Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2021 | Jan. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | GHM | |
Entity Registrant Name | GRAHAM CORPORATION | |
Entity Central Index Key | 0000716314 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, Par Value $0.10 Per Share | |
Security Exchange Name | NYSE | |
Entity File Number | 1-8462 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 16-1194720 | |
Entity Address, Address Line One | 20 Florence Avenue | |
Entity Address, City or Town | Batavia | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14020 | |
City Area Code | 585 | |
Local Phone Number | 343-2216 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 10,638,041 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 28,774 | $ 27,154 | $ 83,077 | $ 71,818 |
Cost of products sold | 28,213 | 20,927 | 78,159 | 56,330 |
Gross profit | 561 | 6,227 | 4,918 | 15,488 |
Other expenses and income: | ||||
Selling, general and administrative | 4,729 | 4,936 | 14,534 | 13,091 |
Selling, general and administrative – amortization | 274 | 639 | ||
Other operating income, net | 140 | (962) | ||
Operating (loss) income | (4,582) | 1,291 | (9,293) | 2,397 |
Other income | (111) | (55) | (416) | (164) |
Interest income | (12) | (23) | (43) | (143) |
Interest expense | 132 | 1 | 300 | 9 |
(Loss) income before benefit provision for income taxes | (4,591) | 1,368 | (9,134) | 2,695 |
(Benefit) provision for income taxes | (861) | 308 | (1,786) | 709 |
Net (loss) income | $ (3,730) | $ 1,060 | $ (7,348) | $ 1,986 |
Basic: | ||||
Net (loss) income | $ (0.35) | $ 0.11 | $ (0.70) | $ 0.20 |
Diluted: | ||||
Net (loss) income | $ (0.35) | $ 0.11 | $ (0.70) | $ 0.20 |
Weighted average common shares outstanding: | ||||
Basic | 10,638 | 9,977 | 10,507 | 9,950 |
Diluted | 10,638 | 9,977 | 10,507 | 9,950 |
Dividends declared per share | $ 0.11 | $ 0.11 | $ 0.33 | $ 0.33 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (3,730) | $ 1,060 | $ (7,348) | $ 1,986 |
Other comprehensive income: | ||||
Foreign currency translation adjustment | 108 | 261 | 201 | 416 |
Defined benefit pension and other postretirement plans net of income tax expense of $60 and $61 for the three months ended December 31, 2021 and 2020, respectively, and $181 and $185 for the nine months ended December 31, 2021 and 2020, respectively | 210 | 205 | 631 | 614 |
Total other comprehensive income | 318 | 466 | 832 | 1,030 |
Total comprehensive (loss) income | $ (3,412) | $ 1,526 | $ (6,516) | $ 3,016 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Defined benefit pension and other postretirement plans, tax expense | $ 60 | $ 61 | $ 182 | $ 185 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 13,991 | $ 59,532 |
Investments | 5,500 | |
Trade accounts receivable, net of allowances ($176 and $29 at December 31 and March 31, 2021, respectively) | 36,650 | 17,378 |
Unbilled revenue | 24,930 | 19,994 |
Inventories | 20,428 | 17,332 |
Prepaid expenses and other current assets | 1,905 | 512 |
Income taxes receivable | 2,670 | |
Total current assets | 100,574 | 120,248 |
Property, plant and equipment, net | 25,218 | 17,618 |
Prepaid pension asset | 7,121 | 6,216 |
Operating lease assets | 8,708 | 95 |
Goodwill | 22,823 | |
Other intangible assets, net | 10,173 | |
Other assets | 202 | 103 |
Total assets | 196,080 | 144,280 |
Current liabilities: | ||
Short-term debt obligations | 9,750 | |
Current portion of long-term debt | 2,000 | |
Current portion of finance lease obligations | 23 | 21 |
Accounts payable | 14,650 | 17,972 |
Accrued compensation | 7,951 | 6,106 |
Accrued expenses and other current liabilities | 5,414 | 4,628 |
Customer deposits | 27,665 | 14,059 |
Operating lease liabilities | 1,114 | 46 |
Income taxes payable | 741 | |
Total current liabilities | 68,567 | 43,573 |
Long-term debt | 17,000 | |
Finance lease obligations | 17 | 34 |
Operating lease liabilities | 7,702 | 37 |
Deferred income tax liability | 977 | 635 |
Accrued pension and postretirement benefit liabilities | 1,958 | 2,072 |
Other long-term liabilities | 2,320 | |
Total liabilities | 98,541 | 46,351 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $1.00 par value, 500 shares authorized | ||
Common stock, $0.10 par value, 25,500 shares authorized, 10,810 and 10,748 shares issued and 10,638 and 9,959 shares outstanding at December 31 and March 31, 2021, respectively | 1,081 | 1,075 |
Capital in excess of par value | 27,608 | 27,272 |
Retained earnings | 78,500 | 89,372 |
Accumulated other comprehensive loss | (6,565) | (7,397) |
Treasury stock (172 and 790 shares at December 31 and March 31, 2021, respectively) | (3,085) | (12,393) |
Total stockholders’ equity | 97,539 | 97,929 |
Total liabilities and stockholders’ equity | 196,080 | $ 144,280 |
Customer Relationships [Member] | ||
Current assets: | ||
Intangible assets | 11,456 | |
Technology and Technical Know-How [Member] | ||
Current assets: | ||
Intangible assets | $ 9,805 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowances on trade accounts receivable | $ 176 | $ 29 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 25,500,000 | 25,500,000 |
Common stock, shares issued | 10,810,000 | 10,748,000 |
Common stock, shares outstanding | 10,638,000 | 9,959,000 |
Treasury stock, shares | 172,000 | 790,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | ||
Net (loss) income | $ (7,348) | $ 1,986 |
Adjustments to reconcile net (loss) income to net cash (used) provided by operating activities: | ||
Depreciation | 2,232 | 1,458 |
Amortization | 1,765 | |
Amortization of actuarial losses | 725 | 799 |
Equity-based compensation expense | 599 | 821 |
Gain on disposal or sale of property, plant and equipment | 22 | 3 |
Change in fair value of contingent consideration | (1,900) | |
Deferred income taxes | 152 | 776 |
(Increase) decrease in operating assets: | ||
Accounts receivable | (10,964) | (4,220) |
Unbilled revenue | 2,186 | (284) |
Inventories | 579 | 4,999 |
Prepaid expenses and other current and non-current assets | (933) | (76) |
Income taxes receivable | (3,423) | (119) |
Operating lease assets | 744 | 116 |
Prepaid pension asset | (905) | (631) |
Increase (decrease) in operating liabilities: | ||
Accounts payable | (6,058) | 1,401 |
Accrued compensation, accrued expenses and other current and non-current liabilities | 465 | 1,754 |
Customer deposits | 7,553 | (8,092) |
Operating lease liabilities | (663) | (116) |
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits | 620 | 95 |
Net cash (used) provided by operating activities | (14,552) | 670 |
Investing activities: | ||
Purchase of property, plant and equipment | (1,909) | (1,462) |
Proceeds from disposal of property, plant and equipment | 6 | |
Purchase of investments | (37,103) | |
Redemption of investments at maturity | 5,500 | 71,651 |
Acquisition of Barber-Nichols, LLC | (59,563) | |
Net cash (used) provided by investing activities | (55,972) | 33,092 |
Financing activities: | ||
Increase in short-term debt obligations | 9,750 | |
Principal repayments on long-term debt | (1,000) | (4,599) |
Proceeds from the issuance of long-term debt | 20,000 | 4,599 |
Principal repayments on finance lease obligations | (15) | (35) |
Repayments on lease financing obligations | (157) | |
Payment of debt issuance costs | (150) | |
Dividends paid | (3,524) | (3,292) |
Purchase of treasury stock | (41) | (23) |
Net cash provided (used) by financing activities | 24,863 | (3,350) |
Effect of exchange rate changes on cash | 120 | 425 |
Net (decrease) increase in cash and cash equivalents | (45,541) | 30,837 |
Cash and cash equivalents at beginning of period | 59,532 | 32,955 |
Cash and cash equivalents at end of period | $ 13,991 | $ 63,792 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
Beginning balance at Mar. 31, 2020 | $ 96,724 | $ 1,069 | $ 26,361 | $ 91,389 | $ (9,556) | $ (12,539) |
Beginning balance, shares at Mar. 31, 2020 | 10,689 | |||||
Comprehensive (loss) income | (1,604) | (1,818) | 214 | |||
Issuance of shares | $ 11 | (11) | ||||
Issuance of shares, shares | 113 | |||||
Forfeiture of shares | $ (2) | 2 | ||||
Forfeiture of shares, shares | (22) | |||||
Dividends | (1,097) | (1,097) | ||||
Recognition of equity-based compensation expense | 164 | 164 | ||||
Purchase of treasury stock | (23) | (23) | ||||
Ending Balance at Jun. 30, 2020 | 94,164 | $ 1,078 | 26,516 | 88,474 | (9,342) | (12,562) |
Ending Balance, shares at Jun. 30, 2020 | 10,780 | |||||
Beginning balance at Mar. 31, 2020 | 96,724 | $ 1,069 | 26,361 | 91,389 | (9,556) | (12,539) |
Beginning balance, shares at Mar. 31, 2020 | 10,689 | |||||
Comprehensive (loss) income | 3,016 | |||||
Ending Balance at Dec. 31, 2020 | 97,333 | $ 1,078 | 27,193 | 90,083 | (8,526) | (12,495) |
Ending Balance, shares at Dec. 31, 2020 | 10,779 | |||||
Beginning balance at Jun. 30, 2020 | 94,164 | $ 1,078 | 26,516 | 88,474 | (9,342) | (12,562) |
Beginning balance, shares at Jun. 30, 2020 | 10,780 | |||||
Comprehensive (loss) income | 3,094 | 2,744 | 350 | |||
Dividends | (1,098) | (1,098) | ||||
Recognition of equity-based compensation expense | 330 | 330 | ||||
Issuance of treasury stock | 87 | 20 | 67 | |||
Ending Balance at Sep. 30, 2020 | 96,577 | $ 1,078 | 26,866 | 90,120 | (8,992) | (12,495) |
Ending Balance, shares at Sep. 30, 2020 | 10,780 | |||||
Comprehensive (loss) income | 1,526 | 1,060 | 466 | |||
Forfeiture of shares, shares | (1) | |||||
Recognition of equity-based compensation expense | 327 | 327 | ||||
Ending Balance at Dec. 31, 2020 | 97,333 | $ 1,078 | 27,193 | 90,083 | (8,526) | (12,495) |
Ending Balance, shares at Dec. 31, 2020 | 10,779 | |||||
Beginning balance at Mar. 31, 2021 | 97,929 | $ 1,075 | 27,272 | 89,372 | (7,397) | (12,393) |
Beginning balance, shares at Mar. 31, 2021 | 10,748 | |||||
Comprehensive (loss) income | (2,828) | (3,126) | 298 | |||
Issuance of shares | $ 13 | (13) | ||||
Issuance of shares, shares | 135 | |||||
Forfeiture of shares | $ (1) | 1 | ||||
Forfeiture of shares, shares | (9) | |||||
Dividends | (1,177) | (1,177) | ||||
Recognition of equity-based compensation expense | 353 | 353 | ||||
Issuance of treasury stock | 8,964 | (194) | 9,158 | |||
Purchase of treasury stock | (41) | (41) | ||||
Ending Balance at Jun. 30, 2021 | 103,200 | $ 1,087 | 27,419 | 85,069 | (7,099) | (3,276) |
Ending Balance, shares at Jun. 30, 2021 | 10,874 | |||||
Beginning balance at Mar. 31, 2021 | 97,929 | $ 1,075 | 27,272 | 89,372 | (7,397) | (12,393) |
Beginning balance, shares at Mar. 31, 2021 | 10,748 | |||||
Comprehensive (loss) income | $ (6,516) | |||||
Issuance of treasury stock, shares | 610 | |||||
Ending Balance at Dec. 31, 2021 | $ 97,539 | $ 1,081 | 27,608 | 78,500 | (6,565) | (3,085) |
Ending Balance, shares at Dec. 31, 2021 | 10,810 | |||||
Beginning balance at Jun. 30, 2021 | 103,200 | $ 1,087 | 27,419 | 85,069 | (7,099) | (3,276) |
Beginning balance, shares at Jun. 30, 2021 | 10,874 | |||||
Comprehensive (loss) income | (276) | (492) | 216 | |||
Issuance of shares | $ 3 | (3) | ||||
Issuance of shares, shares | 27 | |||||
Forfeiture of shares | $ (9) | 9 | ||||
Forfeiture of shares, shares | 91 | |||||
Dividends | (1,177) | (1,177) | ||||
Recognition of equity-based compensation expense | (23) | (23) | ||||
Issuance of treasury stock | 128 | (63) | 191 | |||
Ending Balance at Sep. 30, 2021 | 101,852 | $ 1,081 | 27,339 | 83,400 | (6,883) | (3,085) |
Ending Balance, shares at Sep. 30, 2021 | 10,810 | |||||
Comprehensive (loss) income | (3,412) | (3,730) | 318 | |||
Dividends | (1,170) | (1,170) | ||||
Recognition of equity-based compensation expense | 269 | 269 | ||||
Ending Balance at Dec. 31, 2021 | $ 97,539 | $ 1,081 | $ 27,608 | $ 78,500 | $ (6,565) | $ (3,085) |
Ending Balance, shares at Dec. 31, 2021 | 10,810 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1 – BASIS OF PRESENTATION: Graham Corporation's (the "Company's") Condensed Consolidated Financial Statements include its wholly-owned subsidiaries located in Suzhou, China and Ahmedabad, India at December 31, 2021 and March 31, 2021, and its recently acquired wholly-owned subsidiary, Barber-Nichols, LLC ("BN"), located in Arvada, Colorado at December 31, 2021 and for the period June 1, 2021 through December 31, 2021 (See Note 2). The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X, each as promulgated by the U.S. Securities and Exchange Commission. The Company's Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for complete financial statements. The unaudited Condensed Consolidated Balance Sheet as of March 31, 2021 presented herein was derived from the Company’s audited Consolidated Balance Sheet as of March 31, 2021. For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2021 ("fiscal 2021"). In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair presentation, have been included in the Company's Condensed Consolidated Financial Statements. The Company's results of operations and cash flows for the three and nine months ended December 31, 2021 are not necessarily indicative of the results that may be expected for the current fiscal year, which ends March 31, 2022 ("fiscal 2022"). The three-month period ended December 31, 2021 is also referred to as “the third quarter”. Going Concern - The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company determined that as of December 31, 2021, it did not meet its financial covenants required by its loan agreement to maintain a maximum total leverage ratio of 3.25 to 1.0, nor did it maintain a minimum fixed charge coverage ratio of 1.2 to 1.0. On February 4, 2022, management obtained a waiver from Bank of America waiving their right to call the debt immediately due and payable as of December 31, 2021. As a term of receiving the waiver, until such time as Bank of America has received all required financial information with respect to the Company for the period ending on or about March 31, 2022, and such financial information confirms to the Bank of America's satisfaction that no default exists at such time, the Company will not permit the principal balance outstanding under the line of credit with Bank of America to exceed $ 15,000 . Absent a waiver or an amendment of the loan agreement, the Company anticipates that it will not meet these covenants as of March 31, 2022, which would be an event of default. Violation of its covenants under the loan agreement provides the bank with the option to accelerate the maturity of the term loan under the loan agreement, which carries a balance of $ 19,000 as of December 31, 2021 and the revolving credit facility, which has a principal balance outstanding of $ 9,750 as of December 31, 2021. If the Company's lenders accelerate the maturity of the term loan and the revolving credit facility, the Company does not have sufficient cash to repay the outstanding debt. These conditions and events raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that these financial statements were issued. In response to these conditions, management has begun to actively engage in negotiations with the bank regarding amendments to its term loan and its revolving credit facility and related financial covenants. However, this plan has not been finalized and is not within the Company's control, and therefore cannot be deemed probable. As a result, the Company has concluded that management's plans do not alleviate substantial doubt about the Company's ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might result from the outcome of this uncertainty. |
Acquisition
Acquisition | 9 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisition | NOTE 2 – ACQUISITION : On June 1, 2021, the Company completed its acquisition of Barber-Nichols, LLC ("BN"), a privately-owned designer and manufacturer of turbomachinery products located in Arvada, Colorado that serves the defense and aerospace industry as well as the energy and cryogenic markets. The Company believes this acquisition furthers its growth strategy through market and product diversification, broadens its offerings and strengthens its presence in the defense industry, builds on its presence in the energy markets and adds capabilities in the space industry. This transaction was accounted for as a business combination which requires that assets acquired and liabilities assumed be recognized at their fair value as of the acquisition date. The purchase price of $ 72,014 was comprised of 610 shares of the Company's common stock, representing a value of $ 8,964 at a price of $ 14.69 per share, and cash consideration of $ 61,150 , subject to certain potential adjustments, including a customary working capital adjustment. The cash consideration was funded through cash on-hand and debt proceeds (See Note 15). The purchase agreement included a contingent earn-out dependent upon certain financial measures of BN post-acquisition, in which the sellers were eligible to receive up to $ 14,000 in additional cash consideration. At June 30, 2021, a liability of $ 1,900 was recorded for the contingent earn-out. Subsequent to the acquisition, the earn out agreement was terminated and the contingent liability was reversed into Other operating income, net, on the Company’s Condensed Statement of Operations. Prior to the acquisition, BN and Ascent Properties Group, LLC, a related party, entered into a nine year operating lease agreement for an office and manufacturing building in Arvada, Colorado. This lease was acquired as part of the Company's acquisition of BN and has a monthly payment in the amount of $ 40 with a 3 % yearly escalation. Acquisition related costs of $ 111 and $ 373 were expensed in the three and nine month periods ending December 31, 2021, and are included in Selling, general and administrative expenses in the Condensed Consolidated Statement of Operations. The cost of the acquisition was preliminarily allocated to the assets acquired and liabilities assumed based upon its estimated fair value at the date of the acquisition and the amount exceeding the fair value of $ 22,923 was recorded as goodwill, which is not deductible for tax purposes. During the second quarter of fiscal 2022, the preliminary valuation of backlog was increased by $ 100 , therefore goodwill was reduced to $ 22,823 . As the values of certain assets and liabilities are preliminary in nature, they are subject to adjustment as additional information is obtained, including, but not limited to, the finalization of the valuation of intangible assets, the final reconciliation and confirmation of tangible assets. The valuation of acquisition-related intangible assets will be finalized within twelve months of the close of the acquisition. The fair value of acquisition-related intangible assets includes customer relationships, technology and technical know-how, backlog and trade name. Backlog and trade name are included in the line item "Other intangible assets, net" in the Condensed Consolidated Balance Sheet. Customer relationships were valued using an income approach, specifically the Multi Period Excess Earnings method, which incorporates assumptions regarding retention rate, new customer growth and customer related costs. Trade name and technology and technical know-how were both valued using a Relief from Royalty method, which develops a market based royalty rate used to reflect the after tax royalty savings attributable to owning the intangible asset. The fair value of backlog was determined using a net realizable value methodology, and was computed as the present value of the expected sales attributable to backlog less the remaining costs to fulfill the backlog. Changes to the preliminary valuation may result in material adjustments to the fair value of assets and liabilities acquired. The purchase price was allocated to specific intangible assets on a preliminary basis as follows: Fair Value Assigned Weighted Average Amortization Period At December 31, 2021 Intangibles subject to amortization: Customer relationships $ 11,800 20 years Technology and technical know-how 10,100 20 years Backlog 3,900 4 years $ 25,800 Intangibles not subject to amortization: Tradename 7,400 Indefinite $ 7,400 Technology and technical know-how and customer relationships are amortized in selling, general and administrative expense on a straight line basis over their estimated useful lives. Backlog is amortized in cost of products sold over the projected conversion period based on management estimates at time of purchase. Intangible amortization was $ 756 and $ 1,765 for the three and nine months ended December 31, 2021. The estimated annual amortization expense is as follows: Annual Amortization Remainder of 2022 $ 756 2023 2,476 2024 1,782 2025 1,318 2026 1,095 2027 and thereafter 16,608 Total intangible amortization $ 24,035 During the three months ended December 31, 2021, the Company made adjustments to the initial purchase price allocation of accounts receivable and accounts payable in the amount of $ 80 .. The following table summarizes the preliminary allocation of the cost of the acquisition, as adjusted, to the assets acquired and liabilities assumed as of the close of the acquisition: June 1, 2021 Assets acquired: Cash and cash equivalents $ 1,587 Accounts receivable 8,074 Unbilled revenue 7,068 Inventory 3,669 Other current assets 409 Property, plant & equipment 8,037 Operating lease asset 9,026 Goodwill 22,823 Backlog 3,900 Customer relationships 11,800 Technology and technical know-how 10,100 Tradename 7,400 Total assets acquired 93,893 Liabilities assumed: Accounts payable 2,656 Accrued compensation 1,341 Other current liabilities 665 Customer deposits 6,048 Operating lease liabilities 9,066 Other long term liabilities 2,103 Total liabilities assumed 21,879 Purchase price $ 72,014 The Condensed Consolidated Statement of Operations for the three and nine months ended December 31, 2021 includes net sales of BN of $ 11,968 and $ 31,925 , respectively. The following unaudited pro forma information presents the consolidated results of operations of the Company as if the BN acquisition had occurred at the beginning of each of the fiscal periods presented: Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Net sales $ 28,774 $ 40,649 $ 94,890 $ 117,009 Net (loss) income ( 3,646 ) ( 684 ) ( 5,902 ) 4,465 (Loss) earnings per share Basic $ ( 0.34 ) $ ( 0.06 ) $ ( 0.55 ) $ 0.42 Diluted $ ( 0.34 ) $ ( 0.06 ) $ ( 0.55 ) $ 0.42 The unaudited pro forma information presents the combined operating results of Graham Corporation and BN, with the results prior to the acquisition date adjusted to include the pro forma impact of the adjustment of depreciation of fixed assets based on the preliminary purchase price allocation, the adjustment to interest income reflecting the cash paid in connection with the acquisition, including acquisition-related expenses, at the Company’s weighted average interest income rate, interest expense and loan origination fees at the Company’s current interest rate, amortization expense related to the fair value adjustments for intangible assets, non-recurring acquisition-related costs and the impact of income taxes on the pro forma adjustments utilizing the applicable statutory tax rate. The unaudited pro forma results are presented for illustrative purposes only. These pro forma results do not purport to be indicative of the results that would have actually been obtained if the acquisition occurred as of the beginning of each of the periods presented, nor does the pro forma data intend to be a projection of results that may be obtained in the future. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | NOTE 3 – REVENUE RECOGNITION: The Company recognizes revenue on contracts when or as it satisfies a performance obligation by transferring control of the product to the customer. For contracts in which revenue is recognized upon shipment, control is generally transferred when products are shipped, title is transferred, significant risks of ownership have transferred, the Company has rights to payment, and rewards of ownership pass to the customer. For contracts in which revenue is recognized over time, control is generally transferred as the Company creates an asset that does not have an alternative use to the Company and the Company has an enforceable right to payment for the performance completed to date. The following table presents the Company’s revenue disaggregated by product line and geographic area: Three Months Ended Nine Months Ended December 31, December 31, Product Line 2021 2020 2021 2020 Heat transfer equipment $ 6,284 $ 8,165 $ 21,754 $ 32,145 Vacuum equipment 5,412 14,969 13,946 26,901 Fluid systems 6,939 — 15,342 — Power systems 5,030 — 16,583 — All other 5,109 4,020 15,452 12,772 Net sales $ 28,774 $ 27,154 $ 83,077 $ 71,818 Geographic Region Asia $ 1,493 $ 11,211 $ 10,485 $ 20,903 Canada 924 1,874 3,011 4,804 Middle East 627 806 2,202 2,243 South America 242 2,426 720 5,238 U.S. 24,737 10,716 64,832 37,406 All other 751 121 1,827 1,224 Net sales $ 28,774 $ 27,154 $ 83,077 $ 71,818 A performance obligation represents a promise in a contract to provide a distinct good or service to a customer. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Transaction price reflects the amount of consideration to which the Company expects to be entitled in exchange for transferred products. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized as the performance obligation is satisfied. In certain cases, the Company may separate a contract into more than one performance obligation, while in other cases, several products may be part of a fully integrated solution and are bundled into a single performance obligation. If a contract is separated into more than one performance obligation, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods underlying each performance obligation. The Company has made an accounting policy election to exclude from the measurement of the contract price all taxes assessed by government authorities that are collected by the Company from its customers. The Company does not adjust the contract price for the effects of a financing component if the Company expects, at contract inception, that the period between when a product is transferred to a customer and when the customer pays for the product will be one year or less. Shipping and handling fees billed to the customer are recorded in revenue and the related costs incurred for shipping and handling are included in cost of products sold. Revenue on the majority of the Company’s contracts, as measured by number of contracts, is recognized upon shipment to the customer. Revenue on larger contracts, which are fewer in number but represent the majority of revenue, is recognized over time. Revenue from contracts that is recognized upon shipment accounted for approximately 25 % and 40 % of revenue for the three-month periods ended December 31, 2021 and 2020 , respectively, and revenue from contracts that is recognized over time accounted for approximately 75 % and 60 % of revenue for the three-month periods ended December 31, 2021 and 2020 , respectively. Revenue from contracts that is recognized upon shipment accounted for approximately 25 % and 50 % of revenue for the nine-month periods ended December 31, 2021 and 2020, respectively, and revenue from contracts that is recognized over time accounted for approximately 75 % and 50 % of revenue for the nine-month periods ended December 31, 2021 and 2020, respectively. During the nine months ended December 31, 2021, revenue recognized over time as a percentage of total revenue was higher as compared with the prior year period due to the prior year having limited production on large contracts during the first quarter of fiscal 2021 as a result of the COVID-19 pandemic, as well as the completion of two large projects in China which did not meet the criteria for recognizing revenue over time. The Company recognizes revenue over time when contract performance results in the creation of a product for which the Company does not have an alternative use and the contract includes an enforceable right to payment in an amount that corresponds directly with the value of the performance completed. To measure progress towards completion on performance obligations for which revenue is recognized over time the Company utilizes an input method based upon a ratio of direct labor hours incurred to date to management’s estimate of the total labor hours to be incurred on each contract, an input method based upon a ratio of total contract costs incurred to date to management’s estimate of the total contract costs to be incurred or an output method based upon completion of operational milestones, depending upon the nature of the contract. The Company has established the systems and procedures essential to developing the estimates required to account for performance obligations over time. These procedures include monthly review by management of costs incurred, progress towards completion, identified risks and opportunities, sourcing determinations, changes in estimates of costs yet to be incurred, availability of materials, and execution by subcontractors. Sales and earnings are adjusted in current accounting periods based on revisions in the contract value due to pricing changes and estimated costs at completion. Losses on contracts are recognized immediately when evident to management. The timing of revenue recognition, invoicing and cash collections affect trade accounts receivable, unbilled revenue (contract assets) and customer deposits (contract liabilities) on the Condensed Consolidated Balance Sheets. Unbilled revenue represents revenue on contracts that is recognized over time and exceeds the amount that has been billed to the customer. Unbilled revenue is separately presented in the Condensed Consolidated Balance Sheets. The Company may have an unconditional right to payment upon billing and prior to satisfying the performance obligations. The Company will then record a contract liability and an offsetting asset of equal amount until the deposit is collected and the performance obligations are satisfied. Customer deposits are separately presented in the Condensed Consolidated Balance Sheets. Customer deposits are not considered a significant financing component as they are generally received less than one year before the product is completed or used to procure specific material on a contract, as well as related overhead costs incurred during design and construction. Net contract assets (liabilities) consisted of the following: December 31, 2021 March 31, 2021 Change Unbilled revenue (contract assets) $ 24,930 $ 19,994 $ 4,936 Customer deposits (contract liabilities) ( 27,665 ) ( 14,059 ) ( 13,606 ) Net contract liabilities $ ( 2,735 ) $ 5,935 $ ( 8,670 ) Contract liabilities at December 31, and March 31, 2021 include $ 6,468 and $ 1,603 , respectively, of customer deposits for which the Company has an unconditional right to collect payment. Trade accounts receivable, as presented on the Condensed Consolidated Balance Sheets, includes corresponding balances at December 31, and March 31, 2021, respectively. Revenue recognized in the three and nine months ended December 31, 2021 that was included in the contract liability balance at March 31, 2021 and the contract liability balance acquired on June 1, 2021 of $ 6,048 , was $ 5,659 and $ 18,951 , respectively. Changes in the net contract liability balance during the nine months ended December 31, 2021 were impacted by a $ 4,936 increase in contract assets, of which $ 36,141 was due to contract progress and the acquisition of BN’s contract assets of $ 7,068 offset by invoicing to customers of $ 38,273 . In addition, contract liabilities increased $ 13,606 driven new customer deposits of $ 26,509 offset by revenue recognized in the current period that was included in the contract liability balance at March 31, 2021 , and the acquisition of BN’s contract liabilities of $ 6,048 . Receivables billed but not paid under retainage provisions in the Company’s customer contracts were $ 2,786 and $ 3,747 at December 31, and March 31, 2021, respectively. Incremental costs to obtain a contract consist of sales employee and agent commissions. Commissions paid to employees and sales agents are capitalized when paid and amortized to selling, general and administrative expense when the related revenue is recognized. Capitalized costs, net of amortization, to obtain a contract were $ 149 and $ 39 at December 31, and March 31, 2021 , respectively, and are included in the line item "Prepaid expenses and other current assets" in the Condensed Consolidated Balance Sheets. The related amortization expense was $ 12 and $30 9 in the three months ended December 31, 2021 and 2020 , respectively, and $ 46 and $ 561 in the nine months ended December 31, 2021 and 2020 The Company’s remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. The Company also refers to this measure as backlog. As of December 31, 2021 , the Company had remaining unsatisfied performance obligations of $ 272,599 . The Company expects to recognize revenue on approximately 40 % to 50 % of the remaining performance obligations within one year , 25 % to 35 % in one to two years and the remaining beyond two years. |
Inventories
Inventories | 9 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4 – INVENTORIES: Inventories are stated at the lower of cost or net realizable value, using the average cost method. Major classifications of inventories are as follows: December 31, March 31, 2021 2021 Raw materials and supplies $ 3,951 $ 3,490 Work in process 14,997 12,196 Finished products 1,480 1,646 Total $ 20,428 $ 17,332 |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity-Based Compensation | NOTE 5 – EQUITY-BASED COMPENSATION: The 2020 Graham Corporation Equity Incentive Plan (the "2020 Plan"), as approved by the Company’s stockholders at the Annual Meeting on August 11, 2020, provides for the issuance of 422 shares of common stock in connection with grants of incentive stock options, non-qualified stock options, restricted stock units and stock awards to officers, key employees and outside directors. The shares available for issuance include 112 shares that remain available under the Company’s prior plan, the Amended and Restated 2000 Graham Corporation Incentive Plan to Increase Shareholder Value (the"2000 Plan"). As of August 11, 2020, the effective date of the 2020 Plan, no further awards will be granted under the 2000 Plan. However, stock options for 33 shares and 53 shares of unvested restricted stock under the 2000 Plan remains subject to the terms of such plan until the time such options expire or are exercised and such shares of restricted stock vest or are forfeited. No restricted stock awards were granted in the three-month periods ended December 31, 2021 and 2020. 162 and 113 restricted stock awards were granted in the nine-month periods ended December 31, 2021 and 2020 , respectively. 88 restricted shares and 54 restricted shares were granted to officers in fiscal 2022 and fiscal 2021 , respectively, that vest 100 % on the third anniversary of the grant date subject to the satisfaction of the performance metrics for the applicable three-year period. 54 restricted shares and 38 restricted shares granted to officers and key employees in fiscal 2022 and fiscal 2021 , respectively, vest 33⅓ % per year over a three-year term. 20 restricted shares and 21 restricted shares granted to directors in fiscal 2022 and fiscal 2021 , respectively, vest 100 % on the first year anniversary of the grant date. No stock option awards were granted in the nine-month periods ended December 31, 2021 and 2020. During the three months ended December 31, 2021 and 2020 , the Company recognized equity-based compensation costs related to restricted stock awards of $ 260 and $ 312 , respectively. The income tax benefit recognized related to equity-based compensation was $ 58 and $ 72 for the three months ended December 31, 2021 and 2020 , respectively. During the nine months ended December 31, 2021 and 2020, the Company recognized equity-based compensation costs related to restricted stock awards of $ 575 and $ 783 , respectively. The income tax benefit recognized related to equity-based compensation was $ 127 and $ 183 for the nine months ended December 31, 2021 and 2020, respectively. The Company has an Employee Stock Purchase Plan (the "ESPP"), which allows eligible employees to purchase shares of the Company's common stock at a discount of up to 15 % of its fair market value on the (1) last, (2) first or (3) lower of the last or first day of the six-month offering period. A total of 200 shares of common stock may be purchased under the ESPP. During the three months ended December 31, 2021 and 2020 , the Company recognized equity-based compensation costs of $ 9 and $ 15 , respectively, related to the ESPP and $ 1 and $ 4 , respectively, of related tax benefits. During the nine-months ended December 31, 2021 and 2020, the Company recognized equity-based compensation costs of $ 24 and $ 38 , respectively, related to the ESPP and $ 5 and $ 9 , respectively, of related tax benefits. |
(Loss) Income Per Share
(Loss) Income Per Share | 9 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
(Loss) Income Per Share | NOTE 6 – (LOSS) INCOME PER SHARE: Basic (loss) income per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding for the period. Diluted (loss) income per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding and, when applicable, potential common shares outstanding during the period. A reconciliation of the numerators and denominators of basic and diluted (loss) income per share is presented below: Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Basic (loss) income per share Numerator: Net (loss) income $ ( 3,730 ) $ 1,060 $ ( 7,348 ) $ 1,986 Denominator: Weighted average common shares 10,638 9,977 10,507 9,950 Basic (loss) income per share $ ( 0.35 ) $ 0.11 $ ( 0.70 ) $ 0.20 Diluted (loss) income per share Numerator: Net (loss) income $ ( 3,730 ) $ 1,060 $ ( 7,348 ) $ 1,986 Denominator: Weighted average common shares 10,638 9,977 10,507 9,950 Stock options outstanding — — — — Weighted average common and 10,638 9,977 10,507 9,950 Diluted (loss) income per share $ ( 0.35 ) $ 0.11 $ ( 0.70 ) $ 0.20 None of the options to purchase 33 shares of common stock at December 31, 2021 were included in the computation of diluted income per share as the affect would be anti-dilutive due to the net losses in the quarters. None of the options to purchase 37 shares of common stock at December 31, 2020 were included in the above computation of diluted income per share given their exercise prices as they would not be dilutive upon issuance. |
Product Warranty Liability
Product Warranty Liability | 9 Months Ended |
Dec. 31, 2021 | |
Guarantees [Abstract] | |
Product Warranty Liability | NOTE 7 – PRODUCT WARRANTY LIABILITY: The reconciliation of the changes in the product warranty liability is as follows: Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Balance at beginning of period $ 449 $ 308 $ 626 $ 359 BNI warranty accrual acquired — 169 Expense (income) for product warranties 19 28 ( 2 ) 23 Product warranty claims paid ( 35 ) ( 21 ) ( 360 ) ( 67 ) Balance at end of period $ 433 $ 315 $ 433 $ 315 Income of $ 2 for product warranties in the nine months ended December 31, 2021 resulted from the reversal of provisions made that were no longer required due to lower claims experience. The product warranty liability is included in the line item "Accrued expenses and other current liabilities" in the Condensed Consolidated Balance Sheets. |
Cash Flow Statement
Cash Flow Statement | 9 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Statement | NOTE 8 – CASH FLOW STATEMENT: Interest paid was $ 263 and $ 9 in the nine-month periods ended December 31, 2021 and 2020, respectively. Income taxes paid for the nine months ended December 31, 2021 and 2020 were $ 1,388 and $ 51 , respectively. At December 31, 2021 and 2020 , there were $ 80 and $ 37 , respectively, of capital purchases that were recorded in accounts payable and are not included in the caption "Purchase of property, plant and equipment" in the Condensed Consolidated Statements of Cash Flows. The cash utilized for the acquisition of BN of $ 59,563 included the cash consideration of $ 61,150 , net of cash acquired of $ 1,587 . In the nine months ended December 31, 2021, non-cash activities included the issuance of 610 treasury shares valued at $ 8,964 , included as part of the consideration for the acquisition of BN. In the second quarter ended September 30, 2021, non-cash activities included pension adjustments, net of income tax, of $ 68 . |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | NOTE 9 – EMPLOYEE BENEFIT PLANS: The components of pension cost are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Service cost $ 93 $ 115 $ 280 $ 346 Interest cost 296 303 894 909 Expected return on assets ( 681 ) ( 628 ) ( 2,045 ) ( 1,885 ) Amortization of actuarial loss 265 259 707 779 Net pension cost $ ( 27 ) $ 49 $ ( 164 ) $ 149 The Company made no contributions to its defined benefit pension plan during the nine months ended December 31, 2021 and does no t expect to make any contributions to the plan for the balance of fiscal 2022. During the second quarter ended September 30, 2021, the Company remeasured the projected benefit obligation to the supplemental executive retirement plan due to the retirement of the Company’s chief executive officer, who was the only active participant in the plan. Recognition of an actuarial gain, net of tax, of $ 68 was included in other comprehensive (loss) income. The components of the postretirement benefit cost are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Interest cost $ 3 $ 4 $ 10 $ 13 Amortization of actuarial loss 6 7 18 20 Net postretirement benefit cost $ 9 $ 11 $ 28 $ 33 The Company paid no benefits related to its postretirement benefit plan during the nine months ended December 31, 2021 . The Company expects to pay benefits of approximately $ 72 for the balance of fiscal 2022. The components of net periodic benefit cost other than service cost are included in the line item "Other income" in the Condensed Consolidated Statements of Operations. The Company self-funds the medical insurance coverage it provides to its U.S. based employees in certain locations. The Company maintains a stop loss insurance policy in order to limit its exposure to claims. The liability of $ 133 and $ 184 on December 31, 2021 and March 31, 2021 , respectively, related to the self-insured medical plan is primarily based upon claim history and is included in the caption "Accrued compensation" as a current liability in the Condensed Consolidated Balance Sheets. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 10 – COMMITMENTS AND CONTINGENCIES: The Company has been named as a defendant in lawsuits alleging personal injury from exposure to asbestos allegedly contained in, or accompanying, products made by the Company. The Company is a co-defendant with numerous other defendants in these lawsuits and intends to vigorously defend itself against these claims. The claims in the Company’s current lawsuits are similar to those made in previous asbestos-related suits that named the Company as a defendant, which either were dismissed when it was shown that the Company had not supplied products to the plaintiffs’ places of work or were settled for immaterial amounts. The Company cannot provide any assurances that any pending or future matters will be resolved in the same manner as previous lawsuits. As of December 31, 2021, the Company was subject to the claims noted above, as well as other legal proceedings and potential claims that have arisen in the ordinary course of business. Although the outcome of the lawsuits, legal proceedings or potential claims to which the Company is, or may become, a party to cannot be determined and an estimate of the reasonably possible loss or range of loss cannot be made for the majority of the claims, management does not believe that the outcomes, either individually or in the aggregate, will have a material adverse effect on the Company’s results of operations, financial position or cash flows. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11 – INCOME TAXES: The Company files federal and state income tax returns in several domestic and international jurisdictions. In most tax jurisdictions, returns are subject to examination by the relevant tax authorities for a number of years after the returns have been filed. The Company is subject to U.S. federal examination for the tax years 2017 through 2020 and examination in state tax jurisdictions for the tax years 2016 through 2020 . The Company is subject to examination in the People’s Republic of China for tax years 2017 through 2020 and in India for tax year 2019 through 2020 . There was no liability for unrecognized tax benefits at either December 31, 2021 or March 31, 2021 . |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 9 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | NOTE 12 – CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS: The changes in accumulated other comprehensive loss by component for the nine months ended December 31, 2021 and 2020 are as follows: Pension and Foreign Total Balance at April 1, 2021 $ ( 7,698 ) $ 301 $ ( 7,397 ) Other comprehensive income before reclassifications 68 201 269 Amounts reclassified from accumulated other comprehensive 563 — 563 Net current-period other comprehensive income 631 201 832 Balance at December 31, 2021 $ ( 7,067 ) $ 502 $ ( 6,565 ) Pension and Foreign Total Balance at April 1, 2020 $ ( 9,472 ) $ ( 84 ) $ ( 9,556 ) Other comprehensive loss before reclassifications — 416 416 Amounts reclassified from accumulated other comprehensive 614 — 614 Net current-period other comprehensive income 614 416 1,030 Balance at December 31, 2020 $ ( 8,858 ) $ 332 $ ( 8,526 ) The reclassifications out of accumulated other comprehensive loss by component for the three and nine months ended December 31, 2021 and 2020 are as follows: Details about Accumulated Other Amount Reclassified from Affected Line Item in the Condensed Three Months Ended December 31, 2021 2020 Pension and other postretirement benefit items: Amortization of actuarial loss $ ( 270 ) (1) $ ( 266 ) (1) Loss before benefit for income taxes ( 60 ) ( 61 ) Benefit for income taxes $ ( 210 ) $ ( 205 ) Net loss Details about Accumulated Other Amount Reclassified from Affected Line Item in the Condensed Nine Months Ended December 31, 2021 2020 Pension and other postretirement benefit items: Amortization of actuarial loss $ ( 725 ) (1) $ ( 799 ) (1) Loss before benefit for income taxes ( 162 ) ( 185 ) Benefit for income taxes $ ( 563 ) $ ( 614 ) Net loss (1) These accumulated other comprehensive loss components are included within the computation of pension and other postretirement benefit costs. See Note 9. |
Leases
Leases | 9 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | NOTE 13 – LEASES: The Company leases certain manufacturing facilities, office space, machinery and office equipment. An arrangement is considered to contain a lease if it conveys the right to use and control an identified asset for a period of time in exchange for consideration. If it is determined that an arrangement contains a lease, then a classification of a lease as operating or finance is determined by evaluating the five criteria outlined in the lease accounting guidance at inception. Leases generally have remaining terms of one year to five years , whereas leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Balance Sheets. The depreciable life of leased assets related to finance leases is limited by the expected term of the lease, unless there is a transfer of title or purchase option that the Company believes is reasonably certain of exercise. Certain leases include options to renew or terminate. Renewal options are exercisable per the discretion of the Company and vary based on the nature of each lease. The term of the lease includes renewal periods only if the Company is reasonably certain that it will exercise the renewal option. When determining if a renewal option is reasonably certain of being exercised, the Company considers several factors, including but not limited to, the cost of moving to another location, the cost of disrupting operations, whether the purpose or location of the leased asset is unique and the contractual terms associated with extending the lease. The Company’s lease agreements do not contain any residual value guarantees or any material restrictive covenants and the Company does not sublease to any third parties. As of December 31, 2021, the Company did not have any material leases that have been signed but not commenced. Right-of-use ("ROU") lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments in exchange for that right of use. Finance lease ROU assets and operating lease ROU assets are included in the line items "Property, plant and equipment, net" and "Operating lease assets", respectively, in the Condensed Consolidated Balance Sheets. The current portion and non-current portion of finance and operating lease liabilities are all presented separately in the Condensed Consolidated Balance Sheets. The discount rate implicit within the Company’s leases is generally not readily determinable, and therefore, the Company uses an incremental borrowing rate in determining the present value of lease payments based on rates available at commencement. The weighted average remaining lease term and discount rate for finance and operating leases are as follows: December 31, December 31, 2021 2020 Finance Leases Weighted-average remaining lease term in years 1.67 2.63 Weighted-average discount rate 10.67 % 10.77 % Operating Leases Weighted-average remaining lease term in years 7.72 1.67 Weighted-average discount rate 3.27 % 5.49 % The components of lease expense are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Finance lease cost: Amortization of right-of-use assets $ 5 $ 5 $ 15 $ 15 Interest on lease liabilities 1 2 4 6 Operating lease cost 384 41 924 122 Short-term lease cost 3 1 18 7 Total lease cost $ 393 $ 49 $ 961 $ 150 Operating lease costs during the nine months ended December 31, 2021 and 2020 were included within cost of sales and selling, general and administrative expenses. As of December 31, 2021, future minimum payments required under non-cancelable leases are: Operating Finance Remainder of 2022 $ 342 $ 7 2023 1,325 26 2024 1,183 11 2025 1,164 — 2026 1,169 — 2027 and thereafter 4,856 — Total lease payments 10,039 44 Less – amount representing interest 1,223 4 Present value of net minimum lease payments $ 8,816 $ 40 |
Debt
Debt | 9 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 14 – DEBT: On June 1, 2021, the Company entered into a $ 20,000 five-year term loan with Bank of America. The term loan requires monthly principal payments of $ 167 through June 1, 2026, with the remaining principal amount plus all interest due on the maturity date. The interest rate on the term loan is the applicable Bloomberg Short-Term Bank Yield Index ("BSBY"), plus 1.50 %, subject to a 0.00 % floor. In addition, on June 1, 2021, the Company terminated its revolving credit facility agreement with JPMorgan Chase Bank, N.A. and entered into a revolving credit facility with Bank of America that provides a $ 30,000 line of credit, including letters of credit and bank guarantees, expandable at the Company’s option and the bank’s approval at any time up to $ 40,000 . As of December 31, 2021 , the Company had $ 9,750 outstanding on the line of credit. The agreement has a five-year term. Amounts outstanding under the facility agreement bear interest at a rate equal to BSBY plus 1.50 %, subject to a 0.00 % floor. As of December 31, 2021 , the BSBY rate was 0.0558 %. Outstanding letters of credit under the agreement are subject to a fee of 1.50 % per annum of the outstanding undrawn amount of each letter of credit that is not secured by cash and 0.6 % of each letter of credit that is secured by cash. The upfront fee for both the term loan and revolving credit facility was 0.20 % of the committed facilities and amounts available for borrowing under the revolving credit facility are subject to an unused commitment fee of 0.25 %. Under the term loan agreement and revolving credit facility, the Company covenants to maintain a maximum total leverage ratio, as defined in such agreements, of 3.0 to 1.0, which may be increased to 3.25 to 1.0 following an acquisition for a period of twelve months following the closing of the acquisition. In addition, the Company covenants to maintain a minimum fixed charge coverage ratio, as defined in such agreements, of 1.2 to 1.0 and minimum margined assets, as defined in such agreements, of 100 % of total amounts outstanding on the revolving credit facility, including letters of credit. At December 31, 2021, we were out of compliance with our bank agreement covenants and were granted a waiver for noncompliance by Bank of America, N.A. (See Note 1). As part of the waiver, until such time as Bank of America has received all required financial information with respect to the Company for the period ending on or about March 31, 2022, and such financial information confirms to the Bank of America's satisfaction that no default exists at such time, the Company will not permit the principal balance outstanding under the line of credit with Bank of America to exceed $ 15,000 . On June, 1, 2021, the Company entered into an agreement to amend its letter of credit facility agreement with HSBC Bank USA, N.A. and decreased the Company’s line of credit from $ 15,000 to $ 7,500 . Under the amended agreement, the Company incurs an annual facility fee of $ 5 and outstanding letters of credit are subject to a fee of between 0.75 % and 0.85 %, depending on the term of the letter of credit. Interest is payable on the principal amounts of unreimbursed letter of credit draws under the facility at a rate of 3 % plus the bank’s prime rate. The Company's obligations under the agreement are secured by cash held with the bank. As of December 31, 2021, there was $ 7,215 letters of credit outstanding with HSBC. The agreement is subject to an annual renewal by the bank on July 31 of each year. Letters of credit outstanding as of December 31, 2021 and March 31, 2021 were $ 8,399 and $ 11,567 , respectively. |
Accounting and Reporting Change
Accounting and Reporting Changes | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting and Reporting Changes | NOTE 15 – ACCOUNTING AND REPORTING CHANGES: In the normal course of business, management evaluates all new accounting pronouncements issued by the Financial Accounting Standards Board ("FASB"), the Securities and Exchange Commission, the Emerging Issues Task Force, the American Institute of Certified Public Accountants or any other authoritative accounting body to determine the potential impact they may have on the Company's consolidated financial statements. In December 2019, the FASB issued Accounting Standards Update ("ASU") No. 2019-12, "Simplifying the Accounting for Income Taxes." The amended guidance simplifies the accounting for income taxes, eliminating certain exceptions to the general income tax principles, in an effort to reduce the cost and complexity of application. The amended guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The guidance requires application on either a prospective, retrospective or modified retrospective basis, contingent on the income tax exception being applied. The Company adopted the new guidance, on a prospective basis, on April 1, 2021 . The adoption of this ASU did no t have a material impact on the Company’s consolidated financial statements. Management does not expect any other recently issued accounting pronouncements, which have not already been adopted, to have a material impact on the Company's consolidated financial statements. |
Other Operating Income, Net
Other Operating Income, Net | 9 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other Operating Income, Net | NOTE 16 – OTHER OPERATING INCOME, NET: On November 29, 2021, the Company and Jeffrey F. Glajch entered into a Severance and Transition Agreement (the "Agreement") pursuant to which Mr. Glajch agreed to retire from his position the earlier of June 30, 2022 or as of a date upon which the Company and Mr. Glajch otherwise mutually agree. Mr. Glajch agreed to provide certain transition-related services to the Company for a period of 18 months following the date of resignation. The Agreement also provides that the Company will pay Mr. Glajch a severance payment in an amount equal to 18 months of Mr. Glajch's base salary commencing on January 1, 2023 as well as health care premiums. As a result, each month expense of $ 70 is recognized and included in Other operating income, net on the Condensed Consolidated Statements of Operations. At December 31, 2021, the related liability of $ 140 is included in Other long-term liabilities in the Condensed Consolidated Balance Sheet. On August 9, 2021, the Company and James R. Lines entered into a Severance and Transition Agreement (the "Transaction Agreement" ) pursuant to which Mr. Lines resigned from his position as the Company’s Chief Executive Officer and as a member of the Board of Directors, and from positions he holds with all Company subsidiaries and affiliates, effective as of the close of business on August 31, 2021. The Transition Agreement provides that for a period of 18 months following the separation date, Mr. Lines is paid his base salary as well as health care premiums. As a result, a liability was recorded in the amount of $ 798 in Accrued Compensation on the Company’s Condensed Consolidated Balance Sheets and recognized against Other operating income, net on the Condensed Consolidated Statements of Operations. During the second quarter ended September 30, 2021, the Company terminated the earn out agreement related to the acquisition of BN (see Note 2), therefore the Company recognized a change in fair value of the contingent liability in the amount of $ 1,900 , which was included in Other operating income, net on the Company’s Condensed Consolidated Statement of Operations. |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocated to Intangible Assets on Preliminary Basis | The purchase price was allocated to specific intangible assets on a preliminary basis as follows: Fair Value Assigned Weighted Average Amortization Period At December 31, 2021 Intangibles subject to amortization: Customer relationships $ 11,800 20 years Technology and technical know-how 10,100 20 years Backlog 3,900 4 years $ 25,800 Intangibles not subject to amortization: Tradename 7,400 Indefinite $ 7,400 |
Schedule of Estimated Annual Amortization Expense | Technology and technical know-how and customer relationships are amortized in selling, general and administrative expense on a straight line basis over their estimated useful lives. Backlog is amortized in cost of products sold over the projected conversion period based on management estimates at time of purchase. Intangible amortization was $ 756 and $ 1,765 for the three and nine months ended December 31, 2021. The estimated annual amortization expense is as follows: Annual Amortization Remainder of 2022 $ 756 2023 2,476 2024 1,782 2025 1,318 2026 1,095 2027 and thereafter 16,608 Total intangible amortization $ 24,035 |
Schedule of Preliminary Allocation of Cost of Acquisition as Adjusted to Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of the cost of the acquisition, as adjusted, to the assets acquired and liabilities assumed as of the close of the acquisition: June 1, 2021 Assets acquired: Cash and cash equivalents $ 1,587 Accounts receivable 8,074 Unbilled revenue 7,068 Inventory 3,669 Other current assets 409 Property, plant & equipment 8,037 Operating lease asset 9,026 Goodwill 22,823 Backlog 3,900 Customer relationships 11,800 Technology and technical know-how 10,100 Tradename 7,400 Total assets acquired 93,893 Liabilities assumed: Accounts payable 2,656 Accrued compensation 1,341 Other current liabilities 665 Customer deposits 6,048 Operating lease liabilities 9,066 Other long term liabilities 2,103 Total liabilities assumed 21,879 Purchase price $ 72,014 |
Schedule of Unaudited Pro Forma Information | The Condensed Consolidated Statement of Operations for the three and nine months ended December 31, 2021 includes net sales of BN of $ 11,968 and $ 31,925 , respectively. The following unaudited pro forma information presents the consolidated results of operations of the Company as if the BN acquisition had occurred at the beginning of each of the fiscal periods presented: Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Net sales $ 28,774 $ 40,649 $ 94,890 $ 117,009 Net (loss) income ( 3,646 ) ( 684 ) ( 5,902 ) 4,465 (Loss) earnings per share Basic $ ( 0.34 ) $ ( 0.06 ) $ ( 0.55 ) $ 0.42 Diluted $ ( 0.34 ) $ ( 0.06 ) $ ( 0.55 ) $ 0.42 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Disaggregated by Product Line and Geographic Area | The following table presents the Company’s revenue disaggregated by product line and geographic area: Three Months Ended Nine Months Ended December 31, December 31, Product Line 2021 2020 2021 2020 Heat transfer equipment $ 6,284 $ 8,165 $ 21,754 $ 32,145 Vacuum equipment 5,412 14,969 13,946 26,901 Fluid systems 6,939 — 15,342 — Power systems 5,030 — 16,583 — All other 5,109 4,020 15,452 12,772 Net sales $ 28,774 $ 27,154 $ 83,077 $ 71,818 Geographic Region Asia $ 1,493 $ 11,211 $ 10,485 $ 20,903 Canada 924 1,874 3,011 4,804 Middle East 627 806 2,202 2,243 South America 242 2,426 720 5,238 U.S. 24,737 10,716 64,832 37,406 All other 751 121 1,827 1,224 Net sales $ 28,774 $ 27,154 $ 83,077 $ 71,818 |
Schedule of Net Contract Assets (Liabilities) | Net contract assets (liabilities) consisted of the following: December 31, 2021 March 31, 2021 Change Unbilled revenue (contract assets) $ 24,930 $ 19,994 $ 4,936 Customer deposits (contract liabilities) ( 27,665 ) ( 14,059 ) ( 13,606 ) Net contract liabilities $ ( 2,735 ) $ 5,935 $ ( 8,670 ) |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Major Classifications of Inventories | Major classifications of inventories are as follows: December 31, March 31, 2021 2021 Raw materials and supplies $ 3,951 $ 3,490 Work in process 14,997 12,196 Finished products 1,480 1,646 Total $ 20,428 $ 17,332 |
(Loss) Income Per Share (Tables
(Loss) Income Per Share (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted (Loss) Income Per Share | A reconciliation of the numerators and denominators of basic and diluted (loss) income per share is presented below: Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Basic (loss) income per share Numerator: Net (loss) income $ ( 3,730 ) $ 1,060 $ ( 7,348 ) $ 1,986 Denominator: Weighted average common shares 10,638 9,977 10,507 9,950 Basic (loss) income per share $ ( 0.35 ) $ 0.11 $ ( 0.70 ) $ 0.20 Diluted (loss) income per share Numerator: Net (loss) income $ ( 3,730 ) $ 1,060 $ ( 7,348 ) $ 1,986 Denominator: Weighted average common shares 10,638 9,977 10,507 9,950 Stock options outstanding — — — — Weighted average common and 10,638 9,977 10,507 9,950 Diluted (loss) income per share $ ( 0.35 ) $ 0.11 $ ( 0.70 ) $ 0.20 |
Product Warranty Liability (Tab
Product Warranty Liability (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Guarantees [Abstract] | |
Reconciliation of the Changes in Product Warranty Liability | The reconciliation of the changes in the product warranty liability is as follows: Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Balance at beginning of period $ 449 $ 308 $ 626 $ 359 BNI warranty accrual acquired — 169 Expense (income) for product warranties 19 28 ( 2 ) 23 Product warranty claims paid ( 35 ) ( 21 ) ( 360 ) ( 67 ) Balance at end of period $ 433 $ 315 $ 433 $ 315 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Pension Plans, Defined Benefit [Member] | |
Components of Postretirement Benefit Cost and Pension Cost | The components of pension cost are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Service cost $ 93 $ 115 $ 280 $ 346 Interest cost 296 303 894 909 Expected return on assets ( 681 ) ( 628 ) ( 2,045 ) ( 1,885 ) Amortization of actuarial loss 265 259 707 779 Net pension cost $ ( 27 ) $ 49 $ ( 164 ) $ 149 |
Other Postretirement Benefit Plans [Member] | |
Components of Postretirement Benefit Cost and Pension Cost | The components of the postretirement benefit cost are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Interest cost $ 3 $ 4 $ 10 $ 13 Amortization of actuarial loss 6 7 18 20 Net postretirement benefit cost $ 9 $ 11 $ 28 $ 33 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component | The changes in accumulated other comprehensive loss by component for the nine months ended December 31, 2021 and 2020 are as follows: Pension and Foreign Total Balance at April 1, 2021 $ ( 7,698 ) $ 301 $ ( 7,397 ) Other comprehensive income before reclassifications 68 201 269 Amounts reclassified from accumulated other comprehensive 563 — 563 Net current-period other comprehensive income 631 201 832 Balance at December 31, 2021 $ ( 7,067 ) $ 502 $ ( 6,565 ) Pension and Foreign Total Balance at April 1, 2020 $ ( 9,472 ) $ ( 84 ) $ ( 9,556 ) Other comprehensive loss before reclassifications — 416 416 Amounts reclassified from accumulated other comprehensive 614 — 614 Net current-period other comprehensive income 614 416 1,030 Balance at December 31, 2020 $ ( 8,858 ) $ 332 $ ( 8,526 ) |
Reclassifications Out of Accumulated Other Comprehensive Loss by Component | The reclassifications out of accumulated other comprehensive loss by component for the three and nine months ended December 31, 2021 and 2020 are as follows: Details about Accumulated Other Amount Reclassified from Affected Line Item in the Condensed Three Months Ended December 31, 2021 2020 Pension and other postretirement benefit items: Amortization of actuarial loss $ ( 270 ) (1) $ ( 266 ) (1) Loss before benefit for income taxes ( 60 ) ( 61 ) Benefit for income taxes $ ( 210 ) $ ( 205 ) Net loss Details about Accumulated Other Amount Reclassified from Affected Line Item in the Condensed Nine Months Ended December 31, 2021 2020 Pension and other postretirement benefit items: Amortization of actuarial loss $ ( 725 ) (1) $ ( 799 ) (1) Loss before benefit for income taxes ( 162 ) ( 185 ) Benefit for income taxes $ ( 563 ) $ ( 614 ) Net loss (1) These accumulated other comprehensive loss components are included within the computation of pension and other postretirement benefit costs. See Note 9. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Weighted Average Remaining Lease Term and Discount Rate for Finance and Operating Leases | The weighted average remaining lease term and discount rate for finance and operating leases are as follows: December 31, December 31, 2021 2020 Finance Leases Weighted-average remaining lease term in years 1.67 2.63 Weighted-average discount rate 10.67 % 10.77 % Operating Leases Weighted-average remaining lease term in years 7.72 1.67 Weighted-average discount rate 3.27 % 5.49 % |
Schedule of Components of Lease Expense | The components of lease expense are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020 Finance lease cost: Amortization of right-of-use assets $ 5 $ 5 $ 15 $ 15 Interest on lease liabilities 1 2 4 6 Operating lease cost 384 41 924 122 Short-term lease cost 3 1 18 7 Total lease cost $ 393 $ 49 $ 961 $ 150 |
Future Minimum Payments Required under Non-cancelable Leases | As of December 31, 2021, future minimum payments required under non-cancelable leases are: Operating Finance Remainder of 2022 $ 342 $ 7 2023 1,325 26 2024 1,183 11 2025 1,164 — 2026 1,169 — 2027 and thereafter 4,856 — Total lease payments 10,039 44 Less – amount representing interest 1,223 4 Present value of net minimum lease payments $ 8,816 $ 40 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | Jun. 01, 2021USD ($) | Dec. 31, 2021USD ($) |
Line of Credit Facility [Line Items] | ||
Debt financial covenants description | The Company determined that as of December 31, 2021, it did not meet its financial covenants required by its loan agreement to maintain a maximum total leverage ratio of 3.25 to 1.0, nor did it maintain a minimum fixed charge coverage ratio of 1.2 to 1.0. On February 4, 2022, management obtained a waiver from Bank of America waiving their right to call the debt immediately due and payable as of December 31, 2021. As a term of receiving the waiver, until such time as Bank of America has received all required financial information with respect to the Company for the period ending on or about March 31, 2022, and such financial information confirms to the Bank of America's satisfaction that no default exists at such time, the Company will not permit the principal balance outstanding under the line of credit with Bank of America to exceed $15,000. Absent a waiver or an amendment of the loan agreement, the Company anticipates that it will not meet these covenants as of March 31, 2022, which would be an event of default. Violation of its covenants under the loan agreement provides the bank with the option to accelerate the maturity of the term loan under the loan agreement, which carries a balance of $19,000 as of December 31, 2021 and the revolving credit facility, which has a principal balance outstanding of $9,750 as of December 31, 2021. If the Company's lenders accelerate the maturity of the term loan and the revolving credit facility, the Company does not have sufficient cash to repay the outstanding debt. These conditions and events raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that these financial statements were issued. | |
Maximum leverage ratio upon acquisition | 3.25 | 3.25 |
Minimum fixed charge coverage ratio | 1.2 | 1.2 |
Term Loan With Bank Of America [Member] | ||
Line of Credit Facility [Line Items] | ||
Term loan, balance | $ 19,000,000 | |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit | $ 30,000,000 | 9,750,000 |
Revolving Credit Facility [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit | $ 15,000,000 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Jun. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Jun. 30, 2021 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 22,823 | $ 22,823 | |||||
Amortization | 1,765 | ||||||
Net sales | 28,774 | $ 27,154 | 83,077 | $ 71,818 | |||
Adjustments to initial purchase price allocation of accounts receivable | 80 | ||||||
Adjustments to initial purchase price allocation of accounts payable | 80 | ||||||
Barber-Nichols, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, purchase price | $ 72,014 | ||||||
Business combination, common stock, shares | 610 | ||||||
Business combination, common stock value | $ 8,964 | ||||||
Business combination share price | $ 14.69 | ||||||
Business combination, cash consideration | $ 61,150 | 61,150 | |||||
Business combination, contingent earn-out | $ 1,900 | ||||||
Term of lease agreement | 9 years | ||||||
Monthly lease payment | $ 40 | ||||||
Annual escalation in lease payment | 3.00% | ||||||
Business combination, Acquisition related costs | 111 | 373 | |||||
Goodwill before adjusting preliminary valuation of backlog | $ 22,923 | ||||||
Goodwill | 22,823 | $ 22,823 | |||||
Preliminary valuation of backlog was increased | $ 100 | ||||||
Amortization | 756 | 1,765 | |||||
Net sales | $ 11,968 | $ 31,925 | |||||
Barber-Nichols, Inc. [Member] | Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Business combination contingent earn-out eligible to receive, additional cash consideration | $ 14,000 |
Acquisition - Schedule of Purch
Acquisition - Schedule of Purchase Price Allocated to Intangible Assets on Preliminary Basis (Detail) - Barber-Nichols, Inc. [Member] $ in Thousands | 9 Months Ended |
Dec. 31, 2021USD ($) | |
Business Acquisition [Line Items] | |
Intangibles subject to amortization, Fair Value Assigned | $ 25,800 |
Intangibles not subject to amortization, Fair Value Assigned | 7,400 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Intangibles subject to amortization, Fair Value Assigned | $ 11,800 |
Intangibles subject to amortization, Weighted Average Amortization Period | 20 years |
Technology and Technical Know-How [Member] | |
Business Acquisition [Line Items] | |
Intangibles subject to amortization, Fair Value Assigned | $ 10,100 |
Intangibles subject to amortization, Weighted Average Amortization Period | 20 years |
Backlog [Member] | |
Business Acquisition [Line Items] | |
Intangibles subject to amortization, Fair Value Assigned | $ 3,900 |
Intangibles subject to amortization, Weighted Average Amortization Period | 4 years |
Tradename [Member] | |
Business Acquisition [Line Items] | |
Intangibles not subject to amortization, Fair Value Assigned | $ 7,400 |
Intangibles not subject to amortization, Weighted Average Amortization Period | Indefinite |
Acquisition - Schedule of Estim
Acquisition - Schedule of Estimated Annual Amortization Expense (Detail) - Barber-Nichols, Inc. [Member] $ in Thousands | Dec. 31, 2021USD ($) |
Business Acquisition [Line Items] | |
Remainder of 2022 | $ 756 |
2023 | 2,476 |
2024 | 1,782 |
2025 | 1,318 |
2026 | 1,095 |
2027 and thereafter | 16,608 |
Total intangible amortization | $ 24,035 |
Acquisition - Schedule of Preli
Acquisition - Schedule of Preliminary Allocation of Cost of Acquisition as Adjusted to Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 01, 2021 |
Assets acquired: | |||
Goodwill | $ 22,823 | ||
Barber-Nichols, Inc. [Member] | |||
Assets acquired: | |||
Cash and cash equivalents | $ 1,587 | ||
Accounts receivable | 8,074 | ||
Unbilled revenue | 7,068 | ||
Inventory | 3,669 | ||
Other current assets | 409 | ||
Property, plant & equipment | 8,037 | ||
Operating lease asset | 9,026 | ||
Goodwill | $ 22,823 | 22,823 | |
Total assets acquired | 93,893 | ||
Liabilities assumed: | |||
Accounts payable | 2,656 | ||
Accrued compensation | 1,341 | ||
Other current liabilities | 665 | ||
Customer deposits | 6,048 | ||
Operating lease liabilities | 9,066 | ||
Other long term liabilities | 2,103 | ||
Total liabilities assumed | 21,879 | ||
Purchase price | 72,014 | ||
Backlog [Member] | Barber-Nichols, Inc. [Member] | |||
Assets acquired: | |||
Intangibles | 3,900 | ||
Customer Relationships [Member] | Barber-Nichols, Inc. [Member] | |||
Assets acquired: | |||
Intangibles | 11,800 | ||
Technology and Technical Know-How [Member] | Barber-Nichols, Inc. [Member] | |||
Assets acquired: | |||
Intangibles | 10,100 | ||
Tradename [Member] | Barber-Nichols, Inc. [Member] | |||
Assets acquired: | |||
Intangibles | $ 7,400 |
Acquisition - Schedule of Unaud
Acquisition - Schedule of Unaudited Pro Forma Information (Detail) - Barber-Nichols, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||
Net sales | $ 28,774 | $ 40,649 | $ 94,890 | $ 117,009 |
Net (loss) income | $ (3,646) | $ (684) | $ (5,902) | $ 4,465 |
Basic | $ (0.34) | $ (0.06) | $ (0.55) | $ 0.42 |
Diluted | $ (0.34) | $ (0.06) | $ (0.55) | $ 0.42 |
Revenue Recognition - Revenue D
Revenue Recognition - Revenue Disaggregated by Product Line and Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 28,774 | $ 27,154 | $ 83,077 | $ 71,818 |
Heat Transfer Equipment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 6,284 | 8,165 | 21,754 | 32,145 |
Vacuum Equipment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 5,412 | 14,969 | 13,946 | 26,901 |
Fluid Systems [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 6,939 | 15,342 | ||
Power Systems [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 5,030 | 16,583 | ||
All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 5,109 | 4,020 | 15,452 | 12,772 |
Asia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 1,493 | 11,211 | 10,485 | 20,903 |
Canada [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 924 | 1,874 | 3,011 | 4,804 |
Middle East [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 627 | 806 | 2,202 | 2,243 |
South America [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 242 | 2,426 | 720 | 5,238 |
U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 24,737 | 10,716 | 64,832 | 37,406 |
All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 751 | $ 121 | $ 1,827 | $ 1,224 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 |
Contract With Customer Assets And Liabilities [Line Items] | ||||||
Percentage of revenue from contracts recognized over time | 75.00% | 60.00% | 75.00% | 50.00% | ||
Percentage of revenue from contracts recognized upon shipment | 25.00% | 40.00% | 25.00% | 50.00% | ||
Revenue recognized included in contract liability | $ 5,659 | $ 18,951 | ||||
Unbilled revenue (contract assets) | 4,936 | |||||
Contract with customer liability increase in contract asset due to contract progress. | 36,141 | |||||
Contract with customer liability offset by invoicing to customers. | 38,273 | |||||
Customer deposits, current | 13,606 | |||||
Contract with customer liability offset by new customer deposits. | 26,509 | |||||
Acquisition of contract liabilities | $ 6,048 | |||||
Receivables billed but not paid under retainage provisions in its customer contracts | 2,786 | 2,786 | $ 3,747 | |||
Amortization expense | 12 | $ 9 | 46 | $ 561 | ||
Revenue remaining unsatisfied performance obligations amount | 272,599 | 272,599 | ||||
Barber-Nichols, LLC. (BN) [Member] | ||||||
Contract With Customer Assets And Liabilities [Line Items] | ||||||
Acquisition of contract assets | 7,068 | |||||
Acquisition of contract liabilities | 6,048 | |||||
Customer Deposit [Member] | ||||||
Contract With Customer Assets And Liabilities [Line Items] | ||||||
Contract liabilities | 6,468 | 6,468 | 1,603 | |||
Prepaid Expenses and Other Current Assets [Member] | ||||||
Contract With Customer Assets And Liabilities [Line Items] | ||||||
Capitalized costs, net of amortization | $ 149 | $ 149 | $ 39 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Net Contract Assets (Liabilities) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Unbilled revenue (contract assets) | $ 24,930 | $ 19,994 |
Customer deposits (contract liabilities) | (27,665) | (14,059) |
Net contract liabilities | (2,735) | $ 5,935 |
Unbilled revenue (contract assets) | 4,936 | |
Customer deposits (contract liabilities) | (13,606) | |
Net contract liabilities | $ (8,670) |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail1) | Dec. 31, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation, expected timing of satisfaction, period | 1 year |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 40.00% |
Revenue remaining performance obligation, expected timing of satisfaction, period | 1 year |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 25.00% |
Revenue remaining performance obligation, expected timing of satisfaction, period | 2 years |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 50.00% |
Revenue remaining performance obligation, expected timing of satisfaction, period | 1 year |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 35.00% |
Revenue remaining performance obligation, expected timing of satisfaction, period | 2 years |
Inventories - Major Classificat
Inventories - Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 3,951 | $ 3,490 |
Work in process | 14,997 | 12,196 |
Finished products | 1,480 | 1,646 |
Total | $ 20,428 | $ 17,332 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 11, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 |
Stock Compensation Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity based compensation expense | $ 260 | $ 312 | $ 575 | $ 783 | |||
Income tax benefit to equity based compensation | $ 58 | $ 72 | $ 127 | $ 183 | |||
Amended and Restated 2000 Incentive Plan [Member] | Stock Compensation Plan [Member] | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized | 422,000 | 422,000 | |||||
Amended and Restated 2000 Incentive Plan [Member] | Stock Compensation Prior Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Remaining available shares under equity based compensation plan | 112,000 | 112,000 | |||||
Amended and Restated 2000 Incentive Plan [Member] | Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock option awards granted | 0 | 0 | 0 | ||||
Number of stock options | 33,000 | ||||||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of unvested restricted stock | 53,000 | ||||||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Performance Vested Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock awarded | 0 | 0 | 162,000 | 113,000 | |||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Performance Vested Restricted Stock [Member] | Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock awarded | 54,000 | ||||||
Share-based compensation vesting percentage | 100.00% | ||||||
Vesting period | 3 years | ||||||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Time Vested Restricted Stock [Member] | Officers and Key Employees [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock awarded | 38,000 | ||||||
Share-based compensation vesting percentage | 33.33% | ||||||
Vesting period | 3 years | ||||||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Time Vested Restricted Stock [Member] | Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock awarded | 21,000 | ||||||
Share-based compensation vesting percentage | 100.00% | ||||||
Vesting period | 1 year | ||||||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Scenario Forecast [Member] | Performance Vested Restricted Stock [Member] | Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock awarded | 88,000 | ||||||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Scenario Forecast [Member] | Time Vested Restricted Stock [Member] | Officers and Key Employees [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock awarded | 54,000 | ||||||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Scenario Forecast [Member] | Time Vested Restricted Stock [Member] | Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock awarded | 20,000 | ||||||
Employee Stock Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity based compensation expense | $ 9 | $ 15 | $ 24 | $ 38 | |||
Income tax benefit to equity based compensation | $ 1 | $ 4 | $ 5 | $ 9 | |||
Maximum discount on purchase price of common stock percentage on fair market value | 15.00% | ||||||
Common stock may be purchased | 200 | 200 |
(Loss) Income Per Share - Recon
(Loss) Income Per Share - Reconciliation of Numerators and Denominators of Basic and Diluted (Loss) Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | ||||
Net (loss) income | $ (3,730) | $ 1,060 | $ (7,348) | $ 1,986 |
Denominator: | ||||
Weighted average common shares outstanding | 10,638 | 9,977 | 10,507 | 9,950 |
Basic (loss) income per share | $ (0.35) | $ 0.11 | $ (0.70) | $ 0.20 |
Numerator: | ||||
Net (loss) income | $ (3,730) | $ 1,060 | $ (7,348) | $ 1,986 |
Denominator: | ||||
Weighted average common shares outstanding | 10,638 | 9,977 | 10,507 | 9,950 |
Weighted average common and potential common shares outstanding | 10,638 | 9,977 | 10,507 | 9,950 |
Diluted (loss) income per share | $ (0.35) | $ 0.11 | $ (0.70) | $ 0.20 |
(Loss) Income Per Share - Addit
(Loss) Income Per Share - Additional Information (Detail) - shares shares in Thousands | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive securities | 33 | 37 |
Product Warranty Liability - Re
Product Warranty Liability - Reconciliation of the Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Guarantees [Abstract] | ||||
Balance at beginning of period | $ 449 | $ 308 | $ 626 | $ 359 |
BNI warranty accrual acquired | 169 | |||
Expense (income) for product warranties | 19 | 28 | (2) | 23 |
Product warranty claims paid | (35) | (21) | (360) | (67) |
Balance at end of period | $ 433 | $ 315 | $ 433 | $ 315 |
Product Warranty Liability - Ad
Product Warranty Liability - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Dec. 31, 2021USD ($) | |
Guarantees [Abstract] | |
Income for product warranties | $ 2 |
Cash Flow Statement - Additiona
Cash Flow Statement - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | Jun. 01, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Interest paid | $ 263 | $ 9 | ||
Income taxes paid | 1,388 | 51 | ||
Capital expenditures | 80 | $ 37 | ||
Business combination, net cash consideration | $ 59,563 | |||
Issuance of treasury stock, shares | 610 | |||
Issuance of treasury stock, value | $ 8,964 | |||
Pension adjustments, net of income tax | $ 68 | |||
Barber-Nichols, Inc. [Member] | ||||
Business combination, net cash consideration | 59,563 | |||
Business combination, gross cash consideration | $ 61,150 | 61,150 | ||
Net of cash acquired | $ 1,587 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Postretirement Benefit Cost and Pension Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 93 | $ 115 | $ 280 | $ 346 |
Interest cost | 296 | 303 | 894 | 909 |
Expected return on assets | (681) | (628) | (2,045) | (1,885) |
Amortization of actuarial loss | 265 | 259 | 707 | 779 |
Net pension cost and postretirement benefit cost | (27) | 49 | (164) | 149 |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 3 | 4 | 10 | 13 |
Amortization of actuarial loss | 6 | 7 | 18 | 20 |
Net pension cost and postretirement benefit cost | $ 9 | $ 11 | $ 28 | $ 33 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Self-Insured medical plan liability | $ 133,000 | $ 184,000 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to its defined benefit pension plan | 0 | ||
Contributions expected for the balance of fiscal 2022 | 0 | ||
Pension Plans, Defined Benefit [Member] | Other Comprehensive (Loss) Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Recognition of actuarial gain, net of tax | $ 68,000 | ||
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Post retirement benefit plan | 0 | ||
Defined benefit plan, benefit expected to pay for the balance of fiscal 2022 | $ 72,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | |
Income Taxes [Line Items] | ||
Liability unrecognized tax benefits | $ 0 | $ 0 |
Earliest Tax Year [Member] | Federal Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2017 | |
Earliest Tax Year [Member] | State Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2016 | |
Earliest Tax Year [Member] | International Tax Jurisdictions [Member] | State Administration of Taxation, China [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2017 | |
Earliest Tax Year [Member] | International Tax Jurisdictions [Member] | Ministry of Finance, India [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2019 | |
Latest Tax Year [Member] | Federal Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2020 | |
Latest Tax Year [Member] | State Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2020 | |
Latest Tax Year [Member] | International Tax Jurisdictions [Member] | State Administration of Taxation, China [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2020 | |
Latest Tax Year [Member] | International Tax Jurisdictions [Member] | Ministry of Finance, India [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2020 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 101,852 | $ 96,577 | $ 97,929 | $ 96,724 |
Other comprehensive income before reclassifications | 269 | 416 | ||
Amounts reclassified from accumulated other comprehensive loss | 563 | 614 | ||
Total other comprehensive income | 318 | 466 | 832 | 1,030 |
Ending Balance | 97,539 | 97,333 | 97,539 | 97,333 |
Pension and Other Postretirement Benefits Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (7,698) | (9,472) | ||
Other comprehensive income before reclassifications | 68 | |||
Amounts reclassified from accumulated other comprehensive loss | 563 | 614 | ||
Total other comprehensive income | 631 | 614 | ||
Ending Balance | (7,067) | (8,858) | (7,067) | (8,858) |
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 301 | (84) | ||
Other comprehensive income before reclassifications | 201 | 416 | ||
Total other comprehensive income | 201 | 416 | ||
Ending Balance | 502 | 332 | 502 | 332 |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (6,883) | (8,992) | (7,397) | (9,556) |
Ending Balance | $ (6,565) | $ (8,526) | $ (6,565) | $ (8,526) |
Changes in Accumulated Other _4
Changes in Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Loss before benefit for income taxes | $ (4,591) | $ 1,368 | $ (9,134) | $ 2,695 |
Benefit for income taxes | (861) | 308 | (1,786) | 709 |
Net loss | (3,730) | 1,060 | (7,348) | 1,986 |
Reclassifications Out of Accumulated Other Comprehensive Loss [Member] | Amortization of Actuarial Loss [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Loss before benefit for income taxes | (270) | (266) | (725) | (799) |
Reclassifications Out of Accumulated Other Comprehensive Loss [Member] | Pension and Other Postretirement Benefits Items [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Benefit for income taxes | (60) | (61) | (162) | (185) |
Net loss | $ (210) | $ (205) | $ (563) | $ (614) |
Leases - Additional Information
Leases - Additional Information (Detail) | 9 Months Ended |
Dec. 31, 2021 | |
Leases [Line Items] | |
Lessee, option to renew or terminate leases, description | Certain leases include options to renew or terminate. Renewal options are exercisable per the discretion of the Company and vary based on the nature of each lease. |
Minimum [Member] | |
Leases [Line Items] | |
Remaining term of contract | 1 year |
Maximum [Member] | |
Leases [Line Items] | |
Remaining term of contract | 5 years |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate for Finance and Operating Leases (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Finance Leases | ||
Weighted-average remaining lease term in years | 1 year 8 months 1 day | 2 years 7 months 17 days |
Weighted-average discount rate | 10.67% | 10.77% |
Operating Leases | ||
Weighted-average remaining lease term in years | 7 years 8 months 19 days | 1 year 8 months 1 day |
Weighted-average discount rate | 3.27% | 5.49% |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance lease cost: | ||||
Amortization of right-of-use assets | $ 5 | $ 5 | $ 15 | $ 15 |
Interest on lease liabilities | 1 | 2 | 4 | 6 |
Operating lease cost | 384 | 41 | 924 | 122 |
Short-term lease cost | 3 | 1 | 18 | 7 |
Total lease cost | $ 393 | $ 49 | $ 961 | $ 150 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments Required under Non-cancelable Leases (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Operating Leases | |
Remainder of 2022 | $ 342 |
2023 | 1,325 |
2024 | 1,183 |
2025 | 1,164 |
2026 | 1,169 |
2027 and thereafter | 4,856 |
Total lease payments | 10,039 |
Less – amount representing interest | 1,223 |
Present value of net minimum lease payments | 8,816 |
Finance Leases | |
Remainder of 2022 | 7 |
2023 | 26 |
2024 | 11 |
Total lease payments | 44 |
Less – amount representing interest | 4 |
Present value of net minimum lease payments | $ 40 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jun. 01, 2021USD ($) | Dec. 31, 2021USD ($) | May 31, 2021USD ($) | Mar. 31, 2021USD ($) |
Debt Instrument [Line Items] | ||||
Percentage of upfront fees | 0.20% | |||
Percentage of commitment fee on unused credit facility | 0.25% | |||
Maximum leverage ratio | 3 | |||
Maximum leverage ratio upon acquisition | 3.25 | 3.25 | ||
Maximum leverage ratio covenant period upon closing of acquisition | 12 months | |||
Minimum fixed charge coverage ratio | 1.2 | 1.2 | ||
Percentage of minimum margined assets on outstanding facility | 100.00% | |||
Letters of credit outstanding amount | $ 8,399,000 | $ 11,567,000 | ||
Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Fee for outstanding letters of credit | 1.50% | |||
HSBC Bank USA [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding amount | $ 7,215,000 | |||
HSBC Bank USA [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit | $ 7,500,000 | $ 15,000,000 | ||
Five Year Term Loan With Bank Of America [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan payment | $ 20,000,000 | |||
Term loan payment period | 5 years | |||
Term loan principal payment frequency | monthly | |||
Term loan principal payment | $ 167,000 | |||
Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.0558% | |||
Line of credit | 30,000,000 | $ 9,750,000 | ||
Maximum limit of credit facility | $ 40,000,000 | |||
Letter of Credit Secured by Cash [Member] | ||||
Debt Instrument [Line Items] | ||||
Fee for outstanding letters of credit | 0.60% | |||
Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit | $ 15,000,000 | |||
Revolving Credit Facility [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Annual facility fee | $ 5,000 | |||
Revolving Credit Facility [Member] | Letter of Credit [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Fee for outstanding letters of credit | 0.75% | |||
Revolving Credit Facility [Member] | Letter of Credit [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Fee for outstanding letters of credit | 0.85% | |||
BSBY [Member] | Five Year Term Loan With Bank Of America [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.50% | |||
BSBY [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.50% | |||
Floor Rate [Member] | Five Year Term Loan With Bank Of America [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.00% | |||
Floor Rate [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.00% | |||
Prime Rate [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 3.00% |
Accounting and Reporting Chan_2
Accounting and Reporting Changes - Additional Information (Detail) - ASU 2019-12 [Member] | Dec. 31, 2021 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Accounting standards update adopted | true |
Accounting standards update, adoption date | Apr. 1, 2021 |
Accounting standards update, immaterial effect | true |
Other Operating Income, Net - A
Other Operating Income, Net - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2021 | Sep. 30, 2021 | |
Other Long-Term Liabilities [Member] | Agreement [Member] | ||
Other Operating Income Net [Line Items] | ||
Restructuring Reserve | $ 140 | |
Other Operating Income, Net [Member] | Barber-Nichols, Inc. [Member] | ||
Other Operating Income Net [Line Items] | ||
Change in fair value of contingent liability | $ 1,900 | |
Other Operating Income, Net [Member] | Transaction Agreement [Member] | ||
Other Operating Income Net [Line Items] | ||
Accrued compensation | $ 798 | |
Other Operating Income, Net [Member] | Agreement [Member] | ||
Other Operating Income Net [Line Items] | ||
Severance payment | $ 70 |