foreign amounts, which can be distributed tax efficiently, are no longer permanently reinvested where earned. As of March 31, 2023 a tax liability of approximately $720,000 has been accrued for taxes that would be incurred upon repatriation of the earnings that are not permanently reinvested. We continue to be permanently reinvested in the unremitted earnings of our other foreign subsidiaries, which total $90,525,000, and outside basis differences other than unremitted earnings. It is not practicable to calculate the amount of unrecognized deferred tax related to these basis differences. Changes in the Company’s uncertain income tax positions, excluding the related accrual for interest and penalties, are as follows: 2023 2022 2021 Beginning balance $ 414 $ 141 $ 132 Additions for prior year tax positions — 281 — Foreign currency translation (3) (8) 9 Ending balance $ 411 $ 414 $ 141 The Company had $68,000, $62,000, and $57,000 accrued for the payment of interest and penalties at March 31, 2023, 2022, and 2021 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. $411,000 of the unrecognized tax benefits as of March 31, 2023 would impact the effective tax rate if recognized. The Company anticipates that certain unrecognized tax benefits will change due to the settlement of audits in certain foreign jurisdictions prior to March 31, 2024. 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, 2019 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 Inflation Reduction Act was enacted in fiscal year 2023 and includes the implementation of a new 15% minimum tax on book income of certain large corporations, an excise tax on stock buybacks, and various tax credits and incentives for energy and clean climate initiatives, among other provisions. The Company has evaluated the Act and does not expect its provisions to have a material impact to the Company's consolidated financial statements. |
Rental Expense and Lease Commit
Rental Expense and Lease Commitments | 12 Months Ended |
Mar. 31, 2023 | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Leases | 18. Leases Nature of leases The Company’s lease arrangements generally include real estate (manufacturing facilities, sales offices, distribution centers, warehouses), vehicles, and equipment. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. At lease commencement, the Company evaluates whether the arrangement is a finance or operating lease, and accounts for it accordingly. Operating leases are included in other assets, other current liabilities, and other liabilities on the Company’s Consolidated Balance Sheet. Finance leases are included in net property, plant, and equipment, current portion of long-term debt and finance lease obligation, and the remaining balance is recorded within Term loan and finance lease obligations on the Consolidated Balance Sheet. Leases with a term greater than one year are recognized on the Consolidated Balance Sheet as right-of-use (“ROU”) assets, lease obligations, and, if applicable, long-term lease obligations in the financial statement line items above. The Company has elected not to recognize leases with terms of one year or less on the Consolidated Balance Sheet. Lease obligations and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. As the interest rate implicit in lease contracts is generally not readily determinable, 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 Company recognizes lease expense 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 23 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. The Company recorded a finance lease for a manufacturing facility in Hartland, WI that has a 23 year lease term which terminates in 2035 as a result of the Dorner acquisition. As of March 31, 2023, the Company does not have any significant additional leases that have not yet commenced. Significant Inputs : The following table presents the weighted average remaining lease term and discount rate as of March 31, 2023 and March 31, 2022, respectively: March 31, 2023 2022 Weighted-average remaining lease term (in years) Operating leases 7.97 5.51 Finance leases 12.58 13.58 Weighted-average discount rate Operating leases 5.54 % 3.78 % Finance leases 4.51 % 4.51 % Amounts recognized on the financial statements The following table illustrates the balance sheet classification for lease assets and liabilities as of March 31, 2023 and March 31, 2022, respectively (in thousands): March 31, 2023 2022 Operating leases: Other assets $ 53,551 $ 30,809 Accrued liabilities 7,966 7,965 Other non current liabilities 46,524 23,711 Total operating liabilities $ 54,490 $ 31,676 Finance leases: Net property, plant, and equipment $ 12,597 $ 13,525 Current portion of long-term debt and finance lease obligation 604 544 Term loan and finance lease obligations 12,937 13,540 Total finance liabilities $ 13,541 $ 14,084 Operating lease expense of $9,197,000, $9,101,000 and $9,175,000 for the fiscal years ending March 31, 2023, 2022, and 2021, 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, 2023, 2022, and 2021, respectively. Finance lease expense of $1,001,000 and $984,000 for the fiscal years ending March 31, 2023 and 2022, is included in Income from operations on the Consolidated Statements of Operations, and $621,000 and $634,000 and is included in Interest and debt expense for the fiscal years ending March 31, 2023 and 2022, on the Company's Consolidated Statements of Operations related to the finance lease. Other lease disclosures Future maturities of leases as of March 31, 2023, were as follows (in thousands): Year: Operating Leases Finance Lease 2024 $ 9,365 $ 1,200 2025 9,776 1,237 2026 8,708 1,274 2027 7,880 1,312 2028 7,417 1,351 Thereafter 27,592 11,657 Total undiscounted lease payments $ 70,738 $ 18,031 Less: imputed interest $ 16,248 $ 4,490 Present value of lease liabilities $ 54,490 $ 13,541 Supplemental cash flow information related to leases is as follows (in thousands): Year ended March 31, 2023 Year ended March 31, 2022 Year ended March 31, 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 8,872 $ 9,059 $ 8,909 Cash paid for amounts included in the measurement of finance lease liabilities $ 1,166 $ 1,132 $ — ROU assets obtained in exchange for new operating lease liabilities $ 31,423 $ 5,364 $ 2,866 ROU assets obtained in exchange for new finance lease liabilities $ — $ 14,582 $ — |
Business Segment Information
Business Segment Information | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 2021 Net sales: United States $ 595,363 $ 548,620 $ 348,986 Germany 175,294 188,134 164,380 Europe, Middle East, and Africa (Excluding Germany) 97,597 108,678 90,415 Canada 18,883 16,719 15,443 Asia Pacific 16,720 17,680 13,829 Latin America 32,383 26,724 16,589 Total $ 936,240 $ 906,555 $ 649,642 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, 2023 2022 2021 Total assets: United States $ 1,127,321 $ 1,105,956 $ 540,184 Germany 417,167 422,671 435,638 Europe, Middle East, and Africa (Excluding Germany) 81,413 85,678 125,262 Canada 12,668 15,651 8,647 Asia Pacific 16,063 18,575 19,326 Latin America 43,823 37,176 21,375 Total $ 1,698,455 $ 1,685,707 $ 1,150,432 Year Ended March 31, 2023 2022 2021 Long-lived assets: United States $ 791,835 $ 811,276 $ 269,061 Germany 295,233 312,288 336,606 Europe, Middle East, and Africa (Excluding Germany) 8,254 7,416 8,359 Canada 1,267 1,446 1,395 Asia Pacific 2,207 2,574 2,235 Latin America 2,730 2,563 1,635 Total $ 1,101,526 $ 1,137,563 $ 619,291 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, 2023 2022 2021 Hoists $ 456,300 $ 432,524 $ 394,682 High Precision Conveyors 149,586 144,587 — Chain and rigging tools 76,990 83,461 47,557 Industrial cranes 38,369 43,482 37,025 Actuators and rotary unions 84,663 84,999 75,458 Digital power control and delivery systems 102,962 98,445 74,943 Elevator application drive systems 27,370 19,057 19,977 Total $ 936,240 $ 906,555 $ 649,642 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 Foreign currency translation adjustment – net of tax $ (32,352) $ (28,080) Pension liability – net of tax (13,736) (21,794) Postretirement obligations – net of tax 1,769 1,836 Split-dollar life insurance arrangements – net of tax (833) (1,084) Derivatives qualifying as hedges – net of tax 7,109 (777) Accumulated other comprehensive loss $ (38,043) $ (49,899) 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 $(6,371,000), $(5,780,000), and $(13,305,000) for fiscal 2023, 2022, and 2021 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 Tax Cuts and Jobs Act (the "Act"), 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. Changes in accumulated other comprehensive income by component are as follows (in thousands): March 31, 2023 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (21,043) $ (28,079) $ (777) (49,899) Other comprehensive income (loss) before reclassification 7,755 (4,273) 12,385 15,867 Amounts reclassified from other comprehensive loss to net income 488 — (4,499) (4,011) Net current period other comprehensive (loss) income 8,243 (4,273) 7,886 11,856 Ending balance net of tax $ (12,800) $ (32,352) $ 7,109 $ (38,043) March 31, 2022 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (37,356) $ (21,776) $ (854) (59,986) Other comprehensive income (loss) before reclassification 15,398 (6,303) 5,922 15,017 Amounts reclassified from other comprehensive loss to net income 915 — (5,845) (4,930) Net current period other comprehensive (loss) income 16,313 (6,303) 77 10,087 Ending balance net of tax $ (21,043) $ (28,079) $ (777) $ (49,899) Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2023 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 $ 652 (1) 652 Total before tax (164) Tax benefit $ 488 Net of tax Change in derivatives qualifying as hedges $ 267 Cost of products sold (3,144) Interest expense (3,096) Foreign currency (5,973) Total before tax 1,474 Tax benefit $ (4,499) 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, 2022 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 $ 1,237 (1) 1,237 Total before tax (322) Tax benefit $ 915 Net of tax Change in derivatives qualifying as hedges $ 85 Cost of products sold 2,868 Interest expense (11,250) Foreign currency (8,297) Total before tax 2,452 Tax benefit $ (5,845) 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 Prono
Effects of New Accounting Pronouncements | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Effects of New Accounting Pronouncements | Effects of New Accounting Pronouncements Topics not yet adopted In December 2022, the FASB issued ASU 2022-06, " Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 " from December 31, 2022 to December 31, 2024, which is superseding the date from ASU No. 2020-04, " Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ." This 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, 2024. We are currently evaluating the impact the standard will have on our consolidated financial statements if we chose to elect. In October 2021, the FASB issued ASU No. 2021-08, " Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II—Valuation and qualifying accounts March 31, 2023, 2022, and 2021 Dollars in thousands Additions Description Balance at Charged to Costs and Expenses Charged Acquisition/Divestiture Deductions Balance Year ended March 31, 2023: Deducted from asset accounts: Allowance for doubtful accounts $ 5,717 $ 1,055 $ (96) $ — $ 3,056 (1) $ 3,620 Deferred tax asset valuation allowance 16,147 77 (246) — — 15,978 Total $ 21,864 $ 1,132 $ (342) $ — $ 3,056 $ 19,598 Reserves on balance sheet: Accrued general and product liability costs, net of insurance recoveries $ 13,414 $ 3,025 $ — $ — $ 3,608 (2) $ 12,831 Year ended March 31, 2022: Deducted from asset accounts: Allowance for doubtful accounts $ 5,686 $ 1,929 $ (170) $ 227 $ 1,955 (1) $ 5,717 Deferred tax asset valuation allowance 15,103 242 255 547 — 16,147 Total $ 20,789 $ 2,171 $ 85 $ 774 $ 1,955 $ 21,864 Reserves on balance sheet: Accrued general and product liability costs, net of insurance recoveries $ 13,175 $ 6,648 $ — $ — $ 6,409 (2) $ 13,414 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 _________________ (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, 2023 | |
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 6% of the Company’s employees are represented by two separate U.S. collective bargaining agreements which expire in May 2024 and September 2024. We also have various labor agreements with our non-U.S. employees that we negotiate from time to time. |
Consolidation | Consolidation |
Schedule of Equity Method Investments [Line Items] | Equity Method Investment |
Foreign Currency Translations | Foreign Currency Translations The Company translates for eign currency financial statements as described in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 830, “Foreign Currency Matters.” Under this me thod, 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 |
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, 2023, the Company’s one segment is subdivided into three reporting units. An impairment charge is recorded if 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. In order to perform the quantitative impairment tests for the Rest of Products, Precision Conveyance and Duff Norton reporting units, the Company uses the discounted cash flow method to estimate fair value. The discounted cash flow method incorporates various assumptions, the most significant being projected revenue growth rates, EBITDA margins and cash flows, the terminal growth rate, and the weighted-average cost of capital. The Company projects discounted cash flows based on each reporting unit's current business, expected developments, and operational strategies over a five to seven-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 weighted-average cost of capital 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, 2023 and determined that the quantitative goodwill impairment test was required for the Rest of Products, Duff-Norton and Precision Conveyance reporting units. Based on results of the quantitative impairment test for the reporting units, the Company determined the fair value was not less than its carrying value. Refer to Note 5 for valuation techniques and significant inputs and Note 9 for further discussion of goodwill and intangibles.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 impairment testing. In assessing long-lived assets for impairment, management considered the Company’s product line |
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. 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 we determined that economic factors indicate that the fair value of our indefinite-lived intangible assets may have declined since our last quantitative test. We performed the quantitative test as of February 28, 2023 and determined that the trademarks were not impaired. Refer to Note 9 for further details. |
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. |
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. 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 receivables 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," 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 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. 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 | 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 Note 4 to the financial statements, 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, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Product Warranty Liability | Changes in the Company’s product warranty accrual are as follows: March 31, 2023 2022 Balance at beginning of year $ 2,173 $ 3,328 Accrual for warranties issued 1,199 1,274 Warranties settled (1,489) (2,538) Foreign currency translation (56) 109 Balance at end of year $ 1,827 $ 2,173 |
Acquisitions (Tables)
Acquisitions (Tables) | 4 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | ||
Schedule of Business Acquisitions, by Acquisition | The assignment of purchase consideration to the assets acquired and liabilities assumed is as follows (in thousands): Cash $ 907 Working Capital 1,709 Property, plant, and equipment, net 3,072 Intangible assets 21,350 Other assets 1,382 Other liabilities (1,905) Goodwill 40,832 Total $ 67,347 Acquisitions - subsequent to March 31, 2023 On April 26, 2023, the Company announced that it has executed a definitive agreement to acquire montratec, a leading automation solutions company that designs and develops intelligent automation and transport systems for interlinking industrial production and logistics processes. montratec provides its modular, intelligent monorail transport systems for the electric vehicle (EV), semiconductor, electronics, life sciences, aerospace and other industries. The all-cash transaction is expected to be valued at approximately $110,000,000 million at closing using current exchange rates plus an earnout in an amount expected not to exceed $14,000,000 million based on EBITDA performance. The transaction is expected to close by May 31, 2023, subject to typical closing conditions requirements. Acquisition expenses incurred by the Company were immaterial through March 31, 2023 and have been recorded in General and administrative expenses. To finance the montratec acquisition, the Company expanded its New Revolving Credit Facility by $75 million. The Company has drawn on the expanded New Revolving Credit facility to initially fund the acquisition on May 31, 2023. In addition, the Company plans to raise approximately $50 million in additional debt by June 30, 2023 through the securitization of certain of the Company's U.S. customer accounts receivable balances. The Company intends to use these proceeds to partially repay borrowings under its New Revolving Credit Facility. Disposals As part of its operations strategy, the Company is consolidating its manufacturing footprint. 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 Lisbon, Ohio consolidation was completed during the third quarter of fiscal 2021. During fiscal 2022, the Company sold its former manufacturing facility in Lisbon, Ohio for $461,000. This resulted in a gain of $375,000 which is included in Cost of products sold on the Consolidated Statements of Operations. | The assignment of purchase consideration to the assets acquired and liabilities assumed is as follows (in thousands): Cash $ 8,058 Working Capital 20,218 Property, plant, and equipment, net 26,104 Intangible assets 190,000 Other assets 658 Other liabilities (896) Finance lease liabilities (14,582) Deferred and other taxes, net (35,689) Goodwill $ 287,141 Total $ 481,012 |
Fair value Measurements (Tables
Fair value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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 31, 2023 (Level 1) (Level 2) (Level 3) Assets/(Liabilities) Marketable securities $ 10,368 $ 10,368 $ — $ — Annuity contract 1,612 — 1,612 — Derivative assets (liabilities): Foreign exchange contracts 97 — 97 — Interest rate swap 10,475 — 10,475 — Cross currency swap (2,102) — (2,102) — Disclosed at fair value: Term loan $ (460,825) $ — $ (460,825) $ — Fair value measurements at reporting date using Quoted prices in Significant Significant Description At March 31, 2022 (Level 1) (Level 2) (Level 3) Assets/(Liabilities) Marketable securities 10,294 $ 10,294 $ — $ — Annuity contract 1,884 — 1,884 — Derivative assets (liabilities): Foreign exchange contracts (217) — (217) — Interest rate swap 3,613 — 3,613 — Cross currency swap (8,713) — (8,713) — Disclosed at fair value: Term loan $ (497,534) $ — $ (497,534) $ — The Company did not have any non-financial assets and liabilities that are recognized at fair value on a recurring basis. At March 31, 2023, the Term Loan and New 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 2023 Non-Recurring Measurements The fair value of the net assets of the Company’s Rest of Products, Precision Conveyor and Duff-Norton reporting units were calculated on a non-recurring basis. These measurements have been used to 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.” The Fiscal 2023 goodwill impairment test consisted of determining the fair values of the Rest of Products, Precision Conveyor 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 weighted 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, Precision Conveyor 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 and the weighted-average cost of capital used to discount future cash flows. The estimates used are disclosed below: Rest of Products Reporting Unit Precision Conveyor Reporting Unit Duff-Norton Reporting Unit Compound annual growth rate 6.73 % 9.82 % 9.14 % Terminal value growth rate 3.0 % 3.0 % 3.5 % Weighted-average cost of capital 11.8 % 13.2 % 10.4 % We further test our indefinite-lived intangible asset balance of $46,338,000 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. Fiscal 2022 Non-Recurring Measurements Assets and liabilities that were measured on a non-recurring basis during fiscal 2022 include assets and liabilities acquired in connection with the acquisitions of Dorner on April 7, 2021 and Garvey on December 1, 2021, described in Note 3. The estimated fair values allocated to the assets acquired and liabilities assumed relied upon fair value measurements based primarily on Level 3 inputs. The valuation techniques used to allocate fair values to working capital items; property, plant, and equipment; and identifiable intangible assets included the cost approach, market approach, and other income approaches. For identifiable intangible assets these techniques included the multi-period excess earnings approach, the relief from royalty approach, and other income approaches. The valuation techniques relied on a number of inputs which included the cost and condition of property, plant, and equipment and forecasted net sales and income. For the Dorner acquisition, significant valuation inputs included an attrition rate of 10.0% for customer relationships, an estimated royalty rate of 5.0% for technology, a royalty rate of 1.0% for trademark and trade names, and a weighted average cost of capital of 11.0%. For the Garvey acquisition, significant valuation inputs included an attrition rate of 33.0% for customer relationships, an estimated engineering cost per hour of $37.50 for engineered drawings, royalty rates ranging from 0.75% to 1.5% for trademarks and trade names, a royalty rate of 4.5% for patents, and a weighted average cost of capital of 13.6%. |
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 31, 2023 (Level 1) (Level 2) (Level 3) Assets/(Liabilities) Marketable securities $ 10,368 $ 10,368 $ — $ — Annuity contract 1,612 — 1,612 — Derivative assets (liabilities): Foreign exchange contracts 97 — 97 — Interest rate swap 10,475 — 10,475 — Cross currency swap (2,102) — (2,102) — Disclosed at fair value: Term loan $ (460,825) $ — $ (460,825) $ — Fair value measurements at reporting date using Quoted prices in Significant Significant Description At March 31, 2022 (Level 1) (Level 2) (Level 3) Assets/(Liabilities) Marketable securities 10,294 $ 10,294 $ — $ — Annuity contract 1,884 — 1,884 — Derivative assets (liabilities): Foreign exchange contracts (217) — (217) — Interest rate swap 3,613 — 3,613 — Cross currency swap (8,713) — (8,713) — Disclosed at fair value: Term loan $ (497,534) $ — $ (497,534) $ — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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 year ending March 31, 2023 and March 31, 2022 (in thousands): March 31, Allowance for doubtful accounts 2023 2022 April 1, beginning balance $ 5,717 $ 5,686 Bad debt expense 1,055 1,929 Less uncollectible accounts written off, net of recoveries (3,056) (1,955) Allowance recorded from acquisitions — 227 Other (1) (96) (170) March 31, ending balance $ 3,620 $ 5,717 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table illustrates the balance and related activity for customer advances in fiscal 2023 and 2022 (in thousands): Customer advances (contract liabilities) March 31, 2023 2022 Beginning balance $ 22,453 $ 15,373 Additional customer advances received 67,721 51,850 Revenue recognized from customer advances included in the beginning balance (22,453) (15,373) Other revenue recognized from customer advances (40,444) (43,569) Customer advances recorded from Dorner and Garvey acquisitions — 14,750 Other (1) (274) (578) Ending balance $ 27,003 $ 22,453 |
Disaggregation of Revenue [Table Text Block] | The following table illustrates the disaggregation of revenue by product grouping for the years ending March 31, 2023, 2022 and 2021 (in thousands): Year Ended March 31, Net Sales by Product Grouping 2023 2022 2021 Industrial Products $ 330,295 $ 334,866 $ 271,414 Crane Solutions 366,277 339,400 298,135 Precision Conveyors Products 149,586 144,587 — Engineered Products 89,963 87,604 79,989 All other 119 98 104 Total $ 936,240 $ 906,555 $ 649,642 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consisted of the following: March 31, 2023 2022 At cost—FIFO basis: Raw materials $ 142,490 $ 129,015 Work-in-process 26,323 28,093 Finished goods 39,714 36,661 208,527 193,769 LIFO cost less than FIFO cost (29,168) (21,630) Net inventories $ 179,359 $ 172,139 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment | Consolidated property, plant, and equipment of the Company consisted of the following: March 31, 2023 2022 Land and land improvements $ 5,467 $ 5,610 Buildings 60,899 57,549 Machinery, equipment, and leasehold improvements 249,379 249,793 Construction in progress 10,344 14,248 326,089 327,200 Less accumulated depreciation 231,729 229,274 Net property, plant, and equipment $ 94,360 $ 97,926 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | A summary of changes in goodwill during the years ended March 31, 2023 and 2022 is as follows: Balance at April 1, 2021 $ 331,176 Acquisition of Dorner (Refer to Note 3) $ 287,141 Acquisition of Garvey (Refer to Note 3) $ 41,216 Currency Translation $ (10,684) Balance at March 31, 2022 648,849 Working capital adjustment for Garvey (Refer to Note 3) 1,616 Garvey contingent payment reclassification (Refer to Note 3) (2,000) Currency translation (3,836) Balance at March 31, 2023 $ 644,629 |
Schedule of Indefinite-Lived Intangible Assets | Identifiable intangible assets at March 31, 2023 are summarized as follows (in thousands): Gross Accumulated Net Trademark $ 19,478 $ (6,315) $ 13,163 Indefinite-lived trademark 46,338 — 46,338 Customer relationships 322,658 (88,685) 233,973 Acquired technology 96,291 (27,945) 68,346 Other 3,585 (2,868) 717 Balance at March 31, 2023 $ 488,350 $ (125,813) $ 362,537 Identifiable intangible assets at March 31, 2022 were as follows (in thousands): Gross Accumulated Net Trademark $ 19,529 $ (5,032) $ 14,497 Indefinite-lived trademark 46,721 — 46,721 Customer relationships 325,431 (71,202) 254,229 Acquired technology 96,433 (21,789) 74,644 Other 3,476 (2,779) 697 Balance at March 31, 2022 $ 491,590 $ (100,802) $ 390,788 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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 Operation for the years ended March 31, 2023, 2022, and 2021 (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, 2023 Foreign exchange contracts $ 57 Cost of products sold $ (201) 2023 Interest rate swap $ 7,295 Interest expense $ 2,368 2023 Cross currency swap $ 5,033 Foreign currency exchange loss (gain) $ 2,332 2022 Foreign exchange contracts $ (193) Cost of products sold $ (60) 2022 Interest rate swap $ 2,567 Interest expense $ (2,020) 2022 Cross currency swap $ 3,548 Foreign currency exchange loss (gain) $ 7,925 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) |
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, 2023 and 2022 (in thousands): Fair Value of Asset (Liability) Derivatives Designated as Balance Sheet Location 2023 2022 Foreign exchange contracts Other Assets $ 136 $ — Foreign exchange contracts Accrued Liabilities (39) (217) Interest rate swap Prepaid expenses and other 7,644 859 Interest rate swap Other Assets 3,218 4,512 Interest rate swap Accrued Liabilities (387) (1,371) Interest rate swap Other non current liabilities — (387) Cross currency swap Prepaid expenses and other 168 — Cross currency swap Accrued liabilities — (170) Cross currency swap Other non current liabilities (2,270) (8,543) |
Accrued Liabilities and Other_2
Accrued Liabilities and Other Non-current Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Consolidated accrued liabilities of the Company consisted of the following: March 31, 2023 2022 Accrued payroll $ 39,713 $ 38,984 Accrued income taxes payable 9,152 11,797 Accrued health insurance 2,216 2,246 Accrued general and product liability costs 4,900 3,900 Customer advances, deposits, and rebates 27,827 22,908 Current ROU lease liabilities 7,966 7,965 Cross currency swap — 170 Other accrued liabilities 32,543 30,217 $ 124,317 $ 118,187 Consolidated other non-current liabilities of the Company consisted of the following: March 31, 2023 2022 Accumulated postretirement benefit obligation $ 826 $ 1,013 Accrued general and product liability costs 16,203 18,675 Accrued pension cost 70,660 86,674 Cross currency swap 2,270 8,543 Deferred income tax 45,999 41,645 Non-current ROU lease liabilities 46,524 23,711 Other non-current liabilities 9,531 12,349 $ 192,013 $ 192,610 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Consolidated long-term debt of the Company consisted of the following: March 31, 2023 2022 Term loan 462,560 502,560 Unamortized deferred financing costs, net (4,508) (5,425) Total debt 458,052 497,135 Less: current portion 40,000 40,000 Total debt, less current portion $ 418,052 $ 457,135 |
Schedule of Maturities of Long-term Debt | The principal payments obligated to be made as of March 31, 2023 on the Term Loan B facility are as follows: 2024 $ 5,260 2025 $ 5,260 2026 $ 5,260 2027 $ 5,260 Thereafter 441,520 $ 462,560 In connection with Dorner acquisition, the Company recorded a finance lease for a manufacturing facility in Hartland, WI under a 23 year lease agreement, which terminates in 2035. The outstanding balance on the finance lease obligation is $13,541,000 as of March 31, 2023 of which $ 604,000 Leases , for further details. |
Net Periodic Benefit Cost (Tabl
Net Periodic Benefit Cost (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 356,974 $ 404,841 Service cost 707 980 Interest cost 11,312 10,130 Actuarial (gain) loss (42,652) (30,482) Benefits paid (23,980) (23,200) Foreign exchange rate changes (2,151) (5,295) Benefit obligation at end of year $ 300,210 $ 356,974 Change in plan assets: Fair value of plan assets at beginning of year $ 271,985 $ 286,678 Actual gain (loss) on plan assets (20,735) 3,048 Employer contribution 4,796 5,442 Benefits paid (23,980) (23,200) Foreign exchange rate changes (399) 17 Fair value of plan assets at end of year $ 231,667 $ 271,985 Funded status $ (68,543) $ (84,989) Unrecognized actuarial loss 17,169 29,230 Net amount recognized $ (51,374) $ (55,759) 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. There was no remaining asset surplus from the terminated plan as of March 31, 2023. The remaining surplus of $2,176,000 as of March 31, 2022, was 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, 2023 2022 Other assets $ 5,832 $ 5,208 Accrued liabilities (3,715) (3,523) Other non-current liabilities (70,660) (86,674) Accumulated other comprehensive loss, before tax 17,169 29,230 Net amount recognized $ (51,374) $ (55,759) Net periodic pension cost included the following components: Year Ended March 31, 2023 2022 2021 Service costs—benefits earned during the period $ 707 $ 980 $ 1,092 Interest cost on projected benefit obligation 11,312 10,130 11,527 Expected return on plan assets (10,844) (13,037) (12,787) Net amortization 851 1,457 3,234 Settlement (62) — 19,038 Net periodic pension cost (benefit) $ 1,964 $ (470) $ 22,104 Information for pension plans with a projected benefit obligation in excess of plan assets is as follows: March 31, 2023 2022 Projected benefit obligation $ 176,201 $ 211,307 Fair value of plan assets 101,826 121,110 Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows: March 31, 2023 2022 Accumulated benefit obligation $ 173,149 $ 207,612 Fair value of plan assets 101,826 121,110 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: 2023 2022 2021 Discount rate 4.82 % 3.35 % 2.62 % Expected long-term rate of return on plan assets 4.13 % 4.70 % 4.60 % Rate of compensation increase on active plans 3.00 % 2.76 % 2.76 % Interest crediting rates used in cash balance pension plans 4.04 % 1.05 % 1.10 % The Company’s retirement plan target and actual asset allocations are as follows: Target Actual 2024 2023 2022 Equity securities 22%-12% 22% 34% Fixed income securities 88% - 78% 78% 66% Total plan assets 100% 100% 100% Information about the expected benefit payments for the Company’s defined benefit plans is as follows: 2024 $ 23,152 2025 23,105 2026 23,140 2027 23,109 2028 22,891 2029-2033 108,124 The fair values of the Company’s defined benefit plans’ consolidated assets by asset category as of March 31 were as follows: March 31, 2023 2022 Asset categories: Equity securities $ 41,850 $ 80,020 Fixed income securities 178,904 178,155 Alternative real estate 8,565 11,849 Cash equivalents 2,348 1,961 Total $ 231,667 $ 271,985 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The fair values by category of inputs as of March 31, 2023 and March 31, 2022 were as follows: Measured at NAV (1) Quoted Prices Significant other Significant As of March 31, 2023: (Level 1) (Level 2) (Level 3) Total Asset categories: Equity securities $ 14,274 $ 27,576 $ — $ — $ 41,850 Fixed income securities 25,936 7,064 145,904 — 178,904 Alternative real estate 8,565 — — — 8,565 Cash equivalents — 2,348 — — 2,348 Total $ 48,775 $ 36,988 $ 145,904 $ — $ 231,667 (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, 2022: (Level 1) (Level 2) (Level 3) Total Asset categories: Equity securities $ 33,321 $ 46,699 $ — $ — $ 80,020 Fixed income securities 26,312 17,013 133,670 1,160 178,155 Alternative real estate 11,849 — — — 11,849 Cash equivalents — 1,961 — — 1,961 Total $ 71,482 $ 65,673 $ 133,670 $ 1,160 $ 271,985 |
Earnings Per Share and Stock _2
Earnings Per Share and Stock Plans (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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: 2023 2022 2021 Net income $ 48,429 $ 29,660 $ 9,106 Denominators: Weighted-average common stock outstanding— denominator for basic EPS 28,600 28,040 23,897 Effect of dilutive employee stock options, RSU's and performance shares 218 361 276 Adjusted weighted-average common stock outstanding and assumed conversions— denominator for diluted EPS 28,818 28,401 24,173 |
Schedule of Stock Options Roll Forward | A summary of option transactions during each of the three fiscal years in the period ended March 31, 2023 is as follows: Shares Weighted- Weighted- Aggregate Outstanding at April 1, 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 Granted 159,643 54.06 Exercised (105,132) 25.24 Cancelled (32,540) 31.71 Outstanding at March 31, 2022 679,785 33.82 7.08 $ 15,294 Granted 394,586 34.91 Exercised (32,158) 22.15 Cancelled (67,042) 35.32 Outstanding at March 31, 2023 975,171 34.54 7.13 $ 5,497 Exercisable at March 31, 2023 446,720 $ 31.21 5.41 $ 3,717 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table provides certain information with respect to stock options outstanding at March 31, 2023: Stock Options Weighted-average Weighted-average Range of Exercise Prices $10.01 to 20.00 61,285 $ 15.26 3.07 $20.01 to 30.00 200,340 $ 25.17 5.61 $30.01 to $40.00 490,041 $ 33.77 7.78 $40.01 to $50.00 82,181 $ 42.77 8.94 $50.01 to $60.00 141,324 $ 54.26 7.76 975,171 $ 34.54 7.13 The following table provides certain information with respect to stock options exercisable at March 31, 2023: Range of Exercise Prices Stock Options Weighted- average Exercise Price per share $10.01 to 20.00 61,285 $ 15.26 $20.01 to 30.00 161,345 25.08 $30.01 to $40.00 166,837 35.14 $40.01 to $50.00 2,122 49.36 $50.01 to $60.00 55,131 54.26 446,720 $ 31.21 |
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 2023, 2022, and 2021: Year Ended March 31, 2023 Year Ended March 31, 2022 Year Ended March 31, 2021 Assumptions: Risk-free interest rate 2.53 % 0.35 % 0.23 % Dividend yield 0.81 % 0.44 % 0.90 % Volatility factor 0.330 0.372 0.380 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, 2023 is as follows: Shares Weighted-average Unvested at April 1, 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 Granted 133,082 49.98 Vested (138,407) 35.71 Forfeited (19,728) 35.41 Unvested at March 31, 2022 244,736 $ 39.86 Granted 161,582 31.61 Vested (132,953) 35.44 Forfeited (26,140) 38.15 Unvested at March 31, 2023 247,225 $ 37.02 |
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, 2023 is as follows: Shares Weighted-average Unvested at April 1, 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 Granted 41,322 52.01 Vested (18,296) 36.43 Forfeited (8,226) 30.25 Unvested at March 31, 2022 138,032 $ 35.35 Granted 67,606 33.03 Forfeited (26,633) 35.26 Unvested at March 31, 2023 179,005 $ 34.49 |
Loss Contingencies (Tables)
Loss Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 2021 Accrued general and product liability, beginning of year $ 22,575 $ 21,227 $ 11,944 Estimated insurance recoveries (889) 1,109 8,052 Add provision for claims 3,025 6,648 4,634 Deduct payments for claims (3,608) (6,409) (3,403) Accrued general and product liability, end of year $ 21,103 $ 22,575 $ 21,227 Estimated insurance recoveries (8,272) (9,160) (8,052) Net accrued general and product liability, end of year $ 12,831 $ 13,415 $ 13,175 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Investments, Owned, Federal Income Tax Note [Line Items] | |
Schedule of Unrecognized Tax Benefits Roll Forward | Changes in the Company’s uncertain income tax positions, excluding the related accrual for interest and penalties, are as follows: 2023 2022 2021 Beginning balance $ 414 $ 141 $ 132 Additions for prior year tax positions — 281 — Foreign currency translation (3) (8) 9 Ending balance $ 411 $ 414 $ 141 |
Schedule of Classification of Deferred Income Taxes in Consolidated Balance Sheet | Deferred income taxes are classified within the consolidated balance sheets based on the following breakdown: March 31, 2023 2022 Net non-current deferred tax assets $ 2,035 $ 2,313 Net non-current deferred tax liabilities (45,999) (41,645) Net deferred tax assets (liabilities) $ (43,964) $ (39,332) |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: March 31, 2023 2022 Deferred tax assets: Federal net operating loss carryforwards $ 12,908 $ 17,567 State and foreign net operating loss carryforwards 6,656 10,075 Employee benefit plans 11,609 16,625 Insurance reserves 3,500 3,609 Accrued vacation and incentive costs 4,071 3,682 Federal tax credit carryforwards 12,065 12,427 ASC 842 Lease Liability 16,544 10,872 Equity compensation 4,552 3,927 Capitalized Research and Development Costs 6,976 2,003 Interest Carryforwards 3,271 3,795 Other 1,073 2,596 Valuation allowance (15,978) (16,147) Deferred tax assets after valuation allowance 67,247 71,031 Deferred tax liabilities: Property, plant, and equipment (7,389) (4,917) ASC 842 Right-of-Use Asset (15,706) (10,130) Intangible assets (88,116) (95,316) Total deferred tax liabilities (111,211) (110,363) Net deferred tax assets (liabilities) $ (43,964) $ (39,332) |
Schedule of Income before Income Tax, Domestic and Foreign | The provision for income tax expense (benefit) consisted of the following: Year Ended March 31, 2023 2022 2021 Current income tax expense (benefit): United States Federal $ 7,772 $ (2,482) $ 810 State taxes 2,218 571 618 Foreign 16,356 12,666 8,246 Deferred income tax expense (benefit): United States (517) 1,139 (5,996) Foreign 217 (3,108) (2,708) $ 26,046 $ 8,786 $ 970 |
Schedule of Effective Income Tax Rate Reconciliation | The sources and tax effects of the differences were as follows: Year Ended March 31, 2023 2022 2021 Statutory federal income tax rate (1) 21.00 % 21.00 % 21.00 % Expected tax at statutory rate $ 15,640 $ 8,109 $ 2,116 State income taxes net of federal benefit 2,719 759 (450) Foreign taxes at rates other than statutory federal rate 1,757 1,027 287 Employee benefits 1,207 (202) (67) US Tax on foreign earnings 1,257 845 352 Permanent items (190) (1,161) (107) Valuation allowance (787) 300 84 Federal tax credits (1,539) (700) (700) Other 285 (114) (545) Tax audit adjustments (2) 2,523 — — Unremitted earnings 720 — — Return to provision adjustment 2,454 (77) — Actual tax provision expense $ 26,046 $ 8,786 $ 970 (1) Fiscal year 2022 and 2021 table amounts have been adjusted to be consistent with individual rate reconciling items disclosed for fiscal 2023. (2) For fiscal 2023, the Company settled income tax assessments related to tax periods prior to the Company's acquisition of STAHL. In accordance with the tax indemnification clause of the share purchase agreement, the Company received full reimbursement from STAHL’s prior owner which was recorded as a gain in Other (income) expense, net. |
Rental Expense and Lease Comm_2
Rental Expense and Lease Commitments (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future maturities of leases as of March 31, 2023, were as follows (in thousands): Year: Operating Leases Finance Lease 2024 $ 9,365 $ 1,200 2025 9,776 1,237 2026 8,708 1,274 2027 7,880 1,312 2028 7,417 1,351 Thereafter 27,592 11,657 Total undiscounted lease payments $ 70,738 $ 18,031 Less: imputed interest $ 16,248 $ 4,490 Present value of lease liabilities $ 54,490 $ 13,541 |
Lease, Cost [Table Text Block] | March 31, 2023 2022 Weighted-average remaining lease term (in years) Operating leases 7.97 5.51 Finance leases 12.58 13.58 Weighted-average discount rate Operating leases 5.54 % 3.78 % Finance leases 4.51 % 4.51 % Amounts recognized on the financial statements The following table illustrates the balance sheet classification for lease assets and liabilities as of March 31, 2023 and March 31, 2022, respectively (in thousands): March 31, 2023 2022 Operating leases: Other assets $ 53,551 $ 30,809 Accrued liabilities 7,966 7,965 Other non current liabilities 46,524 23,711 Total operating liabilities $ 54,490 $ 31,676 Finance leases: Net property, plant, and equipment $ 12,597 $ 13,525 Current portion of long-term debt and finance lease obligation 604 544 Term loan and finance lease obligations 12,937 13,540 Total finance liabilities $ 13,541 $ 14,084 |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow information related to leases is as follows (in thousands): Year ended March 31, 2023 Year ended March 31, 2022 Year ended March 31, 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 8,872 $ 9,059 $ 8,909 Cash paid for amounts included in the measurement of finance lease liabilities $ 1,166 $ 1,132 $ — ROU assets obtained in exchange for new operating lease liabilities $ 31,423 $ 5,364 $ 2,866 ROU assets obtained in exchange for new finance lease liabilities $ — $ 14,582 $ — |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 2021 Net sales: United States $ 595,363 $ 548,620 $ 348,986 Germany 175,294 188,134 164,380 Europe, Middle East, and Africa (Excluding Germany) 97,597 108,678 90,415 Canada 18,883 16,719 15,443 Asia Pacific 16,720 17,680 13,829 Latin America 32,383 26,724 16,589 Total $ 936,240 $ 906,555 $ 649,642 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, 2023 2022 2021 Total assets: United States $ 1,127,321 $ 1,105,956 $ 540,184 Germany 417,167 422,671 435,638 Europe, Middle East, and Africa (Excluding Germany) 81,413 85,678 125,262 Canada 12,668 15,651 8,647 Asia Pacific 16,063 18,575 19,326 Latin America 43,823 37,176 21,375 Total $ 1,698,455 $ 1,685,707 $ 1,150,432 Year Ended March 31, 2023 2022 2021 Long-lived assets: United States $ 791,835 $ 811,276 $ 269,061 Germany 295,233 312,288 336,606 Europe, Middle East, and Africa (Excluding Germany) 8,254 7,416 8,359 Canada 1,267 1,446 1,395 Asia Pacific 2,207 2,574 2,235 Latin America 2,730 2,563 1,635 Total $ 1,101,526 $ 1,137,563 $ 619,291 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, 2023 2022 2021 Hoists $ 456,300 $ 432,524 $ 394,682 High Precision Conveyors 149,586 144,587 — Chain and rigging tools 76,990 83,461 47,557 Industrial cranes 38,369 43,482 37,025 Actuators and rotary unions 84,663 84,999 75,458 Digital power control and delivery systems 102,962 98,445 74,943 Elevator application drive systems 27,370 19,057 19,977 Total $ 936,240 $ 906,555 $ 649,642 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 Foreign currency translation adjustment – net of tax $ (32,352) $ (28,080) Pension liability – net of tax (13,736) (21,794) Postretirement obligations – net of tax 1,769 1,836 Split-dollar life insurance arrangements – net of tax (833) (1,084) Derivatives qualifying as hedges – net of tax 7,109 (777) Accumulated other comprehensive loss $ (38,043) $ (49,899) Changes in accumulated other comprehensive income by component are as follows (in thousands): March 31, 2023 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (21,043) $ (28,079) $ (777) (49,899) Other comprehensive income (loss) before reclassification 7,755 (4,273) 12,385 15,867 Amounts reclassified from other comprehensive loss to net income 488 — (4,499) (4,011) Net current period other comprehensive (loss) income 8,243 (4,273) 7,886 11,856 Ending balance net of tax $ (12,800) $ (32,352) $ 7,109 $ (38,043) March 31, 2022 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (37,356) $ (21,776) $ (854) (59,986) Other comprehensive income (loss) before reclassification 15,398 (6,303) 5,922 15,017 Amounts reclassified from other comprehensive loss to net income 915 — (5,845) (4,930) Net current period other comprehensive (loss) income 16,313 (6,303) 77 10,087 Ending balance net of tax $ (21,043) $ (28,079) $ (777) $ (49,899) |
Reclassification out of Accumulated Other Comprehensive Income | Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2023 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 $ 652 (1) 652 Total before tax (164) Tax benefit $ 488 Net of tax Change in derivatives qualifying as hedges $ 267 Cost of products sold (3,144) Interest expense (3,096) Foreign currency (5,973) Total before tax 1,474 Tax benefit $ (4,499) 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, 2022 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 $ 1,237 (1) 1,237 Total before tax (322) Tax benefit $ 915 Net of tax Change in derivatives qualifying as hedges $ 85 Cost of products sold 2,868 Interest expense (11,250) Foreign currency (8,297) Total before tax 2,452 Tax benefit $ (5,845) 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, 2023 | |
Revenue from Contract with Customer Benchmark | United States | Geographic Concentration Risk | |
Percentage of sales to customers | 61% |
Accounting Principles and Pra_4
Accounting Principles and Practices (Narratives) (Details) | 12 Months Ended | ||
Mar. 31, 2023 USD ($) Collective_Bargaining_Agreement Reporting_Unit Segment | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Accounting Policies [Line Items] | |||
Standard and Extended Product Warranty Accrual | $ 1,827,000 | $ 2,173,000 | $ 3,328,000 |
Asset Impairment Charges | 232,000 | 375,000 | 2,638,000 |
Advertising expenses | $ 2,342,000 | $ 2,410,000 | 999,000 |
Number of reporting units | Reporting_Unit | 3 | ||
Percentage of LIFO inventory | 37% | 35% | |
Research and development costs | $ 20,935,000 | $ 15,351,000 | 12,405,000 |
Standard and Extended Product Warranty Accrual, Increase for Warranties Issued | 1,199,000 | 1,274,000 | |
Standard and Extended Product Warranty Accrual, Decrease for Payments | 1,489,000 | 2,538,000 | |
Foreign Currency Transaction Gain (Loss), before Tax | 2,189,000 | (1,574,000) | $ (941,000) |
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 | $ (56,000) | $ 109,000 | |
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 | 6% | ||
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, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | |||
Document Fiscal Year (linked throughout the document) - not tagged | 2023 | ||
Advertising Expense | $ 2,342 | $ 2,410 | $ 999 |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of year | 2,173 | 3,328 | |
Accrual for warranties issued | 1,199 | 1,274 | |
Warranties settled | (1,489) | (2,538) | |
Balance at end of year | $ 1,827 | $ 2,173 | $ 3,328 |
Acquisitions (Narratives) (Deta
Acquisitions (Narratives) (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||
Apr. 26, 2023 | Dec. 01, 2021 | May 04, 2021 | Apr. 07, 2021 | Jun. 30, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ (232,000) | $ (375,000) | $ (2,638,000) | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 936,240,000 | 906,555,000 | 649,642,000 | |||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 74,475,000 | 38,446,000 | 10,076,000 | |||||||
Net sales: | $ 936,240,000 | 906,555,000 | 649,642,000 | |||||||
Estimated useful life | 10 years | 15 years | 17 years | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | |||||||||
Long-term Debt | $ 497,135,000 | $ 458,052,000 | $ 497,135,000 | $ 497,135,000 | ||||||
Common Stock, Shares, Issued | 28,517,333 | 28,611,721 | 28,517,333 | 28,517,333 | ||||||
Voting common stock: 50,000,000 shares authorized; 28,611,721 and 28,517,333 shares issued and outstanding | $ 285,000 | $ 286,000 | $ 285,000 | $ 285,000 | ||||||
Extinguishment of Debt, Amount | 0 | 14,803,000 | 0 | |||||||
Gross balance of deferred costs | $ 6,323,000 | |||||||||
Stock Issued During Period, Shares, New Issues | 4,312,500 | 4,312,500 | ||||||||
Proceeds from Issuance of Common Stock | $ 207,000,000 | |||||||||
Operating Income (Loss) | 97,841,000 | 73,781,000 | 42,255,000 | |||||||
Cost of Goods and Services Sold | 594,141,000 | 590,825,000 | 429,417,000 | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 0 | 0 | 970,000 | 0 | ||||||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 45 days | |||||||||
Bridge Loan | $ 650,000,000 | |||||||||
Goodwill | 648,849,000 | 644,629,000 | 648,849,000 | 648,849,000 | 331,176,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 481,012,000 | 67,347,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 907,000 | 8,058,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 1,709,000 | 20,218,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,072,000 | 26,104,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 21,350,000 | 190,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,382,000 | 658,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (1,905,000) | (896,000) | ||||||||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | (14,582,000) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (35,689,000) | |||||||||
Debt Instrument, Increase (Decrease), Other, Net | 75,000,000 | |||||||||
Proceeds from Sales of Assets, Investing Activities | 373,000 | 461,000 | 5,453,000 | |||||||
Acquisition Costs, Period Cost | 8,908,000 | |||||||||
Carrying amount of the Company's revolving credit facility | 502,560,000 | 462,560,000 | 502,560,000 | 502,560,000 | ||||||
Dorner | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 287,141,000 | 287,141,000 | 287,141,000 | 287,141,000 | 287,141,000 | |||||
Garvey | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 41,216,000 | |||||||||
Cost of Goods and Service, Product and Service Benchmark | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 521,000 | |||||||||
Selling and Marketing Expense [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 350,000 | |||||||||
General and Administrative Expense | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 74,000 | |||||||||
Business Combination, Acquisition Related Costs | 376,000 | |||||||||
Research and Development Expense | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 25,000 | |||||||||
Line of Credit | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Extinguishment of Debt, Amount | 326,000 | |||||||||
Gross balance of deferred costs | 4,027,000 | |||||||||
Bridge Loan | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Extinguishment of Debt, Amount | 8,531,000 | |||||||||
First Lien Facilities | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Carrying amount of the Company's revolving credit facility | 750,000,000 | |||||||||
United States | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Net sales: | $ 595,363,000 | $ 548,620,000 | $ 348,986,000 | |||||||
Engineered drawings | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated useful life | 5 years | |||||||||
Finite-lived Intangible Assets Acquired | 330,000 | |||||||||
Customer relationships | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated useful life | 17 years | |||||||||
Customer Receipts | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | 8,200,000 | 137,000,000 | ||||||||
Acquired technology | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated useful life | 16 years | |||||||||
Finite-lived Intangible Assets Acquired | 45,000,000 | |||||||||
Trade Names | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | 8,000,000 | |||||||||
Technology Service | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | 4,670,000 | |||||||||
Trademark | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated useful life | 14 years | |||||||||
Finite-lived Intangible Assets Acquired | 3,610,000 | |||||||||
Patents | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | 2,440,000 | |||||||||
Order or Production Backlog | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived Intangible Assets Acquired | $ 2,100,000 | |||||||||
STAHL [Member] | Line of Credit | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Secured Long-term Debt, Noncurrent | $ (445,000,000) | |||||||||
STAHL [Member] | New Revolving Credit Facility | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Secured Long-term Debt, Noncurrent | (100,000,000) | |||||||||
Dorner | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 132,014,000 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 481,012,000 | |||||||||
Operating Income (Loss) | 12,451,000 | |||||||||
Severance Costs | 218,000 | |||||||||
Cost of Goods and Services Sold | $ 2,981,000 | |||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 8,000,000 | |||||||||
Acquisition Costs, Period Cost | 0 | |||||||||
Dorner | Forecast | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Stock Issued During Period, Value, New Issues | $ 198,705,000 | |||||||||
Garvey | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 40,832,000 | |||||||||
Payments to Acquire Business Two, Net of Cash Acquired | 67,347,000 | |||||||||
Cash Acquired from Acquisition | $ 907,000 | |||||||||
Business Combination, Contingent Consideration, Liability | 2,000,000 | |||||||||
Payments for (Proceeds from) Previous Acquisition | 1,616,000 | |||||||||
Acquisition Costs, Period Cost | 0 | |||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1,230,000 | |||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 2,000,000 | |||||||||
montratec | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Secured Long-term Debt, Noncurrent | (50,000,000) | |||||||||
montratec | Forecast | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Price of Acquisition, Expected | $ 110,000,000 | |||||||||
Asset Acquisition, Price of Acquisition, Expected | 14,000,000 | |||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 75,000,000 | |||||||||
montratec | General and Administrative Expense | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Transaction Costs | 0 | |||||||||
Goodwill [Member] | Garvey | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | $ 384,000 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | |||
Net income | $ 48,429 | $ 29,660 | $ 9,106 |
Goodwill | $ 644,629 | $ 648,849 | $ 331,176 |
Earnings Per Share, Basic | $ 1.69 | $ 1.06 | $ 0.38 |
Earnings Per Share, Diluted | $ 1.68 | $ 1.04 | $ 0.38 |
Accrued liabilities | $ 124,317 | $ 118,187 | |
Acquisition Costs, Period Cost | $ 8,908 |
Divestitures Disposals (Details
Divestitures Disposals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 936,240 | $ 906,555 | $ 649,642 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 74,475 | $ 38,446 | $ 10,076 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narratives) (Details) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 01, 2021 USD ($) | Apr. 07, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Indefinite-lived trademark | $ 46,338,000 | $ 46,721,000 | ||
Garvey | Other | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Goodwill, Fair Value Disclosure | $ 37.50 | |||
Measurement Input, Cap Rate [Member] | Dorner | Acquired technology | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.050 | |||
Measurement Input, Cap Rate [Member] | Dorner | Trademarks and Trade Names | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.010 | |||
Measurement Input, Cap Rate [Member] | Garvey | Patents | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.045 | |||
Measurement Input, Cap Rate [Member] | Garvey | Minimum | Trademarks and Trade Names | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.0075 | |||
Measurement Input, Cap Rate [Member] | Garvey | Maximum | Trademarks and Trade Names | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.015 | |||
Measurement Input, Discount Rate [Member] | Rest of Products [Member] | Goodwill [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.118 | |||
Measurement Input, Discount Rate [Member] | Duff Norton Group [Member] | Goodwill [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.104 | |||
Measurement Input, Discount Rate [Member] | Dorner | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.110 | |||
Measurement Input, Discount Rate [Member] | Garvey | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.136 | |||
Measurement Input, Discount Rate [Member] | Precision Conveyor Products | Goodwill [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.132 | |||
Measurement Input, Lapse Rate | Rest of Products [Member] | Goodwill [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.030 | |||
Measurement Input, Lapse Rate | Duff Norton Group [Member] | Goodwill [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.035 | |||
Measurement Input, Lapse Rate | Dorner | Customer relationships | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.100 | |||
Measurement Input, Lapse Rate | Garvey | Customer relationships | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.330 | |||
Measurement Input, Lapse Rate | Precision Conveyor Products | Goodwill [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.030 | |||
Measurement Input, Long-term Revenue Growth Rate [Member] | Rest of Products [Member] | Goodwill [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.0673 | |||
Measurement Input, Long-term Revenue Growth Rate [Member] | Duff Norton Group [Member] | Goodwill [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.0914 | |||
Measurement Input, Long-term Revenue Growth Rate [Member] | Precision Conveyor Products | Goodwill [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Significant Valuation Input, Rate | 0.0982 | |||
Variable Annuity [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other Assets, Fair Value Disclosure | $ 1,612,000 | 1,884,000 | ||
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 | $ 1,612,000 | $ 1,884,000 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and liabilities measured at fair value on recurring bases) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | $ 10,368 | $ 10,294 |
(Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 10,368 | 10,294 |
(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 | 1,612 | 1,884 |
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 | 1,612 | 1,884 |
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 | 97 | 217 |
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 | 97 | 217 |
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 | (460,825) | (497,534) |
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 | (460,825) | (497,534) |
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 | 10,475 | |
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 | 10,475 | |
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 | (2,102) | (8,713) |
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 | (2,102) | (8,713) |
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 | 3,613 | |
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 | 3,613 | |
Assets [Member] | Interest Rate Swap [Member] | (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets | $ 0 |
Revenue Recognition (Details)
Revenue Recognition (Details) | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | ||
Contract with Customer, Asset, Net, Current | $ 2,944,000 | $ 2,410,000 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 936,240,000 | 906,555,000 | $ 649,642,000 | |
Contract with Customer, Liability, Current | 27,003,000 | 22,453,000 | 15,373,000 | |
Proceeds from Customers for Progress Payments | 67,721,000 | 51,850,000 | ||
Contract with Customer, Liability, Revenue Recognized | (22,453,000) | (15,373,000) | ||
Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination | 0 | 14,750,000 | ||
Increase (Decrease) in Deferred Revenue and Customer Advances and Deposits | 274,000 | (578,000) | ||
Accounts Receivable, Allowance for Credit Loss, Current | 3,620,000 | 5,717,000 | 5,686,000 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 1,132,000 | 2,171,000 | 2,495,000 | |
Deductions | (3,056,000) | (1,955,000) | (1,973,000) | |
Charged to Other Accounts | (342,000) | (85,000) | (175,000) | |
Revenue, Remaining Performance Obligation, Amount | $ 14,524,000 | |||
Revenue, Remaining Performance Obligation, Percentage | 31% | |||
Standard Product Contract Terms, Minimum | 30 | |||
Standard Product Contract Terms, Maximum | 60 | |||
Operating Income (Loss) | ||||
Lease, Cost | $ 1,001,000 | 984,000 | ||
Accrued Liabilities | Foreign Exchange Contract [Member] | Derivatives Designated as Hedging Instruments | ||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 39,000 | 217,000 | ||
Accrued Liabilities | Interest Rate Swap [Member] | Derivatives Designated as Hedging Instruments | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (387,000) | (1,371,000) | ||
Accrued Liabilities | Currency Swap [Member] | Derivatives Designated as Hedging Instruments | ||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | 170,000 | ||
Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap [Member] | Derivatives Designated as Hedging Instruments | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 7,644,000 | 859,000 | ||
Prepaid Expenses and Other Current Assets [Member] | Currency Swap [Member] | Derivatives Designated as Hedging Instruments | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 168,000 | 0 | ||
Prepaid expenses and other | Foreign Exchange Contract [Member] | Derivatives Designated as Hedging Instruments | ||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (136,000) | 0 | ||
Prepaid expenses and other | Interest Rate Swap [Member] | Derivatives Designated as Hedging Instruments | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 3,218,000 | 4,512,000 | ||
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | Derivatives Designated as Hedging Instruments | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | (387,000) | ||
Other Noncurrent Liabilities [Member] | Currency Swap [Member] | Derivatives Designated as Hedging Instruments | ||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (2,270,000) | (8,543,000) | ||
Allowance for doubtful accounts | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 1,055,000 | 1,929,000 | 2,411,000 | |
Deductions | [1] | (3,056,000) | (1,955,000) | (1,973,000) |
Business Combination, Acquired Receivables, Estimated Uncollectible | 0 | 227,000 | ||
Charged to Other Accounts | $ (96,000) | (170,000) | (192,000) | |
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 | $ (40,444,000) | (43,569,000) | ||
Engineered Products [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 89,963,000 | 87,604,000 | 79,989,000 | |
All other [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 119,000 | 98,000 | 104,000 | |
Crane Solutions [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 366,277,000 | 339,400,000 | 298,135,000 | |
Industrial Products [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 330,295,000 | 334,866,000 | 271,414,000 | |
Precision Conveyor Products | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 149,586,000 | $ 144,587,000 | $ 0 | |
[1] SCHEDULE II—Valuation and qualifying accounts March 31, 2023, 2022, and 2021 Dollars in thousands Additions Description Balance at Charged to Costs and Expenses Charged Acquisition/Divestiture Deductions Balance Year ended March 31, 2023: Deducted from asset accounts: Allowance for doubtful accounts $ 5,717 $ 1,055 $ (96) $ — $ 3,056 (1) $ 3,620 Deferred tax asset valuation allowance 16,147 77 (246) — — 15,978 Total $ 21,864 $ 1,132 $ (342) $ — $ 3,056 $ 19,598 Reserves on balance sheet: Accrued general and product liability costs, net of insurance recoveries $ 13,414 $ 3,025 $ — $ — $ 3,608 (2) $ 12,831 Year ended March 31, 2022: Deducted from asset accounts: Allowance for doubtful accounts $ 5,686 $ 1,929 $ (170) $ 227 $ 1,955 (1) $ 5,717 Deferred tax asset valuation allowance 15,103 242 255 547 — 16,147 Total $ 20,789 $ 2,171 $ 85 $ 774 $ 1,955 $ 21,864 Reserves on balance sheet: Accrued general and product liability costs, net of insurance recoveries $ 13,175 $ 6,648 $ — $ — $ 6,409 (2) $ 13,414 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 _________________ (1) Uncollectible accounts written off, net of recoveries (2) Insurance claims and expenses paid |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 142,490 | $ 129,015 | |
Work-in-process | 26,323 | 28,093 | |
Finished goods | 39,714 | 36,661 | |
Inventory, Gross | 208,527 | 193,769 | |
LIFO cost less than FIFO cost | (29,168) | (21,630) | |
Net inventories | 179,359 | 172,139 | |
Business Acquisition [Line Items] | |||
Increase (Decrease) in Inventories | $ 9,087 | $ 40,201 | $ (20,659) |
Inventories (Narratives) (Detai
Inventories (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | |||
Increase (Decrease) in Inventories | $ 9,087 | $ 40,201 | $ (20,659) |
LIFO liquidations | 162 | 620 | |
Net inventories | $ 179,359 | $ 172,139 |
Marketable Securities (Narrativ
Marketable Securities (Narratives) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Gain (Loss) on Securities [Line Items] | |||
Net realized gains to sales of marketable securities | $ 0 | $ 85,000 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (3,735,000) | $ (5,279,000) | (13,297,000) |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 313,000 | 324,000 | 587,000 |
Foreign Currency Translation [Abstract] | |||
Marketable Securities, Unrealized Gain (Loss) | 296,000 | 370,000 | $ 727,000 |
Equity Method Investments | |||
Foreign Currency Translation [Abstract] | |||
Proceeds from Dividends Received | 313,000 | 324,000 | |
EMC [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Equity Method Investments | 2,752,000 | 2,765,000 | |
EMC [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Due from Related Parties, Current | 5,083,000 | 4,133,000 | |
Investment Income, Net | $ 365,000 | 212,000 | |
EMC [Member] | EMC [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Equity Method Investment, Ownership Percentage | 49% | ||
EMC [Member] | Equity Method Investments | |||
Foreign Currency Translation [Abstract] | |||
Foreign Currency Transaction Gain (Loss), Unrealized | $ 67,000 | $ (163,000) |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Other Depreciation and Amortization | $ 15,946,000 | $ 16,639,000 | $ 15,530,000 |
Land and land improvements | 5,467,000 | 5,610,000 | |
Buildings | 60,899,000 | 57,549,000 | |
Machinery, equipment, and leasehold improvements | 249,379,000 | 249,793,000 | |
Construction in progress | 10,344,000 | 14,248,000 | |
Property, plant, and equipment | 326,089,000 | 327,200,000 | |
Less accumulated depreciation | 231,729,000 | 229,274,000 | |
Net property, plant, and equipment | 94,360,000 | 97,926,000 | |
Capitalized Computer Software, Gross | 43,826,000 | 39,752,000 | |
Capital Computer Software Accumulated Amortization | 29,809,000 | 29,000,000 | |
Capitalized Computer Software Depreciation Expense | $ 2,132,000 | $ 2,399,000 | $ 3,639,000 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment (Narratives) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Other Depreciation and Amortization | $ 15,946,000 | $ 16,639,000 | $ 15,530,000 |
Accumulated amortization on capitalized software costs | 29,809,000 | 29,000,000 | |
Depreciation expense on capitalized software costs | $ 2,132,000 | $ 2,399,000 | $ 3,639,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narratives) (Details) | 12 Months Ended | ||||
Dec. 01, 2021 | Apr. 07, 2021 | Mar. 31, 2023 USD ($) Reporting_Unit | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||||
Number of reporting units | Reporting_Unit | 3 | ||||
Goodwill | $ 644,629,000 | $ 648,849,000 | $ 331,176,000 | ||
2024 | 26,000,000 | ||||
2025 | 26,000,000 | ||||
2026 | 26,000,000 | ||||
2027 | 26,000,000 | ||||
2028 | $ 26,000,000 | ||||
Weighted-average amortization periods | 10 years | 15 years | 17 years | ||
Indefinite-lived trademark | $ 46,338,000 | 46,721,000 | |||
Amortization of intangibles | 26,001,000 | 25,283,000 | 12,623,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 232,000 | 375,000 | $ 2,638,000 | ||
Goodwill, Impaired, Accumulated Impairment Loss | $ 113,174,000 | 113,174,000 | |||
Trademark | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted-average amortization periods | 14 years | ||||
Customer relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted-average amortization periods | 17 years | ||||
Acquired technology | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted-average amortization periods | 16 years | ||||
Other | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted-average amortization periods | 5 years | ||||
Duff Norton Group [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 9,699,000 | 9,699,000 | |||
Rest of Products [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 306,988,000 | 310,793,000 | |||
Precision Conveyance | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 327,942,000 | $ 328,357,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 232,000 | $ 375,000 | $ 2,638,000 |
Goodwill, Impaired, Accumulated Impairment Loss | 113,174,000 | 113,174,000 | |
Goodwill [Roll Forward] | |||
Opening Balance | 648,849,000 | 331,176,000 | |
Currency Translation, Goodwill | (3,836,000) | (10,684,000) | |
Closing Balance | 644,629,000 | 648,849,000 | 331,176,000 |
Gross Carrying Amount | 488,350,000 | 491,590,000 | |
Indefinite-lived trademark | 46,338,000 | 46,721,000 | |
Accumulated Amortization | (125,813,000) | (100,802,000) | |
Net | 362,537,000 | 390,788,000 | |
Amortization of intangibles | 26,001,000 | 25,283,000 | $ 12,623,000 |
Dorner | |||
Goodwill [Roll Forward] | |||
Opening Balance | 287,141,000 | ||
Closing Balance | 287,141,000 | 287,141,000 | |
Garvey | |||
Goodwill [Roll Forward] | |||
Closing Balance | 41,216,000 | ||
Trademark | |||
Goodwill [Roll Forward] | |||
Gross Carrying Amount | 19,478,000 | 19,529,000 | |
Accumulated Amortization | (6,315,000) | (5,032,000) | |
Net | 13,163,000 | 14,497,000 | |
Customer relationships | |||
Goodwill [Roll Forward] | |||
Gross Carrying Amount | 322,658,000 | 325,431,000 | |
Accumulated Amortization | (88,685,000) | (71,202,000) | |
Net | 233,973,000 | 254,229,000 | |
Acquired technology | |||
Goodwill [Roll Forward] | |||
Gross Carrying Amount | 96,291,000 | 96,433,000 | |
Accumulated Amortization | (27,945,000) | (21,789,000) | |
Net | 68,346,000 | 74,644,000 | |
Other | |||
Goodwill [Roll Forward] | |||
Gross Carrying Amount | 3,585,000 | 3,476,000 | |
Accumulated Amortization | (2,868,000) | (2,779,000) | |
Net | 717,000 | $ 697,000 | |
Garvey | |||
Goodwill [Roll Forward] | |||
Payments for (Proceeds from) Previous Acquisition | 1,616,000 | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ (2,000,000) |
Derivative Instruments (Narrati
Derivative Instruments (Narratives) (Details) | 12 Months Ended | ||
Mar. 31, 2023 USD ($) Counterparty | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Derivatives, Fair Value [Line Items] | |||
Number of different counterparties | Counterparty | 3 | ||
Reclassify Next Year | Estimate of Fair Value Measurement | |||
Derivatives, Fair Value [Line Items] | |||
Amount of accumulated other comprehensive loss expected to be reclassified in the next 12 months | $ 68,000 | ||
Reclassify Next Year | Reported Value Measurement | |||
Derivatives, Fair Value [Line Items] | |||
Amount of accumulated other comprehensive loss expected to be reclassified in the next 12 months | 126,000 | ||
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 | 2,332,000 | $ 7,925,000 | $ (7,268,000) |
Derivative, Notional Amount | 115,780,000 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 5,033,000 | 3,548,000 | (7,793,000) |
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 | (60,000) | 83,000 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 57,000 | (193,000) | (238,000) |
Derivatives Designated as Hedging Instruments | Commodity Contract | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 5,743,000 | ||
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 | 5,450,000 | ||
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 | (2,020,000) | (1,463,000) | |
Derivative, Notional Amount | 273,591,000 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 7,295,000 | $ 2,567,000 | $ (521,000) |
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 | (201,000) | ||
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 | $ 2,368,000 |
Derivative Instruments (Pretax
Derivative Instruments (Pretax effect of derivative instruments on the condensed consolidated statement of operations) (Details) - Derivatives Designated as Hedging Instruments - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Prepaid expenses and other | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 136 | $ 0 |
Prepaid expenses and other | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 3,218 | 4,512 |
Accrued Liabilities | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (39) | (217) |
Accrued Liabilities | Currency Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | (170) |
Accrued Liabilities | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (387) | (1,371) |
Other Noncurrent Liabilities [Member] | Currency Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 2,270 | 8,543 |
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 0 | $ (387) |
Derivative Instruments (Derivat
Derivative Instruments (Derivative instruments in the condensed consolidated balance sheet) (Details) - Derivatives Designated as Hedging Instruments - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Interest Rate Swap [Member] | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 3,218 | $ 4,512 |
Interest Rate Swap [Member] | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (387) | (1,371) |
Interest Rate Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 7,644 | 859 |
Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | (387) |
Currency Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 168 | $ 0 |
Accrued Liabilities and Other_3
Accrued Liabilities and Other Non-current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Accrued Liabilities [Abstract] | ||
Accrued payroll | $ 39,713 | $ 38,984 |
Accrued income taxes payable | 9,152 | 11,797 |
Accrued health insurance | 2,216 | 2,246 |
Accrued general and product liability costs | 4,900 | 3,900 |
Deposit Liability, Current | 27,827 | 22,908 |
Operating Lease, Liability, Current | 7,966 | 7,965 |
Other accrued liabilities | 32,543 | 30,217 |
Accrued liabilities | 124,317 | 118,187 |
Liability, Other Postretirement Defined Benefit Plan, Noncurrent | 826 | 1,013 |
Standard Product Warranty Accrual, Noncurrent | 16,203 | 18,675 |
Liability, Defined Benefit Pension Plan, Noncurrent | 70,660 | 86,674 |
Other non-current liabilities | 192,013 | 192,610 |
Operating Lease, Liability, Noncurrent | 46,524 | 23,711 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
45999000 | 45,999 | 41,645 |
Other non-current liabilities | 192,013 | 192,610 |
Other Sundry Liabilities, Noncurrent | 9,531 | 12,349 |
Accrued Liabilities | Currency Swap [Member] | Derivatives Designated as Hedging Instruments | ||
Accrued Liabilities [Abstract] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | 170 |
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 | (170) |
Other Noncurrent Liabilities [Member] | Currency Swap [Member] | Derivatives Designated as Hedging Instruments | ||
Accrued Liabilities [Abstract] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (2,270) | (8,543) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 2,270 | $ 8,543 |
Debt (Narratives) (Details)
Debt (Narratives) (Details) - USD ($) | 12 Months Ended | ||||
Apr. 26, 2023 | May 04, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Line of Credit Facility [Line Items] | |||||
New Credit Agreement 2017 | $ 545,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | ||||
Outstanding letters of credit | 15,104,000 | ||||
Payments of financing costs | 0 | $ 0 | $ (826,000) | ||
Carrying amount of the Company's revolving credit facility | 462,560,000 | 502,560,000 | |||
Long-term Debt, Current Maturities | 40,000,000 | 40,000,000 | |||
Long-term Debt, Excluding Current Maturities | 418,052,000 | 457,135,000 | |||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | ||||
Gross balance of deferred costs | 6,323,000 | ||||
Accumulated amortization balances | 1,815,000 | 898,000 | |||
Debt obligations | 2,385,000 | ||||
Amount drawn on unsecured credit lines | 0 | ||||
Debt Instrument, Unamortized Discount, Noncurrent | (4,508,000) | (5,425,000) | |||
Long-term Debt | $ (458,052,000) | (497,135,000) | |||
Long-term Debt, Term | 7 years | ||||
2023 | $ 5,260,000 | ||||
Line of Credit, Current | 100,000,000 | ||||
Extinguishment of Debt, Amount | $ 0 | 14,803,000 | 0 | ||
Stock Issued During Period, Shares, New Issues | 4,312,500 | 4,312,500 | |||
Common Stock, Par or Stated Value Per Share | $ 48 | ||||
Proceeds from Issuance or Sale of Equity | $ 0 | 207,000,000 | $ 0 | ||
Short-term Debt | 40,000,000 | ||||
Finance Lease, Liability, Undiscounted Excess Amount | $ 18,031,000 | ||||
Lessee, Finance Lease, Term of Contract | 23 years | ||||
Proceeds from Issuance of Common Stock | $ 207,000,000 | ||||
Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Outstanding letters of credit | 183,000 | ||||
Foreign Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 12,933,000 | ||||
Outstanding borrowings | 12,596,000 | ||||
Long-term Debt | |||||
Line of Credit Facility [Line Items] | |||||
Secured Long-term Debt, Noncurrent | 450,000,000 | ||||
Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Gross balance of deferred costs | 4,027,000 | ||||
Extinguishment of Debt, Amount | 326,000 | ||||
Debt Issuance Costs, Gross | 4,027,000 | ||||
Bridge Loan | |||||
Line of Credit Facility [Line Items] | |||||
Extinguishment of Debt, Amount | 8,531,000 | ||||
Secured Debt | |||||
Line of Credit Facility [Line Items] | |||||
Extinguishment of Debt, Amount | 5,946,000 | ||||
Debt Issuance Costs, Gross | 5,432,000 | ||||
Secured Debt | Loans | |||||
Line of Credit Facility [Line Items] | |||||
Debt Issuance Costs, Gross | 892,000 | ||||
Standby Letters of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Outstanding letters of credit | 14,921,000 | ||||
STAHL [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Secured Debt, Current | 5,260,000 | ||||
STAHL [Member] | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Secured Long-term Debt, Noncurrent | 445,000,000 | ||||
Debt Issuance Costs, Gross | 977,000 | ||||
STAHL [Member] | New Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Secured Long-term Debt, Noncurrent | 100,000,000 | ||||
Accumulated amortization balances | 1,611,000 | 805,000 | |||
STAHL [Member] | Other Current Liabilities [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Periodic Payment, Principal | 40,000,000 | 22,440,000 | |||
Dorner | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Debt Issuance Costs, Gross | $ 3,050,000 | ||||
montratec | |||||
Line of Credit Facility [Line Items] | |||||
Secured Long-term Debt, Noncurrent | $ 50,000,000 | ||||
montratec | Forecast | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Increase (Decrease), Net | $ 75,000,000 |
Debt (Details)
Debt (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||
Document Fiscal Year (linked throughout the document) - not tagged | 2023 | |
Accumulated amortization balances | $ 1,815,000 | $ 898,000 |
Long-term Debt, Gross | 462,560,000 | 502,560,000 |
Outstanding borrowings | (4,508,000) | (5,425,000) |
Long-term Debt | 458,052,000 | 497,135,000 |
Maturities of Long-term Debt [Abstract] | ||
2023 | 5,260,000 | |
2024 | 5,260,000 | |
2025 | 5,260,000 | |
2026 | 5,260,000 | |
Thereafter | 441,520,000 | |
STAHL [Member] | New Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Accumulated amortization balances | 1,611,000 | 805,000 |
STAHL [Member] | Other Current Liabilities [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Periodic Payment, Principal | $ 40,000,000 | $ 22,440,000 |
Pension and Other Benefits (Det
Pension and Other Benefits (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Change in pension liability and postretirement obligations, net of tax | $ (8,243,000) | $ (16,312,000) | $ (41,685,000) | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 271,985,000 | |||
Fair value of plan assets at end of year | $ 231,667,000 | $ 271,985,000 | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||||
Actual | 100% | 100% | ||
Liabilities | $ 864,658,000 | $ 912,904,000 | ||
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 6,839,000 | |||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 176,201,000 | 211,307,000 | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 101,826,000 | 121,110,000 | ||
Assets for Plan Benefits, Defined Benefit Plan | 5,832,000 | 5,208,000 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | (62,000) | 0 | 19,038,000 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (23,980,000) | (23,200,000) | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | $ 404,841,000 | 356,974,000 | 404,841,000 | |
Service cost | 707,000 | 980,000 | 1,092,000 | |
Interest cost | 11,312,000 | 10,130,000 | 11,527,000 | |
Actuarial (gain) loss | (42,652,000) | (30,482,000) | ||
Benefits paid | (23,980,000) | (23,200,000) | ||
Foreign exchange rate changes | (2,151,000) | (5,295,000) | ||
Benefit obligation at end of year | 300,210,000 | 356,974,000 | 404,841,000 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 286,678,000 | 271,985,000 | 286,678,000 | |
Actual gain (loss) on plan assets | (20,735,000) | 3,048,000 | ||
Employer contribution | 4,796,000 | 5,442,000 | ||
Foreign exchange rate changes | (399,000) | 17,000 | ||
Fair value of plan assets at end of year | 231,667,000 | 271,985,000 | 286,678,000 | |
Funded status | (68,543,000) | (84,989,000) | ||
Unrecognized actuarial loss | (29,230,000) | |||
Net amount recognized | (51,374,000) | (55,759,000) | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||||
Accrued liabilities | (3,715,000) | (3,523,000) | ||
Other non-current liabilities | (70,660,000) | (86,674,000) | ||
Net amount recognized | (51,374,000) | (55,759,000) | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 17,169,000 | 29,230,000 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 1,964,000 | (470,000) | $ 22,104,000 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ 2,722,000 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Increase (Decrease) for Plan Amendment | 19,038,000 | |||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan | $ 2,176,000 | |||
Pension Plans | Fixed income securities | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||||
Actual | 78% | 66% | ||
Pension Plans | Equity securities | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||||
Actual | 22% | 34% | ||
Postretirement Benefit Plans | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||||
Accrued liabilities | $ (171,000) | |||
Other non-current liabilities | (826,000) | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 158,000 | |||
Liability, Defined Benefit Plan | 997,000 | |||
Defined Benefit Postretirement Life Insurance | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 124,000 | |||
Liability, Defined Benefit Pension Plan | 4,492,000 | |||
Equity securities | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 80,020,000 | |||
Fair value of plan assets at end of year | 41,850,000 | $ 80,020,000 | ||
Fixed income securities | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 178,155,000 | |||
Fair value of plan assets at end of year | 178,904,000 | 178,155,000 | ||
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 | 11,849,000 | |||
Fair value of plan assets at end of year | 8,565,000 | 11,849,000 | ||
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 | 1,961,000 | |||
Fair value of plan assets at end of year | 2,348,000 | 1,961,000 | ||
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 | 65,673,000 | |||
Fair value of plan assets at end of year | 36,988,000 | 65,673,000 | ||
Fair Value, Inputs, Level 1 [Member] | Equity securities | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 46,699,000 | |||
Fair value of plan assets at end of year | 27,576,000 | 46,699,000 | ||
Fair Value, Inputs, Level 1 [Member] | Fixed income securities | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 17,013,000 | |||
Fair value of plan assets at end of year | 7,064,000 | 17,013,000 | ||
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 | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
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 | 1,961,000 | |||
Fair value of plan assets at end of year | 2,348,000 | 1,961,000 | ||
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 | 133,670,000 | |||
Fair value of plan assets at end of year | 145,904,000 | 133,670,000 | ||
Fair Value, Inputs, Level 2 [Member] | Equity securities | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed income securities | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 133,670,000 | |||
Fair value of plan assets at end of year | 145,904,000 | 133,670,000 | ||
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 | |||
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 | |||
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 | 1,160,000 | |||
Fair value of plan assets at end of year | 0 | 1,160,000 | ||
(Level 3) | Equity securities | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
(Level 3) | Fixed income securities | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 1,160,000 | |||
Fair value of plan assets at end of year | 0 | 1,160,000 | ||
(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 | |||
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 | |||
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 | 71,482,000 | |||
Fair value of plan assets at end of year | 48,775,000 | 71,482,000 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Equity securities | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 33,321,000 | |||
Fair value of plan assets at end of year | 14,274,000 | 33,321,000 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Fixed income securities | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 26,312,000 | |||
Fair value of plan assets at end of year | 25,936,000 | 26,312,000 | ||
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 | 11,849,000 | |||
Fair value of plan assets at end of year | 8,565,000 | 11,849,000 | ||
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 | |||
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, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100% | ||
Total liabilities | $ 864,658,000 | $ 912,904,000 | |
Accrued liabilities | 124,317,000 | 118,187,000 | |
Other non-current liabilities | 192,013,000 | 192,610,000 | |
Charge recorded for contributions to defined contribution plans | 5,808,000 | 4,540,000 | $ 4,063,000 |
Fair value of plan assets at beginning of year | 271,985,000 | ||
Fair value of plan assets at end of year | 231,667,000 | 271,985,000 | |
(Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 1,160,000 | ||
Fair value of plan assets at end of year | 0 | 1,160,000 | |
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 17,169,000 | 29,230,000 | |
Defined Benefit Plan, Benefit Obligation | 300,210,000 | 356,974,000 | 404,841,000 |
Curtailment charge | 62,000 | 0 | $ (19,038,000) |
Employer contribution | $ 4,796,000 | $ 5,442,000 | |
Discount rate | 4.82% | 3.35% | 2.62% |
Net periodic pension cost (benefit) | $ 1,964,000 | $ (470,000) | $ 22,104,000 |
Fair value of plan assets at beginning of year | 271,985,000 | 286,678,000 | |
Fair value of plan assets at end of year | 231,667,000 | 271,985,000 | $ 286,678,000 |
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 | $ 101,826,000 | 121,110,000 | |
Investment Holdings [Line Items] | |||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan | 2,176,000 | ||
Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Retirement age | 65 years | ||
Percentage of premium contributed | 100% | ||
Net periodic pension cost (benefit) | $ 158,000 | ||
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) | 124,000 | ||
Accrued liabilities | 4,356,000 | ||
Other non-current liabilities | 136,000 | ||
Cash Surrender Value of Life Insurance | $ 3,690,000 | $ 3,590,000 |
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, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
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 | $ 176,201 | $ 211,307 | |
Service cost | 707 | 980 | $ 1,092 |
Interest cost | 11,312 | 10,130 | 11,527 |
Expected return on plan assets | (10,844) | (13,037) | (12,787) |
Net amortization | 851 | 1,457 | 3,234 |
Net periodic pension cost (benefit) | 1,964 | (470) | $ 22,104 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | |||
Accumulated benefit obligation | $ 173,149 | $ 207,612 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.82% | 3.35% | 2.62% |
Expected long-term rate of return on plan assets | 4.13% | 4.70% | 4.60% |
Rate of compensation increase on active plans | 3% | 2.76% | 2.76% |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 101,826 | $ 121,110 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 4.04% | 1.05% | 1.10% |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 101,826 | $ 121,110 | |
Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic pension cost (benefit) | $ 158 |
Pension and Other Benefit Pla_2
Pension and Other Benefit Plans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | |||
Target | 100% | ||
Actual | 100% | 100% | |
Pension Plans | |||
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |||
2021 | $ 23,152 | ||
2022 | 23,105 | ||
2023 | 23,140 | ||
2024 | 23,109 | ||
2025 | 22,891 | ||
Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years | $ 108,124 | ||
Pension Plans | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual | 22% | 34% | |
Pension Plans | Equity securities | Maximum [Member] | Forecast | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target | 12% | ||
Pension Plans | Equity securities | Minimum | Forecast | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target | 22% | ||
Pension Plans | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual | 78% | 66% | |
Pension Plans | Fixed income securities | Maximum [Member] | Forecast | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target | 88% | ||
Pension Plans | Fixed income securities | Minimum | Forecast | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target | 78% |
Pensions and Other Benefits (De
Pensions and Other Benefits (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | $ 231,667,000 | $ 271,985,000 |
(Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 36,988,000 | 65,673,000 |
(Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 145,904,000 | 133,670,000 |
(Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 0 | 1,160,000 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 48,775,000 | 71,482,000 |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 41,850,000 | 80,020,000 |
Equity securities | (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 27,576,000 | 46,699,000 |
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: | 14,274,000 | 33,321,000 |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 178,904,000 | 178,155,000 |
Fixed income securities | (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 7,064,000 | 17,013,000 |
Fixed income securities | (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 145,904,000 | 133,670,000 |
Fixed income securities | (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 0 | 1,160,000 |
Fixed income securities | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 25,936,000 | 26,312,000 |
Real Estate Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 8,565,000 | 11,849,000 |
Real Estate Funds [Member] | (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 0 | 0 |
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: | 8,565,000 | 11,849,000 |
Cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 2,348,000 | 1,961,000 |
Cash equivalents | (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset categories: | 2,348,000 | 1,961,000 |
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 ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | ||||
ESOP shares allocated or available to be allocated to participants' accounts | 177 | 190 | 190 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 0 | $ 0 | $ 970 | $ 0 |
Earnings Per Share and Stock _3
Earnings Per Share and Stock Plans (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||
May 04, 2021 shares | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) $ / shares shares | Mar. 31, 2021 USD ($) $ / shares shares | Mar. 31, 2020 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 1,496,000 | |||||
Common Stock, Shares, Issued | 28,611,721 | 28,517,333 | ||||
Common Stock, Value, Issued | $ | $ 286,000 | $ 285,000 | ||||
Common shares not included in the computation of diluted loss per share because they were antidilutive | 651,000 | 156,000 | ||||
Proceeds from issuance of common stock | $ | $ 713,000 | $ 2,655,000 | $ 1,973,000 | |||
Dividend distribution declared per preferred share purchase right | $ | $ 2,005,000 | |||||
Quarterly dividend rate per share | $ / shares | $ 0.07 | |||||
Annual dividend rate per share | $ / shares | $ 0.28 | |||||
Stock-based compensation | $ | $ 10,425,000 | 11,246,000 | 8,022,000 | |||
Stock Repurchase Program, Authorized Amount | $ | 20 | |||||
Payments for Repurchase of Common Stock | $ | $ 1,001,000 | 0 | $ 0 | |||
Stock Issued During Period, Shares, New Issues | 4,312,500 | 4,312,500 | ||||
Treasury Stock, Common, Shares | 31,000 | |||||
Treasury Stock, Value | $ | $ 1,001,000 | $ 0 | ||||
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 | 446,720 | |||||
Weighted- average Exercise Price per share | $ / shares | $ 31.21 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 975,171 | 679,785 | 657,814 | 526,794 | ||
Weighted-average Exercise Price | $ / shares | $ 34.54 | $ 33.82 | $ 27.45 | $ 26.53 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 1 month 17 days | 7 years 29 days | 7 years 3 months 14 days | 6 years 11 months 4 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 | $ / shares | $ 35.26 | $ 30.25 | $ 25.28 | |||
Common shares not included in the computation of diluted loss per share because they were antidilutive | 179,000 | 120,000 | ||||
Period options generally become exercisable | 3 years | |||||
Shares of restricted stock that vested during the period | (18,296) | (23,201) | ||||
Grant date fair value of shares that vested | $ / shares | $ 36.43 | $ 25.28 | ||||
Weighted average fair value grant price | $ / shares | $ 34.49 | 35.35 | 29.58 | $ 32.36 | ||
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 | $ / shares | $ 38.15 | $ 35.41 | $ 34.74 | |||
Shares of restricted stock that vested during the period | 132,953 | (138,407) | (125,150) | |||
Grant date fair value of shares that vested | $ / shares | $ 35.44 | $ 35.71 | $ 31.85 | |||
Weighted average fair value grant price | $ / shares | $ 37.02 | $ 39.86 | $ 32.41 | $ 35.20 | ||
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 | 1,100,000 | |||||
Number of options at the money | 693,000 | |||||
Closing stock price | $ | $ 37.16 | |||||
Total intrinsic value of stock options exercised | $ | 360,000 | $ 2,513,000 | $ 1,749,000 | |||
Fair value of shares that vested (price per share) | $ | 10.36 | $ 11.19 | $ 9.15 | |||
Unrecognized compensation cost related to non-vested stock options | $ | $ 3,063,000 | |||||
Weighted average period of recognition for unrecognized compensation cost | 1 year 8 months 12 days | |||||
Weighted-average fair value of options | $ / shares | $ 11.13 | $ 17.71 | $ 8.46 | |||
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 | 331,000 | |||||
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 | 0.33 | 0.33 | 0.25 | |||
Weighted-average Exercise Price | $ / shares | $ 15.16 | |||||
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 | 1 | 1 | |||
Weighted-average Exercise Price | $ / shares | $ 54.26 | |||||
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 | 1 year 8 months 12 days | |||||
Total unrecognized compensation cost related to unvested restricted stock units | $ | $ 3,588,000 | |||||
Fair value of restricted stock units that vested during the period | $ | 4,713,000 | $ 4,943,000 | ||||
Long Term Incentive Plan | Directors Stock Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | $ | $ 1,194,000 | $ 959,000 | $ 540,000 | |||
Shares of stock granted under the LTIP to non-executive directors | 41,313 | 21,928 | 16,209 | |||
Weighted average fair value grant price | $ / shares | $ 28.91 | $ 43.73 | $ 33.32 | |||
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 | $ | $ 10,425,000 | $ 11,246,000 | $ 8,022,000 | |||
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 | |||||
$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 | 55,131 | |||||
Weighted- average Exercise Price per share | $ / shares | $ 54.26 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 9 months 3 days | |||||
$20.01 to 30.00 | 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 | 161,345 | |||||
Weighted- average Exercise Price per share | $ / shares | $ 25.08 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 200,340 | |||||
Weighted-average Exercise Price | $ / shares | $ 25.17 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 7 months 9 days | |||||
From Thirty Dollar One Cent To Forty Dollar | 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 | 166,837 | |||||
Weighted- average Exercise Price per share | $ / shares | $ 35.14 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 490,041 | |||||
Weighted-average Exercise Price | $ / shares | $ 33.77 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 9 months 10 days | |||||
From Forty Dollar One Cent To Fifty Dollar | 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 | 2,122 | |||||
Weighted- average Exercise Price per share | $ / shares | $ 49.36 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 82,181 | |||||
Weighted-average Exercise Price | $ / shares | $ 42.77 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years 11 months 8 days | |||||
$50.01 to 60.00 [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, Outstanding, Number | 141,324 | |||||
Weighted-average Exercise Price | $ / shares | $ 54.26 | |||||
Dorner | Forecast | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Issued During Period, Value, New Issues | $ | $ 198,705,000 |
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, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator for basic and diluted earnings per share: | |||
Net income | $ 48,429 | $ 29,660 | $ 9,106 |
Denominators: | |||
Average basic shares outstanding | 28,600 | 28,040 | 23,897 |
Effect of dilutive employee stock options, RSU's and performance shares | 218 | 361 | 276 |
Average diluted shares outstanding | 28,818 | 28,401 | 24,173 |
Earnings Per Share and Stock _5
Earnings Per Share and Stock Plans (Summary of Option Transactions) (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Exercised | (32,158) | (105,132,000) | (97,398) | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of options, Outstanding, at Beginning of the year | 679,785 | 657,814 | 526,794 | |
Granted | 394,586 | 159,643 | 242,178 | |
Exercised | (32,158) | (105,132) | (97,398) | |
Cancelled | (67,042) | (32,540) | (13,760) | |
Number of options, Outstanding, Closing Balance | 975,171 | 679,785 | 657,814 | 526,794 |
Exercisable at end of period | 446,720 | |||
Beginning of year, Average Option Price | $ 33.82 | $ 27.45 | $ 26.53 | |
Granted | 34.91 | 54.06 | 26.74 | |
Exercised | 22.15 | 25.24 | 20.24 | |
Cancelled | 35.32 | 31.71 | 31.85 | |
End of year, Average Option Price | 34.54 | $ 33.82 | $ 27.45 | $ 26.53 |
End of year, Average Exercisable Price | $ 31.21 | |||
Outstanding at period end, Weighted average Remaining Contractual Life (in years) | 7 years 1 month 17 days | 7 years 29 days | 7 years 3 months 14 days | 6 years 11 months 4 days |
Exercisable at period end, Weighted average Remaining Contractual Life (in years) | 5 years 4 months 28 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 5,497 | $ 15,294 | $ 16,652 | $ 1,518 |
Exercisable at end of period, Aggregate Intrinsic Value | $ 3,717,000 |
Earnings Per Share and Stock _6
Earnings Per Share and Stock Plans 1 of 2 (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Assumptions: | ||||
Risk-free interest rate | 2.53% | 0.35% | 0.23% | |
Dividend yield | 0.81% | 0.44% | 0.90% | |
Volatility factor | 33% | 37.20% | 38% | |
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 | 975,171 | 679,785 | 657,814 | 526,794 |
Weighted-average Exercise Price | $ 34.54 | $ 33.82 | $ 27.45 | $ 26.53 |
Weighted-average Remaining Contractual Life | 7 years 1 month 17 days | 7 years 29 days | 7 years 3 months 14 days | 6 years 11 months 4 days |
Stock Options Exercisable | 446,720 | |||
Weighted- average Exercise Price per share | $ 31.21 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 5,497 | $ 15,294 | $ 16,652 | $ 1,518 |
Stock Options | $10.01 to 20.00 | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Stock Options Outstanding | 61,285 | |||
Weighted-average Exercise Price | $ 15.26 | |||
Weighted-average Remaining Contractual Life | 3 years 25 days | |||
Stock Options Exercisable | 61,285 | |||
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 | 200,340 | |||
Weighted-average Exercise Price | $ 25.17 | |||
Weighted-average Remaining Contractual Life | 5 years 7 months 9 days | |||
Stock Options Exercisable | 161,345 | |||
Weighted- average Exercise Price per share | $ 25.08 | |||
Stock Options | $30.01 to 40.00 [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Weighted-average Remaining Contractual Life | 7 years 9 months 3 days | |||
Stock Options Exercisable | 55,131 | |||
Weighted- average Exercise Price per share | $ 54.26 | |||
Stock Options | $50.01 to 60.00 [Member] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Stock Options Outstanding | 141,324 | |||
Weighted-average Exercise Price | $ 54.26 | |||
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 | (132,953) | 138,407 | 125,150 |
Earnings Per Share and Stock _7
Earnings Per Share and Stock Plans 2 of 2 (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Unvested Opening Balance | 138,032 | 123,232 | 66,720 |
Granted | 67,606 | 41,322 | 83,164 |
Forfeited | (26,633) | (8,226) | (3,451) |
Unvested Closing Balance | 179,005 | 138,032 | 123,232 |
Unvested Opening Balance | $ 35.35 | $ 29.58 | $ 32.36 |
Granted | 33.03 | 52.01 | 25.97 |
Vested | 36.43 | 25.28 | |
Unvested Closing Balance | 34.49 | $ 35.35 | $ 29.58 |
Stock Granted, Value, Share-based Compensation, Forfeited | 18,296 | 23,201 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 35.26 | $ 30.25 | $ 25.28 |
Long Term Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Unvested Opening Balance | 244,736 | 269,789 | 212,721 |
Granted | 161,582 | 133,082 | 195,181 |
Forfeited | (26,140) | (19,728) | (12,963) |
Unvested Closing Balance | 247,225 | 244,736 | 269,789 |
Unvested Opening Balance | $ 39.86 | $ 32.41 | $ 35.20 |
Granted | 31.61 | 49.98 | 29.16 |
Vested | 35.44 | 35.71 | 31.85 |
Unvested Closing Balance | $ 37.02 | $ 39.86 | $ 32.41 |
Stock Granted, Value, Share-based Compensation, Forfeited | (132,953) | 138,407 | 125,150 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 38.15 | $ 35.41 | $ 34.74 |
Loss Contingencies (Narratives)
Loss Contingencies (Narratives) (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual, Product Liability, Gross | $ 21,103,000 | $ 22,575,000 | $ 21,227,000 | |
Loss Contingency Alleged Taxes Owed | 7,300,000 | |||
Loss Contingency Alleged Taxes Owed Including Penalties And Interest | 3,000,000 | |||
Accrual for Environmental Loss Contingencies | 707,000 | |||
Estimated Insurance Recoveries | 8,272,000 | (9,160,000) | (8,052,000) | |
Loss Contingency Accrual, Product Liability, Net | $ 12,831,000 | 13,415,000 | 13,175,000 | |
Financial Guarantee Insurance Contracts, Risk Management Activities, Mitigating Claim Liabilities, Policy | 75,000,000 | |||
Gross Defense Costs Prior to Retro Premiums Required by Settlement, Percentage | 65% | |||
Indemnity Costs Covered by Insurance, Percentage | 100% | |||
Aggregate amount of reserves | $ 21,103,000 | 22,575,000 | $ 21,227,000 | $ 11,944,000 |
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 | 38 years | |||
Asbestos related aggregate liability | $ 7,051,000,000 | |||
Estimated asbestos related liability payments over the next 12 months | 2,900,000 | |||
Product related aggregate liability | 5,117,000,000 | |||
Minimum | ||||
Loss Contingencies [Line Items] | ||||
Asbestos-related aggregate liability - Maximum | 5,300,000 | |||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
Asbestos-related aggregate liability - Maximum | 9,700,000 | |||
Litigation Settlement, Amount Awarded from Other Party | 1,650,000 | |||
Other Noncurrent Liabilities [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual, Product Liability, Gross | 16,203,000 | 18,675,000 | ||
Accrued Liabilities | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual, Product Liability, Gross | 4,900,000 | 3,900,000 | ||
Estimated Insurance Recoveries | (889,000) | $ (1,109,000) | ||
Tax Year 2003/2004 [Member] | Minimum | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Alleged Taxes Owed | 2,100,000 | |||
Tax Year 2003/2004 [Member] | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Alleged Taxes Owed | 2,400,000 | |||
Magnetek [Member] | Minimum | ||||
Loss Contingencies [Line Items] | ||||
Asbestos-related aggregate liability - Maximum | 663,000 | |||
Magnetek [Member] | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Asbestos-related aggregate liability - Maximum | 562,000 | |||
Magnetek [Member] | Bridgeport Facility [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accrual for Environmental Loss Contingencies | $ 218,000 |
Loss Contingencies (Details)
Loss Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Loss Contingency Accrual [Roll Forward] | |||
Accrued general and product liability, beginning of year | $ 22,575 | $ 21,227 | $ 11,944 |
Add provision for claims | 3,025 | 6,648 | 4,634 |
Deduct payments for claims | (3,608) | (6,409) | (3,403) |
Accrued general and product liability, end of year | $ 21,103 | $ 22,575 | $ 21,227 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Liability Lease Asset | $ 15,706 | $ 10,130 | |
Deferred Tax Asset Lease Liability | $ 16,544 | $ 10,872 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 7,772 | $ (2,482) | $ 810 |
Valuation allowance | (15,978) | (16,147) | |
Foreign net operating losses | 2,943 | ||
Foreign subsidiary income | 48,399 | 42,127 | 30,894 |
Amount accrued for the payment of interest and penalties | 68 | 62 | 57 |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | 1,539 | (700) | $ (700) |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 12,088 | 11,825 | |
State and foreign net operating loss carryforwards | 6,656 | 10,075 | |
Undistributed Earnings of Foreign Subsidiaries | 90,525 | ||
Foreign Earnings Repatriated | $ 720 | ||
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Percent | 15% | ||
Operating Loss Carryforwards, Valuation Allowance | $ 1,820 | ||
Magnetek [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 61,465 | ||
State and foreign net operating loss carryforwards | 81,406 | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Foreign net operating losses | $ 2,070 | $ 4,322 |
Income Taxes 1 of 2 (Details)
Income Taxes 1 of 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Expected tax at statutory rate | $ 15,640 | $ 8,109 | $ 2,116 |
Expected tax rate (percentage) | 21% | 21% | 21% |
State income taxes net of federal benefit | $ 2,719 | $ 759 | $ (450) |
Employee benefits | 1,757 | 1,027 | 287 |
US Tax on foreign earnings | (190) | (1,161) | (107) |
Valuation allowance | (787) | 300 | 84 |
Other | 285 | (114) | (545) |
Income tax expense | 26,046 | 8,786 | 970 |
Current income tax expense (benefit): | |||
United States Federal | 7,772 | (2,482) | 810 |
State taxes | 2,218 | 571 | 618 |
Foreign | 16,356 | 12,666 | 8,246 |
Deferred income tax expense (benefit): | |||
United States | (517) | 1,139 | (5,996) |
Foreign | 217 | (3,108) | (2,708) |
Income tax expense | 26,046 | 8,786 | 970 |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | (1,539) | 700 | 700 |
Investments, Owned, Federal Income Tax Note [Line Items] | |||
United States Federal | $ 7,772 | $ (2,482) | $ 810 |
Expected tax rate (percentage) | 21% | 21% | 21% |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ (1,539) | $ 700 | $ 700 |
US Tax on foreign earnings | (190) | (1,161) | (107) |
Employee benefits | 1,757 | 1,027 | 287 |
Effective Income Tax Rate Reconciliation, Deduction, Employee Stock Ownership Plan Dividend, Amount | 1,207 | (202) | (67) |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 1,257 | $ 845 | $ 352 |
Operating Loss Carryforwards [Line Items] | |||
Expected tax rate (percentage) | 21% | 21% | 21% |
Amount accrued for the payment of interest and penalties | $ 68 | $ 62 | $ 57 |
Year-End Adjustment | |||
Investments, Owned, Federal Income Tax Note [Line Items] | |||
Tax Adjustments, Settlements, and Unusual Provisions | 2,523 | 0 | 0 |
Unremitted Earnings | |||
Investments, Owned, Federal Income Tax Note [Line Items] | |||
Tax Adjustments, Settlements, and Unusual Provisions | 720 | 0 | 0 |
Return to Provision | |||
Investments, Owned, Federal Income Tax Note [Line Items] | |||
Tax Adjustments, Settlements, and Unusual Provisions | $ 2,454 | $ (77) | $ 0 |
Income Taxes 2 of 2 (Details)
Income Taxes 2 of 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 12,908 | $ 17,567 | |
Deferred tax assets: | |||
State and foreign net operating loss carryforwards | 6,656 | 10,075 | |
Employee benefit plans | 11,609 | 16,625 | |
Insurance reserves | 3,500 | 3,609 | |
Accrued vacation and incentive costs | (4,071) | (3,682) | |
Federal tax credit carryforwards | (12,065) | (12,427) | |
Deferred Tax Asset Lease Liability | 16,544 | 10,872 | |
Equity compensation | 4,552 | 3,927 | |
Other | 1,073 | 2,596 | |
Valuation allowance | (15,978) | (16,147) | |
Deferred tax assets after valuation allowance | 67,247 | 71,031 | |
Deferred tax liabilities: | |||
Property, plant, and equipment | (7,389) | (4,917) | |
Deferred Tax Liability Lease Asset | 15,706 | 10,130 | |
Intangible assets | (88,116) | (95,316) | |
Total deferred tax liabilities | (111,211) | (110,363) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | 414 | 141 | $ 132 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | 281 | 0 |
Foreign currency translation | (3) | (8) | 9 |
Unrecognized Tax Benefits, Ending Balance | 411 | 414 | 141 |
Operating Loss Carryforwards [Line Items] | |||
State and foreign net operating loss carryforwards | 6,656 | 10,075 | |
Deferred Tax Assets, Valuation Allowance | 15,978 | 16,147 | |
Deferred Tax Asset Lease Liability | 16,544 | 10,872 | |
Deferred Tax Liability Lease Asset | 15,706 | 10,130 | |
Foreign net operating losses | 2,943 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 12,088 | 11,825 | |
Foreign subsidiary income | 48,399 | 42,127 | $ 30,894 |
Deferred Tax Liabilities, Net | 43,964 | 39,332 | |
Deferred Tax Assets, in Process Research and Development | 6,976 | 2,003 | |
Deferred Tax Asset, Interest Carryforward | 3,271 | 3,795 | |
Federal tax credit carryforwards | (12,065) | (12,427) | |
Accrued vacation and incentive costs | (4,071) | (3,682) | |
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Foreign net operating losses | 2,070 | $ 4,322 | |
Magnetek [Member] | |||
Deferred tax assets: | |||
State and foreign net operating loss carryforwards | 81,406 | ||
Operating Loss Carryforwards [Line Items] | |||
State and foreign net operating loss carryforwards | 81,406 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 61,465 |
Income Taxes - Balance Sheet Cl
Income Taxes - Balance Sheet Classification (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Income Tax Contingency [Line Items] | ||
Deferred Tax and Other Liabilities, Noncurrent | $ (45,999) | $ (41,645) |
Deferred tax assets, non current net | 2,035 | 2,313 |
Deferred Tax Liabilities, Net | $ (43,964) | $ (39,332) |
Rental Expense and Lease Comm_3
Rental Expense and Lease Commitments (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Leased Assets [Line Items] | |||
Short-term Lease, Cost | $ 0 | $ 0 | $ 0 |
Sublease Income | 0 | 0 | 0 |
Variable Lease, Cost | 0 | 0 | 0 |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 9,365,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 9,776,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 8,708,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 7,880,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 7,417,000 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 27,592,000 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 70,738,000 | ||
Receivable with Imputed Interest, Discount | 16,248,000 | ||
Operating Lease, Payments | 8,872,000 | 9,059,000 | 8,909,000 |
Finance Lease, Principal Payments | $ 1,166,000 | $ 1,132,000 | 0 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 11 months 19 days | 5 years 6 months 3 days | |
Finance Lease, Weighted Average Remaining Lease Term | 12 years 6 months 29 days | 13 years 6 months 29 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.54% | 3.78% | |
Finance Lease, Weighted Average Discount Rate, Percent | 4.51% | 4.51% | |
Operating Lease, Liability, Current | $ 7,966,000 | $ 7,965,000 | |
Operating Lease, Liability, Noncurrent | 46,524,000 | 23,711,000 | |
Operating Lease, Liability | 54,490,000 | 31,676,000 | |
Finance Lease, Liability | 13,541,000 | ||
Operating Lease, Cost | 9,197,000 | 9,101,000 | 9,175,000 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 31,423,000 | 5,364,000 | 2,866,000 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 0 | 14,582,000 | $ 0 |
Finance Lease, Liability, to be Paid, Year One | 1,200,000 | ||
Finance Lease, Liability, to be Paid, Year Two | 1,237,000 | ||
Finance Lease, Liability, to be Paid, Year Three | 1,274,000 | ||
Finance Lease, Liability, to be Paid, Year Four | 1,312,000 | ||
Finance Lease, Liability, to be Paid, Year Five | 1,351,000 | ||
Finance Lease, Liability, to be Paid, after Year Five | 11,657,000 | ||
Finance Lease, Liability, Undiscounted Excess Amount | $ 18,031,000 | ||
Income and Expenses, Lessee [Abstract] | |||
Lessee, Finance Lease, Term of Contract | 23 years | ||
Dorner | |||
Operating Leased Assets [Line Items] | |||
Receivable with Imputed Interest, Discount | $ 4,490,000 | ||
Operating Income (Loss) | |||
Income and Expenses, Lessee [Abstract] | |||
Lease, Cost | 1,001,000 | 984,000 | |
Interest Expense [Member] | |||
Income and Expenses, Lessee [Abstract] | |||
Lease, Cost | $ 621,000 | $ 634,000 |
Rental Expense and Lease Comm_4
Rental Expense and Lease Commitments (Narrative) (Details) | Mar. 31, 2023 | Mar. 31, 2022 |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Net property, plant, and equipment | Net property, plant, and equipment |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt and finance lease obligations | Current portion of long-term debt and finance lease obligations |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation | Long-Term Debt and Lease Obligation |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation, Current portion of long-term debt and finance lease obligations | Long-Term Debt and Lease Obligation, Current portion of long-term debt and finance lease obligations |
Summary Financial Information (
Summary Financial Information (Statement of Financial Position) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Current assets: | ||||
Cash and cash equivalents | $ 133,176 | $ 115,390 | ||
Trade accounts receivable, less allowance for doubtful accounts | 151,451 | 147,515 | ||
Inventories | 179,359 | 172,139 | ||
Prepaid expenses and other | 32,254 | 31,545 | ||
Total current assets | 496,240 | 466,589 | ||
Net property, plant, and equipment | 94,360 | 97,926 | ||
Goodwill | 644,629 | 648,849 | $ 331,176 | |
Other intangibles, net | 362,537 | 390,788 | ||
Marketable securities | 10,368 | 10,294 | ||
Other assets | 88,286 | 68,948 | ||
Total assets | 1,698,455 | 1,685,707 | 1,150,432 | |
Trade accounts payable | 76,736 | 90,881 | ||
Accrued liabilities | 124,317 | 118,187 | ||
Current portion of long-term debt and finance lease obligations | 40,604 | |||
Total current liabilities | 241,657 | 249,619 | ||
Other non-current liabilities | 192,013 | 192,610 | ||
Total liabilities | 864,658 | 912,904 | ||
Total shareholders’ equity | 833,797 | 772,803 | $ 530,149 | $ 463,585 |
Total liabilities and shareholders’ equity | $ 1,698,455 | $ 1,685,707 |
Summary Financial Information_2
Summary Financial Information (Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Gross profit | $ 342,099 | $ 315,730 | $ 220,225 |
Selling expenses | 102,528 | 99,187 | 76,907 |
General and administrative expenses | 94,794 | 102,128 | 76,035 |
Amortization of intangibles | 26,001 | 25,283 | 12,623 |
Income from operations | 97,841 | 73,781 | 42,255 |
Interest and debt expense | 27,942 | 20,126 | 12,081 |
Investment (income) loss, net | (315) | (46) | (1,693) |
Foreign currency exchange loss (gain), net | (2,189) | 1,574 | 941 |
Other (income) expense, net | (2,072) | (1,122) | 20,850 |
Income tax expense | 26,046 | 8,786 | 970 |
Net income | $ 48,429 | $ 29,660 | $ 9,106 |
Summary Financial Information_3
Summary Financial Information (OCI Statement) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 48,429 | $ 29,660 | $ 9,106 |
Adjustments [Abstract] | |||
Total other comprehensive income (loss) | 11,856 | 10,087 | 54,364 |
Comprehensive income | $ 60,285 | $ 39,747 | $ 63,470 |
Summary Financial Information_4
Summary Financial Information (Consolidated Statements of Cash Flows ) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | ||||
Net cash provided by (used for) operating activities | $ 83,636 | $ 48,881 | $ 98,890 | |
Investing activities: | ||||
Capital expenditures | (12,632) | (13,104) | (12,300) | |
Financing activities: | ||||
Proceeds from issuance of common stock | 713 | 2,655 | 1,973 | |
Repayment of debt | (40,550) | (477,846) | (4,450) | |
Other | (1,415) | (2,574) | (1,153) | |
Net cash provided by (used for) financing activities | (49,987) | 420,700 | (10,189) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 133,426 | $ 115,640 | $ 202,377 | $ 114,700 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 936,240 | $ 906,555 | $ 649,642 |
Total assets: | 1,698,455 | 1,685,707 | 1,150,432 |
Long-Lived Assets | 1,101,526 | 1,137,563 | 619,291 |
Chain And Forged Attachments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 76,990 | 83,461 | 47,557 |
Hoists | |||
Segment Reporting Information [Line Items] | |||
Revenues | 456,300 | 432,524 | 394,682 |
Industrial cranes | |||
Segment Reporting Information [Line Items] | |||
Revenues | 38,369 | 43,482 | 37,025 |
Actuators and rotary unions | |||
Segment Reporting Information [Line Items] | |||
Revenues | 84,663 | 84,999 | 75,458 |
Digital Power Control and Delivery Systems [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 102,962 | 98,445 | 74,943 |
Elevator Application Drive Systems [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 27,370 | 19,057 | 19,977 |
High Precision Conveyors | |||
Segment Reporting Information [Line Items] | |||
Revenues | 149,586 | 144,587 | 0 |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenues | 595,363 | 548,620 | 348,986 |
Total assets: | 1,127,321 | 1,105,956 | 540,184 |
Long-Lived Assets | 791,835 | 811,276 | 269,061 |
GERMANY | |||
Segment Reporting Information [Line Items] | |||
Revenues | 175,294 | 188,134 | 164,380 |
Total assets: | 417,167 | 422,671 | 435,638 |
Long-Lived Assets | 295,233 | 312,288 | 336,606 |
Europe, Middle East, and Africa (Excluding Germany) | |||
Segment Reporting Information [Line Items] | |||
Revenues | 97,597 | 108,678 | 90,415 |
Total assets: | 81,413 | 85,678 | 125,262 |
Long-Lived Assets | 8,254 | 7,416 | 8,359 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Revenues | 18,883 | 16,719 | 15,443 |
Total assets: | 12,668 | 15,651 | 8,647 |
Long-Lived Assets | 1,267 | 1,446 | 1,395 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 16,720 | 17,680 | 13,829 |
Total assets: | 16,063 | 18,575 | 19,326 |
Long-Lived Assets | 2,207 | 2,574 | 2,235 |
Latin America [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 32,383 | 26,724 | 16,589 |
Total assets: | 43,823 | 37,176 | 21,375 |
Long-Lived Assets | $ 2,730 | $ 2,563 | $ 1,635 |
Accumulated other comprehensi_3
Accumulated other comprehensive loss (Narrative) (Details) - USD ($) | 12 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2018 | Mar. 31, 2005 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Deferred taxes related to adjustments included in AOCI | $ (6,371,000) | $ (5,780,000) | $ (13,305,000) | |||
Change in pension liability and postretirement obligations, tax | 3,735,000 | 5,279,000 | 13,297,000 | |||
Amount of charge in the minimum pension liability component of other comprehensive income | $ 406,000 | |||||
Accumulated other comprehensive loss | (38,043,000) | (49,899,000) | ||||
Other comprehensive income (loss) before reclassification | 15,867,000 | 15,017,000 | ||||
Amounts reclassified from other comprehensive loss to net income | (4,011,000) | (4,930,000) | ||||
Net current period other comprehensive (loss) income | 11,856,000 | 10,087,000 | ||||
Current portion of long-term debt and finance lease obligations | 40,604,000 | |||||
Long-term Debt, Excluding Current Maturities | 418,052,000 | 457,135,000 | ||||
Retirement Obligations | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | (12,800,000) | (21,043,000) | (37,356,000) | |||
Other comprehensive income (loss) before reclassification | 7,755,000 | 15,398,000 | ||||
Amounts reclassified from other comprehensive loss to net income | 488,000 | 915,000 | ||||
Net current period other comprehensive (loss) income | 8,243,000 | 16,313,000 | ||||
Retirement Obligations | Cost of products sold | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amounts reclassified from other comprehensive loss to net income | 652,000 | [1] | 1,237,000 | |||
Retirement Obligations | Tax expense | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amounts reclassified from other comprehensive loss to net income | (164,000) | (322,000) | ||||
Foreign Currency | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | (32,352,000) | (28,079,000) | (21,776,000) | |||
Other comprehensive income (loss) before reclassification | (4,273,000) | (6,303,000) | ||||
Amounts reclassified from other comprehensive loss to net income | 0 | 0 | ||||
Net current period other comprehensive (loss) income | (4,273,000) | (6,303,000) | ||||
Change in Derivatives Qualifying as Hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | 7,109,000 | (777,000) | (854,000) | |||
Other comprehensive income (loss) before reclassification | 12,385,000 | 5,922,000 | ||||
Amounts reclassified from other comprehensive loss to net income | (4,499,000) | (5,845,000) | ||||
Net current period other comprehensive (loss) income | 7,886,000 | 77,000 | ||||
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 | 267,000 | 85,000 | ||||
Change in Derivatives Qualifying as Hedges | Tax expense | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amounts reclassified from other comprehensive loss to net income | 1,474,000 | 2,452,000 | ||||
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 | (3,144,000) | 2,868,000 | ||||
Change in Derivatives Qualifying as Hedges | Foreign Currency | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amounts reclassified from other comprehensive loss to net income | (3,096,000) | (11,250,000) | ||||
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 | (5,973,000) | (8,297,000) | ||||
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 | (4,499,000) | (5,845,000) | ||||
Pension Plans | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Change in pension liability and postretirement obligations, tax | 3,678,000 | 5,282,000 | 13,261,000 | $ (7,605,000) | ||
Postretirement Benefit Plans | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Change in pension liability and postretirement obligations, tax | (16,000) | (48,000) | 12,000 | (935,000) | ||
Defined Benefit Postretirement Life Insurance | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Change in pension liability and postretirement obligations, tax | 73,000 | $ 45,000 | 24,000 | $ (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) | |||||
AOCI Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | $ (59,986,000) | |||||
[1] 20. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss is as follows: March 31, 2023 2022 Foreign currency translation adjustment – net of tax $ (32,352) $ (28,080) Pension liability – net of tax (13,736) (21,794) Postretirement obligations – net of tax 1,769 1,836 Split-dollar life insurance arrangements – net of tax (833) (1,084) Derivatives qualifying as hedges – net of tax 7,109 (777) Accumulated other comprehensive loss $ (38,043) $ (49,899) 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 $(6,371,000), $(5,780,000), and $(13,305,000) for fiscal 2023, 2022, and 2021 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 Tax Cuts and Jobs Act (the "Act"), 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. Changes in accumulated other comprehensive income by component are as follows (in thousands): March 31, 2023 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (21,043) $ (28,079) $ (777) (49,899) Other comprehensive income (loss) before reclassification 7,755 (4,273) 12,385 15,867 Amounts reclassified from other comprehensive loss to net income 488 — (4,499) (4,011) Net current period other comprehensive (loss) income 8,243 (4,273) 7,886 11,856 Ending balance net of tax $ (12,800) $ (32,352) $ 7,109 $ (38,043) March 31, 2022 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (37,356) $ (21,776) $ (854) (59,986) Other comprehensive income (loss) before reclassification 15,398 (6,303) 5,922 15,017 Amounts reclassified from other comprehensive loss to net income 915 — (5,845) (4,930) Net current period other comprehensive (loss) income 16,313 (6,303) 77 10,087 Ending balance net of tax $ (21,043) $ (28,079) $ (777) $ (49,899) Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2023 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 $ 652 (1) 652 Total before tax (164) Tax benefit $ 488 Net of tax Change in derivatives qualifying as hedges $ 267 Cost of products sold (3,144) Interest expense (3,096) Foreign currency (5,973) Total before tax 1,474 Tax benefit $ (4,499) 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, 2022 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 $ 1,237 (1) 1,237 Total before tax (322) Tax benefit $ 915 Net of tax Change in derivatives qualifying as hedges $ 85 Cost of products sold 2,868 Interest expense (11,250) Foreign currency (8,297) Total before tax 2,452 Tax benefit $ (5,845) 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, 2023 | Mar. 31, 2022 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Foreign currency translation adjustment – net of tax | $ (32,352) | $ (28,080) |
Pension liability – net of tax | (13,736) | (21,794) |
Postretirement obligations – net of tax | 1,769 | 1,836 |
Split-dollar life insurance arrangements – net of tax | (833) | (1,084) |
Derivatives qualifying as hedges – net of tax | 7,109 | (777) |
Accumulated other comprehensive loss | $ (38,043) | $ (49,899) |
Accumulated other comprehensi_5
Accumulated other comprehensive loss 2 of 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss) before reclassification | $ 15,867 | $ 15,017 |
Amounts reclassified from other comprehensive loss to net income | $ (4,011) | $ (4,930) |
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, 2023 | Mar. 31, 2022 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance net of tax | $ (49,899) | ||
Other comprehensive income (loss) before reclassification | 15,867 | $ 15,017 | |
Amounts reclassified from other comprehensive loss to net income | (4,011) | (4,930) | |
Net current period other comprehensive (loss) income | 11,856 | 10,087 | |
Ending balance net of tax | (38,043) | (49,899) | |
Retirement Obligations | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance net of tax | (21,043) | (37,356) | |
Other comprehensive income (loss) before reclassification | 7,755 | 15,398 | |
Amounts reclassified from other comprehensive loss to net income | 488 | 915 | |
Net current period other comprehensive (loss) income | 8,243 | 16,313 | |
Ending balance net of tax | (12,800) | (21,043) | |
Foreign Currency | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance net of tax | (28,079) | (21,776) | |
Other comprehensive income (loss) before reclassification | (4,273) | (6,303) | |
Amounts reclassified from other comprehensive loss to net income | 0 | 0 | |
Net current period other comprehensive (loss) income | (4,273) | (6,303) | |
Ending balance net of tax | (32,352) | (28,079) | |
Change in Derivatives Qualifying as Hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance net of tax | (777) | (854) | |
Other comprehensive income (loss) before reclassification | 12,385 | 5,922 | |
Amounts reclassified from other comprehensive loss to net income | (4,499) | (5,845) | |
Net current period other comprehensive (loss) income | 7,886 | 77 | |
Ending balance net of tax | 7,109 | (777) | |
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 | (5,973) | (8,297) | |
Cost of products sold | Retirement Obligations | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from other comprehensive loss to net income | 652 | [1] | 1,237 |
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 | 267 | 85 | |
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 | (3,144) | 2,868 | |
Foreign Currency | Change in Derivatives Qualifying as Hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from other comprehensive loss to net income | (3,096) | (11,250) | |
Tax expense | Retirement Obligations | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from other comprehensive loss to net income | (164) | (322) | |
Tax expense | Change in Derivatives Qualifying as Hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from other comprehensive loss to net income | 1,474 | 2,452 | |
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 | $ (4,499) | (5,845) | |
AOCI Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance net of tax | $ (59,986) | ||
[1] 20. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss is as follows: March 31, 2023 2022 Foreign currency translation adjustment – net of tax $ (32,352) $ (28,080) Pension liability – net of tax (13,736) (21,794) Postretirement obligations – net of tax 1,769 1,836 Split-dollar life insurance arrangements – net of tax (833) (1,084) Derivatives qualifying as hedges – net of tax 7,109 (777) Accumulated other comprehensive loss $ (38,043) $ (49,899) 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 $(6,371,000), $(5,780,000), and $(13,305,000) for fiscal 2023, 2022, and 2021 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 Tax Cuts and Jobs Act (the "Act"), 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. Changes in accumulated other comprehensive income by component are as follows (in thousands): March 31, 2023 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (21,043) $ (28,079) $ (777) (49,899) Other comprehensive income (loss) before reclassification 7,755 (4,273) 12,385 15,867 Amounts reclassified from other comprehensive loss to net income 488 — (4,499) (4,011) Net current period other comprehensive (loss) income 8,243 (4,273) 7,886 11,856 Ending balance net of tax $ (12,800) $ (32,352) $ 7,109 $ (38,043) March 31, 2022 Retirement Obligations Foreign Currency Change in Derivatives Qualifying as Hedges Total Beginning balance net of tax $ (37,356) $ (21,776) $ (854) (59,986) Other comprehensive income (loss) before reclassification 15,398 (6,303) 5,922 15,017 Amounts reclassified from other comprehensive loss to net income 915 — (5,845) (4,930) Net current period other comprehensive (loss) income 16,313 (6,303) 77 10,087 Ending balance net of tax $ (21,043) $ (28,079) $ (777) $ (49,899) Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2023 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 $ 652 (1) 652 Total before tax (164) Tax benefit $ 488 Net of tax Change in derivatives qualifying as hedges $ 267 Cost of products sold (3,144) Interest expense (3,096) Foreign currency (5,973) Total before tax 1,474 Tax benefit $ (4,499) 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, 2022 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 $ 1,237 (1) 1,237 Total before tax (322) Tax benefit $ 915 Net of tax Change in derivatives qualifying as hedges $ 85 Cost of products sold 2,868 Interest expense (11,250) Foreign currency (8,297) Total before tax 2,452 Tax benefit $ (5,845) 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, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Cash and cash equivalents | $ 133,176 | $ 115,390 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 133,426 | $ 115,640 | $ 202,377 | $ 114,700 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | $ 21,864 | $ 20,789 | $ 20,092 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 1,132 | 2,171 | 2,495 | |
Charged to Other Accounts | 342 | 85 | 175 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | 0 | 774 | 0 | |
Deductions | 3,056 | 1,955 | 1,973 | |
Balance at End of Period | 19,598 | 21,864 | 20,789 | |
Allowance for doubtful accounts | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 5,717 | 5,686 | 5,056 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 1,055 | 1,929 | 2,411 | |
Charged to Other Accounts | 96 | 170 | 192 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | 0 | 227 | 0 | |
Deductions | [1] | 3,056 | 1,955 | 1,973 |
Balance at End of Period | 3,620 | 5,717 | 5,686 | |
Deferred tax asset valuation allowance | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 16,147 | 15,103 | 15,036 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 77 | 242 | 84 | |
Charged to Other Accounts | (246) | 255 | (17) | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | 0 | 547 | 0 | |
Deductions | 0 | 0 | 0 | |
Balance at End of Period | 15,978 | 16,147 | 15,103 | |
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 | 13,414 | 13,175 | 11,944 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 3,025 | 6,648 | 4,634 | |
Charged to Other Accounts | 0 | 0 | 0 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | 0 | 0 | 0 | |
Deductions | 3,608 | 6,409 | 3,403 | |
Balance at End of Period | $ 12,831 | $ 13,414 | $ 13,175 | |
[1] SCHEDULE II—Valuation and qualifying accounts March 31, 2023, 2022, and 2021 Dollars in thousands Additions Description Balance at Charged to Costs and Expenses Charged Acquisition/Divestiture Deductions Balance Year ended March 31, 2023: Deducted from asset accounts: Allowance for doubtful accounts $ 5,717 $ 1,055 $ (96) $ — $ 3,056 (1) $ 3,620 Deferred tax asset valuation allowance 16,147 77 (246) — — 15,978 Total $ 21,864 $ 1,132 $ (342) $ — $ 3,056 $ 19,598 Reserves on balance sheet: Accrued general and product liability costs, net of insurance recoveries $ 13,414 $ 3,025 $ — $ — $ 3,608 (2) $ 12,831 Year ended March 31, 2022: Deducted from asset accounts: Allowance for doubtful accounts $ 5,686 $ 1,929 $ (170) $ 227 $ 1,955 (1) $ 5,717 Deferred tax asset valuation allowance 15,103 242 255 547 — 16,147 Total $ 20,789 $ 2,171 $ 85 $ 774 $ 1,955 $ 21,864 Reserves on balance sheet: Accrued general and product liability costs, net of insurance recoveries $ 13,175 $ 6,648 $ — $ — $ 6,409 (2) $ 13,414 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 _________________ (1) Uncollectible accounts written off, net of recoveries (2) Insurance claims and expenses paid |