Motorcar Parts of America (MPAA) 10-Q 9 Feb 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2020	Feb. 02, 2021
Cover [Abstract]
Entity Registrant Name	MOTORCAR PARTS AMERICA INC
Entity Central Index Key	0000918251
Current Fiscal Year End Date	--03-31
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	001-33861
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	11-2153962
Entity Address, Address Line One	2929 California Street
Entity Address, City or Town	Torrance
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90503
City Area Code	310
Local Phone Number	212-7910
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MPAA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,056,292

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 12,800,000	$ 49,616,000
Short-term investments	1,508,000	850,000
Accounts receivable - net	45,271,000	91,748,000
Inventory	296,281,000	234,680,000
Contract assets	25,382,000	20,332,000
Prepaid expenses and other current assets	13,866,000	11,890,000
Total current assets	395,108,000	409,116,000
Plant and equipment - net	54,464,000	44,957,000
Operating lease assets	74,685,000	53,029,000
Long-term deferred income taxes	16,603,000	18,950,000
Long-term contract assets	248,544,000	239,540,000
Goodwill and intangible assets - net	8,876,000	9,598,000
Other assets	956,000	1,839,000
TOTAL ASSETS	799,236,000	777,029,000
Current liabilities:
Accounts payable and accrued liabilities	146,073,000	95,083,000
Customer finished goods returns accrual	34,267,000	25,326,000
Contract liabilities	44,778,000	27,911,000
Revolving loan	59,000,000	152,000,000
Other current liabilities	4,798,000	9,390,000
Operating lease liabilities	6,232,000	5,104,000
Current portion of term loan	3,678,000	3,678,000
Total current liabilities	298,826,000	318,492,000
Term loan, less current portion	17,705,000	20,462,000
Long-term contract liabilities	104,583,000	92,101,000
Long-term deferred income taxes	73,000	79,000
Long-term operating lease liabilities	71,569,000	61,425,000
Other liabilities	6,796,000	8,950,000
Total liabilities	499,552,000	501,509,000
Commitments and contingencies
Shareholders' equity:
Preferred stock	0	0
Common stock; par value $.01 per share, 50,000,000 shares authorized; 19,056,292 and 18,969,380 shares issued and outstanding at December 31, 2020 and March 31, 2020, respectively	191,000	190,000
Additional paid-in capital	222,193,000	218,581,000
Retained earnings	84,758,000	64,117,000
Accumulated other comprehensive loss	(7,458,000)	(7,368,000)
Total shareholders' equity	299,684,000	275,520,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	799,236,000	777,029,000
Series A Junior Participating Preferred Stock [Member]
Shareholders' equity:
Preferred stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Mar. 31, 2020
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	19,056,292	18,969,380
Common stock, outstanding (in shares)	19,056,292	18,969,380
Series A Junior Participating Preferred Stock [Member]
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	20,000	20,000
Preferred stock, issued (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Condensed Consolidated Statements of Income [Abstract]
Net sales	$ 122,568,000	$ 125,574,000	$ 372,654,000	$ 385,096,000
Cost of goods sold	98,327,000	97,913,000	295,300,000	303,279,000
Gross profit	24,241,000	27,661,000	77,354,000	81,817,000
Operating expenses:
General and administrative	14,005,000	14,390,000	38,210,000	39,410,000
Sales and marketing	4,698,000	5,623,000	13,224,000	15,990,000
Research and development	2,100,000	2,174,000	6,014,000	6,694,000
Foreign exchange impact of lease liabilities and forward contracts	(12,455,000)	(3,772,000)	(21,257,000)	(2,507,000)
Total operating expenses	8,348,000	18,415,000	36,191,000	59,587,000
Operating income	15,893,000	9,246,000	41,163,000	22,230,000
Interest expense, net	4,051,000	6,879,000	12,074,000	19,575,000
Income before income tax expense	11,842,000	2,367,000	29,089,000	2,655,000
Income tax expense	3,373,000	1,502,000	8,448,000	1,752,000
Net income	$ 8,469,000	$ 865,000	$ 20,641,000	$ 903,000
Basic net income per share (in dollars per share)	$ 0.44	$ 0.05	$ 1.09	$ 0.05
Diluted net income per share (in dollars per share)	$ 0.44	$ 0.04	$ 1.07	$ 0.05
Weighted average number of shares outstanding:
Basic (in shares)	19,053,232	18,961,517	19,016,302	18,895,893
Diluted (in shares)	19,436,793	19,305,805	19,333,758	19,263,114

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 8,469,000	$ 865,000	$ 20,641,000	$ 903,000
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)	1,614,000	1,015,000	(90,000)	1,183,000
Total other comprehensive income (loss), net of tax	1,614,000	1,015,000	(90,000)	1,183,000
Comprehensive income	$ 10,083,000	$ 1,880,000	$ 20,551,000	$ 2,086,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Beginning balance at Mar. 31, 2019	$ 188,000	$ 215,047,000	$ 71,407,000	$ (6,887,000)	$ 279,755,000
Beginning balance (in shares) at Mar. 31, 2019	18,817,400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	988,000	0	0	988,000
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 1,000	(363,000)	0	0	(362,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	36,872
Foreign currency translation	$ 0	0	0	599,000	599,000
Net (loss) income	0	0	(6,151,000)	0	(6,151,000)
Ending balance at Jun. 30, 2019	$ 189,000	215,672,000	65,256,000	(6,288,000)	274,829,000
Ending balance (in shares) at Jun. 30, 2019	18,854,272
Beginning balance at Mar. 31, 2019	$ 188,000	215,047,000	71,407,000	(6,887,000)	279,755,000
Beginning balance (in shares) at Mar. 31, 2019	18,817,400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation					1,183,000
Net (loss) income					903,000
Ending balance at Dec. 31, 2019	$ 190,000	217,530,000	72,310,000	(5,704,000)	284,326,000
Ending balance (in shares) at Dec. 31, 2019	18,965,030
Beginning balance at Jun. 30, 2019	$ 189,000	215,672,000	65,256,000	(6,288,000)	274,829,000
Beginning balance (in shares) at Jun. 30, 2019	18,854,272
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,053,000	0	0	1,053,000
Exercise of stock options	$ 0	405,000	0	0	405,000
Exercise of stock options (in shares)	52,800
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 0	(700,000)	0	0	(700,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	37,814
Foreign currency translation	$ 0	0	0	(431,000)	(431,000)
Net (loss) income	0	0	6,189,000	0	6,189,000
Ending balance at Sep. 30, 2019	$ 189,000	216,430,000	71,445,000	(6,719,000)	281,345,000
Ending balance (in shares) at Sep. 30, 2019	18,944,886
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,071,000	0	0	1,071,000
Exercise of stock options	$ 1,000	29,000	0	0	30,000
Exercise of stock options (in shares)	3,600
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 0	0	0	0	0
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	16,544
Foreign currency translation	$ 0	0	0	1,015,000	1,015,000
Net (loss) income	0	0	865,000	0	865,000
Ending balance at Dec. 31, 2019	$ 190,000	217,530,000	72,310,000	(5,704,000)	284,326,000
Ending balance (in shares) at Dec. 31, 2019	18,965,030
Beginning balance at Mar. 31, 2020	$ 190,000	218,581,000	64,117,000	(7,368,000)	$ 275,520,000
Beginning balance (in shares) at Mar. 31, 2020	18,969,380				18,969,380
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,043,000	0	0	$ 1,043,000
Exercise of stock options	$ 0	20,000	0	0	20,000
Exercise of stock options (in shares)	3,000
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 0	(207,000)	0	0	(207,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	29,953
Foreign currency translation	$ 0	0	0	(1,263,000)	(1,263,000)
Net (loss) income	0	0	(3,012,000)	0	(3,012,000)
Ending balance at Jun. 30, 2020	$ 190,000	219,437,000	61,105,000	(8,631,000)	272,101,000
Ending balance (in shares) at Jun. 30, 2020	19,002,333
Beginning balance at Mar. 31, 2020	$ 190,000	218,581,000	64,117,000	(7,368,000)	$ 275,520,000
Beginning balance (in shares) at Mar. 31, 2020	18,969,380				18,969,380
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation					$ (90,000)
Net (loss) income					20,641,000
Ending balance at Dec. 31, 2020	$ 191,000	222,193,000	84,758,000	(7,458,000)	$ 299,684,000
Ending balance (in shares) at Dec. 31, 2020	19,056,292				19,056,292
Beginning balance at Jun. 30, 2020	$ 190,000	219,437,000	61,105,000	(8,631,000)	$ 272,101,000
Beginning balance (in shares) at Jun. 30, 2020	19,002,333
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,218,000	0	0	1,218,000
Exercise of stock options	$ 0	73,000	0	0	73,000
Exercise of stock options (in shares)	6,000
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 0	(140,000)	0	0	(140,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	18,254
Foreign currency translation	$ 0	0	0	(441,000)	(441,000)
Net (loss) income	0	0	15,184,000	0	15,184,000
Ending balance at Sep. 30, 2020	$ 190,000	220,588,000	76,289,000	(9,072,000)	287,995,000
Ending balance (in shares) at Sep. 30, 2020	19,026,587
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,498,000	0	0	1,498,000
Exercise of stock options	$ 0	112,000	0	0	112,000
Exercise of stock options (in shares)	5,794
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 1,000	(5,000)	0	0	(4,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	23,911
Foreign currency translation	$ 0	0	0	1,614,000	1,614,000
Net (loss) income	0	0	8,469,000	0	8,469,000
Ending balance at Dec. 31, 2020	$ 191,000	$ 222,193,000	$ 84,758,000	$ (7,458,000)	$ 299,684,000
Ending balance (in shares) at Dec. 31, 2020	19,056,292				19,056,292

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 20,641,000	$ 903,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	8,090,000	7,019,000
Amortization of interest	1,059,000	1,207,000
Amortization of core premiums paid to customers	4,269,000	3,543,000
Noncash lease expense	5,239,000	3,977,000
(Gain) loss due to the change in the fair value of the contingent consideration	(45,000)	419,000
Foreign exchange impact of lease liabilities and forward contracts	(21,257,000)	(2,507,000)
Gain on short-term investments	(398,000)	(264,000)
Net provision for inventory reserves	8,937,000	10,104,000
Net provision for customer payment discrepancies and credit losses	242,000	1,858,000
Deferred income taxes	2,866,000	1,104,000
Share-based compensation expense	3,759,000	3,112,000
Loss on disposal of plant and equipment	9,000	1,000
Changes in operating assets and liabilities:
Accounts receivable	47,066,000	1,353,000
Inventory	(68,723,000)	(32,185,000)
Prepaid expenses and other current assets	982,000	(2,125,000)
Other assets	1,067,000	399,000
Accounts payable and accrued liabilities	46,198,000	(11,405,000)
Customer finished goods returns accrual	8,844,000	2,602,000
Contract assets, net	(18,126,000)	(6,658,000)
Contract liabilities, net	28,492,000	16,275,000
Operating lease liabilities	(4,710,000)	(3,402,000)
Other liabilities	(2,017,000)	260,000
Net cash provided by (used in) operating activities	72,484,000	(4,410,000)
Cash flows from investing activities:
Purchase of plant and equipment	(12,043,000)	(10,846,000)
Proceeds from sale of plant and equipment	7,000	41,000
Change in short-term investments	(259,000)	1,155,000
Net cash used in investing activities	(12,295,000)	(9,650,000)
Cash flows from financing activities:
Borrowings under revolving loan	0	48,000,000
Repayments of revolving loan	(93,000,000)	(28,400,000)
Repayments of term loan	(2,813,000)	(2,813,000)
Payments for debt issuance costs	0	(973,000)
Payments on finance lease obligations	(1,775,000)	(1,641,000)
Exercise of stock options	205,000	435,000
Cash used to net share settle equity awards	(351,000)	(1,062,000)
Net cash (used in) provided by financing activities	(97,734,000)	13,546,000
Effect of exchange rate changes on cash and cash equivalents	729,000	61,000
Net decrease in cash and cash equivalents	(36,816,000)	(453,000)
Cash and cash equivalents - Beginning of period	49,616,000	9,911,000
Cash and cash equivalents - End of period	12,800,000	9,458,000
Supplemental disclosures of cash flow information:
Cash paid for interest, net	11,222,000	18,375,000
Cash paid for income taxes, net of refunds	2,048,000	0
Cash paid for operating leases	8,087,000	5,906,000
Cash paid for finance leases	2,049,000	1,855,000
Plant and equipment acquired under finance leases	3,334,000	2,385,000
Assets acquired under operating leases	15,630,000	17,295,000
Non-cash capital expenditures	$ 923,000	$ 0

Company Background and Organiza

Company Background and Organization	9 Months Ended
	Dec. 31, 2020
Company Background and Organization [Abstract]
Company Background and Organization	1. Company Background and Organization Motorcar Parts of America, Inc. and its subsidiaries (the “Company” or “MPA”) is a leading supplier of automotive aftermarket non-discretionary replacement parts and diagnostic equipment. These replacement parts are primarily sold to automotive retail chain stores and warehouse distributors throughout North America and to major automobile manufacturers for both their aftermarket programs and warranty replacement programs (“OES”). The Company’s diagnostic equipment primarily serves the global automotive component and powertrain testing market. The Company’s products include (i) rotating electrical products such as alternators and starters, (ii) wheel hub assemblies and bearings, (iii) brake-related products, which include brake calipers, brake boosters, and brake master cylinders, and (iv) diagnostics and other products, which include diagnostics systems, advanced power emulators used for the development of electric vehicles and aerospace applications, and custom power electronic products for quality control in the development and production of electric vehicles and turbochargers. Pursuant to the guidance provided under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for segment reporting, the Company has identified its chief operating decision maker (“CODM”), reviewed the documents used by the CODM, and understands how such documents are used by the CODM to make financial and operating decisions. The Company has determined through this review process that its business comprises separate operating segments. of the operating segments meet all the aggregation criteria, and are aggregated. The remaining operating segment does not meet the quantitative thresholds for individual disclosure and the Company has combined its operating segments into reportable segment. Impact of the Novel Coronavirus (“COVID- ”) The outbreak of the COVID- pandemic has led to adverse impacts on the U.S. and global economies and created uncertainty regarding the potential effects on the Company’s employees, supply chain, operations, and customer demand. The COVID- pandemic could impact the Company’s operations and the operations of its customers, suppliers, and vendors because of quarantines, facility closures, travel, and logistics restrictions. The extent to which the COVID- pandemic impacts the Company will depend on numerous factors and future developments, which are highly uncertain and cannot be predicted, including, but not limited to: (i) the severity of the virus, (ii) the duration of a “second wave” or additional spikes, (iii) the effects of the pandemic on customers, suppliers, and vendors, (iv) the remedial actions and stimulus measures adopted by local, state and federal governments, and (v) the extent to which normal economic and operating conditions can resume. Even after the COVID- pandemic has subsided, the Company may continue to experience adverse impacts to its business because of an economic recession or depression that has occurred or may occur in the future. At this time, the Company is unable to predict accurately the ultimate long-term impact the COVID-19 pandemic will have on its business and financial condition.

Basis of Presentation and New A

Basis of Presentation and New Accounting Pronouncements	9 Months Ended
	Dec. 31, 2020
Basis of Presentation and New Accounting Pronouncements [Abstract]
Basis of Presentation and New Accounting Pronouncements	2. Basis of Presentation and New Accounting Pronouncements Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form -Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the and nine months ended December are not necessarily indicative of the results that may be expected for the fiscal year ending March This report should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended March which are included in the Company’s Annual Report on Form -K filed with the Securities and Exchange Commission (“SEC”) on June . The accompanying condensed consolidated financial statements have been prepared on a consistent basis with, and there have been no material changes to, except as noted below, the accounting policies described in Note Summary of Significant Accounting Policies, to the consolidated financial statements that are presented in the Company’s Annual Report on Form -K for the fiscal year ended March . New Accounting Pronouncements Recently Adopted Measurement of Credit Losses on Financial Instruments In June the FASB issued an accounting pronouncement related to the measurement of credit losses on financial instruments. This pronouncement, along with a subsequent Accounting Standards Updates (“ASU”) issued to clarify certain provisions of the new guidance, changed the impairment model for most financial assets and requires the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities are required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The adoption of this guidance on April increased the Company’s required disclosures for its expected credit losses but did not have a material effect on its condensed consolidated financial statements. Prior to April 1, 2020, accounts receivable were recorded at cost less an allowance for doubtful accounts. The net amount of accounts receivable and corresponding allowance for doubtful accounts were presented in the condensed consolidated balance sheets. The Company maintains allowances for uncollectible accounts receivable for estimated losses resulting from the failure or inability of its customers to make required payments. Furthermore, receivable balances were assessed quarterly for impairment and an allowance was recorded if the receivable was considered impaired. Subsequent to April 1, 2020, accounts receivable are recorded at amortized cost less an allowance for credit losses that are not expected to be recovered. The net amount of accounts receivable and corresponding allowance for credit losses are presented in the condensed consolidated balance sheets. The Company maintains allowances for credit losses resulting from the expected failure or inability of its customers to make required payments. The Company recognizes the allowance for credit losses at inception and reassess quarterly based on the asset’s expected collectability. The allowance is based on multiple factors including historical experience with bad debts, the credit quality of the customer base, the aging of such receivables and current macroeconomic conditions, such as COVID-19, as well as expectations of conditions in the future, if applicable. The Company’s The Company records a provision for expected credit losses using a loss-rate method based on the ratio of its historical write-offs to its average trade accounts receivable. At each reporting period, the Company assesses whether financial assets in a pool continue to display similar risk characteristics. If particular receivables no longer display risk characteristics that are similar to those of the receivables in the pool, the Company may determine that it needs to move those receivables to a different pool or perform an individual assessment of expected credit losses for those specific receivables. Fair Value Measurements In August the FASB issued guidance , which changed the disclosure requirements for fair value measurements by removing, adding and modifying certain disclosures, including the range and weighted-average of significant unobservable inputs used to develop Level fair value measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level measurements, and the narrative description of measurement uncertainty should be applied prospectively only for the most recent interim or annual period presented in the initial year of adoption. All other amendments should be applied retrospectively applied to all periods presented upon their effective date. The adoption of this guidance on April modified certain of the Company’s disclosures for its Level fair value measurements but did not have an impact on its consolidated financial statements. Reference Rate Reform In March the FASB issued guidance that, for a limited time, eases the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London Interbank Offered Rate or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December The Company will apply these amendments prospectively. The adoption of this guidance on April did not have an impact on the Company’s condensed consolidated financial statements for the and nine months ended December . New Accounting Pronouncements Not Yet Adopted Income Taxes In December 2019, the FASB issued guidance that simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistent application. This guidance is effective for annual and interim periods in fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

Accounts Receivable - Net

Accounts Receivable - Net	9 Months Ended
	Dec. 31, 2020
Accounts Receivable - Net [Abstract]
Accounts Receivable - Net	3. Accounts Receivable — Net The Company has trade accounts receivable that result from the sale of goods and services. Accounts receivable — net includes offset accounts related to customer payment discrepancies, returned goods authorizations (“RGAs”) issued for in-transit unit returns, and allowances for credit losses. The Company believes its credit risk with respect to trade accounts receivable is limited due to its credit evaluation process and the long-term nature of its relationships with its largest customers. The Company utilizes a historical loss rate method, adjusted for any changes in economic conditions or risk characteristics, to estimate its expected credit losses each period. When developing an estimate of expected credit losses, the Company considers all available relevant information regarding the collectability of cash flows, including historical information, current conditions, and reasonable and supportable forecasts of future economic conditions over the contractual life of the receivable. The historical loss rate method considers past write-offs of trade accounts receivable over a period commensurate with the initial term of the Company’s contracts with its customers. The Company recognizes the allowance for credit losses at inception and reassesses quarterly based on management’s expectation of the asset’s collectability. The Company’s accounts receivable are short-term in nature and written off only when all collection attempts have failed. The Company uses receivable discount programs with certain customers and their respective banks (see Note . Accounts receivable — net is comprised of the following: December 31, 2020 March 31, 2020 Accounts receivable — trade $ 56,568,000 $ 109,164,000 Allowance for credit losses (328,000 ) (4,252,000 ) Customer payment discrepancies (531,000 ) (1,040,000 ) Customer returns RGA issued (10,438,000 ) (12,124,000 ) Total accounts receivable — net $ 45,271,000 $ 91,748,000 The following table provides a roll-forward of the allowance for credit losses that is deducted from accounts receivable to present the net amount expected to be collected. Nine Months Ended December 31, 2020 Balance at beginning of period $ 4,252,000 Provision for expected credit losses 74,000 Recoveries (100,000 ) Amounts written off charged against the allowance (3,898,000 ) Balance at end of period $ 328,000

Inventory

Inventory	9 Months Ended
	Dec. 31, 2020
Inventory [Abstract]
Inventory	4. Inventory Inventory is comprised of the following: December 31, 2020 March 31, 2020 Inventory Raw materials $ 123,423,000 $ 99,360,000 Work-in-process 9,391,000 3,906,000 Finished goods 164,020,000 135,601,000 296,834,000 238,867,000 Less allowance for excess and obsolete inventory (13,303,000 ) (13,208,000 ) Inventory — net 283,531,000 225,659,000 Inventory unreturned 12,750,000 9,021,000 Total inventory $ 296,281,000 $ 234,680,000

Contract Assets

Contract Assets	9 Months Ended
	Dec. 31, 2020
Contract Assets [Abstract]
Contract Assets	5. Contract Assets During the three and nine months ended December 31, 2020, the Company reduced the carrying value of Remanufactured Cores held at customers’ locations by and $ , respectively. Contract assets are comprised of the following: December 31, 2020 March 31, 2020 Short-term contract assets Cores expected to be returned by customers $ 17,231,000 $ 12,579,000 Upfront payments to customers 1,175,000 2,865,000 Core premiums paid to customers 6,976,000 4,888,000 Total short-term contract assets $ 25,382,000 $ 20,332,000 Long-term contract assets Remanufactured cores held at customers' locations $ 216,108,000 $ 217,616,000 Upfront payments to customers 334,000 589,000 Core premiums paid to customers 26,533,000 15,766,000 Long-term core inventory deposits 5,569,000 5,569,000 Total long-term contract assets $ 248,544,000 $ 239,540,000

Significant Customer and Other

Significant Customer and Other Information	9 Months Ended
	Dec. 31, 2020
Significant Customer and Other Information [Abstract]
Significant Customer and Other Information	6. Significant Customer and Other Information Significant Customer Concentrations The largest customers accounted for the following percentage of net sales: Three Months Ended December 31, Nine Months Ended December 31 2020 2019 2020 2019 Net sales Customer A 35 % 38 % 42 % 39 % Customer B 26 % 22 % 24 % 21 % Customer C 24 % 25 % 21 % 23 % The largest customers accounted for the following percentage of accounts receivable – trade: December 31, 2020 March 31, 2020 Accounts receivable - trade Customer A 39 % 28 % Customer B 29 % 14 % Customer C - % 33 % Geographic and Product Information The Company’s products are sold predominantly in the U.S. and accounted for the following percentages of net sales: Three Months Ended December 31, Nine Months Ended December 31 2020 2019 2020 2019 Rotating electrical products 72 % 75 % 76 % 76 % Wheel hub products 14 % 14 % 14 % 15 % Brake related products 12 % 9 % 9 % 7 % Other products 2 % 2 % 1 % 2 % 100 % 100 % 100 % 100 % Significant Supplier Concentrations The Company had no suppliers that accounted for more than 10% of inventory purchases for the three and nine months ended December 31, 2020 and 2019.

Debt

Debt	9 Months Ended
	Dec. 31, 2020
Debt [Abstract]
Debt	7. Debt The Company is party to a $268,620,000 senior secured financing, (as amended from time to time, the “Credit Facility”) with a syndicate of lenders, and PNC Bank, National Association, as administrative agent, consisting of (i) a $238,620,000 revolving loan facility, subject to borrowing base restrictions, a $24,000,000 sublimit for borrowings by Canadian borrowers, and a $20,000,000 sublimit for letters of credit (the “Revolving Facility”) and (ii) a $30,000,000 term loan facility (the “Term Loans”). The loans under the Credit Facility mature on June 5, 2023. The Credit Facility currently permits the payment of up to $30,000,000 of dividends and share repurchases for this fiscal year, subject to pro forma compliance with financial covenants. In connection with the Credit Facility, the lenders have a security interest in substantially all of the assets of the Company. The Term Loans require quarterly principal payments of $937,500. The Credit Facility bears interest at rates equal to either LIBOR plus a margin of 2.25%, 2.50% or 2.75% or a reference rate plus a margin of 1.25%, 1.50% or 1.75%, in each case depending on the senior leverage ratio as of the applicable measurement date. There is also a facility fee of 0.375% to 0.50%, depending on the senior leverage ratio as of the applicable measurement date. The interest rate on the Company’s Term Loans and Revolving Facility was 2.91% and 2.90%, respectively, at December 31, 2020 , and and , respectively, at . The Credit Facility, among other things, requires the Company to maintain certain financial covenants including a maximum senior leverage ratio and a minimum fixed charge coverage ratio. The Company was in compliance with all financial covenants at December 31 The Company had cash of $ at December 31, 2020 and paid down its outstanding debt by $ during the nine months ended December 31, 2020. However, the Credit Facility allows up to of credit for cash when computing the senior leverage ratio. In addition to other covenants, the Credit Facility places limits on the Company’s ability to incur liens, incur additional indebtedness, make loans and investments, engage in mergers and acquisitions, engage in asset sales, redeem or repurchase capital stock, alter the business conducted by the Company and its subsidiaries, transact with affiliates, prepay, redeem or purchase subordinated debt, and amend or otherwise alter debt agreements. The following summarizes information about the Term Loans: December 31, 2020 March 31, 2020 Principal amount of Term Loans $ 21,562,000 $ 24,375,000 Unamortized financing fees (179,000 ) (235,000 ) Net carrying amount of Term Loans 21,383,000 24,140,000 Less current portion of Term Loans (3,678,000 ) (3,678,000 ) Long-term portion of Term Loans $ 17,705,000 $ 20,462,000 Future repayments of the Term Loans are as follows: Year Ending March 31, 2021 - remaining three months $ 937,000 2022 3,750,000 2023 3,750,000 2024 13,125,000 Total payments $ 21,562,000 The Company had $ and $ outstanding under the Revolving Facility at December 31 and , respectively. In addition, $ was outstanding for letters of credit at December 31 . At December 31 , after certain contractual adjustments, $ was available under the Revolving

Contract Liabilities

Contract Liabilities	9 Months Ended
	Dec. 31, 2020
Contract Liabilities [Abstract]
Contract Liabilities	8. Contract Liabilities Contract liabilities are comprised of the following: December 31, 2020 March 31, 2020 Short-term contract liabilities Customer core returns accruals $ 18,212,000 $ 4,126,000 Customer allowances earned 15,207,000 13,844,000 Customer deposits 2,552,000 1,365,000 Core bank liability 1,072,000 528,000 Accrued core payment, net 7,735,000 8,048,000 Total short-term contract liabilities $ 44,778,000 $ 27,911,000 Long-term contract liabilities Customer core returns accruals $ 84,952,000 $ 77,927,000 Customer allowances earned 381,000 542,000 Core bank liability 17,303,000 7,556,000 Accrued core payment, net 1,947,000 6,076,000 Total long-term contract liabilities $ 104,583,000 $ 92,101,000

Leases

Leases	9 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	9. Leases The Company leases various facilities in North America and Asia under operating leases expiring through August The Company has material nonfunctional currency leases that could have a material impact on the Company’s condensed consolidated statements of income. As required for other monetary liabilities, lessees remeasure foreign currency-denominated lease liabilities using the exchange rate at each reporting date, but the lease assets are nonmonetary assets measured at historical rates and are not affected by subsequent changes in the exchange rates. In connection with the remeasurement of these leases, the Company recorded gains of $8,638,000 and $2,128,000 during the three months ended December 31, 2020 and 2019, respectively, and $12,241,000 and $1,491,000 during the nine months ended December 31, 2020 and 2019, respectively. These gains are included in “foreign exchange impact of lease liabilities and forward contracts” in the condensed consolidated statements of income. Balance sheet information for leases is as follows: Leases Classification December 31, 2020 March 31, 2020 Assets: Operating Operating lease assets $ 74,685,000 $ 53,029,000 Finance Plant and equipment 8,559,000 6,922,000 Total leased assets $ 83,244,000 $ 59,951,000 Liabilities: Current Operating Operating lease liabilities $ 6,232,000 $ 5,104,000 Finance Other current liabilities 2,555,000 2,059,000 Long-term Operating Long-term operating lease liabilities 71,569,000 61,425,000 Finance Other liabilities 4,981,000 3,905,000 Total lease liabilities $ 85,337,000 $ 72,493,000 Lease cost recognized in the condensed consolidated statements of income is as follows: Three Months Ended Nine Months Ended December 31, December 31, 2020 2019 2020 2019 Lease cost Operating lease cost $ 2,962,000 $ 2,402,000 $ 8,522,000 $ 6,287,000 Short-term lease cost 373,000 278,000 1,027,000 976,000 Variable lease cost 183,000 133,000 556,000 420,000 Finance lease cost: Amortization of finance lease assets 458,000 448,000 1,299,000 1,178,000 Interest on finance lease liabilities 98,000 73,000 274,000 214,000 Total lease cost $ 4,074,000 $ 3,334,000 $ 11,678,000 $ 9,075,000 Maturities of lease commitments at December 31, 2020 were as follows: Maturity of lease liabilities Operating Leases Finance Leases Total 2021 - remaining three months $ 2,793,000 $ 743,000 $ 3,536,000 2022 10,444,000 2,790,000 13,234,000 2023 9,364,000 2,152,000 11,516,000 2024 8,129,000 1,358,000 9,487,000 2025 8,095,000 931,000 9,026,000 Thereafter 69,261,000 300,000 69,561,000 Total lease payments 108,086,000 8,274,000 116,360,000 Less amount representing interest (30,285,000 ) (738,000 ) (31,023,000 ) Present value of lease liabilities $ 77,801,000 $ 7,536,000 $ 85,337,000 Other information about leases is as follows: December 31, 2020 Lease term and discount rate Weighted-average remaining lease term (years): Finance leases 3.4 Operating leases 11.3 Weighted-average discount rate: Finance leases 5.5 % Operating leases 5.9 %

Accounts Receivable Discount Pr

Accounts Receivable Discount Programs	9 Months Ended
	Dec. 31, 2020
Accounts Receivable Discount Programs [Abstract]
Accounts Receivable Discount Programs	10. Accounts Receivable Discount Programs The Company uses receivable discount programs with certain customers and their respective banks. Under these programs, the Company may sell those customers’ receivables to those banks at a discount to be agreed upon at the time the receivables are sold. These discount arrangements allow the Company to accelerate receipt of payment on customers’ receivables. The following is a summary of accounts receivable discount programs: Nine Months Ended December 31, 2020 2019 Receivables discounted $ 367,102,000 $ 341,339,000 Weighted average days 333 347 Annualized weighted average discount rate 2.1 % 3.5 % Amount of discount recognized as interest expense $ 7,277,000 $ 11,570,000

Net Income per Share

Net Income per Share	9 Months Ended
	Dec. 31, 2020
Net Income per Share [Abstract]
Net Income per Share	11. Net Income per Share Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share includes the effect, if any, from the potential exercise or conversion of securities, such as stock options, which would result in the issuance of incremental shares of common stock to the extent such impact is not anti-dilutive. The following presents a reconciliation of basic and diluted net income Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Net income $ 8,469,000 $ 865,000 $ 20,641,000 $ 903,000 Basic shares 19,053,232 18,961,517 19,016,302 18,895,893 Effect of potentially dilutive securities 383,561 344,288 317,456 367,221 Diluted shares 19,436,793 19,305,805 19,333,758 19,263,114 Net income Basic net income $ 0.44 $ 0.05 $ 1.09 $ 0.05 Diluted net income $ 0.44 $ 0.04 $ 1.07 $ 0.05 Potential common shares that would have the effect of increasing diluted net income per share or decreasing diluted net loss per share are considered to be anti-dilutive and as such, these shares are not included in calculating diluted net income per share. .

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2020
Income Taxes [Abstract]
Income Taxes	12. Income Taxes The Company recorded income tax expense of $ , or an effective tax rate of , and $ , or an effective tax rate of , for the three months ended December 31, 2020 and 2019, respectively. The Company recorded income tax expense of $ , or an effective tax rate of , and $ , or an effective tax rate of , for the nine months ended December 31, 2020 and 2019, respectively. The effective tax rates for the three and nine months ended December 31, 2020, were primarily impacted by foreign income taxed at rates that are different from the federal statutory rate . The Company continues to record a valuation allowance against its foreign deferred tax assets as a result of its non-U.S. net operating loss carry-forwards and non-U.S. research and development credits in connection with its acquisitions due to the uncertainty of their utilization in future periods. Should the actual amount differ from the Company’s estimates, the amount of the valuation allowance could be impacted. Realization of deferred tax assets from its U.S. operations is dependent upon the Company’s ability to generate sufficient future taxable income. Significant judgment is required in determining the Company’s provision for income taxes, deferred tax assets and liabilities and any valuation allowance recorded against the Company’s net deferred tax assets. The Company makes these estimates and judgments about its future taxable income that are based on assumptions that are consistent with the Company’s future plans. A valuation allowance is established when the Company believes it is not more likely than not all or some of a deferred tax assets will be realized. In evaluating the Company’s ability to recover deferred tax assets within the jurisdiction in which they arise, the Company considers all available positive and negative evidence. At December 31 the Company is not under examination in any jurisdiction and the years ended March through 2020 remain subject to examination. The Company believes no significant changes in the unrecognized tax benefits will occur within the next months.

Financial Risk Management and D

Financial Risk Management and Derivatives	9 Months Ended
	Dec. 31, 2020
Financial Risk Management and Derivatives [Abstract]
Financial Risk Management and Derivatives	13. Financial Risk Management and Derivatives Purchases and expenses denominated in currencies other than the U.S. dollar, which are primarily related to the Company’s overseas facilities, expose the Company to market risk from material movements in foreign exchange rates between the U.S. dollar and the foreign currencies. The Company’s primary risk exposure is from fluctuations in the value of the Mexican peso and to a lesser extent the Chinese yuan. To mitigate these risks, the Company enters into forward foreign currency exchange contracts to exchange U.S. dollars for these foreign currencies. The extent to which forward foreign currency exchange contracts are used, is modified periodically in response to the Company’s estimate of market conditions and the terms and length of anticipated requirements. The Company enters into forward foreign currency exchange contracts in order to reduce the impact of foreign currency fluctuations and not to engage in currency speculation. The use of derivative financial instruments allows the Company to reduce its exposure to the risk that the eventual cash outflow resulting from funding the expenses of the foreign operations will be materially affected by changes in exchange rates between the U.S. dollar and the foreign currencies. The Company does not hold or issue financial instruments for trading purposes. The Company designates forward foreign currency exchange contracts for forecasted expenditure requirements to fund foreign operations. The Company had forward foreign currency exchange contracts with a U.S. dollar equivalent notional value of and at December 31 and March respectively. These contracts generally have a term of or less, at rates agreed at the inception of the contracts. The counterparty to this derivative transaction is a major financial institution with investment grade credit rating; however, the Company is exposed to credit risk with this institution. The credit risk is limited to the potential unrealized gains (which offset currency fluctuations adverse to the Company) in any such contract should this counterparty fail to perform as contracted. Any changes in the fair values of forward foreign currency exchange contracts are included in “foreign exchange impact of lease liabilities and forward contracts” in the condensed consolidated statements of income . The following shows the effect of derivative instruments on the condensed consolidated statements of income: Gain Recognized as Foreign Exchange Impact of Lease Liabilities and Forward Contracts Derivatives Not Designated as Three Months Ended December 31, Nine Months Ended December 31, Hedging Instruments 2020 2019 2020 2019 Forward foreign currency exchange contracts $ 3,817,000 $ 1,644,000 $ 9,016,000 $ 1,016,000 The fair value of the forward foreign currency exchange contracts of $ is included in prepaid and other current assets in the condensed consolidated balance sheet at December 31, 2020. The fair value of the forward foreign currency exchange contracts of $ is included in other current liabilities in the condensed consolidated balance sheet at March 31, 2020. The changes in the fair values of forward foreign currency exchange contracts are included in “foreign exchange impact of lease liabilities and forward contracts” in the condensed consolidated statements of cash flows for the nine months ended December 31, 2020 and 2019

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2020
Fair Value Measurements [Abstract]
Fair Value Measurements	14. Fair Value Measurements The following summarizes financial assets and liabilities measured at fair value, by level within the fair value hierarchy: December 31, 2020 March 31, 2020 Fair Value Measurements Using Inputs Considered as Fair Value Measurements Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets Short-term investments Mutual funds $ 1,508,000 $ 1,508,000 $ - $ - $ 850,000 $ 850,000 $ - $ - Prepaid expenses and other current assets Forward foreign currency exchange contracts 2,732,000 - 2,732,000 - - - - - Liabilities Accounts payable and accrued liabilities Short-term contingent consideration 2,608,000 - - 2,608,000 2,190,000 - - 2,190,000 Other current liabilities Deferred compensation 1,508,000 1,508,000 - - 850,000 850,000 - - Forward foreign currency exchange contracts - - - - 6,284,000 - 6,284,000 - Other liabilities Long-term contingent consideration - - - - 463,000 - - 463,000 Short-term Investments and Deferred Compensation The Company’s short-term investments, which fund its deferred compensation liabilities, consist of investments in mutual funds. These investments are classified as Level 1 as the shares of these mutual funds trade with sufficient frequency and volume to enable the Company to obtain pricing information on an ongoing basis. Forward Foreign Currency Exchange Contracts The forward foreign currency exchange contracts are primarily measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers (See Note 13). Contingent Consideration In December 2018, the Company completed the acquisition of certain assets and assumption of certain liabilities from Mechanical Power Conversion, LLC (“E&M”). In connection with this acquisition, the Company is contingently obligated to make additional payments to the former owners of E&M up to an aggregate of $5,200,000 over a three-year period. E&M Research and Development (“R&D”) Event Milestone In connection with the Company’s E&M acquisition in December 2018, it had a two-year R&D event milestone based on technology development and transfer. At December 31, 2020, the milestone was achieved and, as a result, the Company will pay $1,250,000 to the former owners of E&M during the fourth fiscal quarter ending March 31, 2021. E&M Gross Profit Earn-out Consideration The fair value of the gross profit earn-out consideration was and at December and March respectively, determined using a Monte Carlo Simulation Model. Any subsequent changes in the fair value of the contingent consideration liability will be recorded in current period earnings as a general and administrative expense. The assumptions used to determine the fair value is as follows: December 31, 2020 Risk free interest rate 0.10 % Counter party rate 5.50 % Expected volatility (1) 47.00 % Weighted average cost of capital (1) 15.30 % (1) The range for expected volatility was 44% to 50% and the range for the weighted average cost of capital was 13.5% to 15.5%. In January 2019, the Company completed the acquisition of all the equity interests of Dixie. In connection with this acquisition, the Company was contingently obligated to make additional payments to the former owners of Dixie up to $1,130,000 over a two-year period and will pay approximately $8,000 during the fourth fiscal quarter ending March 31, 2021, as settlement of this obligation. The Company’s contingent consideration is recorded in accounts payable and accrued liabilities and other liabilities in its condensed consolidated balance sheets at December 31, 2020 and March 31, 2020, and is a Level 3 liability measured at fair value. The following table summarizes the activity for financial assets and liabilities utilizing Level 3 fair value measurements: Three Months Ended December 31, Nine Months Ended December 31, Contingent Consideration 2020 2019 2020 2019 Beginning balance $ 2,588,000 $ 4,851,000 $ 2,653,000 $ 4,721,000 Changes in revaluations of contingent consideration included in earnings 20,000 310,000 (45,000 ) 440,000 Ending balance $ 2,608,000 $ 5,161,000 $ 2,608,000 $ 5,161,000 During the and nine months ended December the Company had no other significant measurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to the short-term nature of these instruments. The carrying amounts of the revolving loan, term loan and other long-term liabilities approximate their fair value based on the variable nature of interest rates and current rates for instruments with similar characteristics.

Share-based Payments

Share-based Payments	9 Months Ended
	Dec. 31, 2020
Share-based Payments [Abstract]
Share-based Payments	15. Share-based Payments Stock Options The Company granted options to purchase and shares of common stock during the months ended December 31, 2020 and The cost associated with stock options is estimated using the Black-Scholes option-pricing model. This model requires the input of subjective assumptions including the expected volatility of the underlying stock and the expected holding period of the option. These subjective assumptions are based on both historical and other information. Changes in the values assumed and used in the model can materially affect the estimate of fair value. The following assumptions were used to derive the weighted average fair value of the stock options granted: Nine Months Ended December 31, 2020 2019 Weighted average risk free interest rate 0.44 % 1.76 % Weighted average expected holding period (years) 5.96 5.70 Weighted average expected volatility 44.90 % 42.50 % Weighted average expected dividend yield - - Weighted average fair value of options granted $ 6.43 $ 8.27 The following is a summary of stock option transactions: Number of Shares Weighted Average Exercise Price Outstanding at March 31, 2020 1,536,123 $ 18.18 Granted 345,423 $ 15.16 Exercised (14,794 ) $ 13.84 Forfeited (43,881 ) $ 22.57 Outstanding at December 31, 2020 1,822,871 $ 17.53 At December 31, 2020, options to purchase 606,910 shares of common stock were unvested at a weighted average exercise price of $17.11. At December 31, 2020, there was $3,293,000 of total unrecognized compensation expense related to unvested stock option awards. Compensation expense related to unvested stock option awards will be recognized over a weighted average vesting period of approximately 1.9 years. Restricted Stock Units and Restricted Stock (collectively “RSUs”) During the months ended December 31 the Company granted and shares of RSUs, respectively, with an estimated grant date fair value of based on the closing market price on the grant date. The following is a summary of non-vested RSUs: Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2020 201,983 $ 20.06 Granted 251,801 $ 16.48 Vested (94,320 ) $ 21.32 Forfeited (4,980 ) $ 17.65 Outstanding at December 31, 2020 354,484 $ 17.22 At December 31, 2020, there was $4,589,000 of unrecognized compensation expense related to these awards, which will be recognized over the remaining vesting period of approximately 1.7 years.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2020
Commitments and Contingencies [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies Warranty Returns The Company allows its customers to return goods that their consumers have returned to them, whether or not the returned item is defective (“warranty returns”). The Company accrues an estimate of its exposure to warranty returns based on a historical analysis of the level of this type of return as a percentage of unit sales. Amounts charged to expense for these warranty returns are considered in arriving at the Company’s net sales. The following summarizes the changes in the warranty return accrual: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Balance at beginning of period $ 22,499,000 $ 16,575,000 $ 18,300,000 $ 19,475,000 Charged to expense 26,194,000 26,637,000 80,155,000 82,353,000 Amounts processed (31,540,000 ) (28,226,000 ) (81,302,000 ) (86,842,000 ) Balance at end of period $ 17,153,000 $ 14,986,000 $ 17,153,000 $ 14,986,000 Contingencies The Company is subject to various lawsuits and claims. In addition, government agencies and self-regulatory organizations have the ability to conduct periodic examinations of and administrative proceedings regarding the Company’s business. Following an audit in fiscal 2019, the U.S. Customs and Border Protection stated that it believed that the Company owed additional duties of approximately $17 million from 2011 through mid-2018 relating to products that it imported from Mexico. The Company does not believe that this amount is correct and believes that it has numerous defenses and intends to dispute this amount vigorously. The Company cannot assure that the U.S. Customs and Border Protection will agree or that it will not need to accrue or pay additional amounts in the future.

Basis of Presentation and New_2

Basis of Presentation and New Accounting Pronouncements (Policies)	9 Months Ended
	Dec. 31, 2020
Basis of Presentation and New Accounting Pronouncements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form -Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the and nine months ended December are not necessarily indicative of the results that may be expected for the fiscal year ending March This report should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended March which are included in the Company’s Annual Report on Form -K filed with the Securities and Exchange Commission (“SEC”) on June . The accompanying condensed consolidated financial statements have been prepared on a consistent basis with, and there have been no material changes to, except as noted below, the accounting policies described in Note Summary of Significant Accounting Policies, to the consolidated financial statements that are presented in the Company’s Annual Report on Form -K for the fiscal year ended March .
New Accounting Pronouncements Recently and Not Yet Adopted	New Accounting Pronouncements Recently Adopted Measurement of Credit Losses on Financial Instruments In June the FASB issued an accounting pronouncement related to the measurement of credit losses on financial instruments. This pronouncement, along with a subsequent Accounting Standards Updates (“ASU”) issued to clarify certain provisions of the new guidance, changed the impairment model for most financial assets and requires the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities are required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The adoption of this guidance on April increased the Company’s required disclosures for its expected credit losses but did not have a material effect on its condensed consolidated financial statements. Prior to April 1, 2020, accounts receivable were recorded at cost less an allowance for doubtful accounts. The net amount of accounts receivable and corresponding allowance for doubtful accounts were presented in the condensed consolidated balance sheets. The Company maintains allowances for uncollectible accounts receivable for estimated losses resulting from the failure or inability of its customers to make required payments. Furthermore, receivable balances were assessed quarterly for impairment and an allowance was recorded if the receivable was considered impaired. Subsequent to April 1, 2020, accounts receivable are recorded at amortized cost less an allowance for credit losses that are not expected to be recovered. The net amount of accounts receivable and corresponding allowance for credit losses are presented in the condensed consolidated balance sheets. The Company maintains allowances for credit losses resulting from the expected failure or inability of its customers to make required payments. The Company recognizes the allowance for credit losses at inception and reassess quarterly based on the asset’s expected collectability. The allowance is based on multiple factors including historical experience with bad debts, the credit quality of the customer base, the aging of such receivables and current macroeconomic conditions, such as COVID-19, as well as expectations of conditions in the future, if applicable. The Company’s The Company records a provision for expected credit losses using a loss-rate method based on the ratio of its historical write-offs to its average trade accounts receivable. At each reporting period, the Company assesses whether financial assets in a pool continue to display similar risk characteristics. If particular receivables no longer display risk characteristics that are similar to those of the receivables in the pool, the Company may determine that it needs to move those receivables to a different pool or perform an individual assessment of expected credit losses for those specific receivables. Fair Value Measurements In August the FASB issued guidance , which changed the disclosure requirements for fair value measurements by removing, adding and modifying certain disclosures, including the range and weighted-average of significant unobservable inputs used to develop Level fair value measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level measurements, and the narrative description of measurement uncertainty should be applied prospectively only for the most recent interim or annual period presented in the initial year of adoption. All other amendments should be applied retrospectively applied to all periods presented upon their effective date. The adoption of this guidance on April modified certain of the Company’s disclosures for its Level fair value measurements but did not have an impact on its consolidated financial statements. Reference Rate Reform In March the FASB issued guidance that, for a limited time, eases the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London Interbank Offered Rate or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December The Company will apply these amendments prospectively. The adoption of this guidance on April did not have an impact on the Company’s condensed consolidated financial statements for the and nine months ended December . New Accounting Pronouncements Not Yet Adopted Income Taxes In December 2019, the FASB issued guidance that simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistent application. This guidance is effective for annual and interim periods in fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

Accounts Receivable - Net (Tabl

Accounts Receivable - Net (Tables)	9 Months Ended
	Dec. 31, 2020
Accounts Receivable - Net [Abstract]
Accounts Receivable	Accounts receivable — net is comprised of the following: December 31, 2020 March 31, 2020 Accounts receivable — trade $ 56,568,000 $ 109,164,000 Allowance for credit losses (328,000 ) (4,252,000 ) Customer payment discrepancies (531,000 ) (1,040,000 ) Customer returns RGA issued (10,438,000 ) (12,124,000 ) Total accounts receivable — net $ 45,271,000 $ 91,748,000
Allowance for Credit Losses	The following table provides a roll-forward of the allowance for credit losses that is deducted from accounts receivable to present the net amount expected to be collected. Nine Months Ended December 31, 2020 Balance at beginning of period $ 4,252,000 Provision for expected credit losses 74,000 Recoveries (100,000 ) Amounts written off charged against the allowance (3,898,000 ) Balance at end of period $ 328,000

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Dec. 31, 2020
Inventory [Abstract]
Inventory Net	Inventory is comprised of the following: December 31, 2020 March 31, 2020 Inventory Raw materials $ 123,423,000 $ 99,360,000 Work-in-process 9,391,000 3,906,000 Finished goods 164,020,000 135,601,000 296,834,000 238,867,000 Less allowance for excess and obsolete inventory (13,303,000 ) (13,208,000 ) Inventory — net 283,531,000 225,659,000 Inventory unreturned 12,750,000 9,021,000 Total inventory $ 296,281,000 $ 234,680,000

Contract Assets (Tables)

Contract Assets (Tables)	9 Months Ended
	Dec. 31, 2020
Contract Assets [Abstract]
Contract Assets	Contract assets are comprised of the following: December 31, 2020 March 31, 2020 Short-term contract assets Cores expected to be returned by customers $ 17,231,000 $ 12,579,000 Upfront payments to customers 1,175,000 2,865,000 Core premiums paid to customers 6,976,000 4,888,000 Total short-term contract assets $ 25,382,000 $ 20,332,000 Long-term contract assets Remanufactured cores held at customers' locations $ 216,108,000 $ 217,616,000 Upfront payments to customers 334,000 589,000 Core premiums paid to customers 26,533,000 15,766,000 Long-term core inventory deposits 5,569,000 5,569,000 Total long-term contract assets $ 248,544,000 $ 239,540,000

Significant Customer and Othe_2

Significant Customer and Other Information (Tables)	9 Months Ended
	Dec. 31, 2020
Significant Customer and Other Information [Abstract]
Concentrations of Risk	Significant Customer Concentrations The largest customers accounted for the following percentage of net sales: Three Months Ended December 31, Nine Months Ended December 31 2020 2019 2020 2019 Net sales Customer A 35 % 38 % 42 % 39 % Customer B 26 % 22 % 24 % 21 % Customer C 24 % 25 % 21 % 23 % The largest customers accounted for the following percentage of accounts receivable – trade: December 31, 2020 March 31, 2020 Accounts receivable - trade Customer A 39 % 28 % Customer B 29 % 14 % Customer C - % 33 % Geographic and Product Information The Company’s products are sold predominantly in the U.S. and accounted for the following percentages of net sales: Three Months Ended December 31, Nine Months Ended December 31 2020 2019 2020 2019 Rotating electrical products 72 % 75 % 76 % 76 % Wheel hub products 14 % 14 % 14 % 15 % Brake related products 12 % 9 % 9 % 7 % Other products 2 % 2 % 1 % 2 % 100 % 100 % 100 % 100 %

Debt (Tables)

Debt (Tables)	9 Months Ended
	Dec. 31, 2020
Debt [Abstract]
Information About the Term Loan	The following summarizes information about the Term Loans: December 31, 2020 March 31, 2020 Principal amount of Term Loans $ 21,562,000 $ 24,375,000 Unamortized financing fees (179,000 ) (235,000 ) Net carrying amount of Term Loans 21,383,000 24,140,000 Less current portion of Term Loans (3,678,000 ) (3,678,000 ) Long-term portion of Term Loans $ 17,705,000 $ 20,462,000
Future Repayments of the Amended Term Loan, by Fiscal Year	Future repayments of the Term Loans are as follows: Year Ending March 31, 2021 - remaining three months $ 937,000 2022 3,750,000 2023 3,750,000 2024 13,125,000 Total payments $ 21,562,000

Contract Liabilities (Tables)

Contract Liabilities (Tables)	9 Months Ended
	Dec. 31, 2020
Contract Liabilities [Abstract]
Contract Liabilities	Contract liabilities are comprised of the following: December 31, 2020 March 31, 2020 Short-term contract liabilities Customer core returns accruals $ 18,212,000 $ 4,126,000 Customer allowances earned 15,207,000 13,844,000 Customer deposits 2,552,000 1,365,000 Core bank liability 1,072,000 528,000 Accrued core payment, net 7,735,000 8,048,000 Total short-term contract liabilities $ 44,778,000 $ 27,911,000 Long-term contract liabilities Customer core returns accruals $ 84,952,000 $ 77,927,000 Customer allowances earned 381,000 542,000 Core bank liability 17,303,000 7,556,000 Accrued core payment, net 1,947,000 6,076,000 Total long-term contract liabilities $ 104,583,000 $ 92,101,000

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Balance Sheet Information for Leases	Balance sheet information for leases is as follows: Leases Classification December 31, 2020 March 31, 2020 Assets: Operating Operating lease assets $ 74,685,000 $ 53,029,000 Finance Plant and equipment 8,559,000 6,922,000 Total leased assets $ 83,244,000 $ 59,951,000 Liabilities: Current Operating Operating lease liabilities $ 6,232,000 $ 5,104,000 Finance Other current liabilities 2,555,000 2,059,000 Long-term Operating Long-term operating lease liabilities 71,569,000 61,425,000 Finance Other liabilities 4,981,000 3,905,000 Total lease liabilities $ 85,337,000 $ 72,493,000
Lease Cost Recognized in Consolidated Statements of Income	Lease cost recognized in the condensed consolidated statements of income is as follows: Three Months Ended Nine Months Ended December 31, December 31, 2020 2019 2020 2019 Lease cost Operating lease cost $ 2,962,000 $ 2,402,000 $ 8,522,000 $ 6,287,000 Short-term lease cost 373,000 278,000 1,027,000 976,000 Variable lease cost 183,000 133,000 556,000 420,000 Finance lease cost: Amortization of finance lease assets 458,000 448,000 1,299,000 1,178,000 Interest on finance lease liabilities 98,000 73,000 274,000 214,000 Total lease cost $ 4,074,000 $ 3,334,000 $ 11,678,000 $ 9,075,000
Maturity of Lease Commitments	Maturities of lease commitments at December 31, 2020 were as follows: Maturity of lease liabilities Operating Leases Finance Leases Total 2021 - remaining three months $ 2,793,000 $ 743,000 $ 3,536,000 2022 10,444,000 2,790,000 13,234,000 2023 9,364,000 2,152,000 11,516,000 2024 8,129,000 1,358,000 9,487,000 2025 8,095,000 931,000 9,026,000 Thereafter 69,261,000 300,000 69,561,000 Total lease payments 108,086,000 8,274,000 116,360,000 Less amount representing interest (30,285,000 ) (738,000 ) (31,023,000 ) Present value of lease liabilities $ 77,801,000 $ 7,536,000 $ 85,337,000
Other Information about Leases	Other information about leases is as follows: December 31, 2020 Lease term and discount rate Weighted-average remaining lease term (years): Finance leases 3.4 Operating leases 11.3 Weighted-average discount rate: Finance leases 5.5 % Operating leases 5.9 %

Accounts Receivable Discount _2

Accounts Receivable Discount Programs (Tables)	9 Months Ended
	Dec. 31, 2020
Accounts Receivable Discount Programs [Abstract]
Accounts Receivable Discount Programs	The following is a summary of accounts receivable discount programs: Nine Months Ended December 31, 2020 2019 Receivables discounted $ 367,102,000 $ 341,339,000 Weighted average days 333 347 Annualized weighted average discount rate 2.1 % 3.5 % Amount of discount recognized as interest expense $ 7,277,000 $ 11,570,000

Net Income per Share (Tables)

Net Income per Share (Tables)	9 Months Ended
	Dec. 31, 2020
Net Income per Share [Abstract]
Reconciliation of Basic and Diluted Net Income Per Share	The following presents a reconciliation of basic and diluted net income Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Net income $ 8,469,000 $ 865,000 $ 20,641,000 $ 903,000 Basic shares 19,053,232 18,961,517 19,016,302 18,895,893 Effect of potentially dilutive securities 383,561 344,288 317,456 367,221 Diluted shares 19,436,793 19,305,805 19,333,758 19,263,114 Net income Basic net income $ 0.44 $ 0.05 $ 1.09 $ 0.05 Diluted net income $ 0.44 $ 0.04 $ 1.07 $ 0.05

Financial Risk Management and_2

Financial Risk Management and Derivatives (Tables)	9 Months Ended
	Dec. 31, 2020
Financial Risk Management and Derivatives [Abstract]
Derivative Instruments on Consolidated Statements of Income	The following shows the effect of derivative instruments on the condensed consolidated statements of income: Gain Recognized as Foreign Exchange Impact of Lease Liabilities and Forward Contracts Derivatives Not Designated as Three Months Ended December 31, Nine Months Ended December 31, Hedging Instruments 2020 2019 2020 2019 Forward foreign currency exchange contracts $ 3,817,000 $ 1,644,000 $ 9,016,000 $ 1,016,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Dec. 31, 2020
Fair Value Measurements [Abstract]
Financial Assets and Liabilities Measured at Fair Value Recurring Basis	The following summarizes financial assets and liabilities measured at fair value, by level within the fair value hierarchy: December 31, 2020 March 31, 2020 Fair Value Measurements Using Inputs Considered as Fair Value Measurements Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets Short-term investments Mutual funds $ 1,508,000 $ 1,508,000 $ - $ - $ 850,000 $ 850,000 $ - $ - Prepaid expenses and other current assets Forward foreign currency exchange contracts 2,732,000 - 2,732,000 - - - - - Liabilities Accounts payable and accrued liabilities Short-term contingent consideration 2,608,000 - - 2,608,000 2,190,000 - - 2,190,000 Other current liabilities Deferred compensation 1,508,000 1,508,000 - - 850,000 850,000 - - Forward foreign currency exchange contracts - - - - 6,284,000 - 6,284,000 - Other liabilities Long-term contingent consideration - - - - 463,000 - - 463,000
Assumptions Used to Determine Fair Value of Contingent Consideration	The assumptions used to determine the fair value is as follows: December 31, 2020 Risk free interest rate 0.10 % Counter party rate 5.50 % Expected volatility (1) 47.00 % Weighted average cost of capital (1) 15.30 % (1) The range for expected volatility was 44% to 50% and the range for the weighted average cost of capital was 13.5% to 15.5%.
Change in Warrant Liability Measured at Fair Value Recurring Basis Using Significant Unobservable Inputs (Level 3)	The following table summarizes the activity for financial assets and liabilities utilizing Level 3 fair value measurements: Three Months Ended December 31, Nine Months Ended December 31, Contingent Consideration 2020 2019 2020 2019 Beginning balance $ 2,588,000 $ 4,851,000 $ 2,653,000 $ 4,721,000 Changes in revaluations of contingent consideration included in earnings 20,000 310,000 (45,000 ) 440,000 Ending balance $ 2,608,000 $ 5,161,000 $ 2,608,000 $ 5,161,000

Share-based Payments (Tables)

Share-based Payments (Tables)	9 Months Ended
	Dec. 31, 2020
Share-based Payments [Abstract]
Black-Scholes Option Pricing Model Assumptions Used to Derive Weighted Average Fair Value of Stock Options Granted	The following assumptions were used to derive the weighted average fair value of the stock options granted: Nine Months Ended December 31, 2020 2019 Weighted average risk free interest rate 0.44 % 1.76 % Weighted average expected holding period (years) 5.96 5.70 Weighted average expected volatility 44.90 % 42.50 % Weighted average expected dividend yield - - Weighted average fair value of options granted $ 6.43 $ 8.27
Stock Option Transactions	The following is a summary of stock option transactions: Number of Shares Weighted Average Exercise Price Outstanding at March 31, 2020 1,536,123 $ 18.18 Granted 345,423 $ 15.16 Exercised (14,794 ) $ 13.84 Forfeited (43,881 ) $ 22.57 Outstanding at December 31, 2020 1,822,871 $ 17.53
Restricted Stock Units Activity	The following is a summary of non-vested RSUs: Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2020 201,983 $ 20.06 Granted 251,801 $ 16.48 Vested (94,320 ) $ 21.32 Forfeited (4,980 ) $ 17.65 Outstanding at December 31, 2020 354,484 $ 17.22

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Dec. 31, 2020
Commitments and Contingencies [Abstract]
Changes in Warranty Return Accrual	The following summarizes the changes in the warranty return accrual: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Balance at beginning of period $ 22,499,000 $ 16,575,000 $ 18,300,000 $ 19,475,000 Charged to expense 26,194,000 26,637,000 80,155,000 82,353,000 Amounts processed (31,540,000 ) (28,226,000 ) (81,302,000 ) (86,842,000 ) Balance at end of period $ 17,153,000 $ 14,986,000 $ 17,153,000 $ 14,986,000

Company Background and Organi_2

Company Background and Organization (Details)	9 Months Ended
	Dec. 31, 2020Segment
Company Background and Organization [Abstract]
Number of operating segments	3
Number of reportable segments	1

Accounts Receivable - Net (Deta

Accounts Receivable - Net (Details) - USD ($)	9 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Components of accounts receivable [Abstract]
Accounts receivable - trade	$ 56,568,000	$ 109,164,000
Allowance for credit losses	(328,000)	(4,252,000)
Customer payment discrepancies	(531,000)	(1,040,000)
Customer returns RGA issued	(10,438,000)	(12,124,000)
Total accounts receivable - net	45,271,000	$ 91,748,000
Allowance for credit losses [Roll Forward]
Balance at beginning of period	4,252,000
Provision for expected credit losses	74,000
Recoveries	(100,000)
Amounts written off charged against the allowance	(3,898,000)
Balance at end of period	$ 328,000

Inventory (Details)

Inventory (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Inventory [Abstract]
Raw materials	$ 123,423,000	$ 99,360,000
Work-in-process	9,391,000	3,906,000
Finished goods	164,020,000	135,601,000
Inventory, gross	296,834,000	238,867,000
Less allowance for excess and obsolete inventory	(13,303,000)	(13,208,000)
Inventory - net	283,531,000	225,659,000
Inventory unreturned	12,750,000	9,021,000
Total inventory	$ 296,281,000	$ 234,680,000

Contract Assets (Details)

Contract Assets (Details) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Mar. 31, 2020
Contract Assets [Abstract]
Long-term contract assets, write-down	$ 1,304,000	$ 3,580,000
Short-term contract assets [Abstract]
Cores expected to be returned by customers	17,231,000	17,231,000	$ 12,579,000
Upfront payments to customers	1,175,000	1,175,000	2,865,000
Core premiums paid to customers	6,976,000	6,976,000	4,888,000
Total short-term contract assets	25,382,000	25,382,000	20,332,000
Long-term contract assets [Abstract]
Remanufactured cores held at customers' locations	216,108,000	216,108,000	217,616,000
Upfront payments to customers	334,000	334,000	589,000
Core premiums paid to customers	26,533,000	26,533,000	15,766,000
Long-term core inventory deposits	5,569,000	5,569,000	5,569,000
Total long-term contract assets	$ 248,544,000	$ 248,544,000	$ 239,540,000

Significant Customer and Othe_3

Significant Customer and Other Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Net Sales [Member]
Concentration Risk [Abstract]
Concentration risk percentage	100.00%	100.00%	100.00%	100.00%
Net Sales [Member] | Customer A [Member]
Concentration Risk [Abstract]
Concentration risk percentage	35.00%	38.00%	42.00%	39.00%
Net Sales [Member] | Customer B [Member]
Concentration Risk [Abstract]
Concentration risk percentage	26.00%	22.00%	24.00%	21.00%
Net Sales [Member] | Customer C [Member]
Concentration Risk [Abstract]
Concentration risk percentage	24.00%	25.00%	21.00%	23.00%
Net Sales [Member] | Rotating Electrical Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	72.00%	75.00%	76.00%	76.00%
Net Sales [Member] | Wheel Hub Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	14.00%	14.00%	14.00%	15.00%
Net Sales [Member] | Brake-Related Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	12.00%	9.00%	9.00%	7.00%
Net Sales [Member] | Other Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	2.00%	2.00%	1.00%	2.00%
Accounts Receivable - Trade [Member] | Customer A [Member]
Concentration Risk [Abstract]
Concentration risk percentage	39.00%				28.00%
Accounts Receivable - Trade [Member] | Customer B [Member]
Concentration Risk [Abstract]
Concentration risk percentage	29.00%				14.00%
Accounts Receivable - Trade [Member] | Customer C [Member]
Concentration Risk [Abstract]
Concentration risk percentage	0.00%				33.00%

Debt (Details)

Debt (Details) - USD ($)	9 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Amended Credit Facility [Abstract]
Repayments of revolving loan and term loan	$ 95,813,000
Cash	12,800,000	$ 49,616,000
Summarized information about the term loan [Abstract]
Less current portion of Term Loans	(3,678,000)	(3,678,000)
Long-term portion of Term Loans	17,705,000	$ 20,462,000
Revolving Facility [Member]
Amended Credit Facility [Abstract]
Credit for cash	$ 6,000,000
Interest rate at end of period	2.90%	3.64%
Revolving Facility [Member] | Letters of Credit [Member]
Amended Credit Facility [Abstract]
Outstanding balance under revolving loan	$ 5,937,000
Term Loans [Member]
Amended Credit Facility [Abstract]
Quarterly principal payments	$ 937,500
Interest rate at end of period	2.91%	4.34%
Summarized information about the term loan [Abstract]
Principal amount of Term Loans	$ 21,562,000	$ 24,375,000
Unamortized financing fees	(179,000)	(235,000)
Net carrying amount of Term Loans	21,383,000	24,140,000
Less current portion of Term Loans	(3,678,000)	(3,678,000)
Long-term portion of Term Loans	17,705,000	20,462,000
Future repayments of the Term Loan, by fiscal year [Abstract]
2021 - remaining three months	937,000
2022	3,750,000
2023	3,750,000
2024	13,125,000
Total payments	21,562,000	24,375,000
Credit Facility [Member]
Amended Credit Facility [Abstract]
Maximum borrowing capacity	$ 268,620,000
Debt instrument, maturity date	Jun. 5, 2023
Credit Facility [Member] | Minimum [Member]
Amended Credit Facility [Abstract]
Facility fee on total leverage ratio	0.375%
Credit Facility [Member] | Maximum [Member]
Amended Credit Facility [Abstract]
Dividend payments and share repurchases, annual maximum amount permitted	$ 30,000,000
Facility fee on total leverage ratio	0.50%
Credit Facility [Member] | LIBOR [Member]
Amended Credit Facility [Abstract]
Reference interest rate under option 1, floor	2.25%
Interest rate over LIBOR rate under option 1	2.50%
Interest rate above base rate under option 2	2.75%
Credit Facility [Member] | Reference Rate [Member]
Amended Credit Facility [Abstract]
Reference interest rate under option 1, floor	1.25%
Interest rate over LIBOR rate under option 1	1.50%
Interest rate above base rate under option 2	1.75%
Credit Facility [Member] | Revolving Facility [Member]
Amended Credit Facility [Abstract]
Maximum borrowing capacity	$ 238,620,000
Outstanding balance under revolving loan	59,000,000	$ 152,000,000
Amount available under revolving facility	127,236,000
Credit Facility [Member] | Revolving Facility [Member] | Canadian Borrowers [Member]
Amended Credit Facility [Abstract]
Maximum borrowing capacity	24,000,000
Credit Facility [Member] | Revolving Facility [Member] | Letters of Credit [Member]
Amended Credit Facility [Abstract]
Maximum borrowing capacity	20,000,000
Credit Facility [Member] | Term Loans [Member]
Amended Credit Facility [Abstract]
Maximum borrowing capacity	$ 30,000,000

Contract Liabilities (Details)

Contract Liabilities (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Short-term contract liabilities [Abstract]
Customer core returns accruals	$ 18,212,000	$ 4,126,000
Customer allowances earned	15,207,000	13,844,000
Customer deposits	2,552,000	1,365,000
Core bank liability	1,072,000	528,000
Accrued core payment, net	7,735,000	8,048,000
Total short-term contract liabilities	44,778,000	27,911,000
Long-term contract liabilities [Abstract]
Customer core returns accruals	84,952,000	77,927,000
Customer allowances earned	381,000	542,000
Core bank liability	17,303,000	7,556,000
Accrued core payment, net	1,947,000	6,076,000
Total long-term contract liabilities	$ 104,583,000	$ 92,101,000

Leases, General Information (De

Leases, General Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Gain (loss) in foreign currency-denominated lease liabilities	$ 8,638,000	$ 2,128,000	$ 12,241,000	$ 1,491,000

Leases, Balance Sheet Informati

Leases, Balance Sheet Information (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Assets [Abstract]
Operating, Operating lease assets	$ 74,685,000	$ 53,029,000
Finance, Plant and equipment	8,559,000	6,922,000
Total leased assets	83,244,000	59,951,000
Current [Abstract]
Operating, Operating lease liabilities	6,232,000	5,104,000
Finance, Other current liabilities	2,555,000	2,059,000
Long-term [Abstract]
Operating, Long-term operating lease liabilities	71,569,000	61,425,000
Finance, Other liabilities	4,981,000	3,905,000
Total lease liabilities	$ 85,337,000	$ 72,493,000

Leases, Cost Recogized in Conso

Leases, Cost Recogized in Consolidated Statements of Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Lease cost [Abstract]
Operating lease cost	$ 2,962,000	$ 2,402,000	$ 8,522,000	$ 6,287,000
Short-term lease cost	373,000	278,000	1,027,000	976,000
Variable lease cost	183,000	133,000	556,000	420,000
Finance lease cost [Abstract]
Amortization of finance lease assets	458,000	448,000	1,299,000	1,178,000
Interest on finance lease liabilities	98,000	73,000	274,000	214,000
Total lease cost	$ 4,074,000	$ 3,334,000	$ 11,678,000	$ 9,075,000

Leases, Maturities of Lease Com

Leases, Maturities of Lease Commitments (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Operating Leases [Abstract]
2021 - remaining three months	$ 2,793,000
2022	10,444,000
2023	9,364,000
2024	8,129,000
2025	8,095,000
Thereafter	69,261,000
Total lease payments	108,086,000
Less amount representing interest	(30,285,000)
Present value of lease liabilities	77,801,000
Finance Leases [Abstract]
2021 - remaining three months	743,000
2022	2,790,000
2023	2,152,000
2024	1,358,000
2025	931,000
Thereafter	300,000
Total lease payments	8,274,000
Less amount representing interest	(738,000)
Present value of lease liabilities	7,536,000
Total [Abstract]
2021 - remaining three months	3,536,000
2022	13,234,000
2023	11,516,000
2024	9,487,000
2025	9,026,000
Thereafter	69,561,000
Total lease payments	116,360,000
Less amount representing interest	(31,023,000)
Present value of lease liabilities	$ 85,337,000	$ 72,493,000

Leases, Other Information (Deta

Leases, Other Information (Details)	Dec. 31, 2020
Weighted-average remaining lease term (years): [Abstract]
Finance leases	3 years 4 months 24 days
Operating leases	11 years 3 months 18 days
Weighted-average discount rate: [Abstract]
Finance leases	5.50%
Operating leases	5.90%

Accounts Receivable Discount _3

Accounts Receivable Discount Programs (Details) - USD ($)	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable Discount Programs [Abstract]
Receivables discounted	$ 367,102,000	$ 341,339,000
Weighted average days	333 days	347 days
Annualized weighted average discount rate	2.10%	3.50%
Amount of discount recognized as interest expense	$ 7,277,000	$ 11,570,000

Net Income per Share (Details)

Net Income per Share (Details) - USD ($)	3 Months Ended						9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of basic and diluted net income per share [Abstract]
Net income	$ 8,469,000	$ 15,184,000	$ (3,012,000)	$ 865,000	$ 6,189,000	$ (6,151,000)	$ 20,641,000	$ 903,000
Basic shares (in shares)	19,053,232			18,961,517			19,016,302	18,895,893
Effect of potentially dilutive securities (in shares)	383,561			344,288			317,456	367,221
Diluted shares (in shares)	19,436,793			19,305,805			19,333,758	19,263,114
Net income per share [Abstract]
Basic net income per share (in dollars per share)	$ 0.44			$ 0.05			$ 1.09	$ 0.05
Diluted net income per share (in dollars per share)	$ 0.44			$ 0.04			$ 1.07	$ 0.05
Options [Member]
Antidilutive Securities [Abstract]
Antidilutive shares excluded from computation of earnings per share (in shares)	1,319,937			1,047,224			1,328,437	1,031,624

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Abstract]
Income tax expense	$ 3,373,000	$ 1,502,000	$ 8,448,000	$ 1,752,000
Effective income tax rate	28.50%	63.50%	29.00%	66.00%

Financial Risk Management and_3

Financial Risk Management and Derivatives (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Foreign Currency Exchange Contracts [Abstract]
Forward foreign currency exchange contracts included in prepaid and other current assets	$ 2,732,000		$ 2,732,000
Forward foreign currency exchange contracts included in included other current liabilities					$ 6,284,000
Forward Foreign Currency Exchange Contracts [Member]
Foreign Currency Exchange Contracts [Abstract]
Notional amount of foreign currency derivatives	37,601,000		37,601,000		$ 42,052,000
Forward Foreign Currency Exchange Contracts [Member] | Foreign Exchange Impact of Lease Liabilities and Forward Contracts [Member]
Foreign Currency Exchange Contracts [Abstract]
Forward foreign currency exchange contracts	$ 3,817,000	$ 1,644,000	$ 9,016,000	$ 1,016,000
Forward Foreign Currency Exchange Contracts [Member] | Maximum [Member]
Foreign Currency Exchange Contracts [Abstract]
Derivative, term of contract			1 year

Fair Value Measurements (Detail

Fair Value Measurements (Details)		3 Months Ended		9 Months Ended
		Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Jan. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Contingent Consideration [Member]
Change in contingent consideration measured at fair value recurring basis using significant unobservable inputs (Level 3) [Roll Forward]
Beginning balance		$ 2,588,000	$ 4,851,000	$ 2,653,000	$ 4,721,000
Changes in revaluation of contingent consideration included in earnings		20,000	310,000	(45,000)	440,000
Ending balance		2,608,000	$ 5,161,000	2,608,000	$ 5,161,000
Recurring [Member]
Short-term investments [Abstract]
Mutual funds		1,508,000		1,508,000		$ 850,000
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts		2,732,000		2,732,000		0
Accounts payable and accrued liabilities [Abstract]
Short-term contingent consideration		2,608,000		2,608,000		2,190,000
Other current liabilities [Abstract]
Deferred compensation		1,508,000		1,508,000		850,000
Forward foreign currency exchange contracts		0		0		6,284,000
Other liabilities [Abstract]
Long-term contingent consideration		0		0		463,000
Recurring [Member] | Level 1 [Member]
Short-term investments [Abstract]
Mutual funds		1,508,000		1,508,000		850,000
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts		0		0		0
Accounts payable and accrued liabilities [Abstract]
Short-term contingent consideration		0		0		0
Other current liabilities [Abstract]
Deferred compensation		1,508,000		1,508,000		850,000
Forward foreign currency exchange contracts		0		0		0
Other liabilities [Abstract]
Long-term contingent consideration		0		0		0
Recurring [Member] | Level 2 [Member]
Short-term investments [Abstract]
Mutual funds		0		0		0
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts		2,732,000		2,732,000		0
Accounts payable and accrued liabilities [Abstract]
Short-term contingent consideration		0		0		0
Other current liabilities [Abstract]
Deferred compensation		0		0		0
Forward foreign currency exchange contracts		0		0		6,284,000
Other liabilities [Abstract]
Long-term contingent consideration		0		0		0
Recurring [Member] | Level 3 [Member]
Short-term investments [Abstract]
Mutual funds		0		0		0
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts		0		0		0
Accounts payable and accrued liabilities [Abstract]
Short-term contingent consideration		2,608,000		2,608,000		2,190,000
Other current liabilities [Abstract]
Deferred compensation		0		0		0
Forward foreign currency exchange contracts		0		0		0
Other liabilities [Abstract]
Long-term contingent consideration		$ 0		$ 0		463,000
Gross Profit Earn-out Consideration [Member] | Risk Free Interest Rate [Member]
Fair Value Assumptions [Abstract]
Assumptions for fair value of contingent consideration		0.0010		0.0010
Gross Profit Earn-out Consideration [Member] | Counter Party Rate [Member]
Fair Value Assumptions [Abstract]
Assumptions for fair value of contingent consideration		0.0550		0.0550
Gross Profit Earn-out Consideration [Member] | Expected Volatility [Member]
Fair Value Assumptions [Abstract]
Assumptions for fair value of contingent consideration	[1]	0.4700		0.4700
Gross Profit Earn-out Consideration [Member] | Expected Volatility [Member] | Minimum [Member]
Fair Value Assumptions [Abstract]
Assumptions for fair value of contingent consideration		0.44		0.44
Gross Profit Earn-out Consideration [Member] | Expected Volatility [Member] | Maximum [Member]
Fair Value Assumptions [Abstract]
Assumptions for fair value of contingent consideration		0.50		0.50
Gross Profit Earn-out Consideration [Member] | Weighted Average Cost of Capital [Member]
Fair Value Assumptions [Abstract]
Assumptions for fair value of contingent consideration	[1]	0.1530		0.1530
Gross Profit Earn-out Consideration [Member] | Weighted Average Cost of Capital [Member] | Minimum [Member]
Fair Value Assumptions [Abstract]
Assumptions for fair value of contingent consideration		0.135		0.135
Gross Profit Earn-out Consideration [Member] | Weighted Average Cost of Capital [Member] | Maximum [Member]
Fair Value Assumptions [Abstract]
Assumptions for fair value of contingent consideration		0.155		0.155
Mechanical Power Conversion, LLC [Member]
Contingent Consideration [Abstract]
Aggregate contingent consideration obligation								$ 5,200,000
Mechanical Power Conversion, LLC [Member] | Maximum [Member]
Contingent Consideration [Abstract]
Contingent consideration payment period				3 years
Mechanical Power Conversion, LLC [Member] | Two-year R&D Milestone Event [Member]
Contingent Consideration [Abstract]
Fair value of contingent consideration obligations		$ 1,250,000		$ 1,250,000
Term of R&D event milestone				2 years
Mechanical Power Conversion, LLC [Member] | Gross Profit Earn-out Consideration [Member]
Contingent Consideration [Abstract]
Fair value of contingent consideration obligations		1,350,000		$ 1,350,000		$ 1,230,000
Term of gross profit earn-out arrangement				3 years
Dixie Electric, Ltd [Member]
Contingent Consideration [Abstract]
Fair value of contingent consideration obligations		$ 8,000		$ 8,000
Dixie Electric, Ltd [Member] | Maximum [Member]
Contingent Consideration [Abstract]
Aggregate contingent consideration obligation							$ 1,130,000
Contingent consideration payment period				2 years
[1]	The range for expected volatility was 44% to 50% and the range for the weighted average cost of capital was 13.5% to 15.5%.

Share-based Payments - Stock Op

Share-based Payments - Stock Options Activity (Details) - Stock Options [Member]	9 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019$ / sharesshares
Black-Scholes option pricing model assumptions used to derive weighted average fair value of stock options granted [Abstract]
Weighted average risk free interest rate	0.44%	1.76%
Weighted average expected holding period	5 years 11 months 15 days	5 years 8 months 12 days
Weighted average expected volatility	44.90%	42.50%
Weighted average expected dividend yield	0.00%	0.00%
Weighted average fair value of options granted (in dollars per share)	$ 6.43	$ 8.27
Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares) | shares	1,536,123
Granted (in shares) | shares	345,423	302,539
Exercised (in shares) | shares	(14,794)
Forfeited (in shares) | shares	(43,881)
Outstanding at end of period (in shares) | shares	1,822,871
Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning of period (in dollars per share)	$ 18.18
Granted (in dollars per share)	15.16
Exercised (in dollars per share)	13.84
Forfeited (in dollars per share)	22.57
Outstanding at end of period (in dollars per share)	$ 17.53
Number of stock options unvested (in shares) | shares	606,910
Weighted average exercise price of stock options unvested (in dollars per share)	$ 17.11
Total unrecognized compensation expense | $	$ 3,293,000
Weighted average vesting period over which compensation expense is expected to be recognized	1 year 10 months 24 days

Share-based Payments - Restrict

Share-based Payments - Restricted Stock Units (Details) - Restricted Stock [Member] - USD ($)	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares)	201,983
Granted (in shares)	251,801	113,483
Vested (in shares)	(94,320)
Forfeited (in shares)	(4,980)
Non-vested at end of period (in shares)	354,484
Weighted Average Grant Date Fair Value [Roll Forward]
Non-vested at beginning of period (in dollars per share)	$ 20.06
Granted (in dollars per share)	16.48
Vested (in dollars per share)	21.32
Forfeited (in dollars per share)	17.65
Non-vested at end of period (in dollars per share)	$ 17.22
Estimated fair value of awards granted	$ 4,150,000	$ 2,112,000
Total unrecognized compensation expense	$ 4,589,000
Weighted average vesting period over which compensation expense is expected to be recognized	1 year 8 months 12 days

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Change in warranty return accrual [Roll Forward]
Balance at beginning of period	$ 22,499,000	$ 16,575,000	$ 18,300,000	$ 19,475,000
Charged to expense	26,194,000	26,637,000	80,155,000	82,353,000
Amounts processed	(31,540,000)	(28,226,000)	(81,302,000)	(86,842,000)
Balance at end of period	17,153,000	$ 14,986,000	17,153,000	$ 14,986,000
Contingencies [Abstract]
Estimated additional import duties	$ 17,000,000		$ 17,000,000