Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2019 | Jan. 24, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | GHM | |
Entity Registrant Name | GRAHAM CORP | |
Entity Central Index Key | 0000716314 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, Par Value $0.10 Per Share | |
Security Exchange Name | NYSE | |
Entity File Number | 1-8462 | |
Entity Tax Identification Number | 16-1194720 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 20 Florence Avenue | |
Entity Address, City or Town | Batavia | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14020 | |
City Area Code | 585 | |
Local Phone Number | 343-2216 | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 9,891,052 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 25,286 | $ 17,198 | $ 67,522 | $ 68,190 |
Cost of products sold | 21,242 | 13,456 | 53,816 | 51,079 |
Gross profit | 4,044 | 3,742 | 13,706 | 17,111 |
Other expenses and income: | ||||
Selling, general and administrative | 4,441 | 4,249 | 12,844 | 13,518 |
Selling, general and administrative – amortization | 59 | 11 | 178 | |
Other expense | 523 | |||
Other income | (87) | (206) | (261) | (618) |
Interest income | (318) | (404) | (1,080) | (1,044) |
Interest expense | 2 | 5 | 9 | 8 |
Total other expenses and income | 4,038 | 3,703 | 12,046 | 12,042 |
Income before provision for income taxes | 6 | 39 | 1,660 | 5,069 |
(Benefit) provision for income taxes | (3) | (56) | 364 | 824 |
Net income | $ 9 | $ 95 | $ 1,296 | $ 4,245 |
Basic: | ||||
Net income | $ 0.01 | $ 0.13 | $ 0.43 | |
Diluted: | ||||
Net income | $ 0.01 | $ 0.13 | $ 0.43 | |
Weighted average common shares outstanding: | ||||
Basic | 9,884 | 9,832 | 9,874 | 9,817 |
Diluted | 9,888 | 9,845 | 9,877 | 9,832 |
Dividends declared per share | $ 0.11 | $ 0.10 | $ 0.32 | $ 0.29 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 9 | $ 95 | $ 1,296 | $ 4,245 |
Other comprehensive income: | ||||
Foreign currency translation adjustment | 88 | 10 | (135) | (323) |
Defined benefit pension and other postretirement plans net of income tax expense of $55 and $48, for the three months ended December 31, 2019 and 2018, respectively, and $164 and $145 for the nine months ended December 31, 2019 and 2018, respectively | 194 | 170 | 583 | 510 |
Total other comprehensive income | 282 | 180 | 448 | 187 |
Total comprehensive income | $ 291 | $ 275 | $ 1,744 | $ 4,432 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Defined benefit pension and other postretirement plans, tax | $ 55 | $ 48 | $ 164 | $ 145 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 10,851 | $ 15,021 |
Investments | 59,000 | 62,732 |
Trade accounts receivable, net of allowances ($35 and $33 at December 31 and March 31, 2019, respectively) | 17,901 | 17,582 |
Unbilled revenue | 14,321 | 7,522 |
Inventories | 20,408 | 24,670 |
Prepaid expenses and other current assets | 1,289 | 1,333 |
Income taxes receivable | 772 | 1,073 |
Assets held for sale | 4,850 | |
Total current assets | 124,542 | 134,783 |
Property, plant and equipment, net | 16,906 | 17,071 |
Prepaid pension asset | 4,920 | 4,267 |
Operating lease assets | 283 | |
Other assets | 150 | 149 |
Total assets | 146,801 | 156,270 |
Current liabilities: | ||
Current portion of finance lease obligations | 47 | 51 |
Accounts payable | 9,253 | 12,405 |
Accrued compensation | 4,855 | 5,126 |
Accrued expenses and other current liabilities | 2,835 | 2,933 |
Customer deposits | 28,816 | 30,847 |
Operating lease liabilities | 153 | |
Liabilities held for sale | 3,525 | |
Total current liabilities | 45,959 | 54,887 |
Finance lease obligations | 61 | 95 |
Operating lease liabilities | 122 | |
Deferred income tax liability | 1,273 | 1,056 |
Accrued pension liability | 726 | 662 |
Accrued postretirement benefits | 619 | 604 |
Total liabilities | 48,760 | 57,304 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Preferred stock, $1.00 par value, 500 shares authorized | ||
Common stock, $.10 par value, 25,500 shares authorized, 10,700 and 10,650 shares issued and 9,884 and 9,843 shares outstanding at December 31 and March 31, 2019, respectively | 1,070 | 1,065 |
Capital in excess of par value | 26,057 | 25,277 |
Retained earnings | 91,900 | 93,847 |
Accumulated other comprehensive loss | (8,385) | (8,833) |
Treasury stock (816 and 807 shares at December 31 and March 31, 2019, respectively) | (12,601) | (12,390) |
Total stockholders’ equity | 98,041 | 98,966 |
Total liabilities and stockholders’ equity | $ 146,801 | $ 156,270 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Allowances on trade accounts receivable | $ 35 | $ 33 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 25,500,000 | 25,500,000 |
Common stock, shares issued | 10,700,000 | 10,650,000 |
Common stock, shares outstanding | 9,884,000 | 9,843,000 |
Treasury stock, shares | 816,000 | 807,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | ||
Net income | $ 1,296 | $ 4,245 |
Adjustments to reconcile net income to net cash (used) provided by operating activities: | ||
Depreciation | 1,468 | 1,469 |
Amortization | 11 | 178 |
Amortization of unrecognized prior service cost and actuarial losses | 747 | 655 |
Equity-based compensation expense | 731 | 797 |
(Gain) loss on disposal or sale of property, plant and equipment | (2) | 30 |
Loss on sale of Energy Steel & Supply Co. | 87 | |
Deferred income taxes | 33 | 128 |
(Increase) decrease in operating assets: | ||
Accounts receivable | (438) | 3,050 |
Unbilled revenue | (6,799) | (2,011) |
Inventories | 4,225 | 1,813 |
Prepaid expenses and other current and non-current assets | (7) | (773) |
Income taxes receivable | 301 | 770 |
Operating lease assets | 176 | |
Prepaid pension asset | (653) | (893) |
Increase (decrease) in operating liabilities: | ||
Accounts payable | (3,036) | (8,136) |
Accrued compensation, accrued expenses and other current and non-current liabilities | (299) | 946 |
Customer deposits | (1,938) | 6,177 |
Operating lease liabilities | (101) | |
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits | 79 | 90 |
Net cash (used) provided by operating activities | (4,119) | 8,535 |
Investing activities: | ||
Purchase of property, plant and equipment | (1,389) | (1,471) |
Proceeds from disposal of property, plant and equipment | 2 | |
Proceeds from the sale of Energy Steel & Supply Co. | 602 | |
Purchase of investments | (141,414) | (101,343) |
Redemption of investments at maturity | 145,146 | 73,633 |
Net cash provided (used) by investing activities | 2,947 | (29,181) |
Financing activities: | ||
Principal repayments on finance lease obligations | (38) | (81) |
Issuance of common stock | 24 | 171 |
Dividends paid | (3,163) | (2,851) |
Purchase of treasury stock | (230) | (146) |
Net cash used by financing activities | (3,407) | (2,907) |
Effect of exchange rate changes on cash | (143) | (228) |
Net decrease in cash and cash equivalents, including cash classified within current assets held for sale | (4,722) | (23,781) |
Plus: Net decrease in cash classified within current assets held for sale | 552 | |
Net decrease in cash and cash equivalents | (4,170) | (23,781) |
Cash and cash equivalents at beginning of period | 15,021 | 40,456 |
Cash and cash equivalents at end of period | $ 10,851 | $ 16,675 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
Beginning Balance at Mar. 31, 2018 | $ 103,349 | $ 1,058 | $ 23,826 | $ 99,011 | $ (8,250) | $ (12,296) |
Beginning balance, shares at Mar. 31, 2018 | 10,579 | |||||
Cumulative effect of change in accounting principle | (1,022) | (1,022) | ||||
Comprehensive income | 2,294 | 2,323 | (29) | |||
Issuance of shares | 102 | $ 6 | 96 | |||
Issuance of shares, shares | 59 | |||||
Dividends | (885) | (885) | ||||
Recognition of equity-based compensation expense | 260 | 260 | ||||
Purchase of treasury stock | (146) | (146) | ||||
Ending Balance at Jun. 30, 2018 | 103,952 | $ 1,064 | 24,182 | 99,427 | (8,279) | (12,442) |
Ending Balance, shares at Jun. 30, 2018 | 10,638 | |||||
Beginning Balance at Mar. 31, 2018 | 103,349 | $ 1,058 | 23,826 | 99,011 | (8,250) | (12,296) |
Beginning balance, shares at Mar. 31, 2018 | 10,579 | |||||
Comprehensive income | 4,432 | |||||
Ending Balance at Dec. 31, 2018 | 104,809 | $ 1,064 | 24,835 | 99,383 | (8,063) | (12,410) |
Ending Balance, shares at Dec. 31, 2018 | 10,641 | |||||
Beginning Balance at Jun. 30, 2018 | 103,952 | $ 1,064 | 24,182 | 99,427 | (8,279) | (12,442) |
Beginning balance, shares at Jun. 30, 2018 | 10,638 | |||||
Comprehensive income | 1,863 | 1,827 | 36 | |||
Issuance of shares | 69 | 69 | ||||
Issuance of shares, shares | 4 | |||||
Dividends | (983) | (983) | ||||
Recognition of equity-based compensation expense | 274 | 274 | ||||
Issuance of treasury stock | 79 | 47 | 32 | |||
Ending Balance at Sep. 30, 2018 | 105,254 | $ 1,064 | 24,572 | 100,271 | (8,243) | (12,410) |
Ending Balance, shares at Sep. 30, 2018 | 10,642 | |||||
Comprehensive income | 275 | 95 | 180 | |||
Forfeiture of shares, shares | (1) | |||||
Dividends | (983) | (983) | ||||
Recognition of equity-based compensation expense | 263 | 263 | ||||
Ending Balance at Dec. 31, 2018 | 104,809 | $ 1,064 | 24,835 | 99,383 | (8,063) | (12,410) |
Ending Balance, shares at Dec. 31, 2018 | 10,641 | |||||
Beginning Balance at Mar. 31, 2019 | 98,966 | $ 1,065 | 25,277 | 93,847 | (8,833) | (12,390) |
Beginning balance, shares at Mar. 31, 2019 | 10,650 | |||||
Cumulative effect of change in accounting principle | (80) | (80) | ||||
Comprehensive income | 189 | 82 | 107 | |||
Issuance of shares | $ 8 | (8) | ||||
Issuance of shares, shares | 83 | |||||
Forfeiture of shares | $ (3) | 3 | ||||
Forfeiture of shares, shares | (34) | |||||
Dividends | (988) | (988) | ||||
Recognition of equity-based compensation expense | 88 | 88 | ||||
Purchase of treasury stock | (230) | (230) | ||||
Ending Balance at Jun. 30, 2019 | 97,945 | $ 1,070 | 25,360 | 92,861 | (8,726) | (12,620) |
Ending Balance, shares at Jun. 30, 2019 | 10,699 | |||||
Beginning Balance at Mar. 31, 2019 | 98,966 | $ 1,065 | 25,277 | 93,847 | (8,833) | (12,390) |
Beginning balance, shares at Mar. 31, 2019 | 10,650 | |||||
Comprehensive income | 1,744 | |||||
Ending Balance at Dec. 31, 2019 | 98,041 | $ 1,070 | 26,057 | 91,900 | (8,385) | (12,601) |
Ending Balance, shares at Dec. 31, 2019 | 10,700 | |||||
Beginning Balance at Jun. 30, 2019 | 97,945 | $ 1,070 | 25,360 | 92,861 | (8,726) | (12,620) |
Beginning balance, shares at Jun. 30, 2019 | 10,699 | |||||
Comprehensive income | 1,264 | 1,205 | 59 | |||
Dividends | (1,087) | (1,087) | ||||
Recognition of equity-based compensation expense | 324 | 324 | ||||
Issuance of treasury stock | 49 | 30 | 19 | |||
Ending Balance at Sep. 30, 2019 | 98,495 | $ 1,070 | 25,714 | 92,979 | (8,667) | (12,601) |
Ending Balance, shares at Sep. 30, 2019 | 10,699 | |||||
Comprehensive income | 291 | 9 | 282 | |||
Issuance of shares | 24 | 24 | ||||
Issuance of shares, shares | 2 | |||||
Forfeiture of shares, shares | (1) | |||||
Dividends | (1,088) | (1,088) | ||||
Recognition of equity-based compensation expense | 319 | 319 | ||||
Ending Balance at Dec. 31, 2019 | $ 98,041 | $ 1,070 | $ 26,057 | $ 91,900 | $ (8,385) | $ (12,601) |
Ending Balance, shares at Dec. 31, 2019 | 10,700 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1 – BASIS OF PRESENTATION: Graham Corporation's (the "Company's") Condensed Consolidated Financial Statements include its wholly-owned foreign subsidiaries located in Suzhou, China and Ahmedabad, India. During the fiscal year ended March 31, 2019 ("fiscal 2019"), the Company decided to divest of its wholly-owned domestic subsidiary, Energy Steel & Supply Co. ("Energy Steel"), located in Lapeer, Michigan. The sale of Energy Steel was completed in June 2019 and the accompanying Condensed Consolidated Financial Statements include the results of operations of Energy Steel for the period April 1, 2018 through June 23, 2019. The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, each as promulgated by the U.S. Securities and Exchange Commission. The Company's Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for complete financial statements. The unaudited Condensed Consolidated Balance Sheet as of March 31, 2019 presented herein was derived from the Company’s audited Consolidated Balance Sheet as of March 31, 2019. For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for fiscal 2019. In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair presentation, have been included in the Company's Condensed Consolidated Financial Statements. The Company's results of operations and cash flows for the three and nine months ended December 31, 2019 are not necessarily indicative of the results that may be expected for the current fiscal year, which ends March 31, 2020 ("fiscal 2020"). |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | NOTE 2 – REVENUE RECOGNITION: The Company accounts for revenue in accordance with Accounting Standard Codification 606, “Revenue from Contracts with Customers” (“ASC 606”), which it adopted on April 1, 2018 using the modified retrospective approach. The Company recognizes revenue on contracts when or as it satisfies a performance obligation by transferring control of the product to the customer. For contracts in which revenue is recognized upon shipment, control is generally transferred when products are shipped, title is transferred, significant risks of ownership have transferred, the Company has rights to payment, and rewards of ownership pass to the customer. For contracts in which revenue is recognized over time, control is generally transferred as the Company creates an asset that does not have an alternative use to the Company and the Company has an enforceable right to payment for the performance completed to date. The following table presents the Company’s revenue disaggregated by product line and geographic area: Three Months Ended Nine Months Ended December 31, December 31, Product Line 2019 2018 2019 2018 Heat transfer equipment $ 7,062 $ 5,164 $ 21,394 $ 15,495 Vacuum equipment 12,969 3,765 27,232 28,823 All other 5,255 8,269 18,896 23,872 Net sales $ 25,286 $ 17,198 $ 67,522 $ 68,190 Geographic Region Asia $ 723 $ 966 $ 4,960 $ 5,591 Canada 2,666 549 5,910 15,672 Middle East 7,498 806 8,783 1,705 South America 808 47 3,284 239 U.S. 13,409 14,320 43,589 42,846 All other 182 510 996 2,137 Net sales $ 25,286 $ 17,198 $ 67,522 $ 68,190 A performance obligation represents a promise in a contract to provide a distinct good or service to a customer and is the unit of accounting pursuant to ASC 606. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Transaction price reflects the amount of consideration to which the Company expects to be entitled in exchange for transferred products. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized as the performance obligation is satisfied. In certain cases, the Company may separate a contract into more than one performance obligation, while in other cases, several products may be part of a fully integrated solution and are bundled into a single performance obligation. If a contract is separated into more than one performance obligation, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods underlying each performance obligation. The Company has made an accounting policy election to exclude from the measurement of the contract price all taxes assessed by government authorities that are collected by the Company from its customers. The Company does not adjust the contract price for the effects of a financing component if the Company expects, at contract inception, that the period between when a product is transferred to a customer and when the customer pays for the product will be one year or less. Shipping and handling fees billed to the customer are recorded in revenue and the related costs incurred for shipping and handling are included in cost of products sold. Revenue on the majority of the Company’s contracts, as measured by number of contracts, is recognized upon shipment to the customer, however, revenue on larger contracts, which are fewer in number but represent the majority of revenue, is recognized over time as these contracts meet specific criteria established in ASC 606. Revenue from contracts that is recognized upon shipment accounted for approximately 20% and 50% of revenue for the three-month periods ended December 31, 2019 and 2018, respectively, and revenue from contracts that is recognized over time accounted for approximately 80% and 50% of revenue for the three-month periods ended December 31, 2019 and 2018, respectively. Revenue from contracts that is recognized upon shipment accounted for approximately 30% and 40% of revenue for the nine-month periods ended December 31, 2019 and 2018, respectively, and revenue from contracts that is recognized over time accounted for approximately 70% and 60% of revenue for the nine-month periods ended December 31, 2019 and 2018, respectively. 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 or an output method based upon completion of operational milestones, depending upon the nature of the contract. The Company has established the systems and procedures essential to developing the estimates required to account for performance obligations over time. These procedures include monthly review by management of costs incurred, progress towards completion, identified risks and opportunities, sourcing determinations, changes in estimates of costs yet to be incurred, availability of materials, and execution by subcontractors. Sales and earnings are adjusted in current accounting periods based on revisions in the contract value due to pricing changes and estimated costs at completion. Losses on contracts are recognized immediately when evident to management. The timing of revenue recognition, invoicing and cash collections affect trade accounts receivable, unbilled revenue (contract assets) and customer deposits (contract liabilities) on the Condensed Consolidated Balance Sheets. Unbilled revenue represents revenue on contracts that is recognized over time and exceeds the amount that has been billed to the customer. Unbilled revenue is separately presented in the Condensed Consolidated Balance Sheets. The Company may have an unconditional right to payment upon billing and prior to satisfying the performance obligations. The Company will then record a contract liability and an offsetting asset of equal amount until the deposit is collected and the performance obligations are satisfied. Customer deposits are separately presented in the Condensed Consolidated Balance Sheets. Customer deposits are not considered a significant financing component as they are generally received less than one year before the product is completed. In addition, customer deposits are used to procure specific material on a contract and fund related overhead costs incurred during design and construction. Net contract assets (liabilities) consisted of the following: December 31, 2019 March 31, 2019 Change Unbilled revenue (contract assets) $ 14,321 $ 7,522 $ 6,799 Customer deposits (contract liabilities) (28,816 ) (30,847 ) 2,031 Net contract liabilities $ (14,495 ) $ (23,325 ) $ 8,830 Contract liabilities at December 31, 2019 and March 31, 2019 include $3,101 and $6,382, respectively, of customer deposits for which the Company has an unconditional right to collect payment. Trade accounts receivable, as presented on the Condensed Consolidated Balance Sheets, includes corresponding balances at December 31, 2019 and March 31, 2019, respectively. Revenue recognized in the three and nine months ended December 31, 2019 that was included in the contract liability balance at March 31, 2019 was $2,276 and $13,308, respectively. Changes in the net contract liability balance during the nine months ended December 31, 2019 were impacted by a $6,799 increase in contract assets, of which $19,675 was due to contract progress offset by invoicing to customers of $12,876. In addition, contract liabilities decreased $2,031 driven by revenue recognized in the current period that was included in the contract liability balance at March 31, 2019 offset by new customer deposits of $11,277. Receivables billed but not paid under retainage provisions in the Company’s customer contracts were $1,901 and $2,214 at December 31, 2019 and March 31, 2019, respectively. Incremental costs to obtain a contract consist of sales employee and agent commissions. Commissions paid to employees and sales agents are capitalized when paid and amortized to selling, general and administrative expense when the related revenue is recognized. Capitalized costs, net of amortization, to obtain a contract were $64 and $133 at December 31, 2019 and March 31, 2019, respectively, and are included in the line item "Prepaid expenses and other current assets" in the Condensed Consolidated Balance Sheets. The related amortization expense was $53 and $33 in the three months ended December 31, 2019 and 2018, respectively, and $139 and $115 in the nine months ended December 31, 2019 and 2018, 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 December 31, 2019, the Company had remaining unsatisfied performance obligations of $122,899. The Company expects to recognize revenue on approximately 55% to 60% of the remaining performance obligations within one year, 10% to 15% in one to two years and the remaining beyond two years. |
Investments
Investments | 9 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | NOTE 3 – INVESTMENTS: Investments consist of certificates of deposits with financial institutions. All investments have original maturities of greater than three months and less than one year and are classified as held-to-maturity, as the Company believes it has the intent and ability to hold the securities to maturity. Investments are stated at amortized cost which approximates fair value. All investments held by the Company at December 31, 2019 are scheduled to mature on or before March 30, 2020. |
Inventories
Inventories | 9 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4 – INVENTORIES: Inventories are stated at the lower of cost or net realizable value, using the average cost method. Major classifications of inventories are as follows: December 31, March 31, 2019 2019 Raw materials and supplies $ 2,854 $ 2,787 Work in process 16,463 20,553 Finished products 1,091 1,330 Total $ 20,408 $ 24,670 |
Assets and Liabilities Held for
Assets and Liabilities Held for Sale | 9 Months Ended |
Dec. 31, 2019 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Assets and Liabilities Held for Sale | NOTE 5 – ASSETS AND LIABILITIES HELD FOR SALE: In March 2019, the Company ' On June 24, 2019, the Company completed the sale of Energy Steel to Hayward Tyler, a division of Avingtrans PLC, a global leader in performance-critical pumps and motors for the energy sector. Under the terms of the stock purchase agreement, the Company received proceeds of $602, subject to certain adjustments, including a customary working capital adjustment. The purchase price was finalized within 90 days of the sale and no adjustments to the purchase price were required. In addition, $202 of Energy Steel’s net accounts receivable was retained by the Company. The Company recognized a loss on the disposal of $87 in the first quarter of fiscal 2020. As of June 24, 2019, all of the Energy Steel assets and liabilities were legally transferred, and therefore, are not included in the Company’s Condensed Consolidated Balance Sheet at December 31, 2019. The following table reconciles the major classes of assets and liabilities classified as held for sale in the Condensed Consolidated Balance Sheet at March 31, 2019: March 31, 2019 Major classes of assets included as held for sale Cash $ 552 Trade accounts receivable, net of allowances 1,921 Unbilled revenue 302 Inventories 1,809 Prepaid expenses and other current assets 130 Income taxes receivable 10 Deferred tax asset 126 Total major classes of assets included as held for sale $ 4,850 Major classes of liabilities included as held for sale Accounts payable $ 520 Accrued compensation 326 Accrued expenses and other current liabilities 746 Customer deposits 1,933 Total major classes of liabilities included as held for sale $ 3,525 |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | NOTE 6 – EQUITY-BASED COMPENSATION: The Amended and Restated 2000 Graham Corporation Incentive Plan to Increase Shareholder Value, as approved by the Company’s stockholders at the Annual Meeting on July 28, 2016, provides for the issuance of up to 1,375 shares of common stock in connection with grants of incentive stock options, non-qualified stock options, stock awards and performance awards to officers, key employees and outside directors; provided, however, that no more than 467 shares of common stock may be used for awards other than stock options. Stock options may be granted at prices not less than the fair market value at the date of grant and expire no later than ten years after the date of grant. No restricted stock awards were granted in the three-month periods ended December 31, 2019 and 2018. Restricted stock awards granted in the nine-month periods ended December 31, 2019 and 2018 were 83 and 53, respectively. Restricted shares of 40 and 27 granted to officers in fiscal 2020 and fiscal 2019, respectively, vest 100% on the third anniversary of the grant date subject to the satisfaction of the performance metrics for the applicable three-year period. Restricted shares of 28 and 20 granted to officers and key employees in fiscal 2020 and fiscal 2019, respectively, vest 33⅓% per year over a three-year term. Restricted shares of 15 and 6 granted to directors in fiscal 2020 and fiscal 2019, respectively, vest 100% on the first year anniversary of the grant date. No stock option awards were granted in the three-month or nine-month periods ended December 31, 2019 and 2018. During the three months ended December 31, 2019 and 2018, the Company recognized equity-based compensation costs related to restricted stock awards of $308 and $263, respectively. The income tax benefit recognized related to equity-based compensation was $67 and $59 for the three months ended December 31, 2019 and 2018, respectively. During the nine months ended December 31, 2019 and 2018, the Company recognized equity-based compensation costs related to restricted stock awards of $709 and $797, respectively. The income tax benefit recognized related to equity-based compensation was $156 and $177 for the nine months ended December 31, 2019 and 2018, respectively. The Company has an Employee Stock Purchase Plan (the "ESPP"), which allows eligible employees to purchase shares of the Company's common stock at a discount of up to 15% of its fair market value on the (1) last, (2) first or (3) lower of the last or first day of the six-month offering period. A total of 200 shares of common stock may be purchased under the ESPP. During the three months ended December 31, 2019 and 2018, the Company recognized equity-based compensation costs of $11 and $0, respectively, related to the ESPP and $3 and $0, respectively, of related tax benefits. During the nine months ended December 31, 2019 and 2018, the Company recognized equity-based compensation costs of $22 and $0, respectively, related to the ESPP and $5 and $0, respectively, of related tax benefits. |
Income Per Share
Income Per Share | 9 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Income Per Share | NOTE 7 – INCOME PER SHARE: Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted income per share is calculated by dividing net income by the weighted average number of common shares outstanding and, when applicable, potential common shares outstanding during the period. A reconciliation of the numerators and denominators of basic and diluted income per share is presented below: Three Months Ended Nine Months Ended December 31, December 31, 2019 2018 2019 2018 Basic income per share Numerator: Net income $ 9 $ 95 $ 1,296 $ 4,245 Denominator: Weighted average common shares outstanding 9,884 9,832 9,874 9,817 Basic income per share $ — $ .01 $ .13 $ .43 Diluted income per share Numerator: Net income $ 9 $ 95 $ 1,296 $ 4,245 Denominator: Weighted average common shares outstanding 9,884 9,832 9,874 9,817 Stock options outstanding 4 13 3 15 Weighted average common and potential common shares outstanding 9,888 9,845 9,877 9,832 Diluted income per share $ — $ .01 $ .13 $ .43 |
Product Warranty Liability
Product Warranty Liability | 9 Months Ended |
Dec. 31, 2019 | |
Guarantees [Abstract] | |
Product Warranty Liability | NOTE 8 – PRODUCT WARRANTY LIABILITY: The reconciliation of the changes in the product warranty liability is as follows: Three Months Ended Nine Months Ended December 31, December 31, 2019 2018 2019 2018 Balance at beginning of period $ 348 $ 349 $ 366 $ 493 Expense for product warranties 67 76 96 87 Product warranty claims paid (3 ) (15 ) (50 ) (170 ) Balance at end of period $ 412 $ 410 $ 412 $ 410 The product warranty liability is included in the line item "Accrued expenses and other current liabilities" in the Condensed Consolidated Balance Sheets. |
Leases
Leases | 9 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | NOTE 9 – LEASES: The Company accounts for leases in accordance with Accounting Standard Codification 842, "Leases," which it adopted on April 1, 2019 using the modified retrospective approach. See Note 16 to the Condensed Consolidated Financial Statements for further discussion of this adoption. The Company leases certain manufacturing facilities, office space, machinery and office equipment. An arrangement is considered to contain a lease if it conveys the right to use and control an identified asset for a period of time in exchange for consideration. If it is determined that an arrangement contains a lease, then a classification of a lease as operating or finance is determined by evaluating the five criteria outlined in the lease accounting guidance at inception. Leases generally have remaining terms of one year to five years, whereas leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Balance Sheets. The depreciable life of leased assets related to finance leases is limited by the expected term of the lease, unless there is a transfer of title or purchase option that the Company believes is reasonably certain of exercise. Certain leases include options to renew or terminate. Renewal options are exercisable per the discretion of the Company and vary based on the nature of each lease. The term of the lease includes renewal periods only if the Company is reasonably certain that it will exercise the renewal option. When determining if a renewal option is reasonably certain of being exercised, the Company considers several factors, including but not limited to, the cost of moving to another location, the cost of disrupting operations, whether the purpose or location of the leased asset is unique and the contractual terms associated with extending the lease. The Company’s lease agreements do not contain any residual value guarantees or any material restrictive covenants and the Company does not sublease to any third parties. As of December 31, 2019, the Company did not have any material leases that have been signed but not commenced. Right-of-use (“ROU”) lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments in exchange for that right of use. Finance lease ROU assets and operating lease ROU assets are included in the line items “Property, plant and equipment, net” and “Operating lease assets”, respectively, in the Condensed Consolidated Balance Sheets. The current portion and non-current portion of finance and operating lease liabilities are all presented separately in the Condensed Consolidated Balance Sheets. The discount rate implicit within the Company’s leases is generally not readily determinable, and therefore, the Company uses an incremental borrowing rate in determining the present value of lease payments based on rates available at commencement. The weighted average remaining lease term and discount rate for finance and operating leases are as follows: December 31, 2019 Finance Leases Weighted-average remaining lease term in years 1.38 Weighted-average discount rate 9.27 % Operating Leases Weighted-average remaining lease term in years 2.25 Weighted-average discount rate 5.44 % The components of lease expense are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2019 2019 Finance lease cost: Amortization of right-of-use assets $ 13 $ 39 Interest on lease liabilities 3 9 Operating lease cost 42 188 Short-term lease cost 3 20 Total lease cost $ 61 $ 256 Operating lease costs during the three and nine months ended December 31, 2019 were included within cost of sales and selling, general and administrative expenses. As of December 31, 2019, future minimum payments required under non-cancelable leases are: Operating Leases Finance Leases Remainder of 2020 $ 26 $ 15 2021 163 48 2022 63 26 2023 33 26 2024 7 11 2025 — — Total lease payments 292 126 Less – amount representing interest 17 18 Present value of net minimum lease payments $ 275 $ 108 The Company’s future minimum lease commitments for operating leases as of March 31, 2019 for the fiscal years 2020 through 2024 were $501, $301, $37, $32, and $8, respectively. Future minimum lease commitments for finance leases as of March 31, 2019 for the fiscal years 2020 through 2024 were $62, $47, $26, $26, and $11, respectively. ROU assets obtained in exchange for new operating lease liabilities were $3 and $224 in the three and nine months ended December 31, 2019. |
Cash Flow Statement
Cash Flow Statement | 9 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Statement | NOTE 10 – CASH FLOW STATEMENT: Interest paid was $9 and $8 in the nine-month periods ended December 31, 2019 and 2018, respectively. Income taxes paid (refunded) for the nine months ended December 31, 2019 and 2018 were $27 and $(74), respectively. In the nine months ended December 31, 2019 and 2018, non-cash activities included the issuance of treasury stock valued at $49 and $79, respectively, to the Company’s ESPP. At December 31, 2019 and 2018, there were $10 and $242, respectively, of capital purchases that were recorded in accounts payable and are not included in the caption "Purchase of property, plant and equipment" in the Condensed Consolidated Statements of Cash Flows. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 11 – EMPLOYEE BENEFIT PLANS: The components of pension cost are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2019 2018 2019 2018 Service cost $ 124 $ 142 $ 372 $ 428 Interest cost 322 335 968 1,005 Expected return on assets (663 ) (766 ) (1,992 ) (2,297 ) Amortization of actuarial loss 242 212 726 635 Net pension cost (income) $ 25 $ (77 ) $ 74 $ (229 ) The Company made no contributions to its defined benefit pension plan during the nine months ended December 31, 2019 and does not expect to make any contributions to the plan for the balance of fiscal 2020. The components of the postretirement benefit cost are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2019 2018 2019 2018 Interest cost $ 5 $ 7 $ 16 $ 19 Amortization of actuarial loss 7 6 21 20 Net postretirement benefit cost $ 12 $ 13 $ 37 $ 39 The Company paid benefits of $1 related to its postretirement benefit plan during the nine months ended December 31, 2019. The Company expects to pay benefits of approximately $77 for the balance of fiscal 2020. The components of net periodic benefit cost other than service cost are included in the line item “Other income” in the Condensed Consolidated Statements of Income. The Company self-funds the medical insurance coverage it provides to its U.S. based employees. The Company maintains a stop loss insurance policy in order to limit its exposure to claims. The liability of $140 and $150 on December 31, 2019 and March 31, 2019, respectively, related to the self-insured medical plan is primarily based upon claim history and is included in the caption “Accrued compensation” as a current liability in the Condensed Consolidated Balance Sheets. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 12 – COMMITMENTS AND CONTINGENCIES: The Company has been named as a defendant in lawsuits alleging personal injury from exposure to asbestos allegedly contained in, or accompanying, products made by the Company. The Company is a co-defendant with numerous other defendants in these lawsuits and intends to vigorously defend itself against these claims. The claims in the Company’s current lawsuits are similar to those made in previous asbestos-related suits that named the Company as a defendant, which either were dismissed when it was shown that the Company had not supplied products to the plaintiffs’ places of work or were settled for immaterial amounts. The Company cannot provide any assurances that any pending or future matters will be resolved in the same manner as previous lawsuits. As of December 31, 2019, 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. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 13 – INCOME TAXES: The Company files federal and state income tax returns in several domestic and international jurisdictions. In most tax jurisdictions, returns are subject to examination by the relevant tax authorities for a number of years after the returns have been filed. The Company is subject to U.S. federal examination for the tax years 2015 through 2018 and examination in state tax jurisdictions for the tax years 2014 through 2018. The Company is subject to examination in the People’s Republic of China for tax years 2016 through 2018. There was no liability for unrecognized tax benefits at either December 31, 2019 or March 31, 2019. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 9 Months Ended |
Dec. 31, 2019 | |
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 the nine months ended December 31, 2019 and 2018 are as follows: Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2019 $ (8,947 ) $ 114 $ (8,833 ) Other comprehensive loss before reclassifications — (135 ) (135 ) Amounts reclassified from accumulated other comprehensive loss 583 — 583 Net current-period other comprehensive income (loss) 583 (135 ) 448 Balance at December 31, 2019 $ (8,364 ) $ (21 ) $ (8,385 ) Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2018 $ (8,599 ) $ 349 $ (8,250 ) Other comprehensive loss before reclassifications — (323 ) (323 ) Amounts reclassified from accumulated other comprehensive loss 510 — 510 Net current-period other comprehensive income (loss) 510 (323 ) 187 Balance at December 31, 2018 $ (8,089 ) $ 26 $ (8,063 ) The reclassifications out of accumulated other comprehensive loss by component for the three and nine months ended December 31, 2019 and 2018 are as follows: Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Condensed Consolidated Statements of Income Three Months Ended December 31, 2019 2018 Pension and other postretirement benefit items: Amortization of actuarial loss $ (249 ) (1) $ (218 ) (1) Income before provision for income taxes (55 ) (48 ) Provision for income taxes $ (194 ) $ (170 ) Net income Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Condensed Consolidated Statements of Income Nine Months Ended December 31, 2019 2018 Pension and other postretirement benefit items: Amortization of actuarial loss $ (747 ) (1) $ (655 ) (1) Income before provision for income taxes (164 ) (145 ) Provision for income taxes $ (583 ) $ (510 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of pension and other postretirement benefit costs. See Note 11. |
Other Expense
Other Expense | 9 Months Ended |
Dec. 31, 2019 | |
Other Income And Expenses [Abstract] | |
Other Expense | NOTE 15 – OTHER EXPENSE: On June 24, 2019, the Company sold Energy Steel and recognized a loss on the sale of $87. See Note 5 to the Condensed Consolidated Financial Statements for further discussion of the sale. In addition, during the first quarter of fiscal 2019, the Company incurred a bad debt charge of $98 and an inventory write down of $338 related to the bankruptcy of Westinghouse Electric Company. All of these items are included in the line item “Other expense” in the Condensed Consolidated Statement of Income for the nine months ended December 31, 2019. |
Accounting and Reporting Change
Accounting and Reporting Changes | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Accounting and Reporting Changes | NOTE 16 – ACCOUNTING AND REPORTING CHANGES: In the normal course of business, management evaluates all new accounting pronouncements issued by the Financial Accounting Standards Board ("FASB"), the Securities and Exchange Commission, the Emerging Issues Task Force, the American Institute of Certified Public Accountants or any other authoritative accounting bodies to determine the potential impact they may have on the Company's consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, "Leases (Topic 842)," which requires companies to recognize all leases as assets and liabilities on the consolidated balance sheet. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. This ASU retains a distinction between finance leases and operating leases, and the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous accounting guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Earlier application is permitted. The Company adopted the new standard using the modified retrospective approach on April 1, 2019. The Company elected the available transition method that uses the effective date of the amended guidance as the date of initial application. The guidance provided for several practical expedients. The Company elected the package of practical expedients permitted under the transition guidance which allows entities to carry forward historical lease classification. The Company made an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. The Company recognizes those lease payments in the Condensed Consolidated Statements of Income on a straight-line basis over the lease term. On April 1, 2019, the Company recognized the cumulative effect of initially applying the amended guidance which resulted in the recognition of operating lease ROU assets of $676, lease liabilities of $732 and a decrease to the opening balance of retained earnings of $80. Other current assets and the deferred income tax liability were reduced by $47 and $20, respectively. Approximately $500 of ROU assets and lease liabilities were related to the business held for sale at March 31, 2019 and subsequently sold on June 24, 2019. See Note 9 to the Condensed Consolidated Financial Statements for additional information on the Company’s leases. Management does not expect any other recently issued accounting pronouncements, which have not already been adopted, to have a material impact on the Company's consolidated financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Disaggregated by Product Line and Geographic Area | The following table presents the Company’s revenue disaggregated by product line and geographic area: Three Months Ended Nine Months Ended December 31, December 31, Product Line 2019 2018 2019 2018 Heat transfer equipment $ 7,062 $ 5,164 $ 21,394 $ 15,495 Vacuum equipment 12,969 3,765 27,232 28,823 All other 5,255 8,269 18,896 23,872 Net sales $ 25,286 $ 17,198 $ 67,522 $ 68,190 Geographic Region Asia $ 723 $ 966 $ 4,960 $ 5,591 Canada 2,666 549 5,910 15,672 Middle East 7,498 806 8,783 1,705 South America 808 47 3,284 239 U.S. 13,409 14,320 43,589 42,846 All other 182 510 996 2,137 Net sales $ 25,286 $ 17,198 $ 67,522 $ 68,190 |
Schedule of Net Contract Assets (Liabilities) | Net contract assets (liabilities) consisted of the following: December 31, 2019 March 31, 2019 Change Unbilled revenue (contract assets) $ 14,321 $ 7,522 $ 6,799 Customer deposits (contract liabilities) (28,816 ) (30,847 ) 2,031 Net contract liabilities $ (14,495 ) $ (23,325 ) $ 8,830 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Major Classifications of Inventories | Major classifications of inventories are as follows: December 31, March 31, 2019 2019 Raw materials and supplies $ 2,854 $ 2,787 Work in process 16,463 20,553 Finished products 1,091 1,330 Total $ 20,408 $ 24,670 |
Assets and Liabilities Held f_2
Assets and Liabilities Held for Sale (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Reconciliation of Major Classes of Assets and Liabilities Classified as Held for Sale | The following table reconciles the major classes of assets and liabilities classified as held for sale in the Condensed Consolidated Balance Sheet at March 31, 2019: March 31, 2019 Major classes of assets included as held for sale Cash $ 552 Trade accounts receivable, net of allowances 1,921 Unbilled revenue 302 Inventories 1,809 Prepaid expenses and other current assets 130 Income taxes receivable 10 Deferred tax asset 126 Total major classes of assets included as held for sale $ 4,850 Major classes of liabilities included as held for sale Accounts payable $ 520 Accrued compensation 326 Accrued expenses and other current liabilities 746 Customer deposits 1,933 Total major classes of liabilities included as held for sale $ 3,525 |
Income Per Share (Tables)
Income Per Share (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Income Per Share | A reconciliation of the numerators and denominators of basic and diluted income per share is presented below: Three Months Ended Nine Months Ended December 31, December 31, 2019 2018 2019 2018 Basic income per share Numerator: Net income $ 9 $ 95 $ 1,296 $ 4,245 Denominator: Weighted average common shares outstanding 9,884 9,832 9,874 9,817 Basic income per share $ — $ .01 $ .13 $ .43 Diluted income per share Numerator: Net income $ 9 $ 95 $ 1,296 $ 4,245 Denominator: Weighted average common shares outstanding 9,884 9,832 9,874 9,817 Stock options outstanding 4 13 3 15 Weighted average common and potential common shares outstanding 9,888 9,845 9,877 9,832 Diluted income per share $ — $ .01 $ .13 $ .43 |
Product Warranty Liability (Tab
Product Warranty Liability (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Guarantees [Abstract] | |
Reconciliation of the Changes in Product Warranty Liability | The reconciliation of the changes in the product warranty liability is as follows: Three Months Ended Nine Months Ended December 31, December 31, 2019 2018 2019 2018 Balance at beginning of period $ 348 $ 349 $ 366 $ 493 Expense for product warranties 67 76 96 87 Product warranty claims paid (3 ) (15 ) (50 ) (170 ) Balance at end of period $ 412 $ 410 $ 412 $ 410 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Weighted Average Remaining Lease Term and Discount Rate for Finance and Operating Leases | The weighted average remaining lease term and discount rate for finance and operating leases are as follows: December 31, 2019 Finance Leases Weighted-average remaining lease term in years 1.38 Weighted-average discount rate 9.27 % Operating Leases Weighted-average remaining lease term in years 2.25 Weighted-average discount rate 5.44 % |
Schedule of Components of Lease Expense | The components of lease expense are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2019 2019 Finance lease cost: Amortization of right-of-use assets $ 13 $ 39 Interest on lease liabilities 3 9 Operating lease cost 42 188 Short-term lease cost 3 20 Total lease cost $ 61 $ 256 |
Future Minimum Payments Required under Non-cancelable Leases | As of December 31, 2019, future minimum payments required under non-cancelable leases are: Operating Leases Finance Leases Remainder of 2020 $ 26 $ 15 2021 163 48 2022 63 26 2023 33 26 2024 7 11 2025 — — Total lease payments 292 126 Less – amount representing interest 17 18 Present value of net minimum lease payments $ 275 $ 108 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Pension Plans, Defined Benefit [Member] | |
Components of Postretirement Benefit Cost and Pension Cost | The components of pension cost are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2019 2018 2019 2018 Service cost $ 124 $ 142 $ 372 $ 428 Interest cost 322 335 968 1,005 Expected return on assets (663 ) (766 ) (1,992 ) (2,297 ) Amortization of actuarial loss 242 212 726 635 Net pension cost (income) $ 25 $ (77 ) $ 74 $ (229 ) |
Other Postretirement Benefit Plans [Member] | |
Components of Postretirement Benefit Cost and Pension Cost | The components of the postretirement benefit cost are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2019 2018 2019 2018 Interest cost $ 5 $ 7 $ 16 $ 19 Amortization of actuarial loss 7 6 21 20 Net postretirement benefit cost $ 12 $ 13 $ 37 $ 39 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component | The changes in accumulated other comprehensive loss by component for the nine months ended December 31, 2019 and 2018 are as follows: Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2019 $ (8,947 ) $ 114 $ (8,833 ) Other comprehensive loss before reclassifications — (135 ) (135 ) Amounts reclassified from accumulated other comprehensive loss 583 — 583 Net current-period other comprehensive income (loss) 583 (135 ) 448 Balance at December 31, 2019 $ (8,364 ) $ (21 ) $ (8,385 ) Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2018 $ (8,599 ) $ 349 $ (8,250 ) Other comprehensive loss before reclassifications — (323 ) (323 ) Amounts reclassified from accumulated other comprehensive loss 510 — 510 Net current-period other comprehensive income (loss) 510 (323 ) 187 Balance at December 31, 2018 $ (8,089 ) $ 26 $ (8,063 ) |
Reclassifications Out of Accumulated Other Comprehensive Loss by Component | The reclassifications out of accumulated other comprehensive loss by component for the three and nine months ended December 31, 2019 and 2018 are as follows: Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Condensed Consolidated Statements of Income Three Months Ended December 31, 2019 2018 Pension and other postretirement benefit items: Amortization of actuarial loss $ (249 ) (1) $ (218 ) (1) Income before provision for income taxes (55 ) (48 ) Provision for income taxes $ (194 ) $ (170 ) Net income Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Condensed Consolidated Statements of Income Nine Months Ended December 31, 2019 2018 Pension and other postretirement benefit items: Amortization of actuarial loss $ (747 ) (1) $ (655 ) (1) Income before provision for income taxes (164 ) (145 ) Provision for income taxes $ (583 ) $ (510 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of pension and other postretirement benefit costs. See Note 11. |
Revenue Recognition - Revenue D
Revenue Recognition - Revenue Disaggregated by Product Line and Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 25,286 | $ 17,198 | $ 67,522 | $ 68,190 |
Heat Transfer Equipment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 7,062 | 5,164 | 21,394 | 15,495 |
Vacuum Equipment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 12,969 | 3,765 | 27,232 | 28,823 |
All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 5,255 | 8,269 | 18,896 | 23,872 |
Asia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 723 | 966 | 4,960 | 5,591 |
Canada [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 2,666 | 549 | 5,910 | 15,672 |
Middle East [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 7,498 | 806 | 8,783 | 1,705 |
South America [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 808 | 47 | 3,284 | 239 |
U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 13,409 | 14,320 | 43,589 | 42,846 |
All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 182 | $ 510 | $ 996 | $ 2,137 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Contract With Customer Assets And Liabilities [Line Items] | |||||
Percentage of revenue from contracts recognized over time | 80.00% | 50.00% | 70.00% | 60.00% | |
Percentage of revenue from contracts recognized upon shipment | 20.00% | 50.00% | 30.00% | 40.00% | |
Revenue recognized included in contract liability | $ 2,276 | $ 13,308 | |||
Unbilled revenue (contract assets) | 6,799 | ||||
Contract with customer liability increase in contract asset due to contract progress. | 19,675 | ||||
Contract with customer liability offset by invoicing to customers. | 12,876 | ||||
Customer deposits, current | 2,031 | ||||
Contract with customer liability offset by new customer deposits | 11,277 | ||||
Receivables billed but not paid under retainage provisions in its customer contracts | 1,901 | 1,901 | $ 2,214 | ||
Amortization expense | 53 | $ 33 | 139 | $ 115 | |
Revenue remaining unsatisfied performance obligations amount | 122,899 | 122,899 | |||
Customer Deposit [Member] | |||||
Contract With Customer Assets And Liabilities [Line Items] | |||||
Contract liabilities | 3,101 | 3,101 | 6,382 | ||
Prepaid Expenses and Other Current Assets [Member] | |||||
Contract With Customer Assets And Liabilities [Line Items] | |||||
Capitalized costs, net of amortization | $ 64 | $ 64 | $ 133 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Net Contract Assets (Liabilities) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Unbilled revenue (contract assets) | $ 14,321 | $ 7,522 |
Customer deposits (contract liabilities) | (28,816) | (30,847) |
Net contract liabilities | (14,495) | $ (23,325) |
Unbilled revenue (contract assets) | 6,799 | |
Customer deposits (contract liabilities) | 2,031 | |
Net contract liabilities | $ 8,830 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail1) | Dec. 31, 2019 | Sep. 30, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | ||
Contract With Customer Assets And Liabilities [Line Items] | ||
Revenue remaining performance obligation, expected timing of satisfaction, period | ||
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | ||
Contract With Customer Assets And Liabilities [Line Items] | ||
Revenue remaining performance obligation percentage | 55.00% | |
Revenue remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | ||
Contract With Customer Assets And Liabilities [Line Items] | ||
Revenue remaining performance obligation percentage | 10.00% | |
Revenue remaining performance obligation, expected timing of satisfaction, period | 2 years | |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | ||
Contract With Customer Assets And Liabilities [Line Items] | ||
Revenue remaining performance obligation percentage | 60.00% | |
Revenue remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | ||
Contract With Customer Assets And Liabilities [Line Items] | ||
Revenue remaining performance obligation percentage | 15.00% | |
Revenue remaining performance obligation, expected timing of satisfaction, period | 2 years |
Investments - Additional Inform
Investments - Additional Information (Detail) | 9 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Treasury with original maturities period | 3 months |
Maximum [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Investment maturity date range end | Mar. 30, 2020 |
Treasury with original maturities period | 1 year |
Inventories - Major Classificat
Inventories - Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 2,854 | $ 2,787 |
Work in process | 16,463 | 20,553 |
Finished products | 1,091 | 1,330 |
Total | $ 20,408 | $ 24,670 |
Assets and Liabilities Held f_3
Assets and Liabilities Held for Sale - Additional Information (Details) - USD ($) $ in Thousands | Jun. 24, 2019 | Dec. 31, 2019 | Mar. 31, 2019 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Impairment loss | $ 6,449 | ||
Proceeds from sale of subsidiary | $ 602 | ||
Loss on sale of Energy Steel & Supply Co. | $ 87 | ||
Energy Steel [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Proceeds from sale of subsidiary | $ 602 | ||
Working capital adjustment determination period | 90 days | ||
Net accounts receivable | $ 202 | ||
Loss on sale of Energy Steel & Supply Co. | $ 87 |
Assets and Liabilities Held f_4
Assets and Liabilities Held for Sale - Reconciliation of Major Classes of Assets and Liabilities Classified as Held for Sale (Detail) - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] $ in Thousands | Mar. 31, 2019USD ($) |
Major classes of assets included as held for sale | |
Cash | $ 552 |
Trade accounts receivable, net of allowances | 1,921 |
Unbilled revenue | 302 |
Inventories | 1,809 |
Prepaid expenses and other current assets | 130 |
Income taxes receivable | 10 |
Deferred tax asset | 126 |
Total major classes of assets included as held for sale | 4,850 |
Major classes of liabilities included as held for sale | |
Accounts payable | 520 |
Accrued compensation | 326 |
Accrued expenses and other current liabilities | 746 |
Customer deposits | 1,933 |
Total major classes of liabilities included as held for sale | $ 3,525 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity based compensation expense | $ 308 | $ 263 | $ 709 | $ 797 |
Income tax benefit to equity based compensation | $ 67 | $ 59 | $ 156 | $ 177 |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options maximum term | 10 years | |||
Amended and Restated 2000 Incentive Plan [Member] | Stock Compensation Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 1,375,000 | 1,375,000 | ||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awarded | 0 | 0 | 83,000 | 53,000 |
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Performance Vested Restricted Stock [Member] | Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awarded | 40,000 | 27,000 | ||
Share-based compensation vesting percentage | 100.00% | |||
Vesting period | 3 years | |||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Time Vested Restricted Stock [Member] | Officers and Key Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awarded | 28,000 | 20,000 | ||
Share-based compensation vesting percentage | 33.33% | |||
Vesting period | 3 years | |||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Time Vested Restricted Stock [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awarded | 15,000 | 6,000 | ||
Share-based compensation vesting percentage | 100.00% | |||
Vesting period | 1 year | |||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 467,000 | 467,000 | ||
Amended and Restated 2000 Incentive Plan [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option awards granted | 0 | 0 | 0 | 0 |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity based compensation expense | $ 11 | $ 0 | $ 22 | $ 0 |
Income tax benefit to equity based compensation | $ 3 | $ 0 | $ 5 | $ 0 |
Maximum discount on purchase price of common stock percentage on fair market value | 15.00% | |||
Common stock may be purchased | 200 | 200 |
Income Per Share - Reconciliati
Income Per Share - Reconciliation of Numerators and Denominators of Basic and Diluted Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | ||||
Net income | $ 9 | $ 95 | $ 1,296 | $ 4,245 |
Denominator: | ||||
Weighted average common shares outstanding | 9,884 | 9,832 | 9,874 | 9,817 |
Basic income per share | $ 0.01 | $ 0.13 | $ 0.43 | |
Numerator: | ||||
Net income | $ 9 | $ 95 | $ 1,296 | $ 4,245 |
Denominator: | ||||
Weighted average common shares outstanding | 9,884 | 9,832 | 9,874 | 9,817 |
Stock options outstanding | 4 | 13 | 3 | 15 |
Weighted average common and potential common shares outstanding | 9,888 | 9,845 | 9,877 | 9,832 |
Diluted income per share | $ 0.01 | $ 0.13 | $ 0.43 |
Product Warranty Liability - Re
Product Warranty Liability - Reconciliation of the Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Guarantees [Abstract] | ||||
Balance at beginning of period | $ 348 | $ 349 | $ 366 | $ 493 |
Expense for product warranties | 67 | 76 | 96 | 87 |
Product warranty claims paid | (3) | (15) | (50) | (170) |
Balance at end of period | $ 412 | $ 410 | $ 412 | $ 410 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2019 | Mar. 31, 2019 | |
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 leases, future minimum lease commitments, 2020 | $ 501 | ||
Operating leases, future minimum lease commitments, 2021 | 301 | ||
Operating leases, future minimum lease commitments, 2022 | 37 | ||
Operating leases, future minimum lease commitments, 2023 | 32 | ||
Operating leases, future minimum lease commitments, 2024 | 8 | ||
Finance leases, future minimum lease commitments, 2020 | 62 | ||
Finance leases, future minimum lease commitments, 2021 | 47 | ||
Finance leases, future minimum lease commitments, 2022 | 26 | ||
Finance leases, future minimum lease commitments, 2023 | 26 | ||
Finance leases, future minimum lease commitments, 2024 | $ 11 | ||
ROU assets obtained in exchange for operating lease liability | $ 3 | $ 224 | |
Minimum [Member] | |||
Leases [Line Items] | |||
Remaining term of contract | 1 year | ||
Maximum [Member] | |||
Leases [Line Items] | |||
Remaining term of contract | 5 years |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate for Finance and Operating Leases (Detail) | Dec. 31, 2019 |
Finance Leases | |
Weighted-average remaining lease term in years | 1 year 4 months 17 days |
Weighted-average discount rate | 9.27% |
Operating Leases | |
Weighted-average remaining lease term in years | 2 years 3 months |
Weighted-average discount rate | 5.44% |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2019 | Dec. 31, 2019 | |
Finance lease cost: | ||
Amortization of right-of-use assets | $ 13 | $ 39 |
Interest on lease liabilities | 3 | 9 |
Operating lease cost | 42 | 188 |
Short-term lease cost | 3 | 20 |
Total lease cost | $ 61 | $ 256 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments Required under Non-cancelable Leases (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Leases | |
Remainder of 2020 | $ 26 |
2021 | 163 |
2022 | 63 |
2023 | 33 |
2024 | 7 |
Total lease payments | 292 |
Less – amount representing interest | 17 |
Present value of net minimum lease payments | 275 |
Finance Leases | |
Remainder of 2020 | 15 |
2021 | 48 |
2022 | 26 |
2023 | 26 |
2024 | 11 |
Total lease payments | 126 |
Less – amount representing interest | 18 |
Present value of net minimum lease payments | $ 108 |
Cash Flow Statement - Additiona
Cash Flow Statement - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Interest paid | $ 9 | $ 8 | ||
Income taxes paid | 27 | (74) | ||
Issuance of treasury stock | $ 49 | $ 79 | ||
Capital expenditures | 10 | 242 | ||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of treasury stock | $ 49 | $ 79 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Postretirement Benefit Cost and Pension Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 124 | $ 142 | $ 372 | $ 428 |
Interest cost | 322 | 335 | 968 | 1,005 |
Expected return on assets | (663) | (766) | (1,992) | (2,297) |
Amortization of actuarial loss | 242 | 212 | 726 | 635 |
Net pension cost and postretirement benefit cost | 25 | (77) | 74 | (229) |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 5 | 7 | 16 | 19 |
Amortization of actuarial loss | 7 | 6 | 21 | 20 |
Net pension cost and postretirement benefit cost | $ 12 | $ 13 | $ 37 | $ 39 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Self-Insured medical plan liability | $ 140,000 | $ 150,000 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to its defined benefit pension plan | 0 | ||
Contributions expected for the balance of fiscal 2020 | $ 0 | ||
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Post retirement benefit plan | 1,000 | ||
Defined benefit plan, benefit expected to pay for the balance of fiscal 2020 | $ 77,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019 | |
Income Taxes [Line Items] | ||
Liability unrecognized tax benefits | $ 0 | $ 0 |
Earliest Tax Year [Member] | Federal Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2015 | |
Earliest Tax Year [Member] | State Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2014 | |
Earliest Tax Year [Member] | International Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2016 | |
Latest Tax Year [Member] | Federal Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2018 | |
Latest Tax Year [Member] | State Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2018 | |
Latest Tax Year [Member] | International Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2018 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 98,495 | $ 105,254 | $ 98,966 | $ 103,349 |
Other comprehensive loss before reclassifications | (135) | (323) | ||
Amounts reclassified from accumulated other comprehensive loss | 583 | 510 | ||
Total other comprehensive income | 282 | 180 | 448 | 187 |
Ending Balance | 98,041 | 104,809 | 98,041 | 104,809 |
Pension and Other Postretirement Benefits Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (8,947) | (8,599) | ||
Amounts reclassified from accumulated other comprehensive loss | 583 | 510 | ||
Total other comprehensive income | 583 | 510 | ||
Ending Balance | (8,364) | (8,089) | (8,364) | (8,089) |
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 114 | 349 | ||
Other comprehensive loss before reclassifications | (135) | (323) | ||
Total other comprehensive income | (135) | (323) | ||
Ending Balance | (21) | 26 | (21) | 26 |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (8,667) | (8,243) | (8,833) | (8,250) |
Ending Balance | $ (8,385) | $ (8,063) | $ (8,385) | $ (8,063) |
Changes in Accumulated Other _4
Changes in Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before provision for income taxes | $ 6 | $ 39 | $ 1,660 | $ 5,069 |
Provision for income taxes | (3) | (56) | 364 | 824 |
Net income | 9 | 95 | 1,296 | 4,245 |
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 | (249) | (218) | (747) | (655) |
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] | ||||
Provision for income taxes | (55) | (48) | (164) | (145) |
Net income | $ (194) | $ (170) | $ (583) | $ (510) |
Other Expenses - Additional Inf
Other Expenses - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 24, 2019 | Mar. 31, 2019 | Dec. 31, 2019 |
Other Expenses [Line Items] | |||
Loss on sale of Energy Steel & Supply Co. | $ 87 | ||
Westinghouse Electric Company [Member] | |||
Other Expenses [Line Items] | |||
Bad debt charge | $ 98 | ||
Inventory write down | $ 338 | ||
Energy Steel [Member] | |||
Other Expenses [Line Items] | |||
Loss on sale of Energy Steel & Supply Co. | $ 87 |
Accounting and Reporting Chan_2
Accounting and Reporting Changes - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 01, 2019 | Dec. 31, 2019 | Jun. 24, 2019 | Mar. 31, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Right-of-use assets | $ 283 | |||
Lease liabilities | 275 | |||
Retained earnings | $ 91,900 | $ 93,847 | ||
Topic 842 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Right-of-use assets | $ 676 | |||
Lease liabilities | 732 | |||
Retained earnings | 80 | |||
Decrease in other current assets | 47 | |||
Decrease in deferred income tax liability | $ 20 | |||
Topic 842 [Member] | Held for Sale [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Right-of-use assets | 500 | |||
Lease liabilities | $ 500 | |||
Topic 842 [Member] | Subsequently Sold [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Right-of-use assets | $ 500 | |||
Lease liabilities | $ 500 | |||
Topic 842 [Member] | Maximum [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Lease term | 12 months |