Motorcar Parts of America (MPAA) 10-Q 9 Feb 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2022	Feb. 02, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	001-33861
Entity Registrant Name	MOTORCAR PARTS OF AMERICA INC
Entity Central Index Key	0000918251
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		19,491,395

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 12,579,000	$ 23,016,000
Short-term investments	2,169,000	2,202,000
Accounts receivable - net	75,533,000	85,075,000
Inventory	390,574,000	385,504,000
Contract assets	29,072,000	27,500,000
Prepaid expenses and other current assets	26,798,000	13,688,000
Total current assets	536,725,000	536,985,000
Plant and equipment - net	46,693,000	51,062,000
Operating lease assets	85,407,000	81,997,000
Long-term deferred income taxes	26,868,000	26,982,000
Long-term contract assets	314,035,000	310,255,000
Goodwill and intangible assets - net	5,708,000	7,004,000
Other assets	1,138,000	1,413,000
TOTAL ASSETS	1,016,574,000	1,015,698,000
Current liabilities:
Accounts payable and accrued liabilities	144,851,000	168,435,000
Customer finished goods returns accrual	33,043,000	38,086,000
Contract liabilities	44,512,000	42,496,000
Revolving loan	175,000,000	155,000,000
Other current liabilities	4,430,000	11,930,000
Operating lease liabilities	8,329,000	6,788,000
Current portion of term loan	3,668,000	3,670,000
Total current liabilities	413,833,000	426,405,000
Term loan, less current portion	10,233,000	13,024,000
Long-term contract liabilities	185,859,000	172,764,000
Long-term deferred income taxes	121,000	126,000
Long-term operating lease liabilities	81,512,000	80,803,000
Other liabilities	10,027,000	7,313,000
Total liabilities	701,585,000	700,435,000
Commitments and contingencies
Shareholders' equity:
Preferred stock	0	0
Common stock; par value $.01 per share, 50,000,000 shares authorized; 19,490,859 and 19,104,751 shares issued and outstanding at December 31, 2022 and March 31, 2022, respectively	195,000	191,000
Additional paid-in capital	230,630,000	227,184,000
Retained earnings	87,288,000	92,954,000
Accumulated other comprehensive loss	(3,124,000)	(5,066,000)
Total shareholders' equity	314,989,000	315,263,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,016,574,000	1,015,698,000
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, 2022	Mar. 31, 2022
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)	19,490,859	19,104,751
Common stock, outstanding (in shares)	19,490,859	19,104,751
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 Operations - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Condensed Consolidated Statements of Operations [Abstract]
Net sales	$ 151,819,000	$ 161,810,000	$ 488,347,000	$ 486,392,000
Cost of goods sold	130,826,000	129,235,000	410,536,000	394,295,000
Gross profit	20,993,000	32,575,000	77,811,000	92,097,000
Operating expenses:
General and administrative	13,599,000	14,605,000	42,079,000	41,556,000
Sales and marketing	5,634,000	6,274,000	17,242,000	17,162,000
Research and development	2,547,000	2,635,000	8,330,000	7,631,000
Foreign exchange impact of lease liabilities and forward contracts	(4,313,000)	385,000	(2,553,000)	1,769,000
Total operating expenses	17,467,000	23,899,000	65,098,000	68,118,000
Operating income	3,526,000	8,676,000	12,713,000	23,979,000
Interest expense, net	11,471,000	3,949,000	27,675,000	11,510,000
(Loss) income before income tax (benefit) expense	(7,945,000)	4,727,000	(14,962,000)	12,469,000
Income tax (benefit) expense	(8,971,000)	1,588,000	(9,296,000)	4,786,000
Net income (loss)	$ 1,026,000	$ 3,139,000	$ (5,666,000)	$ 7,683,000
Basic net income (loss) per share (in dollars per share)	$ 0.05	$ 0.16	$ (0.29)	$ 0.4
Diluted net income (loss) per share (in dollars per share)	$ 0.05	$ 0.16	$ (0.29)	$ 0.39
Weighted average number of shares outstanding:
Basic (in shares)	19,474,871	19,184,339	19,383,531	19,124,824
Diluted (in shares)	19,634,153	19,544,174	19,383,531	19,604,780

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income (loss)	$ 1,026,000	$ 3,139,000	$ (5,666,000)	$ 7,683,000
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)	2,123,000	(414,000)	1,942,000	2,030,000
Total other comprehensive income (loss), net of tax	2,123,000	(414,000)	1,942,000	2,030,000
Comprehensive income (loss)	$ 3,149,000	$ 2,725,000	$ (3,724,000)	$ 9,713,000

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 (Loss) Income [Member]	Total
Beginning balance at Mar. 31, 2021	$ 190,000	$ 223,058,000	$ 85,593,000	$ (7,696,000)	$ 301,145,000
Beginning balance (in shares) at Mar. 31, 2021	19,045,386
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,576,000	0	0	1,576,000
Exercise of stock options, net of shares withheld for employee taxes	$ 0	354,000	0	0	354,000
Exercise of stock options, net of shares withheld for employee taxes (in Shares)	19,837
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 1,000	(543,000)	0	0	(542,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	35,869
Foreign currency translation	$ 0	0	0	1,833,000	1,833,000
Net income (loss)	0	0	861,000	0	861,000
Ending balance at Jun. 30, 2021	$ 191,000	224,445,000	86,454,000	(5,863,000)	305,227,000
Ending balance (in shares) at Jun. 30, 2021	19,101,092
Beginning balance at Mar. 31, 2021	$ 190,000	223,058,000	85,593,000	(7,696,000)	301,145,000
Beginning balance (in shares) at Mar. 31, 2021	19,045,386
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation					2,030,000
Net income (loss)					7,683,000
Ending balance at Dec. 31, 2021	$ 191,000	225,319,000	93,276,000	(5,666,000)	313,120,000
Ending balance (in shares) at Dec. 31, 2021	19,100,298
Beginning balance at Jun. 30, 2021	$ 191,000	224,445,000	86,454,000	(5,863,000)	305,227,000
Beginning balance (in shares) at Jun. 30, 2021	19,101,092
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,851,000	0	0	1,851,000
Exercise of stock options, net of shares withheld for employee taxes	$ 0	78,000	0	0	78,000
Exercise of stock options, net of shares withheld for employee taxes (in Shares)	7,860
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 1,000	(1,204,000)	0	0	(1,203,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	63,803
Foreign currency translation	$ 0	0	0	611,000	611,000
Net income (loss)	0	0	3,683,000	0	3,683,000
Ending balance at Sep. 30, 2021	$ 192,000	225,170,000	90,137,000	(5,252,000)	310,247,000
Ending balance (in shares) at Sep. 30, 2021	19,172,755
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	2,030,000	0	0	2,030,000
Exercise of stock options, net of shares withheld for employee taxes	$ 0	32,000	0	0	32,000
Exercise of stock options, net of shares withheld for employee taxes (in Shares)	1,846
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)	32,183
Repurchase and cancellation of treasury stock, including fees	$ (1,000)	(1,913,000)	0	0	(1,914,000)
Repurchase and cancellation of treasury stock, including fees (in shares)	(106,486)
Foreign currency translation	$ 0	0	0	(414,000)	(414,000)
Net income (loss)	0	0	3,139,000	0	3,139,000
Ending balance at Dec. 31, 2021	$ 191,000	225,319,000	93,276,000	(5,666,000)	313,120,000
Ending balance (in shares) at Dec. 31, 2021	19,100,298
Beginning balance at Mar. 31, 2022	$ 191,000	227,184,000	92,954,000	(5,066,000)	$ 315,263,000
Beginning balance (in shares) at Mar. 31, 2022	19,104,751				19,104,751
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,249,000	0	0	$ 1,249,000
Exercise of stock options, net of shares withheld for employee taxes	$ 0	191,000	0	0	191,000
Exercise of stock options, net of shares withheld for employee taxes (in Shares)	25,543
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 1,000	(895,000)	0	0	(894,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	84,684
Foreign currency translation	$ 0	0	0	(868,000)	(868,000)
Net income (loss)	0	0	(175,000)	0	(175,000)
Ending balance at Jun. 30, 2022	$ 192,000	227,729,000	92,779,000	(5,934,000)	314,766,000
Ending balance (in shares) at Jun. 30, 2022	19,214,978
Beginning balance at Mar. 31, 2022	$ 191,000	227,184,000	92,954,000	(5,066,000)	$ 315,263,000
Beginning balance (in shares) at Mar. 31, 2022	19,104,751				19,104,751
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation					$ 1,942,000
Net income (loss)					(5,666,000)
Ending balance at Dec. 31, 2022	$ 195,000	230,630,000	87,288,000	(3,124,000)	$ 314,989,000
Ending balance (in shares) at Dec. 31, 2022	19,490,859				19,490,859
Beginning balance at Jun. 30, 2022	$ 192,000	227,729,000	92,779,000	(5,934,000)	$ 314,766,000
Beginning balance (in shares) at Jun. 30, 2022	19,214,978
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,251,000	0	0	1,251,000
Exercise of stock options, net of shares withheld for employee taxes	$ 2,000	584,000	0	0	586,000
Exercise of stock options, net of shares withheld for employee taxes (in Shares)	193,378
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 0	(75,000)	0	0	(75,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	14,792
Foreign currency translation	$ 0	0	0	687,000	687,000
Net income (loss)	0	0	(6,517,000)	0	(6,517,000)
Ending balance at Sep. 30, 2022	$ 194,000	229,489,000	86,262,000	(5,247,000)	310,698,000
Ending balance (in shares) at Sep. 30, 2022	19,423,148
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	1,021,000	0	0	1,021,000
Exercise of stock options, net of shares withheld for employee taxes	$ 0	121,000	0	0	121,000
Exercise of stock options, net of shares withheld for employee taxes (in Shares)	14,058
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 1,000	(1,000)	0	0	0
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	53,653
Foreign currency translation	$ 0	0	0	2,123,000	2,123,000
Net income (loss)	0	0	1,026,000	0	1,026,000
Ending balance at Dec. 31, 2022	$ 195,000	$ 230,630,000	$ 87,288,000	$ (3,124,000)	$ 314,989,000
Ending balance (in shares) at Dec. 31, 2022	19,490,859				19,490,859

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (5,666,000)	$ 7,683,000
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	9,322,000	9,591,000
Amortization of interest	1,131,000	1,189,000
Amortization of core premiums paid to customers	8,670,000	8,497,000
Amortization of finished goods premiums paid to customers	513,000	516,000
Noncash lease expense	5,955,000	5,533,000
Gain due to the change in the fair value of the contingent consideration	0	60,000
Foreign exchange impact of lease liabilities and forward contracts	(2,553,000)	1,769,000
Loss (gain) on short-term investments	281,000	(245,000)
Net provision for inventory reserves	14,248,000	9,293,000
Net provision for customer payment discrepancies and credit losses	1,250,000	1,690,000
Deferred income taxes	212,000	(877,000)
Share-based compensation expense	3,521,000	5,457,000
Loss on disposal of plant and equipment	17,000	33,000
Changes in operating assets and liabilities:
Accounts receivable	7,560,000	3,626,000
Inventory	(20,888,000)	(65,303,000)
Prepaid expenses and other current assets	(12,696,000)	187,000
Other assets	314,000	7,000
Accounts payable and accrued liabilities	(19,518,000)	(877,000)
Customer finished goods returns accrual	(5,054,000)	5,807,000
Contract assets, net	(14,486,000)	(50,225,000)
Contract liabilities, net	14,700,000	38,828,000
Operating lease liabilities	(5,135,000)	(4,219,000)
Other liabilities	(3,126,000)	(194,000)
Net cash used in operating activities	(21,428,000)	(22,174,000)
Cash flows from investing activities:
Purchase of plant and equipment	(3,607,000)	(5,111,000)
Purchase of short-term investments	(248,000)	(315,000)
Net cash used in investing activities	(3,855,000)	(5,426,000)
Cash flows from financing activities:
Borrowings under revolving loan	58,000,000	62,000,000
Repayments of revolving loan	(38,000,000)	(33,000,000)
Repayments of term loan	(2,813,000)	(2,813,000)
Payments for debt issuance costs	(376,000)	(1,148,000)
Payments on finance lease obligations	(1,842,000)	(2,074,000)
Exercise of stock options, net of cash used to pay employee taxes	898,000	464,000
Cash used to net share settle equity awards	(969,000)	(1,745,000)
Repurchase of common stock, including fees	0	(1,914,000)
Net cash provided by financing activities	14,898,000	19,770,000
Effect of exchange rate changes on cash and cash equivalents	(52,000)	76,000
Net decrease in cash and cash equivalents	(10,437,000)	(7,754,000)
Cash and cash equivalents - Beginning of period	23,016,000	15,523,000
Cash and cash equivalents - End of period	12,579,000	7,769,000
Supplemental disclosures of cash flow information:
Cash paid for interest, net	26,425,000	10,348,000
Cash paid for income taxes, net of refunds	13,135,000	5,987,000
Cash paid for operating leases	8,760,000	7,969,000
Cash paid for finance leases	2,042,000	2,343,000
Plant and equipment acquired under finance leases	609,000	601,000
Assets acquired under operating leases	7,530,000	16,141,000
Non-cash capital expenditures	$ 77,000	$ 430,000

Company Background and Organiza

Company Background and Organization	9 Months Ended
	Dec. 31, 2022
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 test solutions 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 test solutions and 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, brake rotors, brake pads, and brake master cylinders, and (iv) other products, which include (a) turbochargers and (b) test solutions and diagnostic equipment used for electric vehicle powertrain development and manufacturing including electric motor test systems, e-axle test systems, advanced power emulators, charging unit test systems, test systems for alternators and starters, belt starter generators, bench-top testers, and specialized test services for electric vehicle inverters. 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 three separate operating segments. The operating segments meet all the criteria to be aggregated and are presented as such. Impact of the COVID-19 Pandemic The COVID-19 pandemic continues to adversely impact the U.S. and global economies – creating uncertainty regarding the potential effects on the supply chain disruptions, rate of inflation, increasing interest rates, and customer demand. The extent to which these may impact the Company will depend on numerous factors and future developments, which are highly uncertain and cannot be predicted. 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.

Basis of Presentation and New A

Basis of Presentation and New Accounting Pronouncements	9 Months Ended
	Dec. 31, 2022
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 10-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 three and nine months ended December 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2023. This report should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2022, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on June 14, 2022. The accompanying condensed consolidated financial statements have been prepared on a consistent basis with, and there have been no material changes to the accounting policies described in Note 2 Summary of Significant Accounting Policies, to the consolidated financial statements that are presented in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2022.

Accounts Receivable - Net

Accounts Receivable - Net	9 Months Ended
	Dec. 31, 2022
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 allowances for credit losses, customer payment discrepancies, and returned goods authorizations (“RGAs”) issued for in-transit unit returns. The Company uses receivable discount programs with certain customers and their respective banks (see Note 10). Accounts receivable — net is comprised of the following: December 31, 2022 March 31, 2022 Accounts receivable — trade $ 92,112,000 $ 98,734,000 Allowance for credit losses (192,000 ) (375,000 ) Customer payment discrepancies (1,446,000 ) (1,375,000 ) Customer returns RGA issued (14,941,000 ) (11,909,000 ) Total accounts receivable — net $ 75,533,000 $ 85,075,000

Inventory

Inventory	9 Months Ended
	Dec. 31, 2022
Inventory [Abstract]
Inventory	4. Inventory Inventory is comprised of the following: December 31, 2022 March 31, 2022 Inventory Raw materials $ 152,094,000 $ 150,414,000 Work-in-process 6,512,000 6,880,000 Finished goods 231,175,000 226,729,000 389,781,000 384,023,000 Less allowance for excess and obsolete inventory (15,083,000 ) (13,520,000 ) Inventory — net 374,698,000 370,503,000 Inventory unreturned 15,876,000 15,001,000 Total inventory $ 390,574,000 $ 385,504,000

Contract Assets

Contract Assets	9 Months Ended
	Dec. 31, 2022
Contract Assets [Abstract]
Contract Assets	5. Contract Assets During the three months ended December 31, 2022 and 2021, the Company reduced the carrying value of Remanufactured Cores held at customers’ locations by and $ , respectively. During the nine months ended December 31, 2022 and 2021, the Company reduced the carrying value of Remanufactured Cores held at customers’ locations by $2,704,000 and $3,517,000, respectively . Contract assets are comprised of the following: December 31, 2022 March 31, 2022 Short-term contract assets Cores expected to be returned by customers $ 17,454,000 $ 15,778,000 Core premiums paid to customers 9,605,000 10,621,000 Upfront payments to customers 1,454,000 517,000 Finished goods premiums paid to customers 559,000 584,000 Total short-term contract assets $ 29,072,000 $ 27,500,000 Remanufactured cores held at customers’ locations $ 265,378,000 $ 258,376,000 Core premiums paid to customers 40,475,000 43,294,000 Long-term core inventory deposits 5,569,000 5,569,000 Finished goods premiums paid to customers 2,588,000 2,806,000 Upfront payments to customers 25,000 210,000 Total long-term contract assets $ 314,035,000 $ 310,255,000

Significant Customer and Other

Significant Customer and Other Information	9 Months Ended
	Dec. 31, 2022
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, 2022 2021 2022 2021 Net sales Customer A 36 % 38 % 38 % 38 % Customer B 27 % 15 % 24 % 17 % Customer C 21 % 29 % 22 % 30 % Customer D 4 % 2 % 4 % 2 % The largest customers accounted for the following percentage of accounts receivable – trade: December 31, 2022 March 31, 2022 Accounts receivable - trade Customer A 39 % 42 % Customer B 23 % 21 % Customer C - % 9 % Customer D 15 % 5 % 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, 2022 2021 2022 2021 Product line Rotating electrical products 66 % 68 % 67 % 69 % Wheel hub products 10 % 13 % 11 % 13 % Brake-related products 20 % 15 % 19 % 15 % Other products 4 % 4 % 3 % 3 % 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, 2022 and 2021.

Debt

Debt	9 Months Ended
	Dec. 31, 2022
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 May 28, 2026. The Credit Facility currently permits the payment of up to $29,043,000 of dividends and share repurchases for fiscal year 2023, 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 SOFR (as defined below) 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 6.98% and 7.16% respectively, at December 31, 2022, and 2.99% and 3.13% respectively, at March 31, 2022. 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. In addition, 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. On November 3, 2022, the Company entered into a fourth amendment to the Credit Facility (the “Fourth Amendment”). The Fourth Amendment, among other things, (i) modified the fixed charge coverage ratio financial covenant for the fiscal quarters ending September 30, 2022 and December 31, 2022, (ii) modified the total leverage ratio financial covenant for the fiscal quarter ending September 30, 2022, (iii) modified the definition of “Consolidated EBITDA”, and (iv) replaced LIBOR as the benchmark rate with a replacement benchmark based on the Secured Overnight Financing Rate (“SOFR”) effective beginning November 3, 2022. The modifications to the financial covenants were effective as of September 30, 2022. As of December 31, 2022, the Company identified certain defaults with respect to the Credit Facility, which arose from non-compliance with certain financial covenants. On February 3, 2023, the Company entered into a fifth amendment to the Credit Facility (the “Fifth Amendment”). The Fifth Amendment, among other things, (i) waived certain existing defaults and events of default arising from non-compliance with the fixed charge coverage ratio and senior leverage ratio financial covenants as of the end of the fiscal quarter ended December 31, 2022, (ii) modified the fixed charge coverage ratio and senior leverage ratio financial covenants for the quarters ending March 31, 2023 and June 30, 2023, (iii) modified the definitions of “Applicable Margin” and “Consolidated EBITDA”, and (iv) added a new minimum undrawn availability financial covenant. The following summarizes information about the Term Loans: December 31, 2022 March 31, 2022 Principal amount of Term Loans $ 14,062,000 $ 16,875,000 Unamortized financing fees (161,000 ) (181,000 ) Net carrying amount of Term Loans 13,901,000 16,694,000 Less current portion of Term Loans (3,668,000 ) (3,670,000 ) Long-term portion of Term Loans $ 10,233,000 $ 13,024,000 Future repayments of the Term Loans are as follows: Year Ending March 31, 2023 $ 937,000 2024 3,750,000 2025 3,750,000 2026 3,750,000 2027 1,875,000 Total payments $ 14,062,000 The Company had $ and $155,000,000 outstanding under the Revolving Facility at and , respectively. In addition, $6,370,000 was outstanding for letters of credit at 2. At , after certain contractual adjustments, $ was available under the Revolving

Contract Liabilities

Contract Liabilities	9 Months Ended
	Dec. 31, 2022
Contract Liabilities [Abstract]
Contract Liabilities	8. Contract Liabilities Contract liabilities are comprised of the following: December 31, 2022 March 31, 2022 Short-term contract liabilities Customer allowances earned $ 18,088,000 $ 22,018,000 Customer core returns accruals 16,901,000 12,322,000 Customer deposits 3,236,000 3,306,000 Accrued core payment 3,015,000 1,679,000 Core bank liability 1,673,000 1,634,000 Finished goods liabilities 1,599,000 1,537,000 Total short-term contract liabilities $ 44,512,000 $ 42,496,000 Long-term contract liabilities Customer core returns accruals $ 160,980,000 $ 154,940,000 Core bank liability 14,009,000 15,267,000 Accrued core payment 10,045,000 928,000 Finished goods liabilities 825,000 1,588,000 Customer allowances earned - 41,000 Total long-term contract liabilities $ 185,859,000 $ 172,764,000

Leases

Leases	9 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	9. Leases The Company leases various facilities in North America and Asia under operating leases expiring through August 2033. The Company has material nonfunctional currency leases that could have a material impact on the Company’s condensed consolidated statements of operations. 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 a gain of $3,129,000 and a loss of $985,000 during the three months ended December 31, 2022 and 2021, respectively Balance sheet information for leases is as follows: Leases Classification December 31, 2022 March 31, 2022 Assets: Operating Operating lease assets $ 85,407,000 $ 81,997,000 Finance Plant and equipment 6,157,000 7,470,000 Total leased assets $ 91,564,000 $ 89,467,000 Liabilities: Current Operating Operating lease liabilities $ 8,329,000 $ 6,788,000 Finance Other current liabilities 1,910,000 2,330,000 Long-term Operating Long-term operating lease liabilities 81,512,000 80,803,000 Finance Other liabilities 2,600,000 3,425,000 Total lease liabilities $ 94,351,000 $ 93,346,000 Lease cost recognized in the condensed consolidated statements of operations is as follows: Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Lease cost Operating lease cost $ 3,232,000 $ 3,134,000 $ 9,527,000 $ 9,325,000 Short-term lease cost 340,000 361,000 1,353,000 1,112,000 Variable lease cost 164,000 225,000 528,000 716,000 Finance lease cost: Amortization of finance lease assets 503,000 515,000 1,531,000 1,579,000 Interest on finance lease liabilities 68,000 83,000 200,000 269,000 Total lease cost $ 4,307,000 $ 4,318,000 $ 13,139,000 $ 13,001,000 Maturities of lease commitments at December 31, 2022 by fiscal year were as follows: Maturity of lease liabilities Operating Leases Finance Leases Total 2023 $ 3,335,000 $ 600,000 $ 3,935,000 2024 13,364,000 1,915,000 15,279,000 2025 12,498,000 1,414,000 13,912,000 2026 12,065,000 682,000 12,747,000 2027 10,782,000 191,000 10,973,000 Thereafter 64,621,000 44,000 64,665,000 Total lease payments 116,665,000 4,846,000 121,511,000 Less amount representing interest (26,824,000 ) (336,000 ) (27,160,000 ) Present value of lease liabilities $ 89,841,000 $ 4,510,000 $ 94,351,000 Other information about leases is as follows: December 31, 2022 March 31, 2022 Lease term and discount rate Weighted-average remaining lease term (years): Finance leases 2.7 2.9 Operating leases 9.2 10.4 Weighted-average discount rate: Finance leases 5.4 % 5.1 % Operating leases 5.8 % 5.7 %

Accounts Receivable Discount Pr

Accounts Receivable Discount Programs	9 Months Ended
	Dec. 31, 2022
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, 2022 2021 Receivables discounted $ 428,868,000 $ 418,044,000 Weighted average number of days collection was accelerated 323 335 Annualized weighted average discount rate 5.0 % 1.7 % Amount of discount recognized as interest expense $ 19,131,000 $ 6,798,000

Net Income (Loss) per Share

Net Income (Loss) per Share	9 Months Ended
	Dec. 31, 2022
Net Income (Loss) per Share [Abstract]
Net Income (Loss) per Share	11. Net Income (Loss) per Share Basic net income income income The following presents a reconciliation of basic and diluted net income (loss) Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Net income (loss) $ 1,026,000 $ 3,139,000 $ (5,666,000 ) $ 7,683,000 Basic shares 19,474,871 19,184,339 19,383,531 19,124,824 Effect of potentially dilutive securities 159,282 359,835 - 479,956 Diluted shares 19,634,153 19,544,174 19,383,531 19,604,780 Net income Basic net income (loss) $ 0.05 $ 0.16 $ (0.29 ) $ 0.40 Diluted net income (loss) $ 0.05 $ 0.16 $ (0.29 ) $ 0.39 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 income (loss) income (loss) .

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2022
Income Taxes [Abstract]
Income Taxes	12. Income Taxes The Company recorded an income tax benefit of $8,971,000, or an effective tax rate of 112.9%, and income tax expense of $1,588,000, or an effective tax rate of 33.6%, for the three months ended December 31, 2022 and 2021, respectively. The Company recorded an income tax benefit of $9,296,000, or an effective tax rate of 62.1%, and income tax expense of $4,786,000, or an effective tax rate of 38.4%, for the nine months ended December 31, 2022 and 2021, respectively. Effective tax rates are based on current annual projections and any changes in future periods could result in an effective tax rate that is materially different from the current estimate. The effective tax rate for the three and nine months ended December 31, 2022, was primarily impacted by (i) specific jurisdictions that the Company does not expect to recognize the benefit of losses, (ii) foreign income taxed at rates that are different from the federal statutory rate, and (iii) non-deductible executive compensation under Internal Revenue Code Section 162(m). The Company and its subsidiaries file income tax returns in the U.S. federal, various state, and foreign jurisdictions with varying statutes of limitations. At December 31, 2022, the Company is not under examination in any jurisdiction, and remain subject to examination from the years ended March 31, 2017. The Company believes no significant changes in the unrecognized tax benefits will occur within the next 12 months.

Financial Risk Management and D

Financial Risk Management and Derivatives	9 Months Ended
	Dec. 31, 2022
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 operations. The following shows the effect of derivative instruments on the condensed consolidated statements of operations: Gain (Loss) Recognized as Foreign Exchange Impact of Lease Liabilities and Forward Contracts Three Months Ended Nine Months Ended Derivatives Not Designated as December 31, December 31, Hedging Instruments 2022 2021 2022 2021 Forward foreign currency exchange contracts $ 1,184,000 $ 600,000 $ 445,000 $ (1,833,000 ) The fair value of the forward foreign currency exchange contracts of $1,558,000 and $ is included in prepaid expenses and other current assets in the condensed consolidated balance sheets at December 31, 2022 and March 31, 2022, respectively. 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, 2022 and 2021

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2022
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, 2022 March 31, 2022 Fair Value Measurements Fair Value Measurements Using Inputs Considered as 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 $ 2,169,000 $ 2,169,000 $ - $ - $ 2,202,000 $ 2,202,000 $ - $ - Prepaid expenses and other current assets Forward foreign currency exchange contracts 1,558,000 - 1,558,000 - 1,113,000 - 1,113,000 - Liabilities Other current liabilities Deferred compensation 2,169,000 2,169,000 - - 2,202,000 2,202,000 - - 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) . 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, 2022
Share-based Payments [Abstract]
Share-based Payments	15. Share-based Payments Stock Options During the nine months ended December 31 The following is a summary of stock option transactions: Number of Shares Weighted Average Exercise Price Outstanding at March 31, 2022 1,695,499 $ 17.53 Granted - $ - Exercised (323,249 ) $ 6.68 Forfeited/ Cancelled (101,257 ) $ 18.62 Expired (3,000 ) $ 9.85 Outstanding at December 31, 2022 1,267,993 $ 20.22 At December 31, 2022 At December 31, 2022, there was $295,000 of total unrecognized compensation expense related to unvested stock option awards, which will be recognized over the weighted average remaining vesting period of approximately six months. Restricted Stock Units and Restricted Stock Awards During the nine months ended December 31, 2022 and 2021, the Company granted (i) performance-based restricted stock awards which had a threshold performance level of 33,333 shares, a target performance level of 66,667 shares, and a maximum performance level of 100,000 shares at the grant date for both periods and (ii) 229,121 and 163,703 of time-based vesting restricted stock units, respectively, 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, 2022 399,063 $ 19.98 Granted 329,121 $ 13.46 Vested (228,519 ) $ 20.08 Forfeited/Cancelled (64,921 ) $ 19.39 Outstanding at December 31, 2022 434,744 $ 15.08 At December 31, 2022 The Company’s unrecognized compensation expense includes restricted stock awards at the target performance level as deemed probable at quarter-end. Performance Stock Units (“PSUs”) During the nine months ended December 31, 2022 and 2021, the Company granted 126,028 and 84,593 PSUs (at target performance levels), respectively, Adjusted EBITDA and net sales are considered performance conditions. The Company will reassess the probability of achieving each performance condition separately each reporting period. TSR is considered a market condition because it measures the Company’s return against the performance of the Russell 3000, excluding companies classified as financials and real estate, over a given period of time. Compensation cost related to the TSR award will not be adjusted even if the market condition is not met. The Company calculated the fair value of the PSUs for each component individually. The fair value of PSUs subject to performance conditions is equal to the closing stock price on the grant date. The fair value of PSUs subject to the market condition is determined using the Monte Carlo valuation model. The following table summarizes the assumptions used in determining the fair value of the TSR awards: Nine Months Ended December 31, 2022 2021 Risk free interest rate 3.35 % 0.47 % Expected life in years 3 3 Expected volatility of MPA common stock 51.30 % 53.70 % Expected average volatility of peer companies 62.70 % 59.30 % Average correlation coefficient of peer companies 27.50 % 26.70 Expected dividend yield - - Grant date fair value $ 16.02 $ 26.89 The following is a summary of non-vested PSUs: Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2022 84,593 $ 23.19 Granted 126,028 $ 14.00 Vested - $ - Forfeited (15,482 ) $ 20.01 Outstanding at December 31, 2022 195,139 $ 17.51 At December 31, 2022 of unrecognized compensation expense related to these awards, which will be recognized over the weighted average remaining vesting period of approximately years

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2022
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, 2022 2021 2022 2021 Balance at beginning of period $ 18,461,000 $ 20,875,000 $ 20,125,000 $ 21,093,000 Charged to expense 31,621,000 30,282,000 96,436,000 88,380,000 Amounts processed (32,510,000 ) (32,425,000 ) (98,989,000 ) (90,741,000 ) Balance at end of period $ 17,572,000 $ 18,732,000 $ 17,572,000 $ 18,732,000 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.

Share Repurchases

Share Repurchases	9 Months Ended
	Dec. 31, 2022
Share Repurchases [Abstract]
Share Repurchases	17. Share Repurchases In August 2018, the Company’s board of directors approved an increase in its share repurchase program from $20,000,000 to $37,000,000 of its common stock. During the three and nine mont

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	18. Related Party Transactions Operating Lease In December 2022, the Company entered into an operating lease for its 35,000 square foot manufacturing, warehouse, and office facility in Ontario, Canada, with a company co-owned by a member of management. The lease, commencing January 1, 2023, has an initial term of one year with a base rent of approximately $27,000 per month and includes options to renew for up to four years.

Basis of Presentation and New_2

Basis of Presentation and New Accounting Pronouncements (Policies)	9 Months Ended
	Dec. 31, 2022
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 10-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 three and nine months ended December 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2023. This report should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2022, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on June 14, 2022. The accompanying condensed consolidated financial statements have been prepared on a consistent basis with, and there have been no material changes to the accounting policies described in Note 2 Summary of Significant Accounting Policies, to the consolidated financial statements that are presented in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2022.

Accounts Receivable - Net (Tabl

Accounts Receivable - Net (Tables)	9 Months Ended
	Dec. 31, 2022
Accounts Receivable - Net [Abstract]
Accounts Receivable	Accounts receivable — net is comprised of the following: December 31, 2022 March 31, 2022 Accounts receivable — trade $ 92,112,000 $ 98,734,000 Allowance for credit losses (192,000 ) (375,000 ) Customer payment discrepancies (1,446,000 ) (1,375,000 ) Customer returns RGA issued (14,941,000 ) (11,909,000 ) Total accounts receivable — net $ 75,533,000 $ 85,075,000

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Dec. 31, 2022
Inventory [Abstract]
Inventory Net	Inventory is comprised of the following: December 31, 2022 March 31, 2022 Inventory Raw materials $ 152,094,000 $ 150,414,000 Work-in-process 6,512,000 6,880,000 Finished goods 231,175,000 226,729,000 389,781,000 384,023,000 Less allowance for excess and obsolete inventory (15,083,000 ) (13,520,000 ) Inventory — net 374,698,000 370,503,000 Inventory unreturned 15,876,000 15,001,000 Total inventory $ 390,574,000 $ 385,504,000

Contract Assets (Tables)

Contract Assets (Tables)	9 Months Ended
	Dec. 31, 2022
Contract Assets [Abstract]
Contract Assets	Contract assets are comprised of the following: December 31, 2022 March 31, 2022 Short-term contract assets Cores expected to be returned by customers $ 17,454,000 $ 15,778,000 Core premiums paid to customers 9,605,000 10,621,000 Upfront payments to customers 1,454,000 517,000 Finished goods premiums paid to customers 559,000 584,000 Total short-term contract assets $ 29,072,000 $ 27,500,000 Remanufactured cores held at customers’ locations $ 265,378,000 $ 258,376,000 Core premiums paid to customers 40,475,000 43,294,000 Long-term core inventory deposits 5,569,000 5,569,000 Finished goods premiums paid to customers 2,588,000 2,806,000 Upfront payments to customers 25,000 210,000 Total long-term contract assets $ 314,035,000 $ 310,255,000

Significant Customer and Othe_2

Significant Customer and Other Information (Tables)	9 Months Ended
	Dec. 31, 2022
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, 2022 2021 2022 2021 Net sales Customer A 36 % 38 % 38 % 38 % Customer B 27 % 15 % 24 % 17 % Customer C 21 % 29 % 22 % 30 % Customer D 4 % 2 % 4 % 2 % The largest customers accounted for the following percentage of accounts receivable – trade: December 31, 2022 March 31, 2022 Accounts receivable - trade Customer A 39 % 42 % Customer B 23 % 21 % Customer C - % 9 % Customer D 15 % 5 % 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, 2022 2021 2022 2021 Product line Rotating electrical products 66 % 68 % 67 % 69 % Wheel hub products 10 % 13 % 11 % 13 % Brake-related products 20 % 15 % 19 % 15 % Other products 4 % 4 % 3 % 3 % 100 % 100 % 100 % 100 %

Debt (Tables)

Debt (Tables)	9 Months Ended
	Dec. 31, 2022
Debt [Abstract]
Information About the Term Loan	The following summarizes information about the Term Loans: December 31, 2022 March 31, 2022 Principal amount of Term Loans $ 14,062,000 $ 16,875,000 Unamortized financing fees (161,000 ) (181,000 ) Net carrying amount of Term Loans 13,901,000 16,694,000 Less current portion of Term Loans (3,668,000 ) (3,670,000 ) Long-term portion of Term Loans $ 10,233,000 $ 13,024,000
Future Repayments of the Amended Term Loan, by Fiscal Year	Future repayments of the Term Loans are as follows: Year Ending March 31, 2023 $ 937,000 2024 3,750,000 2025 3,750,000 2026 3,750,000 2027 1,875,000 Total payments $ 14,062,000

Contract Liabilities (Tables)

Contract Liabilities (Tables)	9 Months Ended
	Dec. 31, 2022
Contract Liabilities [Abstract]
Contract Liabilities	Contract liabilities are comprised of the following: December 31, 2022 March 31, 2022 Short-term contract liabilities Customer allowances earned $ 18,088,000 $ 22,018,000 Customer core returns accruals 16,901,000 12,322,000 Customer deposits 3,236,000 3,306,000 Accrued core payment 3,015,000 1,679,000 Core bank liability 1,673,000 1,634,000 Finished goods liabilities 1,599,000 1,537,000 Total short-term contract liabilities $ 44,512,000 $ 42,496,000 Long-term contract liabilities Customer core returns accruals $ 160,980,000 $ 154,940,000 Core bank liability 14,009,000 15,267,000 Accrued core payment 10,045,000 928,000 Finished goods liabilities 825,000 1,588,000 Customer allowances earned - 41,000 Total long-term contract liabilities $ 185,859,000 $ 172,764,000

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Balance Sheet Information for Leases	Balance sheet information for leases is as follows: Leases Classification December 31, 2022 March 31, 2022 Assets: Operating Operating lease assets $ 85,407,000 $ 81,997,000 Finance Plant and equipment 6,157,000 7,470,000 Total leased assets $ 91,564,000 $ 89,467,000 Liabilities: Current Operating Operating lease liabilities $ 8,329,000 $ 6,788,000 Finance Other current liabilities 1,910,000 2,330,000 Long-term Operating Long-term operating lease liabilities 81,512,000 80,803,000 Finance Other liabilities 2,600,000 3,425,000 Total lease liabilities $ 94,351,000 $ 93,346,000
Lease Cost Recognized in Consolidated Statements of Operations	Lease cost recognized in the condensed consolidated statements of operations is as follows: Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Lease cost Operating lease cost $ 3,232,000 $ 3,134,000 $ 9,527,000 $ 9,325,000 Short-term lease cost 340,000 361,000 1,353,000 1,112,000 Variable lease cost 164,000 225,000 528,000 716,000 Finance lease cost: Amortization of finance lease assets 503,000 515,000 1,531,000 1,579,000 Interest on finance lease liabilities 68,000 83,000 200,000 269,000 Total lease cost $ 4,307,000 $ 4,318,000 $ 13,139,000 $ 13,001,000
Maturity of Lease Commitments	Maturities of lease commitments at December 31, 2022 by fiscal year were as follows: Maturity of lease liabilities Operating Leases Finance Leases Total 2023 $ 3,335,000 $ 600,000 $ 3,935,000 2024 13,364,000 1,915,000 15,279,000 2025 12,498,000 1,414,000 13,912,000 2026 12,065,000 682,000 12,747,000 2027 10,782,000 191,000 10,973,000 Thereafter 64,621,000 44,000 64,665,000 Total lease payments 116,665,000 4,846,000 121,511,000 Less amount representing interest (26,824,000 ) (336,000 ) (27,160,000 ) Present value of lease liabilities $ 89,841,000 $ 4,510,000 $ 94,351,000
Other Information about Leases	Other information about leases is as follows: December 31, 2022 March 31, 2022 Lease term and discount rate Weighted-average remaining lease term (years): Finance leases 2.7 2.9 Operating leases 9.2 10.4 Weighted-average discount rate: Finance leases 5.4 % 5.1 % Operating leases 5.8 % 5.7 %

Accounts Receivable Discount _2

Accounts Receivable Discount Programs (Tables)	9 Months Ended
	Dec. 31, 2022
Accounts Receivable Discount Programs [Abstract]
Accounts Receivable Discount Programs	The following is a summary of accounts receivable discount programs: Nine Months Ended December 31, 2022 2021 Receivables discounted $ 428,868,000 $ 418,044,000 Weighted average number of days collection was accelerated 323 335 Annualized weighted average discount rate 5.0 % 1.7 % Amount of discount recognized as interest expense $ 19,131,000 $ 6,798,000

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	9 Months Ended
	Dec. 31, 2022
Net Income (Loss) per Share [Abstract]
Reconciliation of Basic and Diluted Net Income (Loss) Per Share	The following presents a reconciliation of basic and diluted net income (loss) Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Net income (loss) $ 1,026,000 $ 3,139,000 $ (5,666,000 ) $ 7,683,000 Basic shares 19,474,871 19,184,339 19,383,531 19,124,824 Effect of potentially dilutive securities 159,282 359,835 - 479,956 Diluted shares 19,634,153 19,544,174 19,383,531 19,604,780 Net income Basic net income (loss) $ 0.05 $ 0.16 $ (0.29 ) $ 0.40 Diluted net income (loss) $ 0.05 $ 0.16 $ (0.29 ) $ 0.39

Financial Risk Management and_2

Financial Risk Management and Derivatives (Tables)	9 Months Ended
	Dec. 31, 2022
Financial Risk Management and Derivatives [Abstract]
Derivative Instruments on Consolidated Statements of Operations	The following shows the effect of derivative instruments on the condensed consolidated statements of operations: Gain (Loss) Recognized as Foreign Exchange Impact of Lease Liabilities and Forward Contracts Three Months Ended Nine Months Ended Derivatives Not Designated as December 31, December 31, Hedging Instruments 2022 2021 2022 2021 Forward foreign currency exchange contracts $ 1,184,000 $ 600,000 $ 445,000 $ (1,833,000 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Dec. 31, 2022
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, 2022 March 31, 2022 Fair Value Measurements Fair Value Measurements Using Inputs Considered as 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 $ 2,169,000 $ 2,169,000 $ - $ - $ 2,202,000 $ 2,202,000 $ - $ - Prepaid expenses and other current assets Forward foreign currency exchange contracts 1,558,000 - 1,558,000 - 1,113,000 - 1,113,000 - Liabilities Other current liabilities Deferred compensation 2,169,000 2,169,000 - - 2,202,000 2,202,000 - -

Share-based Payments (Tables)

Share-based Payments (Tables)	9 Months Ended
	Dec. 31, 2022
Share-based Payments [Abstract]
Stock Option Transactions	The following is a summary of stock option transactions: Number of Shares Weighted Average Exercise Price Outstanding at March 31, 2022 1,695,499 $ 17.53 Granted - $ - Exercised (323,249 ) $ 6.68 Forfeited/ Cancelled (101,257 ) $ 18.62 Expired (3,000 ) $ 9.85 Outstanding at December 31, 2022 1,267,993 $ 20.22
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, 2022 399,063 $ 19.98 Granted 329,121 $ 13.46 Vested (228,519 ) $ 20.08 Forfeited/Cancelled (64,921 ) $ 19.39 Outstanding at December 31, 2022 434,744 $ 15.08
Monte Carlo Valuation Model Assumptions used in Determining Fair Value of TSR Awards	The following table summarizes the assumptions used in determining the fair value of the TSR awards: Nine Months Ended December 31, 2022 2021 Risk free interest rate 3.35 % 0.47 % Expected life in years 3 3 Expected volatility of MPA common stock 51.30 % 53.70 % Expected average volatility of peer companies 62.70 % 59.30 % Average correlation coefficient of peer companies 27.50 % 26.70 Expected dividend yield - - Grant date fair value $ 16.02 $ 26.89
Performance Stock Units Activity	The following is a summary of non-vested PSUs: Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2022 84,593 $ 23.19 Granted 126,028 $ 14.00 Vested - $ - Forfeited (15,482 ) $ 20.01 Outstanding at December 31, 2022 195,139 $ 17.51

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Dec. 31, 2022
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, 2022 2021 2022 2021 Balance at beginning of period $ 18,461,000 $ 20,875,000 $ 20,125,000 $ 21,093,000 Charged to expense 31,621,000 30,282,000 96,436,000 88,380,000 Amounts processed (32,510,000 ) (32,425,000 ) (98,989,000 ) (90,741,000 ) Balance at end of period $ 17,572,000 $ 18,732,000 $ 17,572,000 $ 18,732,000

Company Background and Organi_2

Company Background and Organization (Details)	9 Months Ended
	Dec. 31, 2022 Segment
Company Background and Organization [Abstract]
Number of operating segments	3

Accounts Receivable - Net (Deta

Accounts Receivable - Net (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Components of accounts receivable [Abstract]
Accounts receivable - trade	$ 92,112,000	$ 98,734,000
Allowance for credit losses	(192,000)	(375,000)
Customer payment discrepancies	(1,446,000)	(1,375,000)
Customer returns RGA issued	(14,941,000)	(11,909,000)
Total accounts receivable - net	$ 75,533,000	$ 85,075,000

Inventory (Details)

Inventory (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Inventory [Abstract]
Raw materials	$ 152,094,000	$ 150,414,000
Work-in-process	6,512,000	6,880,000
Finished goods	231,175,000	226,729,000
Inventory, gross	389,781,000	384,023,000
Less allowance for excess and obsolete inventory	(15,083,000)	(13,520,000)
Inventory - net	374,698,000	370,503,000
Inventory unreturned	15,876,000	15,001,000
Total inventory	$ 390,574,000	$ 385,504,000

Contract Assets (Details)

Contract Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Contract Assets [Abstract]
Long-term contract assets, write-down	$ 863,000	$ 846,000	$ 2,704,000	$ 3,517,000
Short-term contract assets [Abstract]
Cores expected to be returned by customers	17,454,000		17,454,000		$ 15,778,000
Core premiums paid to customers	9,605,000		9,605,000		10,621,000
Upfront payments to customers	1,454,000		1,454,000		517,000
Finished goods premiums paid to customers	559,000		559,000		584,000
Total short-term contract assets	29,072,000		29,072,000		27,500,000
Long-term contract assets [Abstract]
Remanufactured cores held at customers' locations	265,378,000		265,378,000		258,376,000
Core premiums paid to customers	40,475,000		40,475,000		43,294,000
Long-term core inventory deposits	5,569,000		5,569,000		5,569,000
Finished goods premiums paid to customers	2,588,000		2,588,000		2,806,000
Upfront payments to customers	25,000		25,000		210,000
Total long-term contract assets	$ 314,035,000		$ 314,035,000		$ 310,255,000

Significant Customer and Othe_3

Significant Customer and Other Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Net Sales [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Concentration Risk [Abstract]
Concentration risk percentage	36%	38%	38%	38%
Net Sales [Member] | Customer Concentration Risk [Member] | Customer B [Member]
Concentration Risk [Abstract]
Concentration risk percentage	27%	15%	24%	17%
Net Sales [Member] | Customer Concentration Risk [Member] | Customer C [Member]
Concentration Risk [Abstract]
Concentration risk percentage	21%	29%	22%	30%
Net Sales [Member] | Customer Concentration Risk [Member] | Customer D [Member]
Concentration Risk [Abstract]
Concentration risk percentage	4%	2%	4%	2%
Net Sales [Member] | Product Concentration Risk [Member]
Concentration Risk [Abstract]
Concentration risk percentage	100%	100%	100%	100%
Net Sales [Member] | Product Concentration Risk [Member] | Rotating Electrical Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	66%	68%	67%	69%
Net Sales [Member] | Product Concentration Risk [Member] | Wheel Hub Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	10%	13%	11%	13%
Net Sales [Member] | Product Concentration Risk [Member] | Brake-Related Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	20%	15%	19%	15%
Net Sales [Member] | Product Concentration Risk [Member] | Other Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	4%	4%	3%	3%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Concentration Risk [Abstract]
Concentration risk percentage			39%		42%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer B [Member]
Concentration Risk [Abstract]
Concentration risk percentage			23%		21%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer C [Member]
Concentration Risk [Abstract]
Concentration risk percentage			0%		9%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer D [Member]
Concentration Risk [Abstract]
Concentration risk percentage			15%		5%

Debt (Details)

Debt (Details) - USD ($)	9 Months Ended
	Dec. 31, 2022	Mar. 31, 2022
Summarized information about the term loan [Abstract]
Less current portion of Term Loans	$ (3,668,000)	$ (3,670,000)
Long-term portion of Term Loans	$ 10,233,000	$ 13,024,000
Revolving Facility [Member]
Amended Credit Facility [Abstract]
Interest rate at end of period	7.16%	3.13%
Revolving Facility [Member] | Letters of Credit [Member]
Future repayments of the Term Loan, by fiscal year [Abstract]
Outstanding balance under revolving loan	$ 6,370,000
Term Loans [Member]
Amended Credit Facility [Abstract]
Quarterly principal payments	$ 937,500
Interest rate at end of period	6.98%	2.99%
Summarized information about the term loan [Abstract]
Principal amount of Term Loans	$ 14,062,000	$ 16,875,000
Unamortized financing fees	(161,000)	(181,000)
Net carrying amount of Term Loans	13,901,000	16,694,000
Less current portion of Term Loans	(3,668,000)	(3,670,000)
Long-term portion of Term Loans	10,233,000	13,024,000
Future repayments of the Term Loan, by fiscal year [Abstract]
2023 - remaining three months	937,000
2024	3,750,000
2025	3,750,000
2026	3,750,000
2027	1,875,000
Total payments	14,062,000	16,875,000
Credit Facility [Member]
Amended Credit Facility [Abstract]
Maximum borrowing capacity	$ 268,620,000
Debt instrument, maturity date	May 28, 2026
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	$ 29,043,000
Facility fee on total leverage ratio	0.50%
Credit Facility [Member] | SOFR [Member]
Amended Credit Facility [Abstract]
Reference interest rate under option 1, floor	2.25%
Interest rate over SOFR 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 SOFR 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
Future repayments of the Term Loan, by fiscal year [Abstract]
Outstanding balance under revolving loan	175,000,000	$ 155,000,000
Amount available under revolving facility	57,250,000
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, 2022	Mar. 31, 2022
Short-term contract liabilities [Abstract]
Customer allowances earned	$ 18,088,000	$ 22,018,000
Customer core returns accruals	16,901,000	12,322,000
Customer deposits	3,236,000	3,306,000
Accrued core payment	3,015,000	1,679,000
Core bank liability	1,673,000	1,634,000
Finished goods liabilities	1,599,000	1,537,000
Total short-term contract liabilities	44,512,000	42,496,000
Long-term contract liabilities [Abstract]
Customer core returns accruals	160,980,000	154,940,000
Core bank liability	14,009,000	15,267,000
Accrued core payment	10,045,000	928,000
Finished goods liabilities	825,000	1,588,000
Customer allowances earned	0	41,000
Total long-term contract liabilities	$ 185,859,000	$ 172,764,000

Leases, General Information (De

Leases, General Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Gain (Loss) in foreign currency-denominated lease liabilities	$ 3,129,000	$ (985,000)	$ 2,108,000	$ 64,000

Leases, Balance Sheet Informati

Leases, Balance Sheet Information (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Assets [Abstract]
Operating, Operating lease assets	$ 85,407,000	$ 81,997,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating, Operating lease assets	Operating, Operating lease assets
Finance, Plant and equipment	$ 6,157,000	$ 7,470,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Plant and equipment - net	Plant and equipment - net
Total leased assets	$ 91,564,000	$ 89,467,000
Current [Abstract]
Operating, Operating lease liabilities	$ 8,329,000	$ 6,788,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Operating, Operating lease liabilities	Operating, Operating lease liabilities
Finance, Other current liabilities	$ 1,910,000	$ 2,330,000
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Long-term [Abstract]
Operating, Long-term operating lease liabilities	$ 81,512,000	$ 80,803,000
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating, Long-term operating lease liabilities	Operating, Long-term operating lease liabilities
Finance, Other liabilities	$ 2,600,000	$ 3,425,000
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total lease liabilities	$ 94,351,000	$ 93,346,000

Leases, Cost Recognized in Cons

Leases, Cost Recognized in Consolidated Statements of Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Lease cost [Abstract]
Operating lease cost	$ 3,232,000	$ 3,134,000	$ 9,527,000	$ 9,325,000
Short-term lease cost	340,000	361,000	1,353,000	1,112,000
Variable lease cost	164,000	225,000	528,000	716,000
Finance lease cost [Abstract]
Amortization of finance lease assets	503,000	515,000	1,531,000	1,579,000
Interest on finance lease liabilities	68,000	83,000	200,000	269,000
Total lease cost	$ 4,307,000	$ 4,318,000	$ 13,139,000	$ 13,001,000

Leases, Maturities of Lease Com

Leases, Maturities of Lease Commitments (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Operating Leases [Abstract]
2023 - remaining three months	$ 3,335,000
2024	13,364,000
2025	12,498,000
2026	12,065,000
2027	10,782,000
Thereafter	64,621,000
Total lease payments	116,665,000
Less amount representing interest	(26,824,000)
Present value of lease liabilities	89,841,000
Finance Leases [Abstract]
2023 - remaining three months	600,000
2024	1,915,000
2025	1,414,000
2026	682,000
2027	191,000
Thereafter	44,000
Total lease payments	4,846,000
Less amount representing interest	(336,000)
Present value of lease liabilities	4,510,000
Total [Abstract]
2023 - remaining three months	3,935,000
2024	15,279,000
2025	13,912,000
2026	12,747,000
2027	10,973,000
Thereafter	64,665,000
Total lease payments	121,511,000
Less amount representing interest	(27,160,000)
Present value of lease liabilities	$ 94,351,000	$ 93,346,000

Leases, Other Information (Deta

Leases, Other Information (Details)	Dec. 31, 2022	Mar. 31, 2022
Weighted-average remaining lease term (years) [Abstract]
Finance leases	2 years 8 months 12 days	2 years 10 months 24 days
Operating leases	9 years 2 months 12 days	10 years 4 months 24 days
Weighted-average discount rate [Abstract]
Finance leases	5.40%	5.10%
Operating leases	5.80%	5.70%

Accounts Receivable Discount _3

Accounts Receivable Discount Programs (Details) - USD ($)	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable Discount Programs [Abstract]
Receivables discounted	$ 428,868,000	$ 418,044,000
Weighted average number of days collection was accelerated	323 days	335 days
Annualized weighted average discount rate	5%	1.70%
Amount of discount recognized as interest expense	$ 19,131,000	$ 6,798,000

Net Income (Loss) per Share (De

Net Income (Loss) per Share (Details) - USD ($)	3 Months Ended						9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of basic and diluted net income (loss) per share [Abstract]
Net income (loss)	$ 1,026,000	$ (6,517,000)	$ (175,000)	$ 3,139,000	$ 3,683,000	$ 861,000	$ (5,666,000)	$ 7,683,000
Basic shares (in shares)	19,474,871			19,184,339			19,383,531	19,124,824
Effect of potentially dilutive securities (in shares)	159,282			359,835			0	479,956
Diluted shares (in shares)	19,634,153			19,544,174			19,383,531	19,604,780
Net income (loss) per share, Basic [Abstract]
Basic net income (loss) per share (in dollars per share)	$ 0.05			$ 0.16			$ (0.29)	$ 0.4
Net income (loss) per share, Diluted [Abstract]
Diluted net income (loss) per share (in dollars per share)	$ 0.05			$ 0.16			$ (0.29)	$ 0.39
Options [Member]
Antidilutive Securities [Abstract]
Antidilutive shares excluded from computation of earnings per share (in shares)	1,201,984			1,130,694			1,897,876	720,756

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Income tax (benefit) expense	$ (8,971,000)	$ 1,588,000	$ (9,296,000)	$ 4,786,000
Effective income tax rate	112.90%	33.60%	62.10%	38.40%

Financial Risk Management and_3

Financial Risk Management and Derivatives (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Foreign Currency Exchange Contracts [Abstract]
Forward foreign currency exchange contracts included in prepaid and other current assets	$ 1,558,000		$ 1,558,000		$ 1,113,000
Forward Foreign Currency Exchange Contracts [Member]
Foreign Currency Exchange Contracts [Abstract]
Notional amount of foreign currency derivatives	47,369,000		47,369,000		$ 44,968,000
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	$ 1,184,000	$ 600,000	$ 445,000	$ (1,833,000)
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) - Recurring [Member] - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Short-term investments [Abstract]
Mutual funds	$ 2,169,000	$ 2,202,000
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts	1,558,000	1,113,000
Other current liabilities [Abstract]
Deferred compensation	2,169,000	2,202,000
Level 1 [Member]
Short-term investments [Abstract]
Mutual funds	2,169,000	2,202,000
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts	0	0
Other current liabilities [Abstract]
Deferred compensation	2,169,000	2,202,000
Level 2 [Member]
Short-term investments [Abstract]
Mutual funds	0	0
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts	1,558,000	1,113,000
Other current liabilities [Abstract]
Deferred compensation	0	0
Level 3 [Member]
Short-term investments [Abstract]
Mutual funds	0	0
Prepaid expense and other current assets [Abstract]
Forward foreign currency exchange contracts	0	0
Other current liabilities [Abstract]
Deferred compensation	$ 0	$ 0

Share-based Payments - Stock Op

Share-based Payments - Stock Options Activity (Details) - Stock Options [Member] - USD ($)	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)	1,695,499
Granted (in shares)	0	0
Exercised (in shares)	(323,249)
Forfeited/Cancelled (in shares)	(101,257)
Expired (in shares)	(3,000)
Outstanding at end of period (in shares)	1,267,993
Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning of period (in dollars per share)	$ 17.53
Granted (in dollars per share)	0
Exercised (in dollars per share)	6.68
Forfeited/Cancelled (in dollars per share)	18.62
Expired (in dollars per share)	9.85
Outstanding at end of period (in dollars per share)	$ 20.22
Number of stock options unvested (in shares)	99,839
Weighted average exercise price of stock options unvested (in dollars per share)	$ 15.16
Total unrecognized compensation expense	$ 295,000
Weighted average remaining vesting period over which compensation expense is expected to be recognized	6 months

Share-based Payments - Restrict

Share-based Payments - Restricted Stock Units (Details) - USD ($)	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock [Member]
Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares)	399,063
Granted (in shares)	329,121
Vested (in shares)	(228,519)
Forfeited/Cancelled (in shares)	(64,921)
Non-vested at end of period (in shares)	434,744
Weighted Average Grant Date Fair Value [Roll Forward]
Non-vested at beginning of period (in dollars per share)	$ 19.98
Granted (in dollars per share)	13.46
Vested (in dollars per share)	20.08
Forfeited/Cancelled (in dollars per share)	19.39
Non-vested at end of period (in dollars per share)	$ 15.08
Total unrecognized compensation expense	$ 4,143,000
Weighted average remaining vesting period over which compensation expense is expected to be recognized	1 year 8 months 12 days
Restricted Stock, Threshold Performance Level [Member]
Number of Shares [Roll Forward]
Granted (in shares)	33,333	33,333
Restricted Stock, Target Performance Level [Member]
Number of Shares [Roll Forward]
Granted (in shares)	66,667	66,667
Restricted Stock, Maximum Performance Level [Member]
Number of Shares [Roll Forward]
Granted (in shares)	100,000	100,000
Restricted Stock, Time-based [Member]
Number of Shares [Roll Forward]
Granted (in shares)	229,121	163,703

Share-based Payments - Performa

Share-based Payments - Performance Stock Units (Details) - Performance Stock Units [Member] - USD ($)	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Performance Stock Units ("PSUs") [Abstract]
Vesting period	3 years
Monte Carlo valuation model assumptions used in determining the fair value of the TSR awards [Abstract]
Risk free interest rate	3.35%	0.47%
Expected life in years	3 years	3 years
Expected volatility of MPA common stock	51.30%	53.70%
Expected average volatility of peer companies	62.70%	59.30%
Average correlation coefficient of peer companies	27.50%	26.70%
Expected dividend yield	0%	0%
Grant date fair value (in dollars per share)	$ 16.02	$ 26.89
Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares)	84,593
Granted (in shares)	126,028	84,593
Vested (in shares)	0
Forfeited (in shares)	(15,482)
Non-vested at end of period (in shares)	195,139
Weighted Average Grant Date Fair Value [Roll Forward]
Non-vested at beginning of period (in dollars per share)	$ 23.19
Granted (in dollars per share)	14
Vested (in dollars per share)	0
Forfeited (in dollars per share)	20.01
Non-vested at end of period (in dollars per share)	$ 17.51
Total unrecognized compensation expense	$ 2,231,000
Weighted average remaining vesting period over which compensation expense is expected to be recognized	2 years 1 month 6 days
Minimum [Member]
Performance Stock Units ("PSUs") [Abstract]
Awards vesting target percentage	0%
Maximum [Member]
Performance Stock Units ("PSUs") [Abstract]
Awards vesting target percentage	150%

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2019
Change in warranty return accrual [Roll Forward]
Balance at beginning of period	$ 18,461,000	$ 20,875,000	$ 20,125,000	$ 21,093,000
Charged to expense	31,621,000	30,282,000	96,436,000	88,380,000
Amounts processed	(32,510,000)	(32,425,000)	(98,989,000)	(90,741,000)
Balance at end of period	$ 17,572,000	$ 18,732,000	$ 17,572,000	$ 18,732,000
Contingencies [Abstract]
Estimated additional import duties					$ 17,000,000

Share Repurchases (Details)

Share Repurchases (Details) - Common Stock [Member] - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Aug. 31, 2018
Stock Repurchase Program [Abstract]
Stock repurchase program, approved amount	$ 37,000,000	$ 37,000,000	$ 20,000,000
Repurchase of shares (in shares)	0	0
Shares utilized, amount		$ 18,745,000
Shares available for repurchase, amount	$ 18,255,000	$ 18,255,000
Shares repurchased and retired (in shares)		837,007

Related Party Transactions (Det

Related Party Transactions (Details) - Company Co-owned by Member of Management [Member] - Manufacturing Facility [Member]	Dec. 31, 2022 USD ($) ft²
Operating Lease [Abstract]
Area of facility | ft²	35,000
Initial lease term	1 year
Base rent | $	$ 27,000
Lease renewal term	4 years