Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Jun. 05, 2024 | Sep. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2024 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GHM | ||
Entity Registrant Name | GRAHAM CORPORATION | ||
Entity Central Index Key | 0000716314 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Title of 12(b) Security | Common Stock, Par Value $0.10 Per Share | ||
Security Exchange Name | NYSE | ||
Entity File Number | 001-08462 | ||
Entity Tax Identification Number | 16-1194720 | ||
Entity Incorporation, State or Country Code | DE | ||
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 | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Common Stock, Shares Outstanding | 10,870,564 | ||
Entity Public Float | $ 168 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant's definitive Proxy Statement, to be filed in connection with the Registrant's 2024 Annual Meeting of Stockholders to be held on August 20, 2024 , are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14 of this report. | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Rochester, New York | ||
Auditor Firm ID | 34 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | |||
Net sales | $ 185,533 | $ 157,118 | $ 122,814 |
Cost of products sold | 144,948 | 131,710 | 113,685 |
Gross profit | 40,585 | 25,408 | 9,129 |
Operating expenses and income: | |||
Selling, general and administrative | 32,217 | 23,063 | 20,386 |
Selling, general and administrative – amortization | 1,366 | 1,095 | 913 |
Other operating expense (income), net | 80 | 0 | (827) |
Operating income (loss) | 6,922 | 1,250 | (11,343) |
Other expenses and income: | |||
Loss on extinguishment of debt | 726 | 0 | 0 |
Other expense (income), net | 374 | (250) | (527) |
Interest expense, net | 248 | 939 | 400 |
Total other expenses and income | 1,348 | 689 | (127) |
Income (loss) before provision (benefit) for income taxes | 5,574 | 561 | (11,216) |
Provision (benefit) for income taxes | 1,018 | 194 | (2,443) |
Net Income (loss) | $ 4,556 | $ 367 | $ (8,773) |
Basic: | |||
Net income (loss) | $ 0.42 | $ 0.03 | $ (0.83) |
Diluted: | |||
Net income (loss) | $ 0.42 | $ 0.03 | $ (0.83) |
Average common shares outstanding: | |||
Basic | 10,743 | 10,614 | 10,541 |
Diluted | 10,844 | 10,654 | 10,541 |
Dividends declared per share | $ 0 | $ 0 | $ 0.33 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 4,556 | $ 367 | $ (8,773) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (244) | (492) | 198 |
Defined benefit pension and other postretirement plans, net of income tax provision (benefit) of $194, $(149), and $209, for the years ended March 31, 2024, 2023 and 2022, respectively | 694 | (500) | 728 |
Total other comprehensive income (loss) | 450 | (992) | 926 |
Total comprehensive income (loss) | $ 5,006 | $ (625) | $ (7,847) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Defined benefit pension and other postretirement plans, tax provision (benefit) | $ 194 | $ (149) | $ 209 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 16,939 | $ 18,257 |
Trade accounts receivable, net of allowances ($79 and $1,841 at March 31, 2024 and 2023, respectively) | 44,400 | 24,000 |
Unbilled revenue | 28,015 | 39,684 |
Inventories | 33,410 | 26,293 |
Prepaid expenses and other current assets | 3,561 | 1,836 |
Total current assets | 126,325 | 110,070 |
Property, plant and equipment, net | 32,080 | 25,523 |
Prepaid pension asset | 6,396 | 6,107 |
Operating lease assets | 7,306 | 8,237 |
Goodwill | 25,520 | 23,523 |
Finite-Lived Intangible Assets, Net | 25,845 | 20,802 |
Other intangible assets, net | 7,181 | 7,610 |
Deferred income tax asset | 2,983 | 2,798 |
Other assets | 724 | 158 |
Total assets | 233,879 | 203,918 |
Current liabilities: | ||
Current portion of long-term debt | 0 | 2,000 |
Current portion of finance lease obligations | 20 | 29 |
Accounts payable | 20,788 | 20,222 |
Accrued compensation | 16,800 | 10,401 |
Accrued expenses and other current liabilities | 6,666 | 6,434 |
Customer deposits | 71,987 | 46,042 |
Operating lease liabilities | 1,237 | 1,022 |
Income taxes payable | 715 | 16 |
Total current liabilities | 118,213 | 86,166 |
Long-term debt | 0 | 9,744 |
Finance lease obligations | 65 | 85 |
Operating lease liabilities | 6,449 | 7,498 |
Accrued pension and postretirement benefit liabilities | 1,254 | 1,342 |
Other long-term liabilities | 2,332 | 2,150 |
Total liabilities | 128,313 | 106,985 |
Commitments and contingencies (Notes 8 and 17) | ||
Stockholders’ equity: | ||
Common stock, $.10 par value, 25,500 shares authorized; 10,993 and 10,774 shares issued and 10,850 and 10,635 shares outstanding at March 31, 2024 and 2023, respectively | 1,099 | 1,075 |
Capital in excess of par value | 32,015 | 28,061 |
Retained earnings | 81,999 | 77,443 |
Accumulated other comprehensive loss | (7,013) | (7,463) |
Treasury stock (143 and 138 shares at March 31, 2024 and 2023, respectively) | (2,534) | (2,183) |
Total stockholders’ equity | 105,566 | 96,933 |
Total liabilities and stockholders’ equity | 233,879 | 203,918 |
Customer Relationships [Member] | ||
Current assets: | ||
Finite-Lived Intangible Assets, Net | 14,299 | 10,718 |
Technology and Technical Know How [Member] | ||
Current assets: | ||
Finite-Lived Intangible Assets, Net | $ 11,065 | $ 9,174 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowances on trade accounts receivable | $ 79 | $ 1,841 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Common stock, par value | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 25,500,000 | 25,500,000 |
Common stock, shares issued | 10,993,000 | 10,774,000 |
Common stock, shares outstanding | 10,850,000 | 10,635,000 |
Treasury stock | 143,000 | 138,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities: | |||
Net income (loss) | $ 4,556 | $ 367 | $ (8,773) |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | |||
Depreciation | 3,275 | 3,511 | 3,077 |
Amortization | 2,157 | 2,476 | 2,522 |
Virgin Orbit reserves | 95 | 3,050 | 0 |
Amortization of unrecognized prior service cost and actuarial losses | 843 | 672 | 996 |
Amortization of debt issuance costs | 131 | 212 | 0 |
Equity-based compensation expense | 1,279 | 806 | 809 |
(Gain) loss on disposal or sale of property, plant and equipment | (5) | 0 | 23 |
Change in fair value of contingent consideration | 80 | 0 | (1,900) |
Loss on extinguishment of debt | 726 | 0 | 0 |
Deferred income taxes | (472) | (120) | (3,233) |
(Increase) decrease in operating assets: | |||
Accounts receivable | (20,724) | 1,520 | (2,055) |
Unbilled revenue | 11,855 | (14,228) | 1,550 |
Inventories | (6,220) | (9,919) | 3,483 |
Income taxes receivable | 998 | 139 | (1,208) |
Prepaid expenses and other current and non-current assets | (2,199) | (97) | (340) |
Operating lease assets | 1,212 | 1,206 | 1,059 |
Prepaid pension asset | (287) | (651) | (1,207) |
Increase (decrease) in operating liabilities: | |||
Accounts payable | 401 | 3,467 | (3,238) |
Accrued compensation, accrued expenses and other current and non-current liabilities | 6,011 | 2,654 | 1,164 |
Customer deposits | 25,572 | 20,526 | 5,523 |
Operating lease liabilities | (1,119) | (1,049) | (962) |
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits | (45) | (628) | 491 |
Net cash provided (used) by operating activities | 28,120 | 13,914 | (2,219) |
Investing activities: | |||
Purchase of property, plant and equipment | (9,226) | (3,749) | (2,324) |
Proceeds from disposal of property, plant and equipment | 44 | 0 | 0 |
Redemption of investments at maturity | 0 | 0 | 5,500 |
Acquisition of P3 Technologies, LLC, net of cash acquired | (6,812) | 0 | 0 |
Acquisition of Barber-Nichols, LLC, net of cash acquired | 0 | 0 | (60,282) |
Net cash used by investing activities | (15,994) | (3,749) | (57,106) |
Financing activities: | |||
Principal repayments on debt | (25,500) | (11,000) | (39,750) |
Proceeds from the issuance of debt | 13,000 | 5,000 | 58,250 |
Principal repayments on finance lease obligations | (29) | (23) | (21) |
Repayments on lease financing obligations | (287) | (275) | (225) |
Payment of debt exit costs | (752) | 0 | 0 |
Payment of debt issuance costs | (241) | (122) | (271) |
Issuance of common stock | 476 | 0 | 0 |
Dividends paid | 0 | 0 | (3,523) |
Purchase of treasury stock | (58) | (21) | (41) |
Net cash (used) provided by financing activities | (13,391) | (6,441) | 14,419 |
Effect of exchange rate changes on cash | (53) | (208) | 115 |
Net (decrease) increase in cash and cash equivalents | (1,318) | 3,516 | (44,791) |
Cash and cash equivalents at beginning of year | 18,257 | 14,741 | 59,532 |
Cash and cash equivalents at end of year | $ 16,939 | $ 18,257 | $ 14,741 |
Consolidated Statements of Chan
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, 2021 | $ 97,929 | $ 1,075 | $ 27,272 | $ 89,372 | $ (7,397) | $ (12,393) |
Beginning balance, shares at Mar. 31, 2021 | 10,748 | |||||
Comprehensive income (loss) | (7,847) | (8,773) | 926 | |||
Issuance of shares | $ 16 | (16) | ||||
Issuance of shares, shares | 164 | |||||
Forfeiture of shares | $ (11) | 11 | ||||
Forfeiture of shares, shares | (111) | |||||
Dividends | (3,523) | (3,523) | ||||
Recognition of equity-based compensation expense | 809 | 809 | ||||
Purchase of treasury stock | (41) | (41) | ||||
Issuance of treasury stock | 9,167 | (306) | 9,473 | |||
Ending Balance at Mar. 31, 2022 | 96,494 | $ 1,080 | 27,770 | 77,076 | (6,471) | (2,961) |
Ending Balance, shares at Mar. 31, 2022 | 10,801 | |||||
Comprehensive income (loss) | (625) | 367 | (992) | |||
Issuance of shares | $ 0 | |||||
Issuance of shares, shares | 17 | |||||
Forfeiture of shares | $ (5) | 5 | ||||
Forfeiture of shares, shares | (44) | |||||
Recognition of equity-based compensation expense | 806 | 806 | ||||
Purchase of treasury stock | (21) | (21) | ||||
Issuance of treasury stock | 279 | (520) | 799 | |||
Ending Balance at Mar. 31, 2023 | 96,933 | $ 1,075 | 28,061 | 77,443 | (7,463) | (2,183) |
Ending Balance, shares at Mar. 31, 2023 | 10,774 | |||||
Comprehensive income (loss) | 5,006 | 4,556 | 450 | |||
Issuance of shares | 2,406 | $ 25 | 2,674 | (293) | ||
Issuance of shares, shares | 229 | |||||
Forfeiture of shares | $ (1) | 1 | ||||
Forfeiture of shares, shares | (10) | |||||
Recognition of equity-based compensation expense | 1,279 | 1,279 | ||||
Purchase of treasury stock | (58) | (58) | ||||
Ending Balance at Mar. 31, 2024 | $ 105,566 | $ 1,099 | $ 32,015 | $ 81,999 | $ (7,013) | $ (2,534) |
Ending Balance, shares at Mar. 31, 2024 | 10,993 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 4,556 | $ 367 | $ (8,773) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
The Company and Its Accounting
The Company and Its Accounting Policies | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
The Company and Its Accounting Policies | Note 1 - The Company and Its Accounting Policies: Graham Corporation, and its operating subsidiaries, (together, the "Company"), is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries. The Company acquired Barber-Nichols, LLC ("BN") in June 2021. The accompanying Consolidated Financial Statements include BN at March 31, 2024, 2023 and for the period June 1, 2021 through March 31, 2024. The Company acquired P3 Technologies, LLC ("P3") in November 2023. The accompanying Consolidated Financial Statements include P3 at March 31, 2024 and for the period of November 9, 2023 through March 31, 2024. The Company's significant accounting policies are set forth below. The Company's fiscal years ended March 31, 2024, 2023 and 2022 are referred to as "fiscal 2024," "fiscal 2023" and "fiscal 2022," respectively. Principles of consolidation and use of estimates in the preparation of consolidated financial statements The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, BN, located in Arvada, CO, P3, located in Jupiter, FL, Graham Vacuum and Heat Transfer Technology (Suzhou) Co., Ltd., located in China, and Graham India Private Limited ("GIPL"), located in India. All intercompany balances, transactions and profits are eliminated in consolidation. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the related revenues and expenses during the reporting period. Actual amounts could differ from those estimated. Translation of foreign currencies Assets and liabilities of the Company's foreign subsidiaries are translated into U.S. dollars at currency exchange rates in effect at year end and revenues and expenses are translated at average exchange rates in effect for the year. Gains and losses resulting from foreign currency transactions are included in results of operations. The Company's sales and purchases in foreign currencies are not material to the overall consolidated financial statements. Therefore, foreign currency transaction gains and losses have not historically impacted the Company's financial results materially. Gains and losses resulting from translation of the foreign subsidiaries balance sheets are included in a separate component of stockholders' equity. Translation adjustments are not adjusted for income taxes since they relate to an investment, which is permanent in nature. Revenue recognition The Company accounts for revenue in accordance with Accounting Standard Codification 606, "Revenue from Contracts with Customers" ("ASC 606"). The Company recognizes revenue on all contracts when control of the product is transferred to the customer. 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. Customer acceptance may also be a factor in determining whether control of the product has transferred. Although 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 generally represent the majority of revenue, is recognized over time as these contracts meet specific criteria in ASC 606. Unbilled revenue (contract assets) in the Consolidated Balance Sheets represents revenue recognized that has not been billed to customers on contracts in which revenue is recognized over time. All progress payments exceeding unbilled revenue are presented as customer deposits (contract liabilities) in the Consolidated Balance Sheets. Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid, short-term investments with maturities at the time of purchase of three months or less. Trade Accounts receivable, net of allowances Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The provision for credit losses is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable; however, changes in circumstances relating to accounts receivable may result in a requirement for additional provisions in the future. Shipping and handling fees and costs Shipping and handling fees billed to the customer are recorded in Net sales and the related costs incurred for shipping and handling are included in Cost of products sold. Inventories Inventories are stated at the lower of cost or net realizable value, using the average cost method. Property, plant, equipment and depreciation Property, plant and equipment are stated at cost net of accumulated depreciation. Major additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. Depreciation is provided based upon the estimated useful lives, or lease term if shorter, under the straight-line method. Estimated useful lives range from approximately three to eight years for office equipment, eight to 25 years for manufacturing equipment, eight years for land improvements, 40 years for buildings and improvements, and leasehold improvements are depreciated over the remaining term of the lease. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations. Business combinations The Company records its business combinations under the acquisition method of accounting. Under the acquisition method of accounting, the Company allocates the purchase price of each acquisition to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective fair values at the date of acquisition. The fair value of identifiable intangible assets is based upon detailed valuations that use various assumptions made by management. Any excess of the purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Direct acquisition-related costs are expensed as incurred. Goodwill Goodwill represents the excess of the purchase price over the fair value of identifiable net tangible and intangible assets acquired in a business combination. Goodwill is not amortized, but is reviewed for impairment at least annually or more frequently if impairment indicators arise. Goodwill is evaluated for impairment by first performing a qualitative assessment to determine whether a quantitative goodwill test is necessary. If it is determined, based on qualitative factors, that the fair value of the reporting unit may be more likely than not less than its carrying amount, or if significant adverse changes in the Company's future financial performance occur that could materially impact fair value, a quantitative goodwill impairment test would be required. Additionally, the Company can elect to forgo the qualitative assessment and perform the quantitative test. If the qualitative assessment indicates that the quantitative analysis should be performed, or if management elects to bypass a qualitative assessment, the Company then evaluates goodwill for impairment by comparing the fair value of the reporting unit to its carrying amount, including goodwill. Intangible Assets Acquired intangible assets other than goodwill consist of backlog, customer relationships, technology and technical know-how and tradenames. Backlog and trade names are included in the line item Other intangible assets, net in the Consolidated Balance Sheet. The Company amortizes a portion of its Technology and technical know-how, tradenames, and Customer relationships in Selling, general and administrative expense on a straight line basis over each of their estimated useful lives of eight to twenty years. Backlog and a portion of Technology and technical know-how are amortized in Cost of products sold over the projected conversion period of four to ten years which is based on management estimates at the time of purchase. All other intangibles have indefinite lives and are not amortized. Impairment of long-lived assets The Company assesses the impairment of definite-lived long-lived assets or asset groups when events or changes in circumstances indicate that the carrying value may not be recoverable. Factors that are considered in deciding when to perform an impairment review include: a significant decrease in the market price of the asset or asset group; a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction; a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group; or a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The term more likely than not refers to a level of likelihood that is more than 50 %. Recoverability potential is measured by comparing the carrying amount of the asset or asset group to its related total future undiscounted cash flows. If the carrying value is not recoverable through related cash flows, the asset or asset group is considered to be impaired. Impairment is measured by comparing the asset or asset group's carrying amount to its fair value. When it is determined that useful lives of assets are shorter than originally estimated, and no impairment is present, the rate of depreciation is accelerated in order to fully depreciate the assets over their new shorter useful lives. Goodwill and intangible assets with indefinite lives are tested annually for impairment. The Company assesses goodwill for impairment by comparing the fair value of its reporting units to their carrying amounts. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the implied fair value of the goodwill within the reporting unit is less than its carrying value. Fair values for reporting units are determined based on a weighted combination of the market approach and the income approach using discounted cash flows. Indefinite lived intangible assets are assessed for impairment by comparing the fair value of the asset to its carrying value. Other Long-Term Assets Other long-term assets include service based cloud computing software implementation costs of $ 361 . Upon implementation completion, these costs will be amortized over the expected term of the hosting arrangement on a straight line basis. Product warranties The Company estimates the costs that may be incurred under its product warranties and records a liability in the amount of such costs at the time revenue is recognized. The reserve for product warranties is based upon past claims experience and ongoing evaluations of any specific probable claims from customers. A reconciliation of the changes in the product warranty liability is presented in Note 7 . Research and development Research and development costs are expensed as incurred. The Company incurred estimated research and development costs of $ 3,944 in fiscal 2024 and research and development costs of $ 4,144 and $ 3,845 in fiscal 2023 and fiscal 2022 , respectively. Research and development costs are included in the line item Cost of products sold and Selling, general and administrative in the Consolidated Statements of Operations. Income taxes The Company recognizes deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using currently enacted tax rates. The Company evaluates the available evidence about future taxable income and other possible sources of realization of deferred income tax assets and records a valuation allowance to reduce deferred income tax assets to an amount that represents the Company's best estimate of the amount of such deferred income tax assets that more likely than not will be realized. The Company accounts for uncertain tax positions using a "more likely than not" recognition threshold. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective resolution of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. These tax positions are evaluated on a quarterly basis. It is the Company's policy to recognize any interest related to uncertain tax positions in interest expense and any penalties related to uncertain tax positions in selling, general and administrative expense. The Company files federal and state income tax returns in several U.S. and non-U.S. domestic and foreign 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. Equity-based compensation The Company records compensation costs related to equity-based awards based on the estimated fair value of the award on the grant date. Compensation cost is recognized in the Company's Consolidated Statements of Operations over the applicable vesting period. The Company uses the Black-Scholes valuation model as the method for determining the fair value of its stock option awards. For service and performance based restricted stock awards and restricted stock units, the fair market value of the award is determined based upon the closing value of the Company's stock price on the grant date. The fair market value of market-based performance restricted stock awards is determined using the Monte Carlo valuation model. The amount of equity-based compensation expense recognized during a period is based on the portion of the awards that ultimately vest. Income (loss) per share data Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is calculated by dividing net income (loss) 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 income (loss) per share is presented below: Year ended March 31, 2024 2023 2022 Basic income (loss) per share: Numerator: Net income (loss) $ 4,556 $ 367 $ ( 8,773 ) Denominator: Weighted average common shares outstanding 10,743 10,614 10,541 Basic income (loss) per share $ 0.42 $ 0.03 $ ( 0.83 ) Diluted income (loss) per share: Numerator: Net income (loss) $ 4,556 $ 367 $ ( 8,773 ) Denominator: Weighted average common shares outstanding 10,743 10,614 10,541 Restricted stock units outstanding 101 40 — Weighted average common and potential common 10,844 10,654 10,541 Diluted income (loss) per share $ 0.42 $ 0.03 $ ( 0.83 ) None of the options to purchase shares of common stock which totaled 33 shares in fiscal 2022, were included in the computation of diluted loss per share as the affect would be anti-dilutive given their exercise price as they would not be dilutive upon issuance or due to the net loss in the fiscal year. Cash flow statement Interest and income taxes paid as well as non-cash investing and financing activities are as follows: Year ended March 31, 2024 2023 2022 Interest paid $ 823 $ 1,026 $ 417 Income taxes paid 425 185 2,012 Pension and other post retirement income (loss) adjustments, net of income tax 694 ( 500 ) 728 Issuance of treasury stock to the Employee Stock Purchase Plan (See Note 13) — 279 204 Capital purchases recorded in accounts payable 620 483 177 Issuance of treasury shares as part of the consideration of the acquisition 1,930 — 8,964 Accumulated other comprehensive income (loss) Comprehensive income (loss) is comprised of net income and other comprehensive income or loss items, which are accumulated as a separate component of stockholders' equity. For the Company, other comprehensive income or loss items include foreign currency translation adjustments and pension and other postretirement benefit adjustments. Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants at the measurement date. The accounting standard for fair value establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 – Valuations determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The availability of observable inputs can vary and is affected by a wide variety of factors, including, the type of asset/liability, whether the asset/liability is established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are required to reflect those that market participants would use in pricing the asset or liability at the measurement date. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of sales and expenses during the reporting period. Actual results could differ materially from those estimates. Accounting and reporting changes In the normal course of business, management evaluates all new Accounting Standards Updates and other accounting pronouncements issued by the Financial Accounting Standards Board, Securities and Exchange Commission, or other authoritative accounting bodies to determine the potential impact they may have on the Company’s Consolidated Financial Statements. Other than those discussed below, management does not expect any of the recently issued accounting pronouncements, which have not already been adopted, to have a material impact on the Company’s Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)-Improvements to Reportable Segment Disclosures. The ASU enhances disclosure of significant segment expenses by requiring disclosure of significant segment expenses regularly provided to the chief operating decision maker, extend certain annual disclosures to interim periods, and permits more than one measure of segment profit or loss to be reported under certain conditions. The amendments are effective for the Company in years beginning after December 15, 2023, and interim periods within years beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures. The ASU requires additional quantitative and qualitative income tax disclosures to allow readers of the consolidated financial statements to assess how the Company’s operations, related tax risks and tax planning affect its tax rate and prospects for future cash flows. For public business entities, the ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements. |
Acquisition
Acquisition | 12 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Acquisition | Note 2 - Acquisition On November 9, 2023, the Company completed its acquisition of P3, a privately-owned custom turbomachinery engineering, product development, and manufacturing business located in Jupiter, FL that serves the space, new energy, defense, and medical industries. The Company believes this acquisition advances its growth strategy, further diversifies its market and product offerings, and broadens its turbomachinery solutions. P3 will be managed through the Company's Barber-Nichols, LLC subsidiary and is highly complementary to BN's technology and enhances its turbomachinery solutions. 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 $ 11,238 was comprised of 125 shares of the Company's common stock, representing a value of $ 1,930 , and cash consideration of $ 7,098 , subject to certain potential adjustments, including a customary working capital adjustment. The cash consideration was funded through borrowings on the Company's line of credit. The purchase agreement included a contingent earn-out dependent upon certain financial measures of P3 post-acquisition, in which the sellers are eligible to receive up to $ 3,000 in additional cash consideration. At November 9, 2023, a liability of $ 2,040 was recorded for the contingent earn-out. A rollforward of the P3 contingent earn-out liability since the date of acquisition is as follows: Balance at November 9, 2023 $ 2,040 Change in fair value 80 Payments — Balance at March 31, 2024 $ 2,120 The change in fair value of the contingent earn-out liability was included in Other operating (income) expense, net in the Consolidated Statements of Operations. Acquisition and integration costs of $ 352 were expensed in the year ended March 31, 2024, and are included in Selling, general and administrative expenses in the Consolidated Statement of Operations. The cost of the acquisition was allocated to the assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition and the amount exceeding the fair value of $ 1,997 was recorded as goodwill, which is deductible for tax purposes. Goodwill generated in the acquisition is related to P3’s assembled workforce, synergies between Graham’s other operations and P3 that are expected to occur as a result of the combined engineering knowledge, the ability of each of the operations to leverage each other’s technology solutions, and Graham’s ability to utilize acquired management knowledge in providing complementary product offerings to the Company’s customers. The following table summarizes the final purchase price allocation of the assets acquired and liabilities assumed: Before Adjustment of Preliminary Allocation of Purchase Price After Adjustment of Final Allocation of Purchase Price November 9, March 31, 2023 Adjustments 2024 Assets acquired: Cash and cash equivalents $ 286 $ — $ 286 Trade accounts receivable, net of allowances 465 465 Unbilled revenue 302 302 Inventories 443 365 808 Prepaid expenses and other current assets 93 93 Property, plant & equipment, net 542 542 Operating lease assets 130 130 Goodwill 1,565 432 1,997 Customer relationships 4,400 4,400 Technology and technical know-how 2,500 2,500 Tradename 300 300 Deferred income tax asset 53 ( 53 ) — Total assets acquired 11,079 744 11,823 Liabilities assumed: Accrued compensation 62 62 Customer deposits 389 389 Operating lease liabilities 134 134 Total liabilities assumed 585 — 585 Purchase price $ 10,494 $ 744 $ 11,238 The fair value of acquisition-related intangible assets includes customer relationships, technology and technical know-how, and tradename. The tradename is included in the line item "Other intangible assets, net" in the Consolidated Balance Sheets. The fair value of customer relationships was calculated using an income approach, specifically the Multi Period Excess Earnings method, which incorporates assumptions regarding retention rate, new customer growth and customer related costs. The fair value of tradename and technology and technical know-how were both calculated 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. Customer relationships and tradename are amortized in Selling, general and administrative expense on a straight line basis over their estimated useful lives of eight years and three years respectively. Technology and technical know-how is amortized in Cost of products sold on a straight line basis over its estimated useful life of ten years. The Consolidated Statement of Operations for the year ended March 31, 2024 includes net sales of P3 of $ 2,206 and net income of $ 24 . The following unaudited pro forma information presents the consolidated results of operations of the Company as if the P3 acquisition had occurred at the beginning of each of the fiscal periods presented: For the Year Ended March 31, 2024 2023 Net sales $ 189,089 $ 160,376 Net income (loss) 5,949 ( 21 ) Earnings per share Basic $ 0.55 $ 0.00 Diluted $ 0.54 $ 0.00 The unaudited pro forma information presents the combined operating results of Graham Corporation and P3 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 expense reflecting the cash paid in connection with the acquisition, including acquisition-related expenses, at the Company’s weighted average 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 | 12 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3 – Revenue Recognition: The Company recognizes revenue on all contracts when control of the product is transferred to the customer. 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. The following tables present the Company's net sales disaggregated by market and geographic area: Year ended March 31, Market 2024 2023 2022 Refining $ 29,087 $ 27,270 $ 24,406 Chemical/Petrochemical 20,893 21,950 15,955 Defense 99,493 65,327 62,189 Space 13,282 21,180 5,744 Other Commercial 22,778 21,391 14,520 Net sales $ 185,533 $ 157,118 $ 122,814 Year ended March 31, Geographic Area 2024 2023 2022 Asia $ 15,144 $ 16,040 $ 13,687 Canada 4,229 4,464 3,583 Middle East 2,568 2,914 2,489 South America 733 3,021 1,972 U.S. 155,908 127,519 97,718 All other 6,951 3,160 3,365 Net sales $ 185,533 $ 157,118 $ 122,814 The final destination of products shipped is the basis used to determine net sales by geographic area. No sales were made to the terrorist sponsoring nations of Cuba, Iran, North Korea or Syria. 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. 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 on a cumulative catch-up basis in current accounting periods based upon revisions in the contract value due to pricing changes and estimated costs at completion. Losses on contracts are recognized immediately when evident to management. 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 generally represent the majority of revenue, is recognized over time as these contracts meet specific criteria established in ASC 606. The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment: Year ended March 31, 2024 2023 2022 Revenue recognized over time 77 % 74 % 75 % Revenue recognized at shipment 23 % 26 % 25 % The timing of revenue recognition, invoicing and cash collections affect trade accounts receivable, unbilled revenue (contract assets) and customer deposits (contract liabilities) on the 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 Consolidated Balance Sheets. The Company may receive a progress payment from a customer, which is recorded as a customer deposit or have an unconditional right to receive a customer deposit prior to revenue being recognized. Because the performance obligations related to such customer deposits may not have been satisfied, a contract liability is recorded and an offsetting asset of equal amount is recorded as a trade accounts receivable until the deposit is collected. Customer deposits are separately presented in the 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: March 31, 2024 March 31, 2023 Change Change due to amounts acquired Change due to revenue recognized Change due to invoicing customers/ Unbilled revenue (contract assets) $ 28,015 $ 39,684 $ ( 11,669 ) $ 302 $ 97,828 $ ( 109,799 ) Customer deposits (contract liabilities) ( 71,987 ) ( 46,042 ) ( 25,945 ) ( 389 ) 29,086 ( 54,642 ) Net contract (liabilities) assets $ ( 43,972 ) $ ( 6,358 ) $ ( 37,614 ) Contract liabilities at March 31, 2024 and 2023 include $ 21,426 and $ 6,092 , respectively, of customer deposits for which the Company has an unconditional right to collect payment. Trade accounts receivable, as presented on the Consolidated Balance Sheets, includes corresponding balances at March 31, 2024 and 2023, respectively. Receivables billed but not paid under retainage provisions in the Company’s customer contracts were $ 1,875 and $ 2,542 at March 31, 2024 and 2023, respectively. 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 March 31, 2024 , the Company had remaining unsatisfied performance obligations of $ 390,868 . The Company expects to recognize revenue on approximately 35 % to 40 % of the remaining performance obligations within one year , 25 % to 30 % in one to two years and the remaining beyond two years. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4 – Inventories: Major classifications of inventories are as follows: March 31, 2024 2023 Raw materials and supplies $ 4,396 $ 4,344 Work in process 27,065 20,554 Finished products 1,949 1,395 $ 33,410 $ 26,293 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 5 – Property, Plant and Equipment: Major classifications of property, plant and equipment are as follows: March 31, 2024 2023 Land and land improvements $ 450 $ 450 Buildings and leasehold improvements 24,651 23,112 Machinery and equipment 45,391 41,398 Construction in progress 6,699 2,518 77,191 67,478 Less – accumulated depreciation and amortization 45,111 41,955 $ 32,080 $ 25,523 Depreciation expense in fiscal 2024, fiscal 2023 and fiscal 2022 was $ 3,275 , $ 3,511 , and $ 3,077 , respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 6 – Intangible Assets: Intangible assets are comprised of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount At March 31, 2024 Intangibles subject to amortization: Customer relationships 8 - 20 years $ 16,200 $ 1,901 $ 14,299 Technology and technical know-how 10 - 20 years 12,600 1,535 11,065 Backlog 4 years 3,900 3,677 223 Tradename 3 years 300 42 258 $ 33,000 $ 7,155 $ 25,845 Intangibles not subject to amortization: Tradename Indefinite $ 6,700 $ — $ 6,700 $ 6,700 $ — $ 6,700 Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount At March 31, 2023 Intangibles subject to amortization: Customer relationships 20 years $ 11,800 $ 1,082 $ 10,718 Technology and technical know-how 20 years 10,100 926 9,174 Backlog 4 years 3,900 2,990 910 $ 25,800 $ 4,998 $ 20,802 Intangibles not subject to amortization: Tradename Indefinite $ 6,700 $ — $ 6,700 $ 6,700 $ — $ 6,700 A portion of Technology and technical know-how, tradenames, and Customer relationships are amortized in Selling, general and administrative expense on a straight line basis over each of their estimated useful lives. Backlog and a portion of technology and technical know-how are amortized in Cost of products sold over the projected conversion period based on management estimates at time of purchase. Intangible asset amortization was $ 2,157 , $ 2,476 and $ 2,522 for fiscal 2024, 2023 and 2022 , respectively. The estimated annual amortization expense is as follows: Annual Amortization 2025 $ 2,218 2026 1,995 2027 1,953 2028 1,895 2029 1,895 2030 and thereafter 15,889 Total intangible amortization $ 25,845 |
Product Warranty Liability
Product Warranty Liability | 12 Months Ended |
Mar. 31, 2024 | |
Guarantees [Abstract] | |
Product Warranty Liability | Note 7 – Product Warranty Liability: A reconciliation of the changes in product warranty liability is as follows: Year ended March 31, 2024 2023 Balance at beginning of year $ 578 $ 441 Expense for product warranties 410 364 Product warranty claims paid ( 182 ) ( 227 ) Balance at end of year $ 806 $ 578 The product warranty liability is included in the line item Accrued expenses and other current liabilities in the Consolidated Balance Sheets. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Note 8 - 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 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 March 31, 2024, 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 Consolidated Balance Sheets. The current portion and non-current portion of finance and operating lease liabilities are all presented separately in the Consolidated Balance Sheets. The Company previously entered into operating leases with Ascent Properties Group, LLC ("Ascent"), a limited liability company of which our Chief Executive Officer holds a majority interest, for an office and manufacturing building in Arvada, CO as well as machinery and equipment. During fiscal 2023, the Company entered into an additional lease with Ascent for another manufacturing building in Arvada, CO. In connection with such leases, the Company made fixed minimum lease payments to the lessor of $ 952 , $ 843 and $ 707 i n fiscal 2024, 2023 and 2022, respectively. Future minimum lease payments under these leases as of March 31, 2024 are $ 5,785 . 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: March 31, 2024 2023 Finance Leases Weighted-average remaining lease term in years 3.83 4.45 Weighted-average discount rate 7.75 % 7.98 % Operating Leases Weighted-average remaining lease term in years 5.93 7.00 Weighted-average discount rate 3.30 % 3.25 % The components of lease expense are as follows: Year Ended March 31, 2024 2023 Finance lease cost: Amortization of right-of-use assets $ 13 $ 24 Interest on lease liabilities 8 4 Operating lease cost 1,478 1,394 Short-term lease cost 27 17 Total lease cost $ 1,526 $ 1,439 Operating lease costs during fiscal 2024, fiscal 2023 and fiscal 2022 were included within Cost of sales and Selling, general and administrative expenses. As of March 31, 2024, future minimum payments required under non-cancelable leases are: Operating Finance 2025 $ 1,468 $ 26 2026 1,324 26 2027 1,353 26 2028 1,390 21 2029 and thereafter 2,940 — Total lease payments 8,475 99 Less – amount representing interest 789 14 Present value of net minimum lease payments $ 7,686 $ 85 ROU assets obtained in exchange for new operating lease liabilities were $ 149 and $ 1,169 in fiscal 2024 and fiscal 2023 , respectively. |
Debt
Debt | 12 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Note 9 - Debt: On October 13, 2023, the Company terminated its revolving credit facility and repaid its term loan with Bank of America and entered into a new five-year revolving credit facility with Wells Fargo Bank, National Association ("Wells Fargo") that provides a $ 35,000 line of credit and automatically increases to $ 50,000 upon the Company satisfying specified covenants (the "New Revolving Credit Facility"). The additional $ 15,000 will automatically be available upon (a) the Company achieving a minimum consolidated EBITDA, as defined in the agreement, of $ 15,000 , computed on a trailing twelve month basis, for three consecutive quarters and (b) a minimum liquidity (consisting of cash and borrowing availability under the New Revolving Credit Facility) for the Company of at least $ 7,500 . The New Revolving Credit Facility has a $ 25,000 sub-limit for letters of credit and the Company may request the issuance of cash secured letters of credit in an aggregate amount of up to $ 7,500 . As of March 31, 2024 , there was $ 0 borrowed and $ 1,890 letters of credit outstanding on the New Revolving Credit Facility. Long term debt is comprised of the following: March 31, 2023 Bank of America term loan $ 12,500 Less: unamortized debt issuance costs ( 756 ) 11,744 Less: current portion 2,000 Total $ 9,744 The New Revolving Credit Facility contains customary terms and conditions, including representations and warranties and affirmative and negative covenants, as well as financial covenants for the benefit of Wells Fargo, which require the Company to maintain (i) a consolidated total leverage ratio not to exceed 3.50 : 1.00 and (ii) a consolidated fixed charge coverage ratio of at least 1.20 : 1.00 , in both cases computed in accordance with the definitions and requirements specified in the New Revolving Credit Facility. As of March 31, 2024, the Company was in compliance with the financial covenants of the New Revolving Credit Facility. Borrowings under the New Revolving Credit Facility bear interest at a rate equal to, at the Company’s option, either (i) a forward-looking term rate based on the secured overnight financing rate ("SOFR") for the applicable interest period, subject to a floor of 0.0 % per annum or (ii) a base rate determined by reference to the highest of (a) the rate of interest per annum publicly announced by the Lender as its prime rate, (b) the federal funds rate plus 0.50 % per annum and (c) one-month term SOFR plus 1.00 % per annum, subject to a floor of 1.00% per annum, plus, in each case, an applicable margin. The applicable margins range between (i) 1.25 % per annum and 2.50 % per annum in the case of any term SOFR loan and (ii) 0.25 % per annum and 1.50 % per annum in the case of any base rate loan, in each case based upon the Company’s then-current consolidated total leverage ratio; provided, however, for a period of one year following the closing date, the applicable margin shall be set at 1.25% per annum in the case of any term SOFR loan and 0.25% per annum in the case of any base rate loan. As of March 31, 2024 , the SOFR rate was 5.34 %. The Company is required to pay a quarterly commitment fee on the unused portion of the New Revolving Credit Facility during the applicable quarter at a per annum rate also determined by reference to the Company’s then-current consolidated total leverage ratio, which fee ranges between 0.10 % per annum and 0.20 % per annum; provided, however, for a period of one year following the closing date, the quarterly commitment fee will be set at 0.10% per annum. Any outstanding letters of credit that are cash secured will bear a fee equal to the daily amount available to be drawn under such letters of credit multiplied by 0.65 % per annum. Any outstanding letters of credit issued under the New Revolving Credit Facility will bear a fee equal to the daily amount drawn under such letters of credit multiplied by the applicable margin for term SOFR loans. As of March 31, 2024 , the amount available under the New Revolving Credit Facility was $ 33,110 , subject to the interest and leverage covenants. In connection with the termination of the old revolving credit facility and term loan with Bank of America, the Company paid $ 752 in exit costs and recognized an extinguishment charge of $ 726 . As of March 31, 2024 , $ 1,592 letters of credit remain outstanding with Bank of America and are cash secured. These outstanding letters of credit are subject to a fee of 0.60 % per annum. As of March 31, 2024 , $ 4,780 letters of credit are outstanding with HSBC Bank USA, N.A and are cash secured. These outstanding letters of credit are subject to a fee of between 0.75 % and 0.85 % per annum, depending on the term of the letter of credit. As of March 31, 2024 , $ 180 letters of credit are outstanding with China Construction Bank and are cash secured. Additionally, we have a 10,000 RMB bank guaranty line of credit with China Citic Bank Co. LTD which had $ 0 letters of credit outstanding at March 31, 2024 . Outstanding letters of credit under this agreement are subject to a fee of 0.60 % per annum. Total letters of credit outstanding as of March 31, 2024 and March 31, 2023 were $ 8,442 and $ 12,842 , respectively. |
Financial Instruments and Deriv
Financial Instruments and Derivative Financial Instruments | 12 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Derivative Financial Instruments | Note 10 - Financial Instruments and Derivative Financial Instruments: Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, and trade accounts receivable. The Company places its cash, cash equivalents with high credit quality financial institutions, and evaluates the credit worthiness of these financial institutions on a regular basis. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of customers comprising the Company's customer base and their geographic dispersion. At March 31, 2024 and 2023, the Company had no significant concentrations of credit risk. Letters of Credit The Company has entered into standby letter of credit agreements with financial institutions relating to the guarantee of future performance on certain contracts. At March 31, 2024 and 2023 , the Company was contingently liable on outstanding standby letters of credit aggregating $ 8,442 and $ 12,842 , respectively. Fair Value of Financial Instruments The estimates of the fair value of financial instruments are summarized as follows: Cash and cash equivalents : The carrying amount of cash and cash equivalents approximates fair value due to the short-term maturity of these instruments and are considered Level 1 assets in the fair value hierarchy. Short-term and long-term debt : The carrying values of credit facilities with variable rates of interest approximates fair values and is considered a Level 2 liability in the fair value hierarchy. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11 – Income Taxes: An analysis of the components of income (loss) before provision (benefit) for income taxes is presented below: Year ended March 31, 2024 2023 2022 United States $ 5,077 $ ( 66 ) $ ( 11,954 ) Asia 497 627 738 Income (loss) before provision (benefit) for income taxes $ 5,574 $ 561 $ ( 11,216 ) The provision (benefit) for income taxes consists of: Year ended March 31, 2024 2023 2022 Current: Federal $ 1,133 $ 37 $ ( 31 ) State 100 204 72 Foreign 257 73 749 1,490 314 790 Deferred: Federal ( 419 ) ( 89 ) ( 2,648 ) State 88 ( 82 ) ( 155 ) Foreign ( 106 ) 93 ( 423 ) Changes in valuation allowance ( 35 ) ( 42 ) ( 7 ) ( 472 ) ( 120 ) ( 3,233 ) Total provision (benefit) for income taxes $ 1,018 $ 194 $ ( 2,443 ) The reconciliation of the provision (benefit) calculated using the U.S. federal tax rate with the provision (benefit) for income taxes presented in the consolidated financial statements is as follows: Year ended March 31, 2024 2023 2022 Provision (benefit) for income taxes at federal rate $ 1,170 $ 118 $ ( 2,355 ) State taxes 156 92 ( 96 ) Charges not deductible for income tax purposes 54 26 147 Stock based compensation ( 8 ) 114 — Research and development tax credits ( 327 ) ( 240 ) ( 295 ) Valuation allowance ( 35 ) ( 42 ) ( 7 ) Effect of foreign tax rate 26 27 31 Nondeductible fringe benefits 30 44 — 162(m) 105 — — Foreign withholding tax — — 138 Foreign-derived intangible income deduction ( 134 ) — ( 2 ) Global intangible low-taxed income ( 20 ) 55 — Other 1 — ( 4 ) Provision (benefit) for income taxes $ 1,018 $ 194 $ ( 2,443 ) The net deferred income tax asset (liability) recorded in the Consolidated Balance Sheets results from differences between financial statement and tax reporting of income and deductions. A summary of the composition of the Company's net deferred income tax asset (liability) follows: March 31, 2024 2023 Depreciation $ ( 2,931 ) $ ( 3,117 ) Accrued compensation 237 309 Goodwill ( 607 ) ( 224 ) Prepaid pension asset ( 1,399 ) ( 1,355 ) Accrued pension liability 232 245 Accrued postretirement benefits 68 79 Compensated absences 531 567 Inventories 2,541 ( 10 ) Warranty liability 182 135 Accrued expenses 600 1,276 Equity-based compensation 328 230 Allowance for doubtful accounts 18 422 Operating lease assets ( 1,694 ) ( 1,894 ) Operating lease liabilities 1,784 1,963 Acquisition costs 180 142 Intangible assets 187 236 New York State investment tax credit 1,030 1,066 Research and development tax credit 2,771 1,243 Research and development credit carryforward — 367 Net operating loss carryforwards 182 2,205 Capital loss carryforward 4,211 4,211 Other ( 238 ) ( 129 ) 8,213 7,967 Less: Valuation allowance ( 5,241 ) ( 5,277 ) Total $ 2,972 $ 2,690 Deferred income taxes include the impact of state investment tax credits of $ 236 , which expire from 2025 to 2037 and state investment tax credits of $ 794 , which have an unlimited carryforward period. In assessing the realizability of deferred tax assets, management considers, within each taxing jurisdiction, whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the consideration of the weight of both positive and negative evidence, management determined that a portion of the deferred tax assets as of March 31, 2024 and 2023 related to certain state investment tax credits and the capital loss related to Energy Steel would not be realized, and recorded a valuation allowance of $ 5,241 and $ 5,277 , respectively. 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 tax years 2020 through 2023 and examination in state tax jurisdictions for tax years 2019 through 2023 . The Company is subject to examination in the People's Republic of China for tax years 2020 through 2023 and in India for tax years 2018 through 2022 . The liability for unrecognized tax benefits was $ 0 at each of March 31, 2024 and 2023 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 12 – Employee Benefit Plans: Retirement Plans The Company has a qualified defined benefit plan covering Batavia based employees hired prior to January 1, 2003, which is non-contributory. Benefits are based on the employee's years of service and average earnings for the five highest consecutive calendar years of compensation in the ten-year period preceding retirement . The Company's funding policy for the plan is to contribute the amount required by the Employee Retirement Income Security Act of 1974, as amended. The components of pension (benefit) cost are: Year ended March 31, 2024 2023 2022 Service cost during the period $ 252 $ 333 $ 373 Interest cost on projected benefit obligation 1,312 1,185 1,147 Expected return on assets ( 1,851 ) ( 2,169 ) ( 2,727 ) Amortization of: Actuarial loss 843 633 669 Net pension cost (benefit) $ 556 $ ( 18 ) $ ( 538 ) The components of net pension (benefit) cost other than the service cost component are included in Other expense (income), net in the Consolidated Statements of Operations. The weighted average actuarial assumptions used to determine net pension cost are: Year ended March 31, 2024 2023 2022 Discount rate 5.03 % 3.66 % 3.21 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % Long-term rate of return on plan assets 5.75 % 5.50 % 6.50 % The expected long-term rate of return is based on the mix of investments that comprise plan assets and external forecasts of future long-term investment returns, historical returns, correlations and market volatilities. The Company does no t expect to make any contributions to the plan during the fiscal year ended March 31, 2025. Changes in the Company's benefit obligation, plan assets and funded status for the pension plan are presented below: Year ended March 31, 2024 2023 Change in the benefit obligation Projected benefit obligation at beginning of year $ 26,646 $ 32,991 Service cost 252 333 Interest cost 1,312 1,185 Actuarial loss ( 726 ) ( 5,364 ) Benefit payments ( 990 ) ( 1,116 ) Liability released through annuity purchase ( 1,452 ) ( 1,383 ) Projected benefit obligation at end of year $ 25,042 $ 26,646 Change in fair value of plan assets Fair value of plan assets at beginning of year $ 32,753 $ 40,049 Actual return on plan assets 1,127 ( 4,797 ) Benefit and administrative expense payments ( 990 ) ( 1,116 ) Annuities purchased ( 1,452 ) ( 1,383 ) Fair value of plan assets at end of year $ 31,438 $ 32,753 Funded status Funded status at end of year $ 6,396 $ 6,107 Amount recognized in the Consolidated Balance Sheets $ 6,396 $ 6,107 The weighted average actuarial assumptions used to determine the benefit obligation are: March 31, 2024 2023 Discount rate 5.27 % 5.03 % Rate of increase in compensation levels 3.00 % 3.00 % During fiscal 2024 and fiscal 2023, the pension plan released liabilities for vested benefits of certain participants through the purchase of nonparticipating annuity contracts with a third-party insurance company. As a result of these transactions, in fiscal 2024 and fiscal 2023 , the projected benefit obligation and plan assets decreased $ 1,452 and $ 1,383 , respectively. The projected benefit obligation is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases. The accumulated benefit obligation reflects the actuarial present value of benefits attributable to employee service rendered to date, but does not include the effects of estimated future pay increases. The accumulated benefit obligation as of March 31, 2024 and 2023 was $ 22,398 and $ 23,784 , respectively. At March 31, 2024 and 2023, the pension plan was fully funded on an accumulated benefit obligation basis. Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of: March 31, 2024 2023 Net actuarial loss $ 6,847 $ 7,506 The increase in accumulated other comprehensive loss, net of income tax, consists of: March 31, 2024 2023 Net actuarial loss arising during the year $ — $ 1,246 Amortization of actuarial loss ( 659 ) ( 493 ) $ ( 659 ) $ 753 The following benefit payments, which reflect future service, are expected to be paid during the fiscal years ending March 31: 2025 $ 1,036 2026 1,001 2027 1,013 2028 1,126 2029 1,193 2030-2034 7,939 Total $ 13,308 The weighted average asset allocation of the plan assets by asset category is as follows: March 31, Asset Category Target Allocation 2024 2023 Equity securities 20 % 22 % 20 % Debt securities 80 % 78 % 80 % 100 % 100 % The investment strategy of the plan is to generate a consistent total investment return sufficient to pay present and future plan benefits to retirees, while minimizing the long-term cost to the Company. Target allocations for asset categories are used to earn a reasonable rate of return, provide required liquidity and minimize the risk of large losses. Targets are adjusted when considered necessary to reflect trends and developments within the overall investment environment. The fair values of the Company's pension plan assets at March 31, 2024 and 2023, by asset category, are as follows: Fair Value Measurements Using Asset Category At Quoted prices in Significant other Significant Cash $ 81 $ 81 $ — $ — Equity securities: U.S. companies 4,141 4,141 — — International companies 2,610 2,610 — — Fixed income: Corporate bond funds Long-term 24,606 24,606 — — $ 31,438 $ 31,438 $ — $ — Fair Value Measurements Using Asset Category At Quoted prices in Significant other Significant Cash $ 91 $ 91 $ — $ — Equity securities: U.S. companies 3,824 3,824 — — International companies 2,555 2,555 — — Fixed income: Corporate bond funds Long-term 26,283 26,283 — — $ 32,753 $ 32,753 $ — $ — The fair value of Level 1 pension assets is obtained by reference to the last quoted price of the respective security on the market which it trades. See Note 1 to the Consolidated Financial Statements. On February 4, 2003, the Company closed the defined benefit plan to all employees hired on or after January 1, 2003. In place of the defined benefit plan, these employees participate in the Company's domestic defined contribution plan. The Company contributes a fixed percentage of employee compensation to this plan on an annual basis for these employees. The Company's contribution to the defined contribution plan for these employees in fiscal 2024, fiscal 2023 and fiscal 2022 was $ 1,237 , $ 1,030 and $ 710 , respectively. The Company has an unfunded Supplemental Executive Retirement Plan ("SERP") which provides retirement benefits associated with wages in excess of the legislated qualified plan maximums. Pension expense recorded in fiscal 2024, fiscal 2023, and fiscal 2022 related to this plan was $ 54 , $ 74 and $ 346 , respectively. The weighted average discount rate used to determine pension expense for this plan was 5.01 %, 3.64 % and 3.21 % for fiscal 2024, fiscal 2023 and fiscal 2022 , respectively. The weighted average rate of increase in compensation levels used to develop pension expense for this plan was 3 % in each of fiscal 2024, fiscal 2023 and fiscal 2022. At March 31, 2024 and 2023 , the projected benefit obligation was $ 1,060 and $ 1,104 , respectively, and is included in the caption "Accrued Pension and Postretirement Benefit Liabilities" in the Consolidated Balance Sheets. The amounts recognized in accumulated other comprehensive loss, net of income tax, consist of a net actuarial loss of ($ 69 ) and ($ 47 ) at March 31, 2024 and 2023, respectively. The Company has a domestic defined contribution plan (401(k)) covering substantially all employees. The Company provides matching contributions equal to 100 % of the first 3 % of an employee's salary deferral and 50 % of the next 2 % percent of an employee’s salary deferral . Company contributions are immediately vested. Contributions were $ 1,914 in fiscal 2024 , $ 1,904 in fiscal 2023 and $ 1,365 in fiscal 2022. Other Postretirement Benefits In addition to providing pension benefits, the Company has a plan in the U.S. that provides health care benefits for eligible retirees and eligible survivors of retirees. The Company's share of the medical premium cost has been capped at $ 4 for family coverage and $ 2 for single coverage for early retirees, and $ 1 for both family and single coverage for regular retirees. On February 4, 2003, the Company terminated postretirement health care benefits for its U.S. employees. Benefits payable to retirees of record on April 1, 2003 remained unchanged. The components of postretirement benefit expense are: Year ended March 31, 2024 2023 2022 Interest cost on accumulated benefit obligation $ 15 $ 15 $ 13 Amortization of actuarial loss 0 12 25 Net postretirement benefit expense $ 15 $ 27 $ 38 Net postretirement benefit expense is included in Other (expense) income, net in the Consolidated Statements of Operations. The weighted average discount rates used to develop the net postretirement benefit cost were 4.76 % , 3.32 % and 2.34 % in fiscal 2024, fiscal 2023 and fiscal 2022, respectively. Changes in the Company's benefit obligation, plan assets and funded status for the plan are as follows: Year ended March 31, 2024 2023 Change in the benefit obligation Projected benefit obligation at beginning of year $ 355 $ 478 Interest cost 15 15 Actuarial gain ( 15 ) ( 95 ) Benefit payments ( 44 ) ( 43 ) Projected benefit obligation at end of year $ 311 $ 355 Change in fair value of plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 44 43 Benefit payments ( 44 ) ( 43 ) Fair value of plan assets at end of year $ — $ — Funded status Funded status at end of year $ ( 311 ) $ ( 355 ) Amount recognized in the Consolidated Balance Sheets $ ( 311 ) $ ( 355 ) The weighted average actuarial assumptions used to develop the accrued postretirement benefit obligation were: March 31, 2024 2023 Discount rate 5.08 % 4.76 % Medical care cost trend rate 7.00 % 7.00 % The medical care cost trend rate used in the actuarial computation ultimately reduces to 4.5 % in 2028 and subsequent years. This was accomplished using 0.5 % decrements for the years ended March 31, 2024 through 2029. The current portion of the accrued postretirement benefit obligation of $ 49 at March 31, 2024 and 2023, respectively, is included in the caption Accrued compensation and the long-term portion is included in the caption Accrued pension and postretirement benefit liabilities in the Consolidated Balance Sheets. Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of: March 31, 2024 2023 Net actuarial (gain) loss $ ( 2 ) $ 11 The decrease in accumulated other comprehensive loss, net of income tax, consists of: March 31, 2024 2023 Net actuarial gain arising during the year $ ( 13 ) $ ( 74 ) Amortization of actuarial loss ( 0 ) ( 9 ) $ ( 13 ) $ ( 83 ) The following benefit payments are expected to be paid during the fiscal years ending March 31: 2025 $ 44 2026 41 2027 38 2028 35 2029 32 2030-2034 119 Total $ 309 |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Compensation Plans | Note 13 - Stock Compensation Plans: The 2020 Graham Corporation Equity Incentive Plan (the "2020 Plan") provides for the issuance of 722 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, including 112 shares that became available under the 2020 Plan from 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. There were 424 shares available for future grants pursuant to the 2020 Plan at March 31, 2024. The following grants of restricted stock units ("RSUs"), performance stock units ("PSUs"), and restricted stock awards ("RSAs") were awarded: Vest 100 % on First Vest One-Third Per Year Vest 100 % on Third Anniversary (1) Over Three-Year Term (1) Anniversary (1) Officers and Officers and Total Shares Year Ended March 31, Directors Key Employees Key Employees Awarded 2024 Time Vesting RSUs 38 40 — 78 Performance Vesting PSUs — — 79 79 2023 Time Vesting RSUs 37 56 33 126 Performance Vesting PSUs — — 112 112 2022 Time Vested RSAs 22 54 — 76 Performance Vested RSAs — — 88 88 (1) Subject to the terms of the applicable award. Stock-based compensation cost and the related tax benefits were as follows: Stock-Based Related Year Ended March 31, Compensation Cost Tax Benefits 2024 1,188 264 2023 785 173 2022 780 173 The following table summarizes information about the Company's stock option awards during, fiscal 2023 and fiscal 2022: Weighted Shares Average Weighted Aggregate Under Exercise Average Remaining Intrinsic Option Price Contractual Term Value Outstanding at March 31, 2021 37 18.92 Exercised — Expired ( 4 ) 21.19 Outstanding at March 31, 2022 33 18.65 Exercised — Expired ( 33 ) 18.65 Outstanding at March 31, 2023 — Vested or expected to vest at March 31, 2023 — Exercisable at March 31, 2023 — As of March 31, 2024 , there was $ 2,007 of total unrecognized stock-based compensation expense related to non-vested restricted stock. The Company expects to recognize this expense over a weighted average period of 1.32 years. The following table summarizes information about the Company's RSAs, RSUs, and PSUs granted during fiscal 2024, fiscal 2023 and fiscal 2022: Number of RSAs, RSUs and PSUs Weighted Average Aggregate Non-vested at March 31, 2021 165 20.56 Granted 164 18.29 Vested ( 58 ) 18.15 Forfeited ( 112 ) 21.29 Non-vested at March 31, 2022 159 18.59 Granted 238 8.51 Vested ( 35 ) 8.14 Forfeited ( 57 ) 18.86 Non-vested at March 31, 2023 305 11.09 Granted 157 10.95 Vested ( 68 ) 11.96 Forfeited ( 25 ) 15.29 Non-vested at March 31, 2024 369 11.05 $ 10,083 The Company has an Employee Stock Purchase Plan, as amended (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 lower of the last or first day of the six-month offering period. A total of 400 shares of common stock may be purchased under the ESPP. Issuance of shares, s tock-based compensation cost and the related tax benefits were as follows: Issued from Issued from Stock-Based Related Year Ended March 31, Treasury Shares Common Stock Compensation Cost Tax Benefits 2024 — 50 91 20 2023 29 17 21 5 2022 18 — 29 7 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 12 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | Note 14 – Changes in Accumulated Other Comprehensive Loss: The changes in accumulated other comprehensive loss by component for fiscal 2024 and fiscal 2023 are: Pension and Other Postretirement Foreign Total Balance at April 1, 2022 ( 6,970 ) 499 ( 6,471 ) Other comprehensive income before reclassifications ( 1,023 ) ( 492 ) ( 1,515 ) Amounts reclassified from accumulated other 523 — 523 Net current-period other comprehensive income ( 500 ) ( 492 ) ( 992 ) Balance at March 31, 2023 ( 7,470 ) 7 ( 7,463 ) Other comprehensive income before reclassifications 35 ( 244 ) ( 209 ) Amounts reclassified from accumulated other 659 — 659 Net current-period other comprehensive income 694 ( 244 ) 450 Balance at March 31, 2024 $ ( 6,776 ) $ ( 237 ) $ ( 7,013 ) The reclassifications out of accumulated other comprehensive loss by component are as follows: Year ended March 31, 2024 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Pension and other postretirement benefit items: Amortization of unrecognized prior service $ — Amortization of actuarial loss ( 843 ) (1) ( 843 ) Income before provision for income taxes ( 184 ) Provision for income taxes $ ( 659 ) Net income Year ended March 31, 2023 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Pension and other postretirement benefit items: Amortization of unrecognized prior service $ — Amortization of actuarial loss ( 672 ) (1) ( 672 ) Income before provision for income taxes ( 149 ) Provision for income taxes $ ( 523 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of net periodic pension and other postretirement benefit costs. See Note 12 . |
Segment Information
Segment Information | 12 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Note 15 - Segment Information: The Company has one reporting segment as its operating segments meet the requirements for aggregation. The Company and its operating subsidiaries design and manufacture mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries. The Company also services and sells spare parts for its equipment. See Note 3 to the Consolidated Financial Statements for net sales by market and geographic area. In fiscal 2024 , the Company had two customers whose sales amounted to 16 % and 15 % of total consolidated net sales. In fiscal 2023 , the Company had two customers whose sales amounted to 15 % and 12 % of total consolidated net sales. In fiscal 2022 , the Company had two customers whose sales amounted to 12 % and 10 % of total consolidated net sales. One customer representing such sales was the same customer in fiscal 2024, fiscal 2023 and fiscal 2022 . |
Purchase of Treasury Stock
Purchase of Treasury Stock | 12 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Purchase of Treasury Stock | Note 16 – Purchase of Treasury Stock: On January 29, 2015, the Company’s Board of Directors authorized a stock repurchase program. Under the stock repurchase program the Company is permitted to repurchase up to $ 18,000 of its common stock either in the open market or through privately negotiated transactions. Cash on hand has been used to fund all stock repurchases under the program. No shares were purchased under this program in fiscal 2024, fiscal 2023 or fiscal 2022 . Under the terms of our credit agreement with Wells Fargo, the Company cannot repurchase shares of its common stock if the Company is in default or if such repurchase would result in an event of default under the credit agreement. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17 – 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. During the third quarter of fiscal 2024, the Audit Committee of the Board of Directors, with the assistance of external counsel and forensic professionals, concluded an investigation into a whistleblower complaint received regarding GIPL. The investigation identified both evidence supporting the complaint and other misconduct by employees. The other misconduct totaled $ 150 over a period of four years and was isolated to GIPL. All involved employees have been terminated and the Company has implemented remedial actions, including strengthening its compliance program and internal controls. As a result of the investigation, during the third quarter of fiscal 2024, the statutory auditor and bookkeeper of GIPL tendered their resignations and new firms were appointed. The Company has voluntarily reported the findings of its investigation to the appropriate authorities in India and the U.S. Department of Justice and the Securities and Exchange Commission. Although the resolutions of these matters are inherently uncertain, we do not believe any remaining impact will be material to the Company’s overall consolidated results of operations, financial position, or cash flows. As of March 31, 2024 , 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 effect on the Company’s results of operations, financial position or cash flows. |
Other Operating (Income) Expens
Other Operating (Income) Expense, Net | 12 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Other Operating (Income) Expense, Net | Note 18 - Other Operating (Income) Expense, Net: During the fourth quarter ended March 31, 2024, the Company adjusted the earn-out value related to the acquisition of P3 (see Note 2), therefore the Company recognized a change in fair value of the contingent liability in the amount $ 80 , which was included in Other operating expense (income), net in the Consolidated Statement of Operations in fiscal 2024. 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 agreed. On March 27, 2022, the Company and Mr. Glajch entered into an Amended and Restated Severance and Transition Agreement (the "Amended Agreement") in which Mr. Glajch agreed to retire on April 15, 2022. Mr. Glajch agreed to provide certain transition-related services to the Company for a period of nine months following the date of separation. The Amended Agreement also provides that the company will pay Mr. Glajch a severance payment in an amount equal to nine months of Mr. Glajch's base salary commencing in April 2022 as well as health care premiums. As a result, expense of $ 275 is recognized and included in Other operating expense (income), net in the Consolidated Statement of Operations in fiscal 2022. As of March 31, 2024 and March 31, 2023, the liability was zero . On August 9, 2021, the Company and James R. Lines entered into a Severance and Transition Agreement (the "Transition 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, expense of $ 798 is recognized and included in Other operating expense (income), net in the Consolidated Statement of Operations in fiscal 2022. As of March 31, 2024 and March 31, 2023, the liability was zero . During the second quarter ended September 30, 2021, the Company terminated the earn-out agreement related to the acquisition of BN, therefore the Company recognized a change in fair value of the contingent liability in the amount $ 1,900 , which was included in Other operating expense (income), net in the Consolidated Statement of Operations in fiscal 2022. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2024 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | GRAHAM CORPORATION AND SUBSIDIARIES SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (In Thousands) Balance at Charged to Charged to Balance at Beginning Costs and Other End of Description of Period Expenses Accounts Deductions Period Year ended March 31, 2024 Reserves deducted from the asset to which they apply: Reserve for doubtful accounts receivable $ 1,841 $ 587 $ — $ ( 2,349 ) $ 79 Product warranty liability $ 578 $ 410 $ — $ ( 182 ) $ 806 Year ended March 31, 2023 Reserves deducted from the asset to which they apply: Reserve for doubtful accounts receivable $ 87 $ 1,765 $ — $ ( 11 ) $ 1,841 Reserves included in the balance sheet caption "accrued $ 760 $ — $ — $ ( 760 ) $ — Product warranty liability $ 441 $ 364 $ — $ ( 227 ) $ 578 Year ended March 31, 2022 Reserves deducted from the asset to which they apply: Reserve for doubtful accounts receivable $ 29 $ 163 $ 21 $ ( 126 ) $ 87 Reserves included in the balance sheet caption "accrued $ — $ 1,073 $ — $ ( 313 ) $ 760 Product warranty liability $ 626 $ 386 $ 169 $ ( 740 ) $ 441 Amounts under the column labeled "Charged to Other Accounts" above represent amounts acquired in the BN acquisition. |
The Company and Its Accountin_2
The Company and Its Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Principles of consolidation and use of estimates in the preparation of consolidated financial statements | Principles of consolidation and use of estimates in the preparation of consolidated financial statements The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, BN, located in Arvada, CO, P3, located in Jupiter, FL, Graham Vacuum and Heat Transfer Technology (Suzhou) Co., Ltd., located in China, and Graham India Private Limited ("GIPL"), located in India. All intercompany balances, transactions and profits are eliminated in consolidation. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the related revenues and expenses during the reporting period. Actual amounts could differ from those estimated. |
Translation of foreign currencies | Translation of foreign currencies Assets and liabilities of the Company's foreign subsidiaries are translated into U.S. dollars at currency exchange rates in effect at year end and revenues and expenses are translated at average exchange rates in effect for the year. Gains and losses resulting from foreign currency transactions are included in results of operations. The Company's sales and purchases in foreign currencies are not material to the overall consolidated financial statements. Therefore, foreign currency transaction gains and losses have not historically impacted the Company's financial results materially. Gains and losses resulting from translation of the foreign subsidiaries balance sheets are included in a separate component of stockholders' equity. Translation adjustments are not adjusted for income taxes since they relate to an investment, which is permanent in nature. |
Revenue recognition | Revenue recognition The Company accounts for revenue in accordance with Accounting Standard Codification 606, "Revenue from Contracts with Customers" ("ASC 606"). The Company recognizes revenue on all contracts when control of the product is transferred to the customer. 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. Customer acceptance may also be a factor in determining whether control of the product has transferred. Although 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 generally represent the majority of revenue, is recognized over time as these contracts meet specific criteria in ASC 606. Unbilled revenue (contract assets) in the Consolidated Balance Sheets represents revenue recognized that has not been billed to customers on contracts in which revenue is recognized over time. All progress payments exceeding unbilled revenue are presented as customer deposits (contract liabilities) in the Consolidated Balance Sheets. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid, short-term investments with maturities at the time of purchase of three months or less. |
Trade Accounts receivable, net of allowances | Trade Accounts receivable, net of allowances Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The provision for credit losses is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable; however, changes in circumstances relating to accounts receivable may result in a requirement for additional provisions in the future. |
Shipping and handling fees and costs | Shipping and handling fees and costs Shipping and handling fees billed to the customer are recorded in Net sales and the related costs incurred for shipping and handling are included in Cost of products sold. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, using the average cost method. |
Property, plant, equipment and depreciation | Property, plant, equipment and depreciation Property, plant and equipment are stated at cost net of accumulated depreciation. Major additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. Depreciation is provided based upon the estimated useful lives, or lease term if shorter, under the straight-line method. Estimated useful lives range from approximately three to eight years for office equipment, eight to 25 years for manufacturing equipment, eight years for land improvements, 40 years for buildings and improvements, and leasehold improvements are depreciated over the remaining term of the lease. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations. |
Business combinations | Business combinations The Company records its business combinations under the acquisition method of accounting. Under the acquisition method of accounting, the Company allocates the purchase price of each acquisition to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective fair values at the date of acquisition. The fair value of identifiable intangible assets is based upon detailed valuations that use various assumptions made by management. Any excess of the purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Direct acquisition-related costs are expensed as incurred. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of identifiable net tangible and intangible assets acquired in a business combination. Goodwill is not amortized, but is reviewed for impairment at least annually or more frequently if impairment indicators arise. Goodwill is evaluated for impairment by first performing a qualitative assessment to determine whether a quantitative goodwill test is necessary. If it is determined, based on qualitative factors, that the fair value of the reporting unit may be more likely than not less than its carrying amount, or if significant adverse changes in the Company's future financial performance occur that could materially impact fair value, a quantitative goodwill impairment test would be required. Additionally, the Company can elect to forgo the qualitative assessment and perform the quantitative test. If the qualitative assessment indicates that the quantitative analysis should be performed, or if management elects to bypass a qualitative assessment, the Company then evaluates goodwill for impairment by comparing the fair value of the reporting unit to its carrying amount, including goodwill. |
Intangible Assets | Intangible Assets Acquired intangible assets other than goodwill consist of backlog, customer relationships, technology and technical know-how and tradenames. Backlog and trade names are included in the line item Other intangible assets, net in the Consolidated Balance Sheet. The Company amortizes a portion of its Technology and technical know-how, tradenames, and Customer relationships in Selling, general and administrative expense on a straight line basis over each of their estimated useful lives of eight to twenty years. Backlog and a portion of Technology and technical know-how are amortized in Cost of products sold over the projected conversion period of four to ten years which is based on management estimates at the time of purchase. All other intangibles have indefinite lives and are not amortized. |
Impairment of long-lived assets | Impairment of long-lived assets The Company assesses the impairment of definite-lived long-lived assets or asset groups when events or changes in circumstances indicate that the carrying value may not be recoverable. Factors that are considered in deciding when to perform an impairment review include: a significant decrease in the market price of the asset or asset group; a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction; a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group; or a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The term more likely than not refers to a level of likelihood that is more than 50 %. Recoverability potential is measured by comparing the carrying amount of the asset or asset group to its related total future undiscounted cash flows. If the carrying value is not recoverable through related cash flows, the asset or asset group is considered to be impaired. Impairment is measured by comparing the asset or asset group's carrying amount to its fair value. When it is determined that useful lives of assets are shorter than originally estimated, and no impairment is present, the rate of depreciation is accelerated in order to fully depreciate the assets over their new shorter useful lives. Goodwill and intangible assets with indefinite lives are tested annually for impairment. The Company assesses goodwill for impairment by comparing the fair value of its reporting units to their carrying amounts. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the implied fair value of the goodwill within the reporting unit is less than its carrying value. Fair values for reporting units are determined based on a weighted combination of the market approach and the income approach using discounted cash flows. Indefinite lived intangible assets are assessed for impairment by comparing the fair value of the asset to its carrying value. |
Other Long-Term Assets | Other Long-Term Assets Other long-term assets include service based cloud computing software implementation costs of $ 361 . Upon implementation completion, these costs will be amortized over the expected term of the hosting arrangement on a straight line basis. |
Product warranties | Product warranties The Company estimates the costs that may be incurred under its product warranties and records a liability in the amount of such costs at the time revenue is recognized. The reserve for product warranties is based upon past claims experience and ongoing evaluations of any specific probable claims from customers. A reconciliation of the changes in the product warranty liability is presented in Note 7 . |
Research and development | Research and development Research and development costs are expensed as incurred. The Company incurred estimated research and development costs of $ 3,944 in fiscal 2024 and research and development costs of $ 4,144 and $ 3,845 in fiscal 2023 and fiscal 2022 , respectively. Research and development costs are included in the line item Cost of products sold and Selling, general and administrative in the Consolidated Statements of Operations. |
Income taxes | Income taxes The Company recognizes deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using currently enacted tax rates. The Company evaluates the available evidence about future taxable income and other possible sources of realization of deferred income tax assets and records a valuation allowance to reduce deferred income tax assets to an amount that represents the Company's best estimate of the amount of such deferred income tax assets that more likely than not will be realized. The Company accounts for uncertain tax positions using a "more likely than not" recognition threshold. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective resolution of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. These tax positions are evaluated on a quarterly basis. It is the Company's policy to recognize any interest related to uncertain tax positions in interest expense and any penalties related to uncertain tax positions in selling, general and administrative expense. The Company files federal and state income tax returns in several U.S. and non-U.S. domestic and foreign 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. |
Equity-based compensation | Equity-based compensation The Company records compensation costs related to equity-based awards based on the estimated fair value of the award on the grant date. Compensation cost is recognized in the Company's Consolidated Statements of Operations over the applicable vesting period. The Company uses the Black-Scholes valuation model as the method for determining the fair value of its stock option awards. For service and performance based restricted stock awards and restricted stock units, the fair market value of the award is determined based upon the closing value of the Company's stock price on the grant date. The fair market value of market-based performance restricted stock awards is determined using the Monte Carlo valuation model. The amount of equity-based compensation expense recognized during a period is based on the portion of the awards that ultimately vest. |
Income (loss) per share data | Income (loss) per share data Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is calculated by dividing net income (loss) 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 income (loss) per share is presented below: Year ended March 31, 2024 2023 2022 Basic income (loss) per share: Numerator: Net income (loss) $ 4,556 $ 367 $ ( 8,773 ) Denominator: Weighted average common shares outstanding 10,743 10,614 10,541 Basic income (loss) per share $ 0.42 $ 0.03 $ ( 0.83 ) Diluted income (loss) per share: Numerator: Net income (loss) $ 4,556 $ 367 $ ( 8,773 ) Denominator: Weighted average common shares outstanding 10,743 10,614 10,541 Restricted stock units outstanding 101 40 — Weighted average common and potential common 10,844 10,654 10,541 Diluted income (loss) per share $ 0.42 $ 0.03 $ ( 0.83 ) None of the options to purchase shares of common stock which totaled 33 shares in fiscal 2022, were included in the computation of diluted loss per share as the affect would be anti-dilutive given their exercise price as they would not be dilutive upon issuance or due to the net loss in the fiscal year. |
Cash flow statement | Cash flow statement Interest and income taxes paid as well as non-cash investing and financing activities are as follows: Year ended March 31, 2024 2023 2022 Interest paid $ 823 $ 1,026 $ 417 Income taxes paid 425 185 2,012 Pension and other post retirement income (loss) adjustments, net of income tax 694 ( 500 ) 728 Issuance of treasury stock to the Employee Stock Purchase Plan (See Note 13) — 279 204 Capital purchases recorded in accounts payable 620 483 177 Issuance of treasury shares as part of the consideration of the acquisition 1,930 — 8,964 |
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) Comprehensive income (loss) is comprised of net income and other comprehensive income or loss items, which are accumulated as a separate component of stockholders' equity. For the Company, other comprehensive income or loss items include foreign currency translation adjustments and pension and other postretirement benefit adjustments. |
Fair value measurements | Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants at the measurement date. The accounting standard for fair value establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 – Valuations determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The availability of observable inputs can vary and is affected by a wide variety of factors, including, the type of asset/liability, whether the asset/liability is established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are required to reflect those that market participants would use in pricing the asset or liability at the measurement date. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of sales and expenses during the reporting period. Actual results could differ materially from those estimates. |
Accounting and reporting changes | Accounting and reporting changes In the normal course of business, management evaluates all new Accounting Standards Updates and other accounting pronouncements issued by the Financial Accounting Standards Board, Securities and Exchange Commission, or other authoritative accounting bodies to determine the potential impact they may have on the Company’s Consolidated Financial Statements. Other than those discussed below, management does not expect any of the recently issued accounting pronouncements, which have not already been adopted, to have a material impact on the Company’s Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)-Improvements to Reportable Segment Disclosures. The ASU enhances disclosure of significant segment expenses by requiring disclosure of significant segment expenses regularly provided to the chief operating decision maker, extend certain annual disclosures to interim periods, and permits more than one measure of segment profit or loss to be reported under certain conditions. The amendments are effective for the Company in years beginning after December 15, 2023, and interim periods within years beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures. The ASU requires additional quantitative and qualitative income tax disclosures to allow readers of the consolidated financial statements to assess how the Company’s operations, related tax risks and tax planning affect its tax rate and prospects for future cash flows. For public business entities, the ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements. |
The Company and Its Accountin_3
The Company and Its Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Income (Loss) Per Share | A reconciliation of the numerators and denominators of basic and diluted income (loss) per share is presented below: Year ended March 31, 2024 2023 2022 Basic income (loss) per share: Numerator: Net income (loss) $ 4,556 $ 367 $ ( 8,773 ) Denominator: Weighted average common shares outstanding 10,743 10,614 10,541 Basic income (loss) per share $ 0.42 $ 0.03 $ ( 0.83 ) Diluted income (loss) per share: Numerator: Net income (loss) $ 4,556 $ 367 $ ( 8,773 ) Denominator: Weighted average common shares outstanding 10,743 10,614 10,541 Restricted stock units outstanding 101 40 — Weighted average common and potential common 10,844 10,654 10,541 Diluted income (loss) per share $ 0.42 $ 0.03 $ ( 0.83 ) |
Schedule Of Non-Cash Investing and Financing Activities | Interest and income taxes paid as well as non-cash investing and financing activities are as follows: Year ended March 31, 2024 2023 2022 Interest paid $ 823 $ 1,026 $ 417 Income taxes paid 425 185 2,012 Pension and other post retirement income (loss) adjustments, net of income tax 694 ( 500 ) 728 Issuance of treasury stock to the Employee Stock Purchase Plan (See Note 13) — 279 204 Capital purchases recorded in accounts payable 620 483 177 Issuance of treasury shares as part of the consideration of the acquisition 1,930 — 8,964 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Schedule of Contingent Earn Out Liability | A rollforward of the P3 contingent earn-out liability since the date of acquisition is as follows: Balance at November 9, 2023 $ 2,040 Change in fair value 80 Payments — Balance at March 31, 2024 $ 2,120 |
Schedule of Final Purchase Price Allocation, After Adjustments of the Assets Acquired and Liabilities Assumed | The following table summarizes the final purchase price allocation of the assets acquired and liabilities assumed: Before Adjustment of Preliminary Allocation of Purchase Price After Adjustment of Final Allocation of Purchase Price November 9, March 31, 2023 Adjustments 2024 Assets acquired: Cash and cash equivalents $ 286 $ — $ 286 Trade accounts receivable, net of allowances 465 465 Unbilled revenue 302 302 Inventories 443 365 808 Prepaid expenses and other current assets 93 93 Property, plant & equipment, net 542 542 Operating lease assets 130 130 Goodwill 1,565 432 1,997 Customer relationships 4,400 4,400 Technology and technical know-how 2,500 2,500 Tradename 300 300 Deferred income tax asset 53 ( 53 ) — Total assets acquired 11,079 744 11,823 Liabilities assumed: Accrued compensation 62 62 Customer deposits 389 389 Operating lease liabilities 134 134 Total liabilities assumed 585 — 585 Purchase price $ 10,494 $ 744 $ 11,238 |
Schedule of Unaudited Pro Forma Information | The following unaudited pro forma information presents the consolidated results of operations of the Company as if the P3 acquisition had occurred at the beginning of each of the fiscal periods presented: For the Year Ended March 31, 2024 2023 Net sales $ 189,089 $ 160,376 Net income (loss) 5,949 ( 21 ) Earnings per share Basic $ 0.55 $ 0.00 Diluted $ 0.54 $ 0.00 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Disaggregated by Product Line and Geographic Area | The following tables present the Company's net sales disaggregated by market and geographic area: Year ended March 31, Market 2024 2023 2022 Refining $ 29,087 $ 27,270 $ 24,406 Chemical/Petrochemical 20,893 21,950 15,955 Defense 99,493 65,327 62,189 Space 13,282 21,180 5,744 Other Commercial 22,778 21,391 14,520 Net sales $ 185,533 $ 157,118 $ 122,814 Year ended March 31, Geographic Area 2024 2023 2022 Asia $ 15,144 $ 16,040 $ 13,687 Canada 4,229 4,464 3,583 Middle East 2,568 2,914 2,489 South America 733 3,021 1,972 U.S. 155,908 127,519 97,718 All other 6,951 3,160 3,365 Net sales $ 185,533 $ 157,118 $ 122,814 The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment: Year ended March 31, 2024 2023 2022 Revenue recognized over time 77 % 74 % 75 % Revenue recognized at shipment 23 % 26 % 25 % |
Schedule of Net Contract Assets (Liabilities) | Net contract assets (liabilities) consisted of the following: March 31, 2024 March 31, 2023 Change Change due to amounts acquired Change due to revenue recognized Change due to invoicing customers/ Unbilled revenue (contract assets) $ 28,015 $ 39,684 $ ( 11,669 ) $ 302 $ 97,828 $ ( 109,799 ) Customer deposits (contract liabilities) ( 71,987 ) ( 46,042 ) ( 25,945 ) ( 389 ) 29,086 ( 54,642 ) Net contract (liabilities) assets $ ( 43,972 ) $ ( 6,358 ) $ ( 37,614 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Major Classifications of Inventories | Major classifications of inventories are as follows: March 31, 2024 2023 Raw materials and supplies $ 4,396 $ 4,344 Work in process 27,065 20,554 Finished products 1,949 1,395 $ 33,410 $ 26,293 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Major classifications of property, plant and equipment are as follows: March 31, 2024 2023 Land and land improvements $ 450 $ 450 Buildings and leasehold improvements 24,651 23,112 Machinery and equipment 45,391 41,398 Construction in progress 6,699 2,518 77,191 67,478 Less – accumulated depreciation and amortization 45,111 41,955 $ 32,080 $ 25,523 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible assets | Intangible assets are comprised of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount At March 31, 2024 Intangibles subject to amortization: Customer relationships 8 - 20 years $ 16,200 $ 1,901 $ 14,299 Technology and technical know-how 10 - 20 years 12,600 1,535 11,065 Backlog 4 years 3,900 3,677 223 Tradename 3 years 300 42 258 $ 33,000 $ 7,155 $ 25,845 Intangibles not subject to amortization: Tradename Indefinite $ 6,700 $ — $ 6,700 $ 6,700 $ — $ 6,700 Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount At March 31, 2023 Intangibles subject to amortization: Customer relationships 20 years $ 11,800 $ 1,082 $ 10,718 Technology and technical know-how 20 years 10,100 926 9,174 Backlog 4 years 3,900 2,990 910 $ 25,800 $ 4,998 $ 20,802 Intangibles not subject to amortization: Tradename Indefinite $ 6,700 $ — $ 6,700 $ 6,700 $ — $ 6,700 |
Schedule of Estimated Annual Amortization Expense | The estimated annual amortization expense is as follows: Annual Amortization 2025 $ 2,218 2026 1,995 2027 1,953 2028 1,895 2029 1,895 2030 and thereafter 15,889 Total intangible amortization $ 25,845 |
Product Warranty Liability (Tab
Product Warranty Liability (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Guarantees [Abstract] | |
Reconciliation of the Changes in Product Warranty Liability | A reconciliation of the changes in product warranty liability is as follows: Year ended March 31, 2024 2023 Balance at beginning of year $ 578 $ 441 Expense for product warranties 410 364 Product warranty claims paid ( 182 ) ( 227 ) Balance at end of year $ 806 $ 578 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 2023 Finance Leases Weighted-average remaining lease term in years 3.83 4.45 Weighted-average discount rate 7.75 % 7.98 % Operating Leases Weighted-average remaining lease term in years 5.93 7.00 Weighted-average discount rate 3.30 % 3.25 % |
Schedule of Components of Lease Expense | The components of lease expense are as follows: Year Ended March 31, 2024 2023 Finance lease cost: Amortization of right-of-use assets $ 13 $ 24 Interest on lease liabilities 8 4 Operating lease cost 1,478 1,394 Short-term lease cost 27 17 Total lease cost $ 1,526 $ 1,439 |
Future Minimum Payments Required under Non-cancelable Leases | As of March 31, 2024, future minimum payments required under non-cancelable leases are: Operating Finance 2025 $ 1,468 $ 26 2026 1,324 26 2027 1,353 26 2028 1,390 21 2029 and thereafter 2,940 — Total lease payments 8,475 99 Less – amount representing interest 789 14 Present value of net minimum lease payments $ 7,686 $ 85 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | Long term debt is comprised of the following: March 31, 2023 Bank of America term loan $ 12,500 Less: unamortized debt issuance costs ( 756 ) 11,744 Less: current portion 2,000 Total $ 9,744 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) Before Provision (Benefit) for Income Taxes | An analysis of the components of income (loss) before provision (benefit) for income taxes is presented below: Year ended March 31, 2024 2023 2022 United States $ 5,077 $ ( 66 ) $ ( 11,954 ) Asia 497 627 738 Income (loss) before provision (benefit) for income taxes $ 5,574 $ 561 $ ( 11,216 ) |
The Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes consists of: Year ended March 31, 2024 2023 2022 Current: Federal $ 1,133 $ 37 $ ( 31 ) State 100 204 72 Foreign 257 73 749 1,490 314 790 Deferred: Federal ( 419 ) ( 89 ) ( 2,648 ) State 88 ( 82 ) ( 155 ) Foreign ( 106 ) 93 ( 423 ) Changes in valuation allowance ( 35 ) ( 42 ) ( 7 ) ( 472 ) ( 120 ) ( 3,233 ) Total provision (benefit) for income taxes $ 1,018 $ 194 $ ( 2,443 ) |
Reconciliation of the Provision (Benefit) for Income Taxes | The reconciliation of the provision (benefit) calculated using the U.S. federal tax rate with the provision (benefit) for income taxes presented in the consolidated financial statements is as follows: Year ended March 31, 2024 2023 2022 Provision (benefit) for income taxes at federal rate $ 1,170 $ 118 $ ( 2,355 ) State taxes 156 92 ( 96 ) Charges not deductible for income tax purposes 54 26 147 Stock based compensation ( 8 ) 114 — Research and development tax credits ( 327 ) ( 240 ) ( 295 ) Valuation allowance ( 35 ) ( 42 ) ( 7 ) Effect of foreign tax rate 26 27 31 Nondeductible fringe benefits 30 44 — 162(m) 105 — — Foreign withholding tax — — 138 Foreign-derived intangible income deduction ( 134 ) — ( 2 ) Global intangible low-taxed income ( 20 ) 55 — Other 1 — ( 4 ) Provision (benefit) for income taxes $ 1,018 $ 194 $ ( 2,443 ) |
Summary of Net Deferred Income Tax Liability | The net deferred income tax asset (liability) recorded in the Consolidated Balance Sheets results from differences between financial statement and tax reporting of income and deductions. A summary of the composition of the Company's net deferred income tax asset (liability) follows: March 31, 2024 2023 Depreciation $ ( 2,931 ) $ ( 3,117 ) Accrued compensation 237 309 Goodwill ( 607 ) ( 224 ) Prepaid pension asset ( 1,399 ) ( 1,355 ) Accrued pension liability 232 245 Accrued postretirement benefits 68 79 Compensated absences 531 567 Inventories 2,541 ( 10 ) Warranty liability 182 135 Accrued expenses 600 1,276 Equity-based compensation 328 230 Allowance for doubtful accounts 18 422 Operating lease assets ( 1,694 ) ( 1,894 ) Operating lease liabilities 1,784 1,963 Acquisition costs 180 142 Intangible assets 187 236 New York State investment tax credit 1,030 1,066 Research and development tax credit 2,771 1,243 Research and development credit carryforward — 367 Net operating loss carryforwards 182 2,205 Capital loss carryforward 4,211 4,211 Other ( 238 ) ( 129 ) 8,213 7,967 Less: Valuation allowance ( 5,241 ) ( 5,277 ) Total $ 2,972 $ 2,690 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Pension Plans, Defined Benefit [Member] | |
Components of Postretirement Benefit Expense (Income) and Pension Cost (Benefit) | The components of pension (benefit) cost are: Year ended March 31, 2024 2023 2022 Service cost during the period $ 252 $ 333 $ 373 Interest cost on projected benefit obligation 1,312 1,185 1,147 Expected return on assets ( 1,851 ) ( 2,169 ) ( 2,727 ) Amortization of: Actuarial loss 843 633 669 Net pension cost (benefit) $ 556 $ ( 18 ) $ ( 538 ) |
Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost | The weighted average actuarial assumptions used to determine net pension cost are: Year ended March 31, 2024 2023 2022 Discount rate 5.03 % 3.66 % 3.21 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % Long-term rate of return on plan assets 5.75 % 5.50 % 6.50 % |
Changes in Company's Benefit Obligation, Plan Assets and Funded Status for Plan | Changes in the Company's benefit obligation, plan assets and funded status for the pension plan are presented below: Year ended March 31, 2024 2023 Change in the benefit obligation Projected benefit obligation at beginning of year $ 26,646 $ 32,991 Service cost 252 333 Interest cost 1,312 1,185 Actuarial loss ( 726 ) ( 5,364 ) Benefit payments ( 990 ) ( 1,116 ) Liability released through annuity purchase ( 1,452 ) ( 1,383 ) Projected benefit obligation at end of year $ 25,042 $ 26,646 Change in fair value of plan assets Fair value of plan assets at beginning of year $ 32,753 $ 40,049 Actual return on plan assets 1,127 ( 4,797 ) Benefit and administrative expense payments ( 990 ) ( 1,116 ) Annuities purchased ( 1,452 ) ( 1,383 ) Fair value of plan assets at end of year $ 31,438 $ 32,753 Funded status Funded status at end of year $ 6,396 $ 6,107 Amount recognized in the Consolidated Balance Sheets $ 6,396 $ 6,107 |
Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost | The weighted average actuarial assumptions used to determine the benefit obligation are: March 31, 2024 2023 Discount rate 5.27 % 5.03 % Rate of increase in compensation levels 3.00 % 3.00 % |
Summary of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Income Tax | Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of: March 31, 2024 2023 Net actuarial loss $ 6,847 $ 7,506 |
Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax | The increase in accumulated other comprehensive loss, net of income tax, consists of: March 31, 2024 2023 Net actuarial loss arising during the year $ — $ 1,246 Amortization of actuarial loss ( 659 ) ( 493 ) $ ( 659 ) $ 753 |
Summary of Benefit Payments, Which Reflect Future Service, are Expected to be Paid | The following benefit payments, which reflect future service, are expected to be paid during the fiscal years ending March 31: 2025 $ 1,036 2026 1,001 2027 1,013 2028 1,126 2029 1,193 2030-2034 7,939 Total $ 13,308 |
Summary of Weighted Average Asset Allocation of Plan Assets by Asset Category | The weighted average asset allocation of the plan assets by asset category is as follows: March 31, Asset Category Target Allocation 2024 2023 Equity securities 20 % 22 % 20 % Debt securities 80 % 78 % 80 % 100 % 100 % |
Fair Values of Company's Pension Plan Assets by Asset Category | The fair values of the Company's pension plan assets at March 31, 2024 and 2023, by asset category, are as follows: Fair Value Measurements Using Asset Category At Quoted prices in Significant other Significant Cash $ 81 $ 81 $ — $ — Equity securities: U.S. companies 4,141 4,141 — — International companies 2,610 2,610 — — Fixed income: Corporate bond funds Long-term 24,606 24,606 — — $ 31,438 $ 31,438 $ — $ — Fair Value Measurements Using Asset Category At Quoted prices in Significant other Significant Cash $ 91 $ 91 $ — $ — Equity securities: U.S. companies 3,824 3,824 — — International companies 2,555 2,555 — — Fixed income: Corporate bond funds Long-term 26,283 26,283 — — $ 32,753 $ 32,753 $ — $ — |
Other Postretirement Benefit Plans [Member] | |
Components of Postretirement Benefit Expense (Income) and Pension Cost (Benefit) | The components of postretirement benefit expense are: Year ended March 31, 2024 2023 2022 Interest cost on accumulated benefit obligation $ 15 $ 15 $ 13 Amortization of actuarial loss 0 12 25 Net postretirement benefit expense $ 15 $ 27 $ 38 |
Changes in Company's Benefit Obligation, Plan Assets and Funded Status for Plan | Changes in the Company's benefit obligation, plan assets and funded status for the plan are as follows: Year ended March 31, 2024 2023 Change in the benefit obligation Projected benefit obligation at beginning of year $ 355 $ 478 Interest cost 15 15 Actuarial gain ( 15 ) ( 95 ) Benefit payments ( 44 ) ( 43 ) Projected benefit obligation at end of year $ 311 $ 355 Change in fair value of plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 44 43 Benefit payments ( 44 ) ( 43 ) Fair value of plan assets at end of year $ — $ — Funded status Funded status at end of year $ ( 311 ) $ ( 355 ) Amount recognized in the Consolidated Balance Sheets $ ( 311 ) $ ( 355 ) |
Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost | The weighted average actuarial assumptions used to develop the accrued postretirement benefit obligation were: March 31, 2024 2023 Discount rate 5.08 % 4.76 % Medical care cost trend rate 7.00 % 7.00 % |
Summary of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Income Tax | Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of: March 31, 2024 2023 Net actuarial (gain) loss $ ( 2 ) $ 11 |
Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax | The decrease in accumulated other comprehensive loss, net of income tax, consists of: March 31, 2024 2023 Net actuarial gain arising during the year $ ( 13 ) $ ( 74 ) Amortization of actuarial loss ( 0 ) ( 9 ) $ ( 13 ) $ ( 83 ) |
Summary of Benefit Payments, Which Reflect Future Service, are Expected to be Paid | The following benefit payments are expected to be paid during the fiscal years ending March 31: 2025 $ 44 2026 41 2027 38 2028 35 2029 32 2030-2034 119 Total $ 309 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Stock Option Awards | The following table summarizes information about the Company's stock option awards during, fiscal 2023 and fiscal 2022: Weighted Shares Average Weighted Aggregate Under Exercise Average Remaining Intrinsic Option Price Contractual Term Value Outstanding at March 31, 2021 37 18.92 Exercised — Expired ( 4 ) 21.19 Outstanding at March 31, 2022 33 18.65 Exercised — Expired ( 33 ) 18.65 Outstanding at March 31, 2023 — Vested or expected to vest at March 31, 2023 — Exercisable at March 31, 2023 — |
Summary of Stock-Based Compensation Cost and Related Tax Benefits | Stock-based compensation cost and the related tax benefits were as follows: Stock-Based Related Year Ended March 31, Compensation Cost Tax Benefits 2024 1,188 264 2023 785 173 2022 780 173 |
Schedule of Restricted Stock Units ("RSUs"), Performance Stock Units ("PSUs"), and Restricted Stock Awards ("RSAs") Granted | The following grants of restricted stock units ("RSUs"), performance stock units ("PSUs"), and restricted stock awards ("RSAs") were awarded: Vest 100 % on First Vest One-Third Per Year Vest 100 % on Third Anniversary (1) Over Three-Year Term (1) Anniversary (1) Officers and Officers and Total Shares Year Ended March 31, Directors Key Employees Key Employees Awarded 2024 Time Vesting RSUs 38 40 — 78 Performance Vesting PSUs — — 79 79 2023 Time Vesting RSUs 37 56 33 126 Performance Vesting PSUs — — 112 112 2022 Time Vested RSAs 22 54 — 76 Performance Vested RSAs — — 88 88 (1) Subject to the terms of the applicable award. |
Schedule of Restricted Stock Awards | The following table summarizes information about the Company's RSAs, RSUs, and PSUs granted during fiscal 2024, fiscal 2023 and fiscal 2022: Number of RSAs, RSUs and PSUs Weighted Average Aggregate Non-vested at March 31, 2021 165 20.56 Granted 164 18.29 Vested ( 58 ) 18.15 Forfeited ( 112 ) 21.29 Non-vested at March 31, 2022 159 18.59 Granted 238 8.51 Vested ( 35 ) 8.14 Forfeited ( 57 ) 18.86 Non-vested at March 31, 2023 305 11.09 Granted 157 10.95 Vested ( 68 ) 11.96 Forfeited ( 25 ) 15.29 Non-vested at March 31, 2024 369 11.05 $ 10,083 |
Employee Stock Purchase Plan [Member] | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Summary of Stock-Based Compensation Cost and Related Tax Benefits | Issuance of shares, s tock-based compensation cost and the related tax benefits were as follows: Issued from Issued from Stock-Based Related Year Ended March 31, Treasury Shares Common Stock Compensation Cost Tax Benefits 2024 — 50 91 20 2023 29 17 21 5 2022 18 — 29 7 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component | The changes in accumulated other comprehensive loss by component for fiscal 2024 and fiscal 2023 are: Pension and Other Postretirement Foreign Total Balance at April 1, 2022 ( 6,970 ) 499 ( 6,471 ) Other comprehensive income before reclassifications ( 1,023 ) ( 492 ) ( 1,515 ) Amounts reclassified from accumulated other 523 — 523 Net current-period other comprehensive income ( 500 ) ( 492 ) ( 992 ) Balance at March 31, 2023 ( 7,470 ) 7 ( 7,463 ) Other comprehensive income before reclassifications 35 ( 244 ) ( 209 ) Amounts reclassified from accumulated other 659 — 659 Net current-period other comprehensive income 694 ( 244 ) 450 Balance at March 31, 2024 $ ( 6,776 ) $ ( 237 ) $ ( 7,013 ) |
Reclassifications Out of Accumulated Other Comprehensive Loss by Component | The reclassifications out of accumulated other comprehensive loss by component are as follows: Year ended March 31, 2024 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Pension and other postretirement benefit items: Amortization of unrecognized prior service $ — Amortization of actuarial loss ( 843 ) (1) ( 843 ) Income before provision for income taxes ( 184 ) Provision for income taxes $ ( 659 ) Net income Year ended March 31, 2023 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Pension and other postretirement benefit items: Amortization of unrecognized prior service $ — Amortization of actuarial loss ( 672 ) (1) ( 672 ) Income before provision for income taxes ( 149 ) Provision for income taxes $ ( 523 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of net periodic pension and other postretirement benefit costs. See Note 12 . |
The Company and Its Accountin_4
The Company and Its Accounting Policies - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Accounting Policies [Line Items] | |||
Minimum level of likelihood | 50% | ||
Service based cloud computing software implementation costs | $ 361 | ||
Hosting Arrangement, Service Contract, Implementation Cost, Impairment, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Assets, Noncurrent | ||
Research and development costs | $ 3,944 | $ 4,144 | $ 3,845 |
Antidilutive securities excluded from computation of earnings per share | 33 | ||
Buildings and Leasehold Improvements [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Estimated useful lives range | 40 years | ||
Minimum [Member] | Office Equipment [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Estimated useful lives range | 3 years | ||
Minimum [Member] | Manufacturing Equipment [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Estimated useful lives range | 8 years | ||
Maximum [Member] | Office Equipment [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Estimated useful lives range | 8 years | ||
Maximum [Member] | Manufacturing Equipment [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Estimated useful lives range | 25 years |
The Company and Its Accountin_5
The Company and Its Accounting Policies - Reconciliation of Numerators and Denominators of Basic and Diluted Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | |||
Net Income (Loss) | $ 4,556 | $ 367 | $ (8,773) |
Denominator: | |||
Weighted average common shares outstanding | 10,743 | 10,614 | 10,541 |
Basic income (loss) per share | $ 0.42 | $ 0.03 | $ (0.83) |
Numerator: | |||
Net Income (Loss) | $ 4,556 | $ 367 | $ (8,773) |
Denominator: | |||
Weighted average common shares outstanding | 10,743 | 10,614 | 10,541 |
Restricted stock units outstanding | 101 | 40 | |
Weighted average common and potential common shares outstanding | 10,844 | 10,654 | 10,541 |
Diluted income (loss) per share | $ 0.42 | $ 0.03 | $ (0.83) |
The Company and Its Accountin_6
The Company and Its Accounting Policies - Schedule Of Non-Cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Interest paid | $ 823 | $ 1,026 | $ 417 |
Income taxes paid | 425 | 185 | 2,012 |
Pension and other post retirement income (loss) adjustments, net of income tax | 694 | (500) | 728 |
Issuance of treasury stock to the Employee Stock Purchase Plan (See Note 13) | 279 | 9,167 | |
Capital purchases recorded in accounts payable | 620 | 483 | 177 |
Issuance of treasury shares as part of the consideration of the acquisition | 1,930 | 0 | 8,964 |
Employee Stock Purchase Plan [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Issuance of treasury stock to the Employee Stock Purchase Plan (See Note 13) | $ 0 | $ 279 | $ 204 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Nov. 09, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 25,520 | $ 23,523 | ||
Net sales | 185,533 | 157,118 | $ 122,814 | |
Net Income (Loss) | 4,556 | 367 | (8,773) | |
Operating Lease Payments | 952 | 843 | 707 | |
Amortization | 2,157 | $ 2,476 | $ 2,522 | |
P3 Technologies, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, purchase price | $ 11,238 | |||
Business combination, common stock, shares | 125 | |||
Business combination, common stock value | $ 1,930 | |||
Business combination, cash consideration | 7,098 | |||
Business combination, contingent earn-out | 2,040 | |||
Business combination, Acquisition related costs | 352 | |||
Goodwill | 1,997 | 1,997 | ||
Net sales | 2,206 | |||
Net Income (Loss) | $ 24 | |||
P3 Technologies, LLC [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination contingent earn-out eligible to receive, additional cash consideration | $ 3,000 |
Acquisition - Schedule of Conti
Acquisition - Schedule of Contingent Earn Out Liability (Detail) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | ||||
Change in fair value | $ 80 | $ 0 | $ (1,900) | |
Payments | 6,812 | $ 0 | $ 0 | |
P3 Technologies, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Balance at November 9, 2023 | $ 2,040 | |||
Change in fair value | 80 | |||
Payments | 0 | |||
Balance at March 31, 2024 | $ 2,120 | $ 2,120 |
Acquisition - Schedule of Final
Acquisition - Schedule of Final Purchase Price Allocation, After Adjustments of the Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Nov. 09, 2023 | Mar. 31, 2023 |
Assets acquired: | |||
Goodwill | $ 25,520 | $ 23,523 | |
P3 Technologies, LLC [Member] | |||
Assets acquired: | |||
Cash and cash equivalents | 286 | ||
Trade accounts receivable, net of allowances | 465 | ||
Unbilled revenue | 302 | ||
Inventories | 808 | ||
Prepaid expenses and other current assets | 93 | ||
Property, plant & equipment, net | 542 | ||
Operating lease assets | 130 | ||
Goodwill | 1,997 | $ 1,997 | |
Deferred income tax asset | 0 | ||
Total assets acquired | 11,823 | ||
Liabilities assumed: | |||
Accrued compensation | 62 | ||
Customer deposits | 389 | ||
Operating lease liabilities | 134 | ||
Total liabilities assumed | 585 | ||
Purchase price | 11,238 | ||
P3 Technologies, LLC [Member] | Before Adjustment of Preliminary Allocation of Purchase Price [Member] | |||
Assets acquired: | |||
Cash and cash equivalents | 286 | ||
Trade accounts receivable, net of allowances | 465 | ||
Unbilled revenue | 302 | ||
Inventories | 443 | ||
Prepaid expenses and other current assets | 93 | ||
Property, plant & equipment, net | 542 | ||
Operating lease assets | 130 | ||
Goodwill | 1,565 | ||
Deferred income tax asset | 53 | ||
Total assets acquired | 11,079 | ||
Liabilities assumed: | |||
Accrued compensation | 62 | ||
Customer deposits | 389 | ||
Operating lease liabilities | 134 | ||
Total liabilities assumed | 585 | ||
Purchase price | 10,494 | ||
P3 Technologies, LLC [Member] | Adjustment [Member] | |||
Assets acquired: | |||
Cash and cash equivalents | 0 | ||
Inventories | 365 | ||
Goodwill | 432 | ||
Deferred income tax asset | (53) | ||
Total assets acquired | 744 | ||
Liabilities assumed: | |||
Total liabilities assumed | 0 | ||
Purchase price | 744 | ||
Customer Relationships [Member] | P3 Technologies, LLC [Member] | |||
Assets acquired: | |||
Intangibles | 4,400 | ||
Customer Relationships [Member] | P3 Technologies, LLC [Member] | Before Adjustment of Preliminary Allocation of Purchase Price [Member] | |||
Assets acquired: | |||
Intangibles | 4,400 | ||
Technology and Technical Know-How [Member] | P3 Technologies, LLC [Member] | |||
Assets acquired: | |||
Intangibles | 2,500 | ||
Technology and Technical Know-How [Member] | P3 Technologies, LLC [Member] | Before Adjustment of Preliminary Allocation of Purchase Price [Member] | |||
Assets acquired: | |||
Intangibles | 2,500 | ||
Tradename [Member] | P3 Technologies, LLC [Member] | |||
Assets acquired: | |||
Intangibles | $ 300 | ||
Tradename [Member] | P3 Technologies, LLC [Member] | Before Adjustment of Preliminary Allocation of Purchase Price [Member] | |||
Assets acquired: | |||
Intangibles | $ 300 |
Acquisition - Schedule of Unaud
Acquisition - Schedule of Unaudited Pro Forma Information (Detail) - P3 Technologies, LLC [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Business Acquisition [Line Items] | ||
Net sales | $ 189,089 | $ 160,376 |
Net income (loss) | $ 5,949 | $ (21) |
Basic | $ 0.55 | $ 0 |
Diluted | $ 0.54 | $ 0 |
Revenue Recognition - Revenue D
Revenue Recognition - Revenue Disaggregated by Product Line and Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 185,533 | $ 157,118 | $ 122,814 |
Asia [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 15,144 | 16,040 | 13,687 |
Canada [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 4,229 | 4,464 | 3,583 |
Middle East [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 2,568 | 2,914 | 2,489 |
South America [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 733 | 3,021 | 1,972 |
U.S. [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 155,908 | 127,519 | 97,718 |
All Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 6,951 | 3,160 | 3,365 |
Refining [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 29,087 | 27,270 | 24,406 |
Chemical/Petrochemical [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 20,893 | 21,950 | 15,955 |
Defense [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 99,493 | 65,327 | 62,189 |
Space [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 13,282 | 21,180 | 5,744 |
Other Commercial [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 22,778 | $ 21,391 | $ 14,520 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregation of Revenue (Detail) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Abstract] | |||
Percentage of revenue from contracts recognized over time | 77% | 74% | 75% |
Percentage of revenue from contracts recognized upon shipment | 23% | 26% | 25% |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Contract With Customer Assets And Liabilities [Line Items] | ||
Receivables billed but not paid under retainage provisions in its customer contracts | $ 1,875 | $ 2,542 |
Revenue remaining unsatisfied performance obligations amount | 390,868 | |
Customer Deposit [Member] | ||
Contract With Customer Assets And Liabilities [Line Items] | ||
Contract liabilities | $ 21,426 | $ 6,092 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Net Contract Assets (Liabilities) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Unbilled revenue (contract assets) | $ 28,015 | $ 39,684 |
Customer deposits (contract liabilities) | (71,987) | (46,042) |
Net contract (liabilities) assets | (43,972) | $ (6,358) |
Unbilled revenue (contract assets) | (11,669) | |
Customer deposits (contract liabilities) | (25,945) | |
Net contract (liabilities) assets | (37,614) | |
Change due to amounts acquired contract assets | 302 | |
Change due to amounts acquired contract liabilities | (389) | |
Change due to revenue recognized (Contract assets) | 97,828 | |
Change due to revenue recognized(Contract Liabilities) | 29,086 | |
Change due to invoicing customers/ additional deposits (Contract Assets) | (109,799) | |
Change due to invoicing customers/ additional deposits (Contract Liabilities) | $ (54,642) |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail1) | Mar. 31, 2024 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
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 [Axis]: 2024-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 35% |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 25% |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 40% |
Revenue remaining performance obligation, expected timing of satisfaction, period | 1 year |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 30% |
Revenue remaining performance obligation, expected timing of satisfaction, period | 2 years |
Inventories - Major Classificat
Inventories - Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 4,396 | $ 4,344 |
Work in process | 27,065 | 20,554 |
Finished products | 1,949 | 1,395 |
Total | $ 33,410 | $ 26,293 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 77,191 | $ 67,478 |
Less - accumulated depreciation and amortization | 45,111 | 41,955 |
Property, plant and equipment, net | 32,080 | 25,523 |
Land and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 450 | 450 |
Buildings and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 24,651 | 23,112 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 45,391 | 41,398 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 6,699 | $ 2,518 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 3,275 | $ 3,511 | $ 3,077 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Finite Lived Intangible Assets [Line Items] | ||
Intangibles subject to amortization, Gross Carrying Amount | $ 33,000 | $ 25,800 |
Intangibles subject to amortization, Accumulated Amortization | 7,155 | 4,998 |
Total intangible amortization | 25,845 | 20,802 |
Intangibles not subject to amortization, Gross Carrying Amount | 6,700 | 6,700 |
Intangibles not subject to amortization, Net Carrying Amount | 6,700 | $ 6,700 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 20 years | |
Intangibles subject to amortization, Gross Carrying Amount | 16,200 | $ 11,800 |
Intangibles subject to amortization, Accumulated Amortization | 1,901 | 1,082 |
Total intangible amortization | $ 14,299 | $ 10,718 |
Customer Relationships [Member] | Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 20 years | |
Customer Relationships [Member] | Minimum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 8 years | |
Technology and Technical Know How [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 20 years | |
Intangibles subject to amortization, Gross Carrying Amount | $ 12,600 | $ 10,100 |
Intangibles subject to amortization, Accumulated Amortization | 1,535 | 926 |
Total intangible amortization | $ 11,065 | $ 9,174 |
Technology and Technical Know How [Member] | Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 20 years | |
Technology and Technical Know How [Member] | Minimum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 10 years | |
Backlog [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 4 years | 4 years |
Intangibles subject to amortization, Gross Carrying Amount | $ 3,900 | $ 3,900 |
Intangibles subject to amortization, Accumulated Amortization | 3,677 | 2,990 |
Total intangible amortization | $ 223 | $ 910 |
Tradename [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 3 years | |
Intangibles subject to amortization, Gross Carrying Amount | $ 300 | |
Intangibles subject to amortization, Accumulated Amortization | 42 | |
Total intangible amortization | $ 258 | |
Tradename [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangibles not subject to amortization, Weighted Average Amortization Period | Indefinite | Indefinite |
Intangibles not subject to amortization, Gross Carrying Amount | $ 6,700 | $ 6,700 |
Intangibles not subject to amortization, Net Carrying Amount | $ 6,700 | $ 6,700 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Amortization of Deferred Charges [Abstract] | |||
Amortization | $ 2,157 | $ 2,476 | $ 2,522 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Estimated Annual Amortization Expense (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2025 | $ 2,218 | |
2026 | 1,995 | |
2027 | 1,953 | |
2028 | 1,895 | |
2029 | 1,895 | |
2030 and thereafter | 15,889 | |
Total intangible amortization | $ 25,845 | $ 20,802 |
Product Warranty Liability - Re
Product Warranty Liability - Reconciliation of the Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Guarantees [Abstract] | ||
Balance at beginning of year | $ 578 | $ 441 |
Expense for product warranties | 410 | 364 |
Product warranty claims paid | (182) | (227) |
Balance at end of year | $ 806 | $ 578 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
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. | ||
Operating Lease Payments | $ 952 | $ 843 | $ 707 |
Future fixed minimum lease payments | 5,785 | ||
ROU assets obtained in exchange for operating lease liability | $ 149 | $ 1,169 | |
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) | Mar. 31, 2024 | Mar. 31, 2023 |
Finance Leases | ||
Weighted-average remaining lease term in years | 3 years 9 months 29 days | 4 years 5 months 12 days |
Weighted-average discount rate | 7.75% | 7.98% |
Operating Leases | ||
Weighted-average remaining lease term in years | 5 years 11 months 4 days | 7 years |
Weighted-average discount rate | 3.30% | 3.25% |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Finance lease cost: | ||
Amortization of right-of-use assets | $ 13 | $ 24 |
Interest on lease liabilities | 8 | 4 |
Operating lease cost | 1,478 | 1,394 |
Short-term lease cost | 27 | 17 |
Total lease cost | $ 1,526 | $ 1,439 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments Required under Non-cancelable Leases (Detail) | Mar. 31, 2024 USD ($) |
Operating Leases | |
2025 | $ 1,468,000 |
2026 | 1,324,000 |
2027 | 1,353,000 |
2028 | 1,390,000 |
2029 and thereafter | 2,940,000 |
Total lease payments | 8,475,000 |
Less – amount representing interest | 789,000 |
Present value of net minimum lease payments | 7,686,000 |
Finance Leases | |
2025 | 26,000 |
2026 | 26,000 |
2027 | 26,000 |
2028 | 21,000 |
2029 and thereafter | 0 |
Total lease payments | 99,000 |
Less – amount representing interest | 14,000 |
Present value of net minimum lease payments | $ 85,000 |
Debt - Additional Information (
Debt - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Oct. 13, 2023 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2024 USD ($) | Sep. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | Mar. 31, 2024 CNY (¥) | Mar. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |||||||
Letters of credit outstanding amount | $ 8,442 | $ 12,842 | |||||
Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fee for outstanding letters of credit | 0.60% | ||||||
Letters of credit outstanding amount | $ 8,442 | $ 12,842 | |||||
Forecast [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit outstanding amount | $ 15,000 | $ 15,000 | $ 15,000 | ||||
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Consolidated total leverage ratio | 1 | ||||||
Consolidated fixed charge coverage ratio | 1 | ||||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Consolidated total leverage ratio | 3.5 | ||||||
Consolidated fixed charge coverage ratio | 1.2 | ||||||
H S B C Bank U S A [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit outstanding amount | 4,780 | ||||||
Bank of America [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit outstanding amount | 1,592 | ||||||
China Construction Bank [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit outstanding amount | 180 | ||||||
China Citic Bank Co. LTD [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit outstanding amount | 0 | ¥ 10,000 | |||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Term loan payment period | 5 years | ||||||
Line of credit facility, Current | $ 35,000 | 0 | |||||
Availability under the line of credit | 15,000 | ||||||
Letters of credit outstanding amount | $ 1,890 | ||||||
Revolving Credit Facility [Member] | Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Availability under the line of credit | 7,500 | ||||||
Maximum limit of credit facility | $ 25,000 | ||||||
Line of Credit Facility, Covenant Terms | (a) the Company achieving a minimum consolidated EBITDA, as defined in the agreement, of $15,000, computed on a trailing twelve month basis, for three consecutive quarters and (b) a minimum liquidity (consisting of cash and borrowing availability under the New Revolving Credit Facility) for the Company of at least $7,500. | ||||||
Revolving Credit Facility [Member] | Minimum [Member] | Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fee for outstanding letters of credit | 0.75% | ||||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum limit of credit facility | $ 50,000 | ||||||
Revolving Credit Facility [Member] | Maximum [Member] | Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fee for outstanding letters of credit | 0.85% | ||||||
Revolving Credit Facility [Member] | Maximum [Member] | Letter of Credit [Member] | Standby Letters of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Availability under the line of credit | 7,500 | ||||||
Revolving Credit Facility [Member] | Bank of America [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Back end fee | 752 | ||||||
Extinguishment charge | $ 726 | ||||||
Revolving Credit Facility [Member] | Bank of America [Member] | Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fee for outstanding letters of credit | 0.60% | ||||||
New Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1% | ||||||
Federal funds rate | 0.50% | ||||||
Line of credit facility, Current | $ 33,110 | ||||||
Fee for outstanding letters of credit | 0.65% | ||||||
New Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fee for outstanding letters of credit | 0.10% | ||||||
New Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fee for outstanding letters of credit | 0.20% | ||||||
New Revolving Credit Facility [Member] | SOFR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 0% | 5.34% | |||||
New Revolving Credit Facility [Member] | SOFR [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1.25% | ||||||
New Revolving Credit Facility [Member] | SOFR [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||
New Revolving Credit Facility [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Interest Rate Description | option, either (i) a forward-looking term rate based on the secured overnight financing rate ("SOFR") for the applicable interest period, subject to a floor of 0.0% per annum or (ii) a base rate determined by reference to the highest of (a) the rate of interest per annum publicly announced by the Lender as its prime rate, (b) the federal funds rate plus 0.50% per annum and (c) one-month term SOFR plus 1.00% per annum, subject to a floor of 1.00% per annum, plus, in each case, an applicable margin. The applicable margins range between (i) 1.25% per annum and 2.50% per annum in the case of any term SOFR loan and (ii) 0.25% per annum and 1.50% per annum in the case of any base rate loan, in each case based upon the Company’s then-current consolidated total leverage ratio; provided, however, for a period of one year following the closing date, the applicable margin shall be set at 1.25% per annum in the case of any term SOFR loan and 0.25% | ||||||
New Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 0.25% | ||||||
New Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1.50% |
Debt -Schedule of Long Term Deb
Debt -Schedule of Long Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Debt Instrument [Line Items] | ||
Less: unamortized debt issuance costs | $ (756) | |
Long-term debt, gross | 11,744 | |
Less: current portion | $ 0 | 2,000 |
Total | 9,744 | |
Bank of America Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Bank of America term loan | $ 12,500 |
Financial Instruments and Der_2
Financial Instruments and Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Letters of credit outstanding amount | $ 8,442 | $ 12,842 |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Taxes [Line Items] | |||
Income (loss) before provision (benefit) for income taxes | $ 5,574 | $ 561 | $ (11,216) |
U.S. [Member] | |||
Income Taxes [Line Items] | |||
Income (loss) before provision (benefit) for income taxes | 5,077 | (66) | (11,954) |
Asia [Member] | |||
Income Taxes [Line Items] | |||
Income (loss) before provision (benefit) for income taxes | $ 497 | $ 627 | $ 738 |
Income Taxes - The Provision (B
Income Taxes - The Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Current: | |||
Federal | $ 1,133 | $ 37 | $ (31) |
State | 100 | 204 | 72 |
Foreign | 257 | 73 | 749 |
Total Current | 1,490 | 314 | 790 |
Deferred: | |||
Federal | (419) | (89) | (2,648) |
State | 88 | (82) | (155) |
Foreign | (106) | 93 | (423) |
Changes in valuation allowance | (35) | (42) | (7) |
Total Deferred | (472) | (120) | (3,233) |
Total provision (benefit) for income taxes | $ 1,018 | $ 194 | $ (2,443) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Provision (benefit) for income taxes at federal rate | $ 1,170 | $ 118 | $ (2,355) |
State taxes | 156 | 92 | (96) |
Charges not deductible for income tax purposes | 54 | 26 | 147 |
Stock based compensation | (8) | 114 | 0 |
Research and development tax credits | (327) | (240) | (295) |
Valuation allowance | (35) | (42) | (7) |
Effect of foreign tax rate | 26 | 27 | 31 |
Nondeductible fringe benefits | 30 | 44 | 0 |
162(m) | 105 | 0 | 0 |
Foreign withholding tax | 0 | 0 | 138 |
Foreign-derived intangible income deduction | (134) | 0 | (2) |
Global intangible low-taxed income | (20) | 55 | 0 |
Other | 1 | 0 | (4) |
Total provision (benefit) for income taxes | $ 1,018 | $ 194 | $ (2,443) |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Income Tax Liability (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Depreciation | $ (2,931) | $ (3,117) |
Accrued compensation | 237 | 309 |
Goodwill | 607 | 224 |
Prepaid pension asset | (1,399) | (1,355) |
Accrued pension liability | 232 | 245 |
Accrued postretirement benefits | 68 | 79 |
Compensated absences | 531 | 567 |
Inventories | 2,541 | (10) |
Warranty liability | 182 | 135 |
Accrued expenses | 600 | 1,276 |
Equity-based compensation | 328 | 230 |
Allowance for doubtful accounts | 18 | 422 |
Operating lease assets | (1,694) | (1,894) |
Operating lease liabilities | 1,784 | 1,963 |
Acquisition costs | 180 | 142 |
Intangible assets | 187 | 236 |
New York State investment tax credit | 1,030 | 1,066 |
Research and development tax credit | 2,771 | 1,243 |
Research and development credit carryforward | 0 | 367 |
Net operating loss carryforwards | 182 | 2,205 |
Capital loss carryforward | 4,211 | 4,211 |
Other | (238) | (129) |
Deferred Tax Assets, gross | 8,213 | 7,967 |
Less: Valuation allowance | (5,241) | (5,277) |
Total | $ 2,972 | $ 2,690 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2021 | Mar. 31, 2023 | |
Income Taxes [Line Items] | |||
Deferred income tax asset | $ 2,983,000 | $ 2,798,000 | |
Valuation allowance | 5,241,000 | 5,277,000 | |
Liability unrecognized tax benefits | 0 | $ 0 | |
Investment Tax Credit Carryforward [Member] | |||
Income Taxes [Line Items] | |||
Deferred income taxes include the impact of state investment tax credits | 236,000 | ||
State investment tax credits with an unlimited carryforward period | $ 794,000 | ||
International Tax Jurisdictions [Member] | Earliest Tax Year [Member] | State Administration of Taxation, China [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2020 | ||
International Tax Jurisdictions [Member] | Earliest Tax Year [Member] | Ministry of Finance, India [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2018 | ||
International Tax Jurisdictions [Member] | Latest Tax Year [Member] | State Administration of Taxation, China [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2023 | ||
International Tax Jurisdictions [Member] | Latest Tax Year [Member] | Ministry of Finance, India [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2022 | ||
Federal Tax Jurisdictions [Member] | Earliest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2020 | ||
Federal Tax Jurisdictions [Member] | Latest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2023 | ||
State Tax Jurisdictions [Member] | Earliest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2019 | ||
State Tax Jurisdictions [Member] | Latest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2023 | ||
Maximum [Member] | Investment Tax Credit Carryforward [Member] | |||
Income Taxes [Line Items] | |||
Expiration date of state investment tax credits | Mar. 31, 2035 | ||
Minimum [Member] | Investment Tax Credit Carryforward [Member] | |||
Income Taxes [Line Items] | |||
Expiration date of state investment tax credits | Mar. 31, 2022 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employee's years of service and average earnings | five highest consecutive calendar years of compensation in the ten-year period preceding retirement | ||
Accumulated benefit obligation | $ 22,398,000 | $ 23,784,000 | |
Contribution equal to employee salary deferral | 100% | ||
Employer contribution description | matching contributions equal to 100% of the first 3% of an employee's salary deferral and 50% of the next 2% percent of an employee’s salary deferral | ||
Contribution next to employee salary deferral | 3% | ||
Contribution for additional employee salary deferral | 50% | ||
Contribution additional next to employee salary deferral | 2% | ||
Share of the medical premium cost for family coverage | $ 4,000 | ||
Share of the medical premium cost for single coverage | 2,000 | ||
Share of the medical premium both family and single coverage for regular retirees | $ 1,000 | ||
Medical care cost trend rate | 4.50% | ||
Medical care trend year | 2028 | ||
Medical care cost trend rate decrements | 0.50% | ||
Current portion of accrued postretirement benefit obligation | $ 49,000 | 49,000 | |
Defined Contribution Plan 401K [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to defined contribution plan | 1,914,000 | 1,904,000 | $ 1,365,000 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions expected during fiscal 2021 | 0 | ||
Liability released through annuity purchase | 1,452,000 | 1,383,000 | |
Annuities purchased | 1,452,000 | 1,383,000 | |
Pension expense | $ 556,000 | $ (18,000) | $ (538,000) |
Weighted average discount rates used to develop net postretirement benefit cost | 5.03% | 3.66% | 3.21% |
Weighted average rate of increase in compensation levels | 3% | 3% | 3% |
Projected benefit obligation | $ 25,042,000 | $ 26,646,000 | $ 32,991,000 |
Net actuarial (gain) loss recognized in accumulated other comprehensive loss, net of income tax | 6,847,000 | 7,506,000 | |
Defined Contribution Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to defined contribution plan | 1,237,000 | 1,030,000 | 710,000 |
Supplemental Executive Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension expense | $ 54,000 | $ 74,000 | $ 346,000 |
Weighted average discount rates used to develop net postretirement benefit cost | 5.01% | 3.64% | 3.21% |
Weighted average rate of increase in compensation levels | 3% | 3% | 3% |
Projected benefit obligation | $ 1,060,000 | $ 1,104,000 | |
Net actuarial (gain) loss recognized in accumulated other comprehensive loss, net of income tax | (69,000) | (47,000) | |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension expense | $ 15,000 | $ 27,000 | $ 38,000 |
Weighted average discount rates used to develop net postretirement benefit cost | 4.76% | 3.32% | 2.34% |
Projected benefit obligation | $ 311,000 | $ 355,000 | $ 478,000 |
Net actuarial (gain) loss recognized in accumulated other comprehensive loss, net of income tax | $ (2,000) | $ 11,000 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Postretirement Benefit Cost (Income) and Pension Cost (Benefit) (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost during the period | $ 252 | $ 333 | $ 373 |
Interest cost on projected benefit obligation | 1,312 | 1,185 | 1,147 |
Expected return on assets | (1,851) | (2,169) | (2,727) |
Actuarial loss | 843 | 633 | 669 |
Net pension (benefit) cost and postretirement benefit expense | $ 556 | $ (18) | $ (538) |
Employee Benefit Plans - Weight
Employee Benefit Plans - Weighted Average Actuarial Assumptions Used to Determine Net Pension Cost (Detail) - Pension Plans, Defined Benefit [Member] | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.03% | 3.66% | 3.21% |
Rate of increase in compensation levels | 3% | 3% | 3% |
Long-term rate of return on plan assets | 5.75% | 5.50% | 6.50% |
Employee Benefit Plans - Change
Employee Benefit Plans - Changes in Company's Benefit Obligation, Plan Assets and Funded Status for Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation at beginning of year | $ 26,646 | $ 32,991 | |
Service cost | 252 | 333 | $ 373 |
Interest cost | 1,312 | 1,185 | 1,147 |
Actuarial gain | (726) | (5,364) | |
Benefit payments | (990) | (1,116) | |
Liability released through annuity purchase | (1,452) | (1,383) | |
Projected benefit obligation at end of year | 25,042 | 26,646 | 32,991 |
Change in fair value of plan assets | |||
Fair value of plan assets at beginning of year | 32,753 | 40,049 | |
Actual return on plan assets | 1,127 | (4,797) | |
Benefit payments | (990) | (1,116) | |
Annuities purchased | (1,452) | (1,383) | |
Fair value of plan assets at end of year | 31,438 | 32,753 | 40,049 |
Funded status | |||
Funded status at end of year | 6,396 | 6,107 | |
Amount recognized in the Consolidated Balance Sheets | 6,396 | 6,107 | |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation at beginning of year | 355 | 478 | |
Interest cost | 15 | 15 | 13 |
Actuarial gain | (15) | (95) | |
Benefit payments | (44) | (43) | |
Projected benefit obligation at end of year | 311 | 355 | $ 478 |
Change in fair value of plan assets | |||
Employer contribution | 44 | 43 | |
Benefit payments | (44) | (43) | |
Funded status | |||
Funded status at end of year | (311) | (355) | |
Amount recognized in the Consolidated Balance Sheets | $ (311) | $ (355) |
Employee Benefit Plans - Weig_2
Employee Benefit Plans - Weighted Average Actuarial Assumptions Used to Determine Benefit Obligation (Detail) - Pension Plans, Defined Benefit [Member] | Mar. 31, 2024 | Mar. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.27% | 5.03% |
Rate of increase in compensation levels | 3% | 3% |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Income Tax (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (gain) loss | $ 6,847 | $ 7,506 |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (gain) loss | $ (2) | $ 11 |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ (694) | $ 500 | $ (728) |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss arising during the year | 0 | 1,246 | |
Amortization of actuarial loss | (659) | (493) | |
Total | (659) | 753 | |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss arising during the year | (13) | (74) | |
Amortization of actuarial loss | 0 | (9) | |
Total | $ (13) | $ (83) |
Employee Benefit Plans - Summ_3
Employee Benefit Plans - Summary of Benefit Payments, Which Reflect Future Service, are Expected to be Paid (Detail) $ in Thousands | Mar. 31, 2024 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2029 | $ 32 |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2025 | 1,036 |
2026 | 1,001 |
2027 | 1,013 |
2028 | 1,126 |
2029 | 1,193 |
2030-2034 | 7,939 |
Total | 13,308 |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2025 | 44 |
2026 | 41 |
2027 | 38 |
2028 | 35 |
2030-2034 | 119 |
Total | $ 309 |
Employee Benefit Plans - Summ_4
Employee Benefit Plans - Summary of Weighted Average Asset Allocation of Plan Assets by Asset Category (Detail) | Mar. 31, 2024 | Mar. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 100% | 100% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 20% | |
Weighted average asset allocation | 22% | 20% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 80% | |
Weighted average asset allocation | 78% | 80% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Values of Company's Pension Plan Assets by Asset Category (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 31,438 | $ 32,753 | $ 40,049 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31,438 | 32,753 | |
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 81 | 91 | |
Cash [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 81 | 91 | |
U.S. companies, Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,141 | 3,824 | |
U.S. companies, Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,141 | 3,824 | |
International companies, Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,610 | 2,555 | |
International companies, Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,610 | 2,555 | |
Fixed income, Corporate bond funds, Long-term [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24,606 | 26,283 | |
Fixed income, Corporate bond funds, Long-term [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 24,606 | $ 26,283 |
Employee Benefit Plans - Comp_2
Employee Benefit Plans - Components of Postretirement Benefit Expense (Income) and Pension Cost (Benefit) (Detail) - Other Postretirement Benefit Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost on projected benefit obligation | $ 15 | $ 15 | $ 13 |
Amortization of actuarial loss | 0 | 12 | 25 |
Net pension (benefit) cost and postretirement benefit expense | $ 15 | $ 27 | $ 38 |
Employee Benefit Plans - Weig_3
Employee Benefit Plans - Weighted Average Actuarial Assumptions Used to Develop Projected Benefit Obligation (Detail) - Other Postretirement Benefit Plans [Member] | Mar. 31, 2024 | Mar. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.08% | 4.76% |
Medical care cost trend rate | 7% | 7% |
Stock Compensation Plans - Addi
Stock Compensation Plans - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Aug. 11, 2020 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 1,188 | $ 785 | $ 780 | |
Income tax benefit to stock based compensation | 264 | 173 | 173 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense | $ 2,007 | |||
Weighted average period for recognize expense | 1 year 3 months 25 days | |||
Amended and Restated 2000 Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards available for future grants | 424 | |||
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 | |||
Amended and Restated 2000 Incentive Plan [Member] | Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option awards granted | 0 | |||
Amended and Restated 2000 Incentive Plan [Member] | Maximum [Member] | Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 722 | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 91 | $ 21 | $ 29 | |
Issued from common stock | 50 | 17 | 0 | |
Income tax benefit to stock based compensation | $ 20 | $ 5 | $ 7 | |
Maximum discount on purchase price of common stock percentage on fair market value | 15% | |||
Issue of treasury stock to the ESPP for the offering periods | 0 | 29 | 18 | |
Common stock may be purchased | 400 |
Stock Compensation Plans - Sche
Stock Compensation Plans - Schedule of Restricted Stock Units ("RSUs"), Performance Stock Units ("PSUs"), and Restricted Stock Awards ("RSAs") Granted (Detail) - shares shares in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Time Vesting Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | 78 | 126 | 76 | |
Time Vesting Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 38 | 37 | 22 |
Time Vesting Restricted Stock Units (RSUs) [Member] | Officers and Key Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 0 | 33 | 0 |
Performance Vesting Performance Stock Units (PSU) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | 79 | 112 | 88 | |
Performance Vesting Performance Stock Units (PSU) [Member] | Director [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 0 | 0 | 0 |
Performance Vesting Performance Stock Units (PSU) [Member] | Officers and Key Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 79 | 112 | 88 |
Time Vest One-Third Per Year [Member] | Officers and Key Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 40 | 56 | 54 |
Performance Vest One-Third Per Year [Member] | Officers and Key Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 0 | 0 | 0 |
[1] Subject to the terms of the applicable award. |
Stock Compensation Plans - Sc_2
Stock Compensation Plans - Schedule of Restricted Stock Units ("RSUs"), Performance Stock Units ("PSUs"), and Restricted Stock Awards ("RSAs") Granted (Parenthetical) (Detail) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Director [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation vesting percentage | 100% | ||
Vesting period | 1 year | ||
Officers and Key Employees [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation vesting percentage | 100% | ||
Vesting period | 3 years | ||
Officers and Key Employees [Member] | Time Vest One-Third Per Year [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation vesting percentage | 0.333% | ||
Officers and Key Employees [Member] | Performance Vest One-Third Per Year [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vesting period | 3 years | 3 years | 3 years |
Stock Compensation Plans - Summ
Stock Compensation Plans - Summary of Stock-Based Compensation Cost and Related Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||
Stock based compensation cost | $ 1,188 | $ 785 | $ 780 |
Related tax benefits | $ 264 | $ 173 | $ 173 |
Stock Compensation Plans - Stoc
Stock Compensation Plans - Stock Option Awards (Detail) - $ / shares shares in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Outstanding, Shares Under Option, Beginning Balance | 33 | 37 |
Exercised, Shares Under Option | 0 | 0 |
Cancelled, Shares Under Option | (33) | (4) |
Outstanding, Shares Under Option, Ending Balance | 0 | 33 |
Vested or expected to vest, Shares Under Option | 0 | |
Exercisable, Shares Under Option | 0 | |
Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 18.65 | $ 18.92 |
Cancelled, Weighted Average Exercise Price | $ 18.65 | 21.19 |
Outstanding, Weighted Average Exercise Price, Ending Balance | $ 18.65 |
Stock Compensation Plans - Sc_3
Stock Compensation Plans - Schedule of Restricted Stock Awards (Detail) - RSAs, RSUs and PSUs [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, Restricted Stock, Beginning Balance | 305 | 159 | 165 |
Restricted Stock, Granted | 157 | 238 | 164 |
Restricted Stock, Vested | (68) | (35) | (58) |
Restricted Stock, Forfeited | (25) | (57) | (112) |
Non-vested, Restricted Stock, Ending Balance | 369 | 305 | 159 |
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 11.09 | $ 18.59 | $ 20.56 |
Weighted Average Grant Date Fair Value, Granted | 10.95 | 8.51 | 18.29 |
Weighted Average Grant Date Fair Value, Vested | 11.96 | 8.14 | 18.15 |
Weighted Average Grant Date Fair Value, Forfeited | 15.29 | 18.86 | 21.29 |
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 11.05 | $ 11.09 | $ 18.59 |
Non-vested, Aggregate Intrinsic Value, Ending Balance | $ 10,083 |
Stock Compensation Plans - Su_2
Stock Compensation Plans - Summary of Issuance of Shares, Stock-Based Compensation Cost and Related Tax Benefits (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock based compensation cost | $ 1,188 | $ 785 | $ 780 |
Related tax benefits | $ 264 | $ 173 | $ 173 |
Employee Stock Purchase Plan [Member] | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Issued from treasury shares | 0 | 29 | 18 |
Issued from common stock | 50 | 17 | 0 |
Stock based compensation cost | $ 91 | $ 21 | $ 29 |
Related tax benefits | $ 20 | $ 5 | $ 7 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 96,933 | $ 96,494 | $ 97,929 |
Other comprehensive (loss) income before reclassifications | (209) | (1,515) | |
Amounts reclassified from accumulated other comprehensive loss | 659 | 523 | |
Total other comprehensive income (loss) | 450 | (992) | 926 |
Ending Balance | 105,566 | 96,933 | 96,494 |
Pension and Other Postretirement Benefits Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (7,470) | (6,970) | |
Other comprehensive (loss) income before reclassifications | 35 | (1,023) | |
Amounts reclassified from accumulated other comprehensive loss | 659 | 523 | |
Total other comprehensive income (loss) | 694 | (500) | |
Ending Balance | (6,776) | (7,470) | (6,970) |
Foreign Currency Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 7 | 499 | |
Other comprehensive (loss) income before reclassifications | (244) | (492) | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Total other comprehensive income (loss) | (244) | (492) | |
Ending Balance | (237) | 7 | 499 |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (7,463) | (6,471) | (7,397) |
Ending Balance | $ (7,013) | $ (7,463) | $ (6,471) |
Changes in Accumulated Other _4
Changes in Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before provision for income taxes | $ 5,574 | $ 561 | $ (11,216) | |
Provision (benefit) for income taxes | 1,018 | 194 | (2,443) | |
Net (loss) income | 4,556 | 367 | $ (8,773) | |
Reclassifications Out of Accumulated Other Comprehensive Loss [Member] | Amortization of Actuarial Loss [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before provision for income taxes | [1] | (843) | (672) | |
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] | ||||
Income before provision for income taxes | (843) | (672) | ||
Provision (benefit) for income taxes | (184) | (149) | ||
Net (loss) income | $ (659) | $ (523) | ||
[1] These accumulated other comprehensive loss components are included within the computation of net periodic pension and other postretirement benefit costs. See Note 12 . |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Mar. 31, 2024 Customer Segment | Mar. 31, 2023 Customer | Mar. 31, 2022 Customer | |
Segment Reporting Information [Line Items] | |||
Number of reportable operating segments | Segment | 1 | ||
Customer Concentration Risk [Member] | Net Sales [Member] | Customer One [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of customers | 1 | 1 | 1 |
Concentration risk percentage | 16% | 15% | 12% |
Customer Concentration Risk [Member] | Net Sales [Member] | Customer Two [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of customers | 2 | 2 | 2 |
Concentration risk percentage | 15% | 12% | 10% |
Purchase of Treasury Stock - Ad
Purchase of Treasury Stock - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Jan. 29, 2015 | |
Equity [Abstract] | ||||
Stock repurchase program authorized amount | $ 18,000,000 | |||
Number of shares purchased during period | 0 | 0 | 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2024 USD ($) | |
Misconduct Employees | |
Loss Contingencies [Line Items] | |
Misconduct totaled | $ 150 |
Other Operating (Income) Expe_2
Other Operating (Income) Expense, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Aug. 09, 2021 | Mar. 31, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Sep. 30, 2021 | |
Agreement [Member] | Other Noncurrent Liabilities [Member] | |||||
Other Operating Income Net [Line Items] | |||||
Restructuring reserve | $ 0 | $ 0 | |||
Other Operating Income (Expense) [Member] | P3 Technologies, LLC [Member] | |||||
Other Operating Income Net [Line Items] | |||||
Fair value of contingent liability | 80 | ||||
Other Operating Income (Expense) [Member] | Barber Nichols Inc [Member] | |||||
Other Operating Income Net [Line Items] | |||||
Fair value of contingent liability | $ 1,900 | ||||
Other Operating Income (Expense) [Member] | Agreement [Member] | |||||
Other Operating Income Net [Line Items] | |||||
Severance costs | $ 798 | $ 275 | |||
Other Operating Income (Expense) [Member] | Transaction Agreement [Member] | |||||
Other Operating Income Net [Line Items] | |||||
Accrued liabilities | $ 0 | $ 0 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Reserve for Doubtful Accounts Receivable [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 1,841 | $ 87 | $ 29 |
Charged to Costs and Expenses | 587 | 1,765 | 163 |
Charged to Other Accounts | 0 | 0 | 21 |
Deductions | (2,349) | (11) | (126) |
Balance at End of Period | 79 | 1,841 | 87 |
Accrued expenses | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 0 | 760 | 0 |
Charged to Costs and Expenses | 0 | 1,073 | |
Charged to Other Accounts | 0 | 0 | |
Deductions | (760) | (313) | |
Balance at End of Period | 0 | 760 | |
Product Warranty Liability [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 578 | 441 | 626 |
Charged to Costs and Expenses | 410 | 364 | 386 |
Charged to Other Accounts | 0 | 0 | 169 |
Deductions | (182) | (227) | (740) |
Balance at End of Period | $ 806 | $ 578 | $ 441 |