Motorcar Parts of America (MPAA) 10-K 13 Jun 23 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2023	Jun. 06, 2023	Sep. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 285,989,000
Entity Common Stock, Shares Outstanding		19,494,615
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 11,596,000	$ 23,016,000
Short-term investments	2,011,000	2,202,000
Accounts receivable - net	119,868,000	85,075,000
Inventory - net	339,675,000	370,503,000
Inventory unreturned	16,579,000	15,001,000
Contract assets	25,443,000	27,500,000
Income tax receivable	2,156,000	301,000
Prepaid expenses and other current assets	20,150,000	13,387,000
Total current assets	537,478,000	536,985,000
Plant and equipment - net	46,052,000	51,062,000
Operating lease assets	87,619,000	81,997,000
Deferred income taxes	32,625,000	26,982,000
Long-term contract assets	318,381,000	310,255,000
Goodwill	3,205,000	3,205,000
Intangible assets - net	2,143,000	3,799,000
Other assets	1,062,000	1,413,000
TOTAL ASSETS	1,028,565,000	1,015,698,000
Current liabilities:
Accounts payable	119,437,000	147,469,000
Accrued liabilities	22,329,000	20,966,000
Customer finished goods returns accrual	37,984,000	38,086,000
Contract liabilities	40,340,000	42,496,000
Revolving loan	145,200,000	155,000,000
Other current liabilities	4,871,000	11,930,000
Operating lease liabilities	8,767,000	6,788,000
Current portion of term loan	3,664,000	3,670,000
Total current liabilities	382,592,000	426,405,000
Convertible notes, related party	30,994,000	0
Term loan, less current portion	9,279,000	13,024,000
Contract liabilities, less current portion	193,606,000	172,764,000
Deferred income taxes	718,000	126,000
Operating lease liabilities, less current portion	79,318,000	80,803,000
Other liabilities	11,583,000	7,313,000
Total liabilities	708,090,000	700,435,000
Commitments and contingencies
Shareholders' equity:
Preferred stock	0	0
Common stock; par value $.01 per share, 50,000,000 shares authorized; 19,494,615 and 19,104,751 shares issued and outstanding at March 31, 2023 and 2022, respectively	195,000	191,000
Additional paid-in capital	231,836,000	227,184,000
Retained earnings	88,747,000	92,954,000
Accumulated other comprehensive loss	(303,000)	(5,066,000)
Total shareholders' equity	320,475,000	315,263,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,028,565,000	1,015,698,000
Series A Junior Participating Preferred Stock [Member]
Shareholders' equity:
Preferred stock	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	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)	19,494,615	19,104,751
Common stock, outstanding (in shares)	19,494,615	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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Consolidated Statements of Operations [Abstract]
Net sales	$ 683,074,000	$ 650,308,000	$ 540,782,000
Cost of goods sold	569,112,000	532,443,000	431,321,000
Gross profit	113,962,000	117,865,000	109,461,000
Operating expenses:
General and administrative	54,756,000	57,499,000	53,847,000
Sales and marketing	21,729,000	22,833,000	18,024,000
Research and development	10,322,000	10,502,000	8,563,000
Foreign exchange impact of lease liabilities and forward contracts	(9,291,000)	(1,673,000)	(17,606,000)
Total operating expenses	77,516,000	89,161,000	62,828,000
Operating income (loss)	36,446,000	28,704,000	46,633,000
Interest expense, net	39,555,000	15,555,000	15,770,000
(Loss) income before income tax expense	(3,109,000)	13,149,000	30,863,000
Income tax expense	1,098,000	5,788,000	9,387,000
Net (loss) income	$ (4,207,000)	$ 7,361,000	$ 21,476,000
Basic net (loss) income per share (in dollars per share)	$ (0.22)	$ 0.38	$ 1.13
Diluted net (loss) income per share (in dollars per share)	$ (0.22)	$ 0.38	$ 1.11
Weighted average number of shares outstanding:
Basic (in shares)	19,340,246	19,119,727	19,023,145
Diluted (in shares)	19,340,246	19,559,646	19,387,555

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Consolidated Statements of Comprehensive Income [Abstract]
Net (loss) income	$ (4,207,000)	$ 7,361,000	$ 21,476,000
Other comprehensive income (loss), net of tax:
Foreign currency translation income (loss)	4,763,000	2,630,000	(328,000)
Total other comprehensive income (loss), net of tax	4,763,000	2,630,000	(328,000)
Comprehensive income	$ 556,000	$ 9,991,000	$ 21,148,000

Consolidated Statements of Shar

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, 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	5,247,000	0	0	5,247,000
Exercise of stock options	$ 0	719,000	0	0	719,000
Exercise of stock options (in shares)	58,848
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 1,000	(351,000)	0	0	(350,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	72,118
Repurchase and cancellation of treasury stock, including fees	$ (1,000)	(1,138,000)	0	0	(1,139,000)
Repurchase and cancellation of treasury stock, including fees (in shares)	(54,960)
Foreign currency translation	$ 0	0	0	(328,000)	(328,000)
Net income (loss)	0	0	21,476,000	0	21,476,000
Ending balance at Mar. 31, 2021	$ 190,000	223,058,000	85,593,000	(7,696,000)	301,145,000
Ending balance (in shares) at Mar. 31, 2021	19,045,386
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation recognized under employee stock plans	$ 0	7,287,000	0	0	7,287,000
Exercise of stock options, net of shares withheld for employee taxes and net share settlement of exercise price	$ 0	499,000	0	0	499,000
Exercise of stock options, net of shares withheld for employee taxes and net share settlement of exercise price (in shares)	33,996
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 2,000	(1,747,000)	0	0	(1,745,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	131,855
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	2,630,000	2,630,000
Net income (loss)	0	0	7,361,000	0	7,361,000
Ending balance at Mar. 31, 2022	$ 191,000	227,184,000	92,954,000	(5,066,000)	$ 315,263,000
Ending 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	4,685,000	0	0	$ 4,685,000
Exercise of stock options, net of shares withheld for employee taxes and net share settlement of exercise price	$ 2,000	938,000	0	0	940,000
Exercise of stock options, net of shares withheld for employee taxes and net share settlement of exercise price (in shares)	236,199
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes	$ 2,000	(971,000)	0	0	(969,000)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	153,665
Foreign currency translation	$ 0	0	0	4,763,000	4,763,000
Net income (loss)	0	0	(4,207,000)	0	(4,207,000)
Ending balance at Mar. 31, 2023	$ 195,000	$ 231,836,000	$ 88,747,000	$ (303,000)	$ 320,475,000
Ending balance (in shares) at Mar. 31, 2023	19,494,615				19,494,615

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (4,207,000)	$ 7,361,000	$ 21,476,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	10,984,000	11,338,000	9,573,000
Amortization of intangible assets	1,460,000	1,548,000	1,571,000
Amortization and write -off of debt issuance costs	663,000	623,000	859,000
Amortization of interest on contract liabilities, net	940,000	879,000	924,000
Accrued interest on convertible notes, related party	9,000	0	0
Amortization of core premiums paid to customers	11,113,000	11,242,000	6,590,000
Amortization of finished goods premiums paid to customers	678,000	718,000	101,000
Non-cash lease expense	8,348,000	7,447,000	7,102,000
Foreign exchange impact of lease liabilities and forward contracts	(9,291,000)	(1,673,000)	(17,606,000)
Foreign currency remeasurement loss (gain)	1,408,000	48,000	(1,500,000)
Loss due to the change in the fair value of the contingent consideration	0	67,000	230,000
Loss (gain) on short-term investments	181,000	(163,000)	(521,000)
Net provision for inventory reserves	18,851,000	13,504,000	12,803,000
Net provision for customer payment discrepancies	2,112,000	2,142,000	694,000
Net provision for doubtful accounts	108,000	95,000	(1,000)
Deferred income taxes	(5,207,000)	(7,442,000)	(433,000)
Share-based compensation expense	4,685,000	7,287,000	5,247,000
Loss on disposal of plant and equipment	17,000	36,000	29,000
Change in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(37,176,000)	(24,145,000)	28,364,000
Inventory	10,423,000	(95,529,000)	(73,564,000)
Inventory unreturned	(1,531,000)	(437,000)	(5,514,000)
Income tax receivable	(2,030,000)	111,000	3,200,000
Prepaid expenses and other current assets	(2,906,000)	(682,000)	(2,763,000)
Other assets	435,000	122,000	523,000
Accounts payable and accrued liabilities	(23,757,000)	17,453,000	55,958,000
Customer finished goods returns accrual	(201,000)	6,533,000	6,138,000
Contract assets, net	(17,560,000)	(52,474,000)	(43,871,000)
Contract liabilities, net	17,719,000	48,056,000	45,118,000
Operating lease liabilities	(7,141,000)	(5,442,000)	(6,376,000)
Other liabilities	(881,000)	6,515,000	1,738,000
Net cash (used in) provided by operating activities	(21,754,000)	(44,862,000)	56,089,000
Cash flows from investing activities:
Purchase of plant and equipment	(4,201,000)	(7,550,000)	(13,942,000)
Proceeds from sale of plant and equipment	0	0	8,000
Redemptions of (payments for) short term investments	10,000	(388,000)	(280,000)
Net cash used in investing activities	(4,191,000)	(7,938,000)	(14,214,000)
Cash flows from financing activities:
Borrowings under revolving loan	65,000,000	107,000,000	27,000,000
Repayments of revolving loan	(74,800,000)	(36,000,000)	(95,000,000)
Repayments of term loan	(3,750,000)	(3,750,000)	(3,750,000)
Proceeds from issuance of convertible notes, related party	32,000,000	0	0
Payments for debt issuance costs	(1,716,000)	(1,159,000)	0
Payments on finance lease obligations	(2,397,000)	(2,716,000)	(2,442,000)
Payment of contingent consideration	0	0	(1,605,000)
Exercise of stock options	940,000	499,000	719,000
Cash used to net share settle equity awards	(969,000)	(1,745,000)	(350,000)
Repurchase of common stock, including fees	0	(1,914,000)	(1,139,000)
Net cash provided by (used in) financing activities	14,308,000	60,215,000	(76,567,000)
Effect of exchange rate changes on cash and cash equivalents	217,000	78,000	599,000
Net (decrease) increase in cash and cash equivalents	(11,420,000)	7,493,000	(34,093,000)
Cash and cash equivalents - Beginning of year	23,016,000	15,523,000	49,616,000
Cash and cash equivalents - End of year	11,596,000	23,016,000	15,523,000
Supplemental disclosures of cash flow information:
Cash paid for interest, net	37,772,000	13,994,000	14,066,000
Cash paid for income taxes, net of refunds	14,198,000	6,746,000	3,027,000
Cash paid for operating leases	12,055,000	10,406,000	10,878,000
Cash paid for finance leases	2,659,000	3,061,000	2,821,000
Plant and equipment acquired under finance leases	1,246,000	836,000	4,102,000
Assets acquired under operating leases	7,832,000	16,187,000	16,484,000
Non-cash capital expenditures	6,000	661,000	857,000
Debt issuance costs included in accounts payable and accrued liabilities	$ 476,000	$ 0	$ 0

Company Background and Organiza

Company Background and Organization	12 Months Ended
	Mar. 31, 2023
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) light duty and heavy duty 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, brake shoes, and brake master cylinders, and (iv) other products, which include (a) turbochargers and (b) test solutions and diagnostic equipment including: (i) applications for combustion engine vehicles, including bench top testers for alternators and starters, (ii) test solutions and diagnostic equipment for the pre- and post-production of electric vehicles, (iii) software emulation of power systems applications for the electrification of all forms of transportation (including automobiles, trusts and the emerging electrification of systems within the aerospace industry, such as electric vehicle charging stations). The Company primarily ships its products from its facilities, including the Company’s 410,000 square foot distribution center in Tijuana, Mexico, and various third-party warehouse distribution centers in North America.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of Motorcar Parts of America, Inc. and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated. Segment Reporting The Company’s three operating segments are as follows: • Hard Parts , including (i) light duty rotating electric products such as alternators and starters, (ii) wheel hub products, (iii) brake-related products, including brake calipers, brake boosters, brake rotors, brake pads and brake master cylinders, and (iv) turbochargers, • Test Solutions and Diagnostic Equipment , including (i) applications for combustion engine vehicles, including bench top testers for alternators and starters, (ii) test solutions and diagnostic equipment for the pre- and post-production of electric vehicles, (iii) software emulation of power systems applications for the electrification of all forms of transportation (including automobiles, trucks and the emerging electrification of systems within the aerospace industry, such as electric vehicle charging stations), and • Heavy Duty , including non-discretionary automotive aftermarket replacement hard parts for heavy-duty truck, industrial, marine, and agricultural applications. Prior to the fourth quarter of fiscal 2023, the Company’s operating segments met the aggregation criteria and were aggregated. Effective as of the fourth quarter of fiscal 2023, the Company revised its segment reporting as it determined that its three operating segments no longer met the criteria to be aggregated. The Company’s Hard Parts operating segment meets the criteria of a reportable segment. The Test Solutions and Diagnostic Equipment and Heavy Duty are not material, are not separately reportable, and are included within the “all other” category. See Note 19 for more information. Cash and Cash Equivalents Cash primarily consists of cash on hand and bank deposits. Cash equivalents consist of money market funds. The Company considers all highly liquid investments purchased with an original or remaining maturity of less than three months at the date of purchase to be cash equivalents. Cash and cash equivalents are maintained with various financial institutions. Accounts Receivable The Company’s 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 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 does not require collateral for accounts receivable. 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 has receivable discount programs that have been established with certain major customers and their respective banks. Under these programs, the Company has the option to sell those customers’ receivables to those banks at a discount to be agreed upon at the time the receivables are sold. Once the customer chooses which outstanding invoices are going to be made available for discounting, the Company can accept or decline the bundle of invoices provided. The receivable discount programs are non-recourse, and funds cannot be reclaimed by the customer or its bank after the related invoices have been discounted. Inventory Inventory is comprised of: (i) Used Core and component raw materials, (ii) work-in-process, (iii) remanufactured finished goods and purchased finished goods. Used Core, component raw materials, and purchased finished goods are stated at the lower of average cost or net realizable value. Work-in-process is in various stages of production and is valued at the average cost of Used Cores and component raw materials issued to work orders still open, including allocations of labor and overhead costs. Historically, work-in-process inventory has not been material compared to the total inventory balance. Remanufactured finished goods include: (i) the Used Core cost and (ii) the cost of component raw materials, and allocations of labor and variable and fixed overhead costs (the “Unit Cost”). The allocations of labor and variable and fixed overhead costs are based on the actual use of the production facilities over the prior 12 months which approximates normal capacity. This method prevents the distortion in allocated labor and overhead costs that would occur during short periods of abnormally low or high production. In addition, the Company excludes certain unallocated overhead such as severance costs, duplicative facility overhead costs, start-up costs, training, and spoilage from the calculation and expenses these unallocated overhead costs as period costs. Purchased finished goods also include an allocation of fixed overhead costs. The estimate of net realizable value is subjective and based on management’s judgment and knowledge of current industry demand and management’s projections of industry demand. The estimates may, therefore, be revised if there are changes in the overall market for the Company’s products or market changes that in management’s judgment impact its ability to sell or liquidate potentially excess or obsolete inventory. Net realizable value is determined at least quarterly as follows: • Net realizable value for finished goods by customer, by product line are determined based on the agreed upon selling price with the customer for a product in the trailing 12 months. The Company compares the average selling price, including any discounts and allowances, to the finished goods cost of on-hand inventory, less any reserve for excess and obsolete inventory. Any reduction of value is recorded as cost of goods sold in the period in which the revaluation is identified. • Net realizable value for Used Cores are determined based on current core purchase prices from core brokers to the extent that core purchases in the trailing 12 months are significant. Remanufacturing consumes, on average, more than one Used Core for each remanufactured unit produced since not all Used Cores are reusable. The yield rates depend upon both the product and consumer specifications. The Company purchases Used Cores from core brokers to supplement its yield rates and Used Cores not returned under the core exchange programs. The Company also considers the net selling price its customers have agreed to pay for Used Cores that are not returned under its core exchange programs to assess whether Used Core cost exceeds Used Core net realizable value on a by customer, by product line basis. Any reduction of core cost is recorded as cost of goods sold in the period in which the revaluation is identified. • The Company records an allowance for potentially excess and obsolete inventory based upon recent sales history, the quantity of inventory on-hand, and a forecast of potential use of the inventory. The Company periodically reviews inventory to identify excess quantities and part numbers that are experiencing a reduction in demand. Any part numbers with quantities identified during this process are reserved for at rates based upon management’s judgment, historical rates, and consideration of possible scrap and liquidation values which may be as high as 100% of cost if no liquidation market exists for the part. As a result of this process, the Company recorded reserves for excess and obsolete inventory of $16,436,000 and $13,520,000 at March 31, 2023 and 2022, respectively. This increase in the reserve was primarily due to excess inventory of certain finished goods on hand at March 31, 2023 compared with March 31, 2022 The Company records vendor discounts as a reduction of inventories and are recognized as a reduction to cost of sales as the inventories are sold. Inventory Unreturned Inventory unreturned represents the Company’s estimate, based on historical data and prospective information provided directly by the customer, of finished goods shipped to customers that the Company expects to be returned under its general right of return policy, after the balance sheet date. Inventory unreturned includes only the Unit Cost of a finished good. The return rate is calculated based on expected returns within the normal operating cycle, which is generally one year. As such, the related amounts are classified in current assets. Inventory unreturned is valued in the same manner as the Company’s finished goods inventory. Contract Assets Contract assets consists of: (i) the core portion of the finished goods shipped to customers, (ii) upfront payments to customers in connection with customer contracts, (iii) core premiums paid to customers, (iv) finished goods premiums paid to customers, and (v) long-term core inventory deposits. Remanufactured Cores held at customers’ locations as a part of the finished goods sold to the customer are classified as long-term contract assets. These assets are valued at the lower of cost or net realizable value of Used Cores on hand (See Inventory above). For these Remanufactured Cores, the Company expects the finished good containing the Remanufactured Core to be returned under the Company’s general right of return policy or a similar Used Core to be returned to the Company by the customer, under the Company’s core exchange programs, in each case for credit. The Remanufactured Cores and Used Cores returned by consumers to the Company’s customers but not yet returned to the Company are classified as “Cores expected to be returned by customers”, which are included in short-term contract assets until the Company physically receives them during its normal operating cycle, which is generally one year. Upfront payments to customers represent marketing allowances, such as sign-on bonuses, slotting fees, and promotional allowances provided by the Company to its customers. These allowances are recognized as an asset and amortized over the appropriate period of time as a reduction of revenue if the Company expects to generate future revenues associated with the upfront payment. If the Company does not expect to generate additional revenue, then the upfront payment is recognized in the consolidated statements of operations when payment occurs as a reduction of revenue. Upfront payments expected to be amortized during the Company’s normal operating cycle, which is generally one year, are classified as short-term contract assets. Core premiums paid to customers represent the difference between the Remanufactured Core acquisition price paid to customers, generally in connection with new business, and the related Used Core cost. The core premiums are treated as an asset and recognized as a reduction of revenue through the later of the date at which related revenue is recognized or the date at which the sales incentive is offered. The Company considers, among other things, the length of its largest ongoing customer relationships, duration of customer contracts, and the average life of vehicles on the road in determining the appropriate period of time over which to amortize these premiums. These core premiums are amortized over a period typically ranging from six Finished goods premiums paid to customers represent the difference between the finished good acquisition price paid to customers, generally in connection with new business, and the related finished good cost, which is treated as an asset and recognized as a reduction of revenue through the later of the date at which related revenue is recognized or the date at which the sales incentive is offered. The Company six expected to be amortized within our normal operating cycle, which is generally one year, are classified as short-term contract assets. Long-term core inventory deposits represent the cost of Remanufactured Cores the Company has purchased from customers, which are held by the customers and remain on the customers’ premises. The costs of these Remanufactured Cores were established at the time of the transaction based on the then current cost. The selling value of these Remanufactured Cores was established based on agreed upon amounts with these customers. The Company expects to realize the selling value and the related cost of these Remanufactured Cores should its relationship with a customer end, a possibility that the Company considers remote based on existing long-term customer agreements and historical experience. Customer Finished Goods Returns Accrual The customer finished goods returns accrual represents the Company’s estimate of its exposure to customer returns, including warranty returns, under its general right of return policy to allow customers to return items that their end user customers have returned to them and from time to time, stock adjustment returns when the customers’ inventory of certain product lines exceeds the anticipated sales to end-user customers. The customer finished goods returns accrual represents the Unit Value of the estimated returns and is classified as a current liability due to the expectation that these returns will occur within the normal operating cycle of one year. Income Taxes The Company accounts for income taxes using the liability method, which measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The resulting asset or liability is adjusted to reflect changes in the tax laws as they occur. A valuation allowance is provided to reduce deferred tax assets when it is more likely than not that a portion of the deferred tax asset will not be realized. The primary components of the Company’s income tax expense were (i) federal income taxes, (ii) state income taxes, (iii) foreign income taxed at rates that are different from the federal statutory rate, (iv) change in realizable deferred tax items, (v) impact of the non-deductible executive compensation under Internal Revenue Code Section 162(m), and (vi) income taxes associated with uncertain tax positions. Realization of deferred tax assets 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 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. Deferred tax assets arising primarily as a result of net operating loss carry-forwards and research and development credits in connection with the Company’s Canadian operations have been offset completely by a valuation allowance 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. The Company has made an accounting policy election to recognize the U.S. tax effects of global intangible low-taxed income as a component of income tax expense in the period the tax arises. Plant and Equipment Plant and equipment are stated at cost, less accumulated depreciation. The cost of additions and improvements are capitalized, while maintenance and repairs are charged to expense when incurred. Depreciation is provided on a straight-line basis in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives. Machinery and equipment are depreciated over a range from five to . Office equipment and fixtures are depreciated over a range from three to . Leasehold improvements are depreciated over the lives of the respective leases or the service lives of the leasehold improvements, whichever is shorter. Depreciation of assets recorded under finance leases is included in depreciation expense. Leases The Company determines if an arrangement contains a lease at inception. Lease assets and lease liabilities are recorded based on the present value of lease payments over the lease term, which includes the minimum unconditional term of the lease. Certain of the Company’s leases include options to extend the leases for up to five years. When the Company has the option to extend the lease term, terminate the lease before the contractual expiration date, or purchase the leased asset, and it is reasonably certain that it will exercise the option, the option is considered in determining the classification and measurement of the lease. The lease assets are recorded net of any lease incentives received. The Company exempts leases with an initial term of 12 months or less from balance sheet recognition and, for all classes of assets, combines non-lease components with lease components. Lease assets are tested for impairment in the same manner as long-lived assets used in operations. The Company uses its incremental borrowing rate for each of its leases in determining the present value of its expected lease payments based on the information available at the lease commencement date as the rate implicit for each of its leases is not readily detainable. The Company’s incremental borrowing rate is determined by analyzing and combining (i) an applicable risk-free rate, (ii) a financial spread adjustment, and (iii) any lease specific adjustment. Certain leases contain provisions for property-related costs that are variable in nature for which the Company is responsible, including common area maintenance and other property operating services, which are expensed as incurred and not included in the determination of lease assets and lease liabilities. These costs are calculated based on a variety of factors including property values, tax and utility rates, property services fees, and other factors. The Company records rent expense for operating leases, some of which have escalating rent payments, on a straight-line basis over the lease term. The Company has material non-functional currency leases. As required for other monetary liabilities, lessees shall remeasure a foreign currency-denominated lease liability using the exchange rate at each reporting date, but the lease assets are nonmonetary assets measured at historical rates, which are not affected by subsequent changes in the exchange rates. The Company recorded gains of $6,515,000, $1,989,000 and $9,893,000 during the years ended March 31, 2023, 2022 and 2021, respectively, which are included in foreign exchange impact of lease liabilities and forward contracts in the consolidated statements of operations. See Note 10 for additional information regarding the Company’s leases. Goodwill The Company evaluates goodwill for impairment at least annually during the fourth quarter of each fiscal year or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. The goodwill impairment test is performed at the reporting unit level, which represents the Company’s operating segments. In testing for goodwill impairment, the Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company’s qualitative assessment indicates that goodwill impairment is more likely than not, it will proceed with performing the quantitative assessment. If the fair value of the reporting unit exceeds its carrying value, goodwill is not considered impaired. If the carrying value of the reporting unit exceeds its fair value an impairment loss will be recognized for the amount by which the carrying value exceeds the reporting unit’s fair value. The Company completes the required annual testing of goodwill impairment for each of the reporting units during the fourth quarter of the year. No impairment was recorded during the years ended March 31, 2023, 2022, or 2021. Intangible Assets The Company’s intangible assets other than goodwill are finite–lived and amortized on a straight-line basis over their respective useful lives. The Company analyzes its finite-lived intangible assets for impairment when and if indicators of impairment exist. No impairment was recorded during the years ended March 31, 2023, 2022, or 2021. Debt Issuance Costs D ebt issuance costs include fees and costs incurred to obtain financing. Debt issuance costs related to the Company’s term loans and convertible notes are presented in the balance sheet as a direct deduction from carrying amounts of the respective debt. Debt issuance costs related to the Company’s revolving loan are presented in prepaid expenses and other current assets in the accompanying consolidated balance sheets, regardless of whether or not there are any outstanding borrowings under the revolving loan. These fees and costs are amortized using the straight-line method, which approximates the effective interest rate method, over the terms of the related loans and notes and are included in interest expense in the Company’s consolidated statements of operations Foreign Currency Translation For financial reporting purposes, the functional currency of the foreign subsidiaries is the local currency. The assets and liabilities of foreign operations for which the local currency is the functional currency are translated into the U.S. dollar at the exchange rate in effect at the balance sheet date, while revenues and expenses are translated at average exchange rates during the year. The accumulated foreign currency translation adjustment is presented as a component of comprehensive income or loss in the consolidated statements of shareholders’ equity. During the year ended March 31, 2023, aggregate foreign currency transaction losses of $1,401,000 and gains of $239,000 and $1,144,000 for the years ended March 31, 2022 and 2021, respectively, were recorded in general and administrative expenses Revenue Recognition Revenue is recognized when performance obligations under the terms of a contract with the Company’s customers are satisfied; generally, this occurs with the transfer of control of its products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Revenue is recognized net of all anticipated returns, marketing allowances, volume discounts, and other forms of variable consideration The price of a finished remanufactured product sold to customers is generally comprised of separately invoiced amounts for the Remanufactured Core included in the product (“Remanufactured Core value”) and the unit portion included in the product (“Unit Value”), for which revenue is recorded based on our then current price list, net of applicable discounts and allowances. The Remanufactured Core value is recorded as a net revenue based upon the estimate of Used Cores that will not be returned by the customer for credit. These estimates are subjective and based on management’s judgment and knowledge of historical, current, and projected return rates. As reconciliations are completed with the customers the actual rates at which Used Cores are not being returned may differ from the current estimates. This may result in periodic adjustments of the estimated contract asset and liability amounts recorded and may impact the projected revenue recognition rates used to record the estimated future revenue. These estimates may also be revised if there are changes in contractual arrangements with customers, or changes in business practices. A significant portion of the remanufactured automotive parts sold to customers are replaced by similar Used Cores sent back for credit by customers under the core exchange programs (as described in further detail below). The number of Used Cores sent back under the core exchange programs is generally limited to the number of similar Remanufactured Cores previously shipped to each customer. Revenue Recognition — Core Exchange Programs Full price Remanufactured Cores: When remanufactured products are shipped, certain customers are invoiced for the Remanufactured Core value of the product at the full Remanufactured Core sales price. For these Remanufactured Cores, revenue is only recognized based upon an estimate of the rate at which these customers will pay cash for Remanufactured Cores in lieu of sending back similar Used Cores for credits under the core exchange programs. The remainder of the full price Remanufactured Core value invoiced to these customers is established as a long-term contract liability rather than being recognized as revenue in the period the products are shipped as the Company expects these Remanufactured Cores to be returned for credit under its core exchange programs. Nominal price Remanufactured Cores: Certain other customers are invoiced for the Remanufactured Core value of the product shipped at a nominal (generally $0.01 or less) Remanufactured Core price. For these nominal Remanufactured Cores, revenue is only recognized based upon an estimate of the rate at which these customers will pay cash for Remanufactured Cores in lieu of sending back similar Used Cores for credits under the core exchange programs. Revenue amounts are calculated based on contractually agreed upon pricing for these Remanufactured Cores for which the customers are not returning similar Used Cores. The remainder of the nominal price Remanufactured Core value invoiced to these customers is established as a long-term contract liability rather than being recognized as revenue in the period the products are shipped as the Company expects these Remanufactured Cores to be returned for credit under its core exchange programs. Revenue Recognition; General Right of Return Customers are allowed to return goods that their end-user customers have returned to them, whether or not the returned item is defective (warranty returns). In addition, under the terms of certain agreements and industry practice, customers from time to time are allowed stock adjustments when their inventory of certain product lines exceeds the anticipated sales to end-user customers (stock adjustment returns). Customers have various contractual rights for stock adjustment returns, which are typically less than 5% of units sold. In some instances, a higher level of returns is allowed in connection with significant restocking orders. The aggregate returns are generally limited to less than 20% of unit sales. The allowance for warranty returns is established based on a historical analysis of the level of this type of return as a percentage of total unit sales. The allowance for stock adjustment returns is based on specific customer inventory levels, inventory movements, and information on the estimated timing of stock adjustment returns provided by customers. Stock adjustment returns do not occur at any specific time during the year. The return rate for stock adjustments is calculated based on expected returns within the normal operating cycle, which is generally one year. The Unit Value of the warranty and stock adjustment returns are treated as reductions of revenue based on the estimations made at the time of the sale. The Remanufactured Core value of warranty and stock adjustment returns are provided for as indicated in the paragraph “Revenue Recognition – Core Exchange Programs”. As is standard in the industry, the Company only accepts returns from on-going customers. If a customer ceases doing business with the Company, it has no further obligation to accept additional product returns from that customer. Similarly, the Company accepts product returns and grants appropriate credits to new customers from the time the new customer relationship is established. Shipping Costs The Company includes shipping and handling charges in the gross invoice price to customers and classifies the total amount as revenue. All shipping and handling costs are expensed as cost of sales as inventory is sold. Contract Liability Contract liability consists of: (i) customer allowances earned, (ii) accrued core payments, (iii) customer core returns accruals, (iv) core bank liability, (v) finished goods liabilities, and (vi) customer deposits. Customer allowances earned includes all marketing allowances provided to customers. Such allowances include sales incentives and concessions. Voluntary marketing allowances related to a single exchange of product are recorded as a reduction of revenues at the time the related revenues are recorded or when such incentives are offered. Other marketing allowances, which may only be applied against future purchases, are recorded as a reduction to revenues in accordance with a schedule set forth in the relevant contract. Sales incentive amounts are recorded based on the value of the incentive provided. Customer allowances to be provided to customers within the Company’s normal operating cycle, which is generally one year, are considered short-term contract liabilities and the remainder are recorded as long-term contract liabilities. Accrued core payments represent the sales price of Remanufactured Cores purchased from customers, generally in connection with new business, which are held by these customers and remain on their premises. The sales price of these Remanufactured Cores will be realized when the Company’s relationship with a customer ends, a possibility that the Company considers remote based on existing long-term customer agreements and historical experience. The payments to be made to customers for purchases of Remanufactured Cores within the Company’s normal operating cycle, which is generally one year, are considered short-term contract liabilities and the remainder are recorded as long-term contract liabilities. Customer core returns accruals represent the full and nominally priced Remanufactured Cores shipped to the Company’s customers. When the Company ships the product, it recognizes an obligation to accept a similar Used Core sent back under the core exchange programs based upon the Remanufactured Core price agreed upon by the Company and its customer. The Contract liability related to Used Cores returned by consumers to the Company’s customers but not yet returned to the Company are classified as short-term contract liabilities until the Company physically receives these Used Cores as they are expected to be returned during the Company’s normal operating cycle, which is generally one year and the remainder are recorded as long-term contract liabilities. The core bank liability represents the full Remanufactured Core sales price paid for cores returned under the core exchange programs. The payment for these cores are made over a contractual repayment period pursuant to the Company’s agreement with this customer. Payments to be made within the Company’s normal operating cycle, which is generally one year, are considered short-term contract liabilities and the remainder are recorded as long-term contract liabilities. Finished goods liabilities represents the agreed upon price of finished goods purchased from customers, generally in connection with new business. The payment for these finished goods are made over a contractual repayment period pursuant to the Company’s agreement with the c

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	3. Goodwill and Intangible Assets Goodwill The Company had goodwill of $3,205,000 at March 31, 2023 and 2022 , which was comprised of $2,551,000 for the Hard Parts segment and $654,000 for all others, respectively. Intangible Assets The following is a summary of acquired intangible assets subject to amortization: March 31, 2023 March 31, 2022 Weighted Average Amortization Period Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Intangible assets subject to amortization 0 Trademarks 9 years $ 705,000 $ 577,000 $ 705,000 $ 513,000 Customer relationships 11 years 8,576,000 6,947,000 8,799,000 6,188,000 Developed technology 5 years 2,667,000 2,281,000 2,888,000 1,892,000 Total 9 years $ 11,948,000 $ 9,805,000 $ 12,392,000 $ 8,593,000 D uring the year ended March 31, 2023, the Company did not retire any fully amortized intangible assets. During the year ended March 31, 2022 the Company retired $136,000 of fully amortized intangible assets Amortization expense for acquired intangible assets is as follows: Years Ended March 31, 2023 2022 2021 Amortization expense $ 1,460,000 $ 1,548,000 $ 1,571,000 The estimated future amortization expense for acquired intangible assets subject to amortization is as follows: Year Ending March 31, 2024 $ 1,073,000 2025 486,000 2026 342,000 2027 242,000 Total $ 2,143,000

Accounts Receivable - Net

Accounts Receivable - Net	12 Months Ended
	Mar. 31, 2023
Accounts Receivable - Net [Abstract]
Accounts Receivable - Net	4. 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. Accounts receivable — net is comprised of the following: March 31, 2023 March 31, 2022 Accounts receivable — trade $ 136,076,000 $ 98,734,000 Allowance for credit losses (339,000 ) (375,000 ) Customer payment discrepancies (1,634,000 ) (1,375,000 ) Customer returns RGA issued (14,235,000 ) (11,909,000 ) Less: total accounts receivable offset accounts (16,208,000 ) (13,659,000 ) Total accounts receivable — net $ 119,868,000 $ 85,075,000

Inventory

Inventory	12 Months Ended
	Mar. 31, 2023
Inventory [Abstract]
Inventory	5. Inventory Inventory is comprised of the following: March 31, 2023 March 31, 2022 Raw materials $ 147,880,000 $ 150,414,000 Work in process 7,033,000 6,880,000 Finished goods 201,198,000 226,729,000 356,111,000 384,023,000 Less allowance for excess and obsolete inventory (16,436,000 ) (13,520,000 ) Total $ 339,675,000 $ 370,503,000 Inventory unreturned $ 16,579,000 $ 15,001,000

Contract Assets

Contract Assets	12 Months Ended
	Mar. 31, 2023
Contract Assets [Abstract]
Contract Assets	6. Contract Assets During the years ended March 31, 2023 and 2022, the Company reduced the carrying value of Remanufactured Cores held at customers’ locations by $3,736,000 and $4,671,000, respectively. Contract assets are comprised of the following: March 31, 2023 March 31, 2022 Short-term contract assets Cores expected to be returned by customers $ 13,463,000 $ 15,778,000 Core premiums paid to customers 9,812,000 10,621,000 Upfront payments to customers 1,593,000 517,000 Finished goods premiums paid to customers 575,000 584,000 Total short-term contract assets $ 25,443,000 $ 27,500,000 Remanufactured cores held at customers’ locations $ 271,628,000 $ 258,376,000 Core premiums paid to customers 38,310,000 43,294,000 Long-term core inventory deposits 5,569,000 5,569,000 Finished goods premiums paid to customers 2,530,000 2,806,000 Upfront payments to customers 344,000 210,000 Total long-term contract assets $ 318,381,000 $ 310,255,000

Plant and Equipment

Plant and Equipment	12 Months Ended
	Mar. 31, 2023
Plant and Equipment [Abstract]
Plant and Equipment	7. Plant and Equipment Plant and equipment is comprised of the following: March 31, 2023 March 31, 2022 Machinery and equipment $ 62,556,000 $ 63,094,000 Office equipment and fixtures 32,769,000 31,434,000 Leasehold improvements 14,301,000 13,473,000 109,626,000 108,001,000 Less accumulated depreciation (63,574,000 ) (56,939,000 ) Total $ 46,052,000 $ 51,062,000 Plant and equipment located in the foreign countries where the Company has facilities, net of accumulated depreciation, totaled $40,609,000 and $44,348,000, of which $37,667,000 and $40,912,000 is located in Mexico, at March 31, 2023 and 2022, respectively.

Debt

Debt	12 Months Ended
	Mar. 31, 2023
Debt [Abstract]
Debt	8. 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 2.75%, 3.00% or 3.25% or a reference rate plus a margin of 1.75%, 2.00% or 2.25%, 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 8.02% and 8.13%, respectively, at March 31, 2023, 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, which 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) replaces 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, which 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. On March 31, 2023, the Company entered into a sixth amendment to the Credit Facility, which among other things, (i) permitted the issuance of the Convertible Notes (as defined below) and the performance of its respective obligations under the Note Purchase Agreement (as defined below) and the Convertible Notes, (ii) amended the definition of Consolidated EBITDA, and (iii) amended certain component definitions used in calculating the senior leverage ratio financial covenant to exclude the Convertible Notes. The Company was in compliance with all financial covenants as of March 31, 2023. The Company’s Term Loans are comprised of the following: March 31, 2023 March 31, 2022 Principal amount of Term Loans $ 13,125,000 $ 16,875,000 Unamortized financing fees (182,000 ) (181,000 ) Net carrying amount of Term Loans 12,943,000 16,694,000 Less current portion of Term Loans (3,664,000 ) (3,670,000 ) Long-term portion of Term Loans $ 9,279,000 $ 13,024,000 Future repayments of the Company’s Term Loans are as follows: Year Ending March 31, 2024 $ 3,750,000 2025 3,750,000 2026 3,750,000 2027 1,875,000 Total payments $ 13,125,000 The Company had $145,200,000 and $155,000,000 outstanding under the Revolving Facility at March 31, 2023 and 2022, respectively. In addition, $6,370,000 was reserved for letters of credit at March 31, 2023. At March 31, 2023, after certain adjustments, $87,050,000 was available under the Revolving Facility. Convertible Notes On March 31, 2023, the Company entered into a note purchase agreement (the “Note Purchase Agreement”) with Bison Capital Partners VI, L.P. and Bison Capital Partners VI-A, L.P. (collectively, the “Purchasers”) and Bison Capital Partners VI, L.P., as the purchaser representative (the “Purchaser Representative”) for the issuance and sale of $32,000,000 in aggregate principal amount of convertible notes due in 2029 (the “Convertible Notes”) to be used for general corporate purposes. The Convertible Notes will bear interest at a rate of 10.0% per annum, compounded annually, and payable (i) in kind or (ii) in cash, annually in arrears on April 1 of each year, commencing on April 1, 2024. On June 8, 2023, the Company entered into the first amendment to the Note Purchase Agreement, which among other things, removed a provision that specified the Purchasers would be entitled to receive a dividend or distribution payable in certain circumstances. This amendment was effective as of March 31, 2023. The Company’s Convertible Notes are comprised of the following: March 31, 2023 Principal amount of Convertible Notes $ 32,000,000 Less: unamortized debt discount attributed to Compound Net Derivative Liability (8,430,000 ) Less: unamortized debt discount attributed to debt issuance costs (1,006,000 ) Carrying amount of the Convertible Notes 22,564,000 Plus: Compound Net Derivative Liability 8,430,000 Net carrying amount of Convertible Notes, related party $ 30,994,000 The aggregate proceeds from the offering were approximately $31,280,000, net of initial purchasers’ fees and other related expenses. The initial conversion rate is 66.6667 shares of the Company’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $15.00 per share of common stock). At March 31, 2023, the Company had 28,650,590 shares of its common stock available to be issued if the Convertible Notes were converted. In connection with the Note Purchase Agreement, the Company entered into common stock warrants (the “Warrants”) with the Purchasers, which mature on March 30, 2029. The Warrants do not become exercisable unless a Company Redemption (as defined below) occurs and the volume weighted average price of the Company’s common stock for 20 consecutive days prior to the redemption is less than $15.00. The fair value of the Warrants, using Level 3 inputs and the Monte Carlo simulation model, was zero at March 31, 2023. The Company estimates the fair value of the Warrants at each balance sheet date. Any subsequent changes from the initial recognition in the fair value of the Warrants will be recorded in current period earnings in the consolidated statements of operations. The Convertible Notes may be converted, subject to certain conditions, at a conversion price of approximately $15.00 (the “Conversion Option”). The Convertible Notes also include a provision for a return of interest (“Return of Interest”), which requires the Purchasers to return 15.0% of the interest paid to the Company in certain circumstances. The Return of Interest provision is accounted for as part of the Conversion Option and if the Conversion Option is exercised in the future, the Return of Interest provision will remain outstanding until the Purchaser sells all of the underlying stock received upon conversion. Upon conversion, any value associated with the Return of Interest provision will be reflected as a derivative asset upon conversion, with changes in fair value being recorded in earnings in the consolidated statements of operations until settlement in connection with the sale of the underlying stock by the Purchaser. Unless and until the Company delivers a redemption notice, the Purchasers of the Convertible Notes may convert their Convertible Notes at any time at their option. Upon conversion, the Convertible Notes will be settled in shares of the Company’s common stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. The Convertible Notes have a stated maturity of March 30, 2029, subject to earlier conversion or redemption in accordance with their terms. If there is a Fundamental Transaction, as defined in the Form of Convertible Promissory Note, the Company may redeem all or part of the Convertible Notes. Except in the case of the occurrence of a Fundamental Transaction, the Company may not redeem the Convertible Notes prior to March 31, 2026. After March 31, 2026, the Company may redeem all or part of the Convertible Notes for a cash purchase (the “Company Redemption”) price equal to the redemption price plus $4,000,000, but only if (i) it is listed on a national exchange, (ii) there is no “Event of Default” occurring and continuing, and (iii) Adjusted EBITDA for the prior four quarters is greater than $80,000,000. The “Redemption Price” shall mean a cash amount equal to the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest. However, if the volume weighted average price of the Company’s common stock for 20 consecutive days prior to the notice of the Company Redemption is less than $15.00, the Purchasers may exercise the warrants and the Company will pay the Redemption Price plus $2,000,000. However, if the volume weighted average price of the Company’s common stock is less than $8 for 20 days between March 31, 2023 and September 27, 2023, the Company will pay the redemption price plus $5,000,000. The Conversion Option and the Company Redemption both met the criteria for bifurcation from the Convertible Notes as derivatives and using the Monte Carlo simulation model were fair valued as a liability of $10,400,000 and an asset of $1,970,000 at March 31, 2023, respectively. The Company Redemption has been combined with the Conversion Option as a compound net derivative liability (the “Compound Net Derivative Liability”). The Compound Net Derivative Liability has been recorded within convertible note, related party The Convertible Notes also contain additional features, such as, default interest and options related to a Fundamental Transaction, requiring bifurcation which were not separately accounted for as the value of such features were not material at March 31, 2023. Any subsequent changes from the initial recognition in the fair value of those features will be recorded in current period earnings in the consolidated statements of operations. The Convertible Notes include customary provisions relating to the occurrence of Events of Default, which include the following: (i) certain payment defaults on the Convertible Notes; (ii) certain events of bankruptcy, insolvency and reorganization involving the Company or any of its subsidiaries; (iii) the entering of one or more final judgements or orders against the Company or any of its subsidiaries for an aggregate payment exceeding $25,000,000; (iv) the acceleration of senior debt; (v) certain failures of the Company to comply with certain provisions of the Note Purchase Agreement or material breaches of the Note Purchase Agreement by the Company or any of its subsidiaries; (vi) any material provision of the Note Purchase Agreement, the Convertible Notes, the guarantee, the subordination agreement, the warrants or the registration rights agreement, for any reason, ceases to be valid and binding on the Company or any subsidiary, or any subsidiary shall so claim in writing to challenge the validity of or the Company’s liability under the Note Purchase Agreement, the Convertible Notes, or the registration rights agreement; or (vii) the Company fails to maintain the listing of its capital stock on a national securities exchange. Events of Default will be subject to a 30-day cure period except for those related to clause (ii) and (iv) of the preceding sentence. If an Event of Default occurs and is continuing, then, the Company shall deliver written notice to the Purchasers within 5 business days of first learning of such Event of Default. If an Event of Default involving bankruptcy, insolvency or reorganization events with respect to the Company (and not solely with respect to its significant subsidiary) occurs, then the principal amount of, and all accrued and unpaid interest on, all of the Convertible Notes then outstanding will immediately become due and payable without any further action. Debt issuance costs of $1,006,000 are presented in the balance sheet as a direct deduction from the carrying amounts of the Convertible Notes at March 31, 2023. Debt issuance costs are amortized using the effective interest method through the maturity of the Convertible Note and recorded in interest expense in the consolidated statements of operations. Debt issuance costs of $360,000 allocated to the Compound Net Derivative Liability were immediately expensed to interest expense in the consolidated statements of operations for the year ended March 31, 2023. Additionally, pursuant to the Note Purchase Agreement, subject to certain conditions, the Purchaser Representative shall have the right to nominate one director to serve (the “Investor Director”) on the Company’s Board of Directors (the “Board”). If an Investor Director is not currently serving on the Board, and subject to certain other conditions set forth in the Note Purchase Agreement, the Purchaser Representative shall have the right to designate one person to have observation rights with respect to all meetings of the Board. In connection with the Company’s entry into the Note Purchase Agreement, Douglas Trussler was appointed to serve on its Board. Total contractual interest expense of $9,000 related to the Convertible Notes was recognized during the year ended March 31, 2023. There are no future payments required under the Convertible Notes prior to their maturity, therefore, the principal amount of the notes plus interest payable in kind, assuming no early redemption or conversion has occurred, of $56,704,000 would be paid on March 30, 2029.

Contract Liabilities

Contract Liabilities	12 Months Ended
	Mar. 31, 2023
Contract Liabilities [Abstract]
Contract Liabilities	9. Contract Liabilities Contract liabilities are comprised of the following: March 31, 2023 March 31, 2022 Short-term contract liabilities Customer allowances earned $ 19,997,000 $ 22,018,000 Customer core returns accruals 11,112,000 12,322,000 Customer deposits 3,232,000 3,306,000 Accrued core payment 3,056,000 1,679,000 Core bank liability 1,686,000 1,634,000 Finished goods liabilities 1,257,000 1,537,000 Total short-term contract liabilities $ 40,340,000 $ 42,496,000 Long-term contract liabilities Customer core returns accruals $ 170,420,000 $ 154,940,000 Core bank liability 13,582,000 15,267,000 Accrued core payment 9,171,000 928,000 Finished goods liabilities 433,000 1,588,000 Customer allowances earned - 41,000 Total long-term contract liabilities $ 193,606,000 $ 172,764,000

Leases

Leases	12 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	10. Leases The Company leases various facilities in North America and Asia under operating leases expiring through August 2033. The Company also has finance leases for certain office and manufacturing equipment, which generally range from three Balance sheet information for leases is comprised of the following: March 31, 2023 March 31, 2022 Leases Classification Assets: Operating Operating lease assets $ 87,619,000 $ 81,997,000 Finance Plant and equipment 5,549,000 7,470,000 Total leased assets $ 93,168,000 $ 89,467,000 Liabilities: Current Operating Operating lease liabilities $ 8,767,000 $ 6,788,000 Finance Other current liabilities 1,851,000 2,330,000 Long-term Operating Long-term operating lease liabilities 79,318,000 80,803,000 Finance Other liabilities 2,742,000 3,425,000 Total lease liabilities $ 92,678,000 $ 93,346,000 Lease cost recognized in the consolidated statement of operations is comprised of the following: Years Ended March 31, 2023 2022 2021 Lease cost Operating lease cost $ 13,176,000 $ 12,472,000 $ 11,527,000 Short-term lease cost 1,686,000 1,462,000 1,383,000 Variable lease cost 761,000 1,011,000 825,000 Finance lease cost: Amortization of finance lease assets 1,983,000 2,088,000 1,762,000 Interest on finance lease liabilities 262,000 345,000 379,000 Total lease cost $ 17,868,000 $ 17,378,000 $ 15,876,000 Maturities of lease commitments at March 31, 2023 were as follows: Maturity of lease liabilities by fiscal year Operating Leases Finance Leases Total 2024 $ 13,567,000 $ 2,064,000 $ 15,631,000 2025 12,535,000 1,569,000 14,104,000 2026 12,099,000 837,000 12,936,000 2027 10,816,000 346,000 11,162,000 2028 10,725,000 186,000 10,911,000 Thereafter 53,929,000 6,000 53,935,000 Total lease payments 113,671,000 5,008,000 118,679,000 Less amount representing interest (25,586,000 ) (415,000 ) (26,001,000 ) Present value of lease liabilities $ 88,085,000 $ 4,593,000 $ 92,678,000 Other information about leases is as follows: March 31, 2023 March 31, 2022 Lease term and discount rate Weighted-average remaining lease term (years): Finance leases 2.9 2.9 Operating leases 9.0 10.4 Weighted-average discount rate: Finance leases 5.9 % 5.1 % Operating leases 5.8 % 5.7 %

Accounts Receivable Discount Pr

Accounts Receivable Discount Programs	12 Months Ended
	Mar. 31, 2023
Accounts Receivable Discount Programs [Abstract]
Accounts Receivable Discount Programs	11. 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 the Company’s accounts receivable discount programs: Fiscal Years Ended March 31, 2023 2022 Receivables discounted $ 548,376,000 $ 525,441,000 Weighted average days 328 336 Weighted average discount rate 5.3 % 1.9 % Amount of discount as interest expense $ 26,432,000 $ 9,197,000

Financial Risk Management and D

Financial Risk Management and Derivatives	12 Months Ended
	Mar. 31, 2023
Financial Risk Management and Derivatives [Abstract]
Financial Risk Management and Derivatives	12. 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 facilities overseas, 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 forward foreign currency exchange contracts are designated 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 March 31, 2023 and 2022, 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 . The following shows the effect of the Company’s derivative instruments on its consolidated statements of operations: Gain (Loss) Recognized as Foreign Exchange Impact of Lease Liabilities and Forward Contracts Derivatives Not Designated as Years Ended March 31, Hedging Instruments 2023 2022 2021 Forward foreign currency exchange contracts $ 2,776,000 $ (316,000 ) $ 7,713,000 The fair value of the forward foreign currency exchange contracts of $3,889,000 and $1,113,000 are included in prepaid and other current assets in the consolidated balance sheets at March 31, 2023 and 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 consolidated statements of cash flows for the years ended March 31, 2023, 2022, and 2021.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Mar. 31, 2023
Fair Value Measurements [Abstract]
Fair Value Measurements	13. Fair Value Measurements The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses a three-tier valuation hierarchy based upon observable and unobservable inputs: • Level 1 — Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 — Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 — Valuation is based upon unobservable inputs that are significant to the fair value measurement. The fair value hierarchy requires the use of observable market data when available. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The following sets forth by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis according to the valuation techniques the Company used to determine their fair values at: March 31, 2023 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 $ 2,011,000 $ 2,011,000 $ - $ - $ 2,202,000 $ 2,202,000 $ - $ - Prepaid expenses and other current assets Forward foreign currency exchange contracts 3,889,000 - 3,889,000 - 1,113,000 - 1,113,000 - Liabilities Other current liabilities Deferred compensation 2,011,000 2,011,000 - - 2,202,000 2,202,000 - - Convertible notes, related party Compound Net Derivative Liability 8,430,000 - - 8,430,000 - - - - 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 12). Compound Net Derivative Liability In connection with the issuance of the Convertible Notes on March 31, 2023, the Company estimates the fair value of the Compound Net Derivative Liability (see Note 8) using Level 3 inputs and the Monte Carlo simulation model at the balance sheet date. The Monte Carlo simulation model requires the input of subjective assumptions including the expected volatility of the underlying stock. 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. This amount is recorded within convertible notes, related party in the consolidated balance sheet at March 31, 2023. The Company estimates the fair value of the Compound Net Derivative Liability using Level 3 inputs and the Monte Carlo simulation model at each balance sheet date. Any subsequent changes from the initial recognition in the fair value of the Compound Net Derivative Liability will be recorded in current period earnings in the consolidated statements of operations. The following assumptions were used to determine the fair value of the Compound Net Derivative Liability: March 31, 2023 Risk free interest rate 3.64 % Cost of equity 21.80 % Weighted average cost of capital 14.60 % Expected volatility of MPA Common Stock 50.00 % EBITDA volatility 35.00 % The following summarizes the activity for Level 3 fair value measurements: Years Ended March 31, 2023 Beginning balance $ - Newly issued 8,430,000 Changes in revaluation of Compound Net Derivative Liability included in earnings - Exercises/settlements - Ending balance $ 8,430,000 During the years ended March 31, 2023 and 2022, the Company had no 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. The carrying amount of the Convertible Notes approximated their fair value as they were issued on March 31, 2023

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Mar. 31, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies	14. 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 total 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: Years Ended March 31, 2023 2022 2021 Balance at beginning of year $ 20,125,000 $ 21,093,000 $ 18,300,000 Charged to expense 132,719,000 118,675,000 111,025,000 Amounts processed (133,014,000 ) (119,643,000 ) (108,232,000 ) Balance at end of year $ 19,830,000 $ 20,125,000 $ 21,093,000 Commitments to Provide Marketing Allowances under Long-Term Customer Contracts The Company has or is renegotiating long-term agreements with many of its major customers. Under these agreements, which in most cases have initial terms of at least four years, the Company is designated as the exclusive or primary supplier for specified categories of the Company’s products. Because of the very competitive nature of the market and the limited number of customers for these products, the Company’s customers have sought and obtained price concessions, significant marketing allowances, and more favorable delivery and payment terms in consideration for the Company’s designation as a customer’s exclusive or primary supplier. These incentives differ from contract to contract and can include (i) the issuance of a specified amount of credits against receivables in accordance with a schedule set forth in the relevant contract, (ii) support for a particular customer’s research or marketing efforts provided on a scheduled basis, (iii) discounts granted in connection with each individual shipment of product, and (iv) other marketing, research, store expansion or product development support. These contracts typically require that the Company meet ongoing performance standards. While these longer-term agreements strengthen the Company’s customer relationships, the increased demand for the Company’s products often requires that the Company increase its inventories and personnel. Customer demands that the Company purchase their Remanufactured Core inventory also require the use of the Company’s working capital. The marketing and other allowances the Company typically grants its customers in connection with its new or expanded customer relationships adversely impact the near-term revenues, profitability, and associated cash flows from these arrangements. Such allowances include sales incentives and concessions and typically consist of: (i) allowances which may only be applied against future purchases and are recorded as a reduction to revenues in accordance with a schedule set forth in the long-term contract, (ii) allowances related to a single exchange of product that are recorded as a reduction of revenues at the time the related revenues are recorded or when such incentives are offered, and (iii) amortization of core premiums paid to customers generally in connection with new business. The following summarizes the breakout of allowances discussed above, recorded as a reduction to revenues: Years Ended March 31, 2023 2022 2021 Allowances incurred under long-term customer contracts $ 18,253,000 $ 19,348,000 $ 29,238,000 Allowances related to a single exchange of product 154,194,000 129,283,000 99,768,000 Amortization of core premiums paid to customers 11,113,000 11,242,000 6,590,000 Total customer allowances recorded as a reduction of revenues $ 183,560,000 $ 159,873,000 $ 135,596,000 The following presents the Company’s commitments to incur allowances, excluding allowances related to a single exchange of product, which will be recognized as a reduction to revenue when the related revenue is recognized: Year Ending March 31, 2024 $ 14,637,000 2025 11,621,000 2026 10,605,000 2027 9,939,000 2028 9,198,000 Thereafter 7,976,000 Total marketing allowances $ 63,976,000 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 (“Audit”), the U.S. Customs and Border Protection (“CBP”) stated that it believed that the Company owed additional duties relating to products that it imported from Mexico from 2011 through mid-2018. The CBP recently requested that the Company pay additional duties of approximately $3,900,000 from 2011 through mid-2018 related to the findings of the Audit. The Company does not believe that this amount is correct and believes that it has numerous defenses and is disputing this amount vigorously. The Company cannot assure that the CBP will agree or that it will not need to accrue or pay additional amounts in the future.

Significant Customer and Other

Significant Customer and Other Information	12 Months Ended
	Mar. 31, 2023
Significant Customer and Other Information [Abstract]
Significant Customer and Other Information	15. Significant Customer and Other Information Significant Customer Concentrations While the Company continually seeks to diversify its customer base, it currently derives, and has historically derived, a substantial portion of its sales from a small number of large customers. Any meaningful reduction in the level of sales to any of these customers, deterioration of the financial condition of any of these customers or the loss of any of these customers could have a materially adverse impact on our business, results of operations, and financial condition. The Company’s largest customers accounted for the following total percentage of net sales: Years Ended March 31, 2023 2022 2021 Customer A 37 % 38 % 42 % Customer B 23 % 18 % 22 % Customer C 24 % 29 % 23 % Customer D 4 % 2 % 2 % Revenues for Customers A through C were derived from the Hard Parts segment and Test Solutions and Diagnostic Equipment segment. Revenues for Customer D were derived from the Hard Parts segment. The Company’s largest customers accounted for the following total percentage of accounts receivable — trade: March 31, 2023 March 31, 2022 Customer A 33 % 42 % Customer B 18 % 21 % Customer C 21 % 9 % Customer D 12 % 5 % Geographic and Product Information The Company’s products are predominantly sold in the U.S. and accounted for the following total percentage of net sales: Years Ended March 31, 2023 2022 2021 Rotating electrical products 67 % 69 % 73 % Wheel hub products 11 % 13 % 15 % Brake-related products 18 % 15 % 10 % Other products 4 % 3 % 2 % 100 % 100 % 100 % Significant Supplier Concentrations No suppliers accounted for more than 10% of the Company’s inventory purchases for the years ended March 31, 2023, 2022, and 2021.

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2023
Income Taxes [Abstract]
Income Taxes	16. Income Taxes Domestic and foreign components of income (loss) before income taxes are as follows: Years Ended March 31, 2023 2022 2021 United States $ (14,470,000 ) $ 6,021,000 $ 13,920,000 Foreign 11,361,000 7,128,000 16,943,000 (Loss) income before income taxes (3,109,000 ) 13,149,000 30,863,000 The income tax expense is as follows: Years Ended March 31, 2023 2022 2021 Current tax expense Federal $ 2,483,000 $ 8,572,000 $ 5,734,000 State 396,000 1,478,000 722,000 Foreign 3,426,000 3,180,000 3,364,000 Total current tax expense 6,305,000 13,230,000 9,820,000 Deferred tax (benefit) expense Federal (5,037,000 ) (6,411,000 ) (1,909,000 ) State (705,000 ) (659,000 ) 118,000 Foreign 535,000 (372,000 ) 1,358,000 Total deferred tax benefit (5,207,000 ) (7,442,000 ) (433,000 ) Total income tax expense $ 1,098,000 $ 5,788,000 $ 9,387,000 Deferred income taxes consist of the following: March 31, 2023 March 31, 2022 Assets Allowance for bad debts $ 78,000 $ 99,000 Customer allowances earned 4,760,000 5,321,000 Allowance for stock adjustment returns 2,391,000 1,651,000 Inventory adjustments 7,817,000 3,815,000 Intangibles, net 809,000 785,000 Stock options 2,770,000 2,984,000 Operating lease liabilities 23,408,000 23,894,000 Estimate for returns 26,670,000 25,445,000 Accrued compensation 2,718,000 3,515,000 Net operating losses 5,351,000 4,617,000 Tax credits 2,012,000 2,018,000 Other 5,046,000 3,833,000 Total deferred tax assets $ 83,830,000 $ 77,977,000 Liabilities Plant and equipment, net (79,000 ) (1,051,000 ) Contract assets (12,357,000 ) (13,873,000 ) Operating lease assets (25,004,000 ) (23,421,000 ) Other (6,864,000 ) (5,960,000 ) Total deferred tax liabilities $ (44,304,000 ) $ (44,305,000 ) Less valuation allowance $ (7,619,000 ) $ (6,816,000 ) Total $ 31,907,000 $ 26,856,000 As of March 31, 2023, before tax effect, the Company had federal net operating loss carryforwards of $1,361,000 related to its January 2019 acquisition, state net operating loss carryforwards of $649,000 and foreign net operating loss carryforwards of $19,012,000. The federal net operating loss carryforwards expire beginning in fiscal year 2033 2033 2038 2034 Realization of deferred tax assets 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 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. Deferred tax assets arising primarily as a result of non-US net operating loss carry-forwards and non-US research and development credits in connection with the Company’s Canadian operations have been offset completely by a valuation allowance 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. For the years ended March 31, 2023, 2022, and 2021, the primary components of the Company’s income tax expense were (i) federal income taxes, (ii) state income taxes, (iii) foreign income taxed at rates that are different from the federal statutory rate, (iv) change in realizable deferred tax items, (v) impact of the non-deductible executive compensation under Internal Revenue Code Section 162(m), and (vi) income taxes associated with uncertain tax positions The difference between the income tax expense at the federal statutory rate and the Company’s effective tax rate is as follows: Years Ended March 31, 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State income tax rate, net of federal benefit 3.5 % 4.1 % 2.2 % Foreign income taxed at different rates (28.7 )% 4.9 % 1.9 % Non-deductible executive compensation (9.0 )% 7.2 % 1.9 % Change in valuation allowance (25.8 )% 5.0 % 2.2 % Uncertain tax positions (1.0 )% 6.1 % 0.3 % Research and development credit 2.7 % (0.9 )% (0.3 )% Net operating loss carryback - % (0.4 )% - % Other 2.0 % (3.0 )% 1.2 % (35.3 )% 44.0 % 30.4 % The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions with varying statutes of limitations. At March 31, 2023, the Company is not under examination in any jurisdiction and the years ended March 31, 2018 through 2023 remain subject to examination. The Company believes no significant changes in the unrecognized tax benefits will occur within the next 12 months. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Years Ended March 31, 2023 2022 2021 Balance at beginning of period $ 1,975,000 $ 1,104,000 $ 1,011,000 Additions based on tax positions related to the current year 53,000 352,000 249,000 Additions for tax positions of prior year - 581,000 67,000 Reductions for tax positions of prior year (64,000 ) (62,000 ) (223,000 ) Balance at end of period $ 1,964,000 $ 1,975,000 $ 1,104,000 At March 31, 2023, 2022 and 2021, there are $1,616,000, $1,632,000, and $923,000, respectively, of unrecognized tax benefits that if recognized would affect the annual effective tax rate. The Company recognizes interest and penalties related to unrecognized tax benefits as part of income tax expense. During the years ended March 31, 2023, 2022, and 2021, the Company recognized interest and penalties of approximately $59,000, $112,000, and $(16,000), respectively. The Company had approximately $229,000 and $170,000 for the payment of interest and penalties accrued at March 31, 2023 and 2022, respectively. With the exception of its earnings from its Singapore subsidiary, the Company intends to indefinitely reinvest its undistributed earnings from foreign subsidiaries in foreign operations. No incremental U.S. Federal tax or withholding taxes have been provided for these earnings.

Defined Contribution Plans

Defined Contribution Plans	12 Months Ended
	Mar. 31, 2023
Defined Contribution Plans [Abstract]
Defined Contribution Plans	17. Defined Contribution Plans The Company has a 401(k) plan covering all employees who are 21 years of age with at least six months of service. The plan permits eligible employees to make contributions up to certain limitations, with the Company matching 50% of each participating employee’s contribution up to the first 6% of employee compensation. Employees are immediately vested in their voluntary employee contributions and vest in the Company’s matching contributions ratably over five years. The Company’s matching contribution to the 401(k) plan was $549,000, $578,000, and $507,000 for the years ended March 31, 2023, 2022, and 2021, respectively.

Share-based Payments

Share-based Payments	12 Months Ended
	Mar. 31, 2023
Share-based Payments [Abstract]
Share-based Payments	18. Share-based Payments In September 2022, the Company’s shareholders approved the 2022 Incentive Award Plan (the “2022 Plan”), which replaced the 2010 Incentive Award Plan and the 2014 Non-Employee Director Incentive Award Plan. Under the 2022 Plan, a total of 924,200 shares of the Company’s common stock were reserved for grants to its employees, non-employee directors, and consultants. At March 31, 2023, there were 52,768 shares of restricted stock units outstanding and 871,432 shares of common stock were available for grant under this plan. At March 31, 2023 and 2022, 10,417 and 82,324 of restricted stock units, respectively, were outstanding under the 2014 Non-Employee Director Incentive Award Plan. No shares of common stock remain available for grant under this plan. At March 31, 2023 and 2022, respectively, there was (i) 266,169 and 216,739 shares of restricted stock units were outstanding, (ii) options to purchase 1,226,745 and 1,674,499 shares of common stock were outstanding, (iii) 100,000 and 100,000 restricted shares were outstanding, and (iv) 192,696 and 84,593 shares of performance stock units were outstanding under the 2010 Incentive Award Plan. No shares of common stock remain available for grant under this plan. In addition, at March 31, 2023 and 2022, options to purchase 6,000 and 21,000 shares of common stock, respectively, were outstanding under the 2004 Non-Employee Director Stock Option Plan. No options remain available for grant under this plan. Stock Options The Company did not grant any stock options during the year ended March 31, 2023 and 2022. The following summarizes the Black-Scholes option-pricing model assumptions used to derive the weighted average fair value of the stock options granted during the year ended March 31, 2021. Years Ended March 31, 2021 Weighted average risk free interest rate 0.44 % Weighted average expected holding period (years) 5.96 Weighted average expected volatility 44.90 % Weighted average expected dividend yield - Weighted average fair value of options granted $ 6.43 The following is a summary of stock option transactions: Number of Weighted Average Shares Exercise Price Outstanding at March 31, 2022 1,695,499 $ 17.53 Granted - $ - Exercised (326,469 ) $ 6.75 Forfeited/Cancelled (123,932 ) $ 19.45 Expired (12,353 ) $ 15.91 Outstanding at March 31, 2023 1,232,745 $ 20.20 At March 31, 2023, options to purchase 96,495 shares of common stock were unvested at the weighted average exercise price of $15.16. Based on the market value of the Company’s common stock at March 31, 2023, 2022, and 2021, the pre-tax intrinsic value of options exercised was $2,427,000, $245,000, and $546,000, respectively. The total fair value of stock options vested during the years ended March 31, 2023, 2022, and 2021 was $1,140,000, $2,174,000, and $2,184,000, respectively. The following summarizes information about the options outstanding at March 31, 2023: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Weighted Average Average Remaining Aggregate Average Remaining Aggregate Range of Exercise Life Intrinsic Exercise Life Intrinsic Exercise price Shares Price In Years Value Shares Price In Years Value $ 6.48 to $18.20 405,418 $ 13.33 4.83 308,923 $ 12.76 4.08 $ 18.21 to $22.83 438,637 19.58 5.78 438,637 19.58 5.78 $ 22.84 to $28.04 178,566 26.27 3.50 178,566 26.27 3.50 $ 28.05 to $31.13 210,124 29.60 2.95 210,124 29.60 2.95 1,232,745 $ 20.20 4.66 $ - 1,136,250 $ 20.63 4.44 $ - The aggregate intrinsic values in the above table represent the pre-tax value of all in-the-money options if all such options had been exercised on March 31, 2023 based on the Company’s closing stock price of $7.44 as of that date. At March 31, 2023, there was $132,000 of total unrecognized compensation expense from stock-based compensation granted under the plans, which is related to non-vested shares. The compensation expense is expected to be recognized over a weighted average vesting period of three months. Restricted Stock Units and Restricted Stock (collectively “RSUs”) During the years ended March 31, 2023 and 2022, 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. The estimated grant date fair value of the RSUs $4,430,000, $5,775,000, and $4,150,000, for the years ended March 31, 2023, 2022, and 2021, respectively, which was based on the closing market price on the date of grant. The fair value related to these awards is recognized as compensation expense over the vesting period. These awards generally vest in three equal installments beginning each anniversary from the grant date, subject to continued employment. Upon vesting, these awards may be net share settled to cover the required withholding tax with the remaining amount converted into an equivalent number of shares of common stock. Total shares withheld during the years ended March 31, 2023 and 2022 were 74,854 and 84,762, respectively, based on the value of these awards as determined by the Company’s closing stock price on the vesting 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 (70,311 ) $ 19.15 Outstanding at March 31, 2023 429,354 $ 15.07 As of March 31, 2023, there was $3,289,000 of unrecognized compensation expense related to these awards, which will be recognized over the remaining vesting period of approximately 1.5 years. The Company’s unrecognized compensation expense includes restricted stock awards at the target performance level as deemed probable at each quarter-end. Performance Stock Units (“PSUs”) During the years ended March 31, 2023 and 2022, the Company granted 126,028 and 84,593 of performance-based PSUs (at target performance levels), respectively, to its executives, which typically cliff vest after three-years subject to continued employment. These awards are contingent and granted separately for each of the following metrics: adjusted EBITDA, net sales, and relative total shareholder return (“TSR”). Compensation cost is determined at the grant date and recognized on a straight-line basis over the requisite service period to the extent the conditions are deemed probable. The number of shares earned at the end of the three-year period will vary, based only on actual performance, from 0% to 150% of the target number of PSUs granted. PSUs are not considered issued or outstanding ordinary shares of the Company. 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: Year Ended March 31, 2023 2022 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/Cancelled (17,925 ) $ 19.95 Outstanding at March 31, 2023 192,696 $ 17.48 At March 31, 2023, there was $1,926,000 of unrecognized compensation expense related to these awards, which will be recognized over the weighted average remaining vesting period of approximately 1.9 years.

Segment Information

Segment Information	12 Months Ended
	Mar. 31, 2023
Segment Information [Abstract]
Segment Information	19. Segment Information Pursuant to the guidance provided under the Financial Accounting Standards Board Accounting Standards Codification 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 identified its Chief Executive Officer as the CODM. The criteria the Company used to identify the reportable segments are primarily the nature of the products the Company sells, the Company’s organizational and management reporting structure, and the operating results that are regularly reviewed by the Company’s CODM to make decisions about the resources to be allocated to the business units and to assess performance. The Company’s three operating segments are: • Hard Parts • Test Solutions and Diagnostic Equipment • Heavy Duty Prior to the fourth quarter of fiscal 2023, the Company’s operating segments met the aggregation criteria and were aggregated. Effective as of the fourth quarter of fiscal 2023, the Company revised its segment reporting as it determined that its three operating segments no longer met the criteria to be aggregated. The Company’s Hard Parts operating segment meets the criteria of a reportable segment while Test Solutions and Diagnostic Equipment and Heavy Duty are not material, are not separately reportable, and are included within the “all other” category. Financial information relating to the Company’s segments is as follows: March 31, 2023 Hard Parts All Other Total Net sales to external customers $ 638,460,000 $ 44,614,000 $ 683,074,000 Intersegment sales 600,000 192,000 792,000 Operating income (loss) 44,855,000 (8,303,000 ) 36,552,000 Depreciation and amortization 10,955,000 1,489,000 12,444,000 Segment assets 1,032,739,000 49,778,000 1,082,517,000 Capital expenditures 3,459,000 742,000 4,201,000 March 31, 2022 Hard Parts All Other Total Net sales to external customers $ 609,992,000 $ 40,316,000 $ 650,308,000 Intersegment sales 831,000 2,502,000 3,333,000 Operating income (loss) 32,265,000 (3,544,000 ) 28,721,000 Depreciation and amortization 11,345,000 1,541,000 12,886,000 Segment assets 1,017,475,000 47,488,000 1,064,963,000 Capital expenditures 6,630,000 920,000 7,550,000 March 31, 2021 Hard Parts All Other Total Net sales to external customers $ 512,251,000 $ 28,531,000 $ 540,782,000 Intersegment sales 560,000 1,898,000 2,458,000 Operating income (loss) 48,450,000 (1,830,000 ) 46,620,000 Depreciation and amortization 9,744,000 1,400,000 11,144,000 Capital expenditures 13,424,000 518,000 13,942,000 Net sales March 31, 2023 March 31, 2022 March 31, 2021 Total net sales for reportable segment $ 639,060,000 $ 610,823,000 $ 512,811,000 Other net sales 44,806,000 42,818,000 30,429,000 Elimination of intersegment net sales (792,000 ) (3,333,000 ) (2,458,000 ) Total consolidated net sales $ 683,074,000 $ 650,308,000 $ 540,782,000 Profit or loss March 31, 2023 March 31, 2022 March 31, 2021 Total operating income for reportable segment $ 44,855,000 $ 32,265,000 $ 48,450,000 Other operating loss (8,303,000 ) (3,544,000 ) (1,830,000 ) Elimination of intersegment operating (loss) income (106,000 ) (17,000 ) 13,000 Interest expense, net (39,555,000 ) (15,555,000 ) (15,770,000 ) Total consolidated (loss) income before income tax expense $ (3,109,000 ) $ 13,149,000 $ 30,863,000 Assets March 31, 2023 March 31, 2022 Total assets for reportable segment $ 1,032,739,000 $ 1,017,475,000 Other assets 49,778,000 47,488,000 Elimination of intersegment assets (53,952,000 ) (49,265,000 ) Total consolidated assets $ 1,028,565,000 $ 1,015,698,000

Share Repurchase Program

Share Repurchase Program	12 Months Ended
	Mar. 31, 2023
Share Repurchase Program [Abstract]
Share Repurchase Program	20. Share Repurchase Program 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 year ended March 31, 2023 the Company did not repurchase any shares of its common stock. During the years ended March 31, 2022 and 2021, the Company repurchased 106,486 and 54,960 shares of its common stock, respectively, for $1,914,000 and $1,139,000, respectively. As of March 31, 2023, $18,745,000 was utilized and $18,255,000 remains available to repurchase shares under the authorized share repurchase program, subject to the limit in the Company’s Credit Facility. The Company retired the 837,007 shares repurchased under this program through March 31, 2023. The Company’s share repurchase program does not obligate it to acquire any specific number of shares and shares may be repurchased in privately negotiated and/or open market transactions.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	21. Related Party Transactions 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, which commenced 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. The rent expense recorded by the Company for the related party lease was $82,000 for the year ended March 31, 2023. Convertible Note and Election of New Director On March 31, 2023, the Company entered into the Note Purchase Agreement with Bison Capital Partners VI, L.P. and Bison Capital Partners VI-A, L.P., and Bison Capital Partners VI, L.P. as the Purchaser Representative, for the issuance and sale of the Convertible Notes. In connection with the issuance of the Convertible Notes and at the recommendation of the Nominating and Corporate Governance Committee of the Board and in connection with the bylaws of the Company, the Board appointed Douglas Trussler, a co-founder of Bison Capital in 2001, to the Board, effective immediately, to serve until the Company’s 2024 Annual Meeting of Stockholders and until his successor is duly elected and qualified. Mr. Trussler’s compensation will be consistent with the Company’s previously disclosed standard compensation practices for non-employee directors, which are described in the Company’s Definitive Proxy Statement, filed with the SEC on July 29, 2022. There are no other transactions between Mr. Trussler and the Company that would be reportable under Item 404(a) of Regulation S-K.

Employee Retention Credit

Employee Retention Credit	12 Months Ended
	Mar. 31, 2023
Employee Retention Credit [Abstract]
Employee Retention Credit	22. Employee Retention Credit The CARES Act provides an employee retention credit (“ERC”) that is a refundable tax credit against certain employer taxes. On December 27, 2020, Congress enacted the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which amended and extended ERC availability under Section 2301 of the CARES Act. As a result, the Company was eligible to claim a refundable tax credit against the employer share of Social Security taxes equal to seventy percent (70%) of the qualified wages that it paid to its employees between December 31, 2020 and June 30, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021 for a maximum ERC per employee of $7,000 per calendar quarter in 2021. In the fourth quarter of the fiscal year ended March 31, 2022, the Company amended certain payroll tax filings and applied for a refund of $5,104,000. As of March 31, 2023, the Company determined that all contingencies related to the ERC were resolved and recorded a $5,104,000 receivable which is included in prepaid expenses and other current assets in the accompanying consolidated balance sheet. The $5,104,000 of ERCs were recognized as a reduction in employer payroll taxes and allocated to the financial statement captions from which the employee’s taxes were originally incurred. As a result, the Company recorded a reduction in expenses of $2,034,000 in cost of goods sold, $1,377,000 in general and administrative, $968,000 in selling and marketing, and $725,000 in research and development, which is reflected in the accompanying consolidated statement of operations for the year ended March 31, 2023. In April 2023, the Company received full payment for the ERC receivable. The refund of employer taxes results in a decrease in deductions included in the Company’s US federal and certain state income tax returns for the years that it received the payroll tax credits. The Company is required to amend its US federal and state income tax returns for the years ended March 31, 2022 and 2021 and pay additional income tax for those years. The Company has estimated that this will result in approximately $1,250,000 of taxes payable, which is included in other current liabilities in the consolidated balance sheet at March 31, 2023 and income tax expense in the consolidated statements of operations for the year ended March 31, 2023.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Mar. 31, 2023
Schedule II - Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	Schedule II Valuation and Qualifying Accounts Accounts Receivable Allowance for credit losses Charge to Balance at (recovery of) Balance at Years Ended beginning of bad debts Amounts end of March 31, Description year expense written off year 2023 Allowance for credit losses $ 375,000 $ 108,000 $ 144,000 $ 339,000 2022 Allowance for credit losses $ 348,000 $ 95,000 $ 68,000 $ 375,000 2021 Allowance for credit losses $ 4,252,000 $ (1,000 ) $ 3,903,000 $ 348,000 Accounts Receivable Allowance for customer-payment discrepancies Balance at Charge to Balance at Years Ended beginning of discrepancies Amounts end of March 31, Description year expense Processed year 2023 Allowance for customer-payment discrepancies $ 1,375,000 $ 2,112,000 $ 1,853,000 $ 1,634,000 2022 Allowance for customer-payment discrepancies $ 752,000 $ 2,142,000 $ 1,519,000 $ 1,375,000 2021 Allowance for customer-payment discrepancies $ 1,040,000 $ 694,000 $ 982,000 $ 752,000 Inventory Allowance for excess and obsolete inventory Provision for Balance at excess and Balance at Years Ended beginning of obsolete Amounts end of March 31, Description year inventory written off year 2023 A llowance for excess and obsolete inventory $ 13,520,000 $ 18,851,000 $ 15,935,000 $ 16,436,000 2022 Allowance for excess and obsolete inventory $ 13,246,000 $ 13,504,000 $ 13,230,000 $ 13,520,000 2021 Allowance for excess and obsolete inventory $ 13,208,000 $ 12,803,000 $ 12,765,000 $ 13,246,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of Motorcar Parts of America, Inc. and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated.
Segment Reporting	Segment Reporting The Company’s three operating segments are as follows: • Hard Parts , including (i) light duty rotating electric products such as alternators and starters, (ii) wheel hub products, (iii) brake-related products, including brake calipers, brake boosters, brake rotors, brake pads and brake master cylinders, and (iv) turbochargers, • Test Solutions and Diagnostic Equipment , including (i) applications for combustion engine vehicles, including bench top testers for alternators and starters, (ii) test solutions and diagnostic equipment for the pre- and post-production of electric vehicles, (iii) software emulation of power systems applications for the electrification of all forms of transportation (including automobiles, trucks and the emerging electrification of systems within the aerospace industry, such as electric vehicle charging stations), and • Heavy Duty , including non-discretionary automotive aftermarket replacement hard parts for heavy-duty truck, industrial, marine, and agricultural applications. Prior to the fourth quarter of fiscal 2023, the Company’s operating segments met the aggregation criteria and were aggregated. Effective as of the fourth quarter of fiscal 2023, the Company revised its segment reporting as it determined that its three operating segments no longer met the criteria to be aggregated. The Company’s Hard Parts operating segment meets the criteria of a reportable segment. The Test Solutions and Diagnostic Equipment and Heavy Duty are not material, are not separately reportable, and are included within the “all other” category. See Note 19 for more information.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash primarily consists of cash on hand and bank deposits. Cash equivalents consist of money market funds. The Company considers all highly liquid investments purchased with an original or remaining maturity of less than three months at the date of purchase to be cash equivalents. Cash and cash equivalents are maintained with various financial institutions.
Accounts Receivable	Accounts Receivable The Company’s 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 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 does not require collateral for accounts receivable. 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 has receivable discount programs that have been established with certain major customers and their respective banks. Under these programs, the Company has the option to sell those customers’ receivables to those banks at a discount to be agreed upon at the time the receivables are sold. Once the customer chooses which outstanding invoices are going to be made available for discounting, the Company can accept or decline the bundle of invoices provided. The receivable discount programs are non-recourse, and funds cannot be reclaimed by the customer or its bank after the related invoices have been discounted.
Inventory	Inventory Inventory is comprised of: (i) Used Core and component raw materials, (ii) work-in-process, (iii) remanufactured finished goods and purchased finished goods. Used Core, component raw materials, and purchased finished goods are stated at the lower of average cost or net realizable value. Work-in-process is in various stages of production and is valued at the average cost of Used Cores and component raw materials issued to work orders still open, including allocations of labor and overhead costs. Historically, work-in-process inventory has not been material compared to the total inventory balance. Remanufactured finished goods include: (i) the Used Core cost and (ii) the cost of component raw materials, and allocations of labor and variable and fixed overhead costs (the “Unit Cost”). The allocations of labor and variable and fixed overhead costs are based on the actual use of the production facilities over the prior 12 months which approximates normal capacity. This method prevents the distortion in allocated labor and overhead costs that would occur during short periods of abnormally low or high production. In addition, the Company excludes certain unallocated overhead such as severance costs, duplicative facility overhead costs, start-up costs, training, and spoilage from the calculation and expenses these unallocated overhead costs as period costs. Purchased finished goods also include an allocation of fixed overhead costs. The estimate of net realizable value is subjective and based on management’s judgment and knowledge of current industry demand and management’s projections of industry demand. The estimates may, therefore, be revised if there are changes in the overall market for the Company’s products or market changes that in management’s judgment impact its ability to sell or liquidate potentially excess or obsolete inventory. Net realizable value is determined at least quarterly as follows: • Net realizable value for finished goods by customer, by product line are determined based on the agreed upon selling price with the customer for a product in the trailing 12 months. The Company compares the average selling price, including any discounts and allowances, to the finished goods cost of on-hand inventory, less any reserve for excess and obsolete inventory. Any reduction of value is recorded as cost of goods sold in the period in which the revaluation is identified. • Net realizable value for Used Cores are determined based on current core purchase prices from core brokers to the extent that core purchases in the trailing 12 months are significant. Remanufacturing consumes, on average, more than one Used Core for each remanufactured unit produced since not all Used Cores are reusable. The yield rates depend upon both the product and consumer specifications. The Company purchases Used Cores from core brokers to supplement its yield rates and Used Cores not returned under the core exchange programs. The Company also considers the net selling price its customers have agreed to pay for Used Cores that are not returned under its core exchange programs to assess whether Used Core cost exceeds Used Core net realizable value on a by customer, by product line basis. Any reduction of core cost is recorded as cost of goods sold in the period in which the revaluation is identified. • The Company records an allowance for potentially excess and obsolete inventory based upon recent sales history, the quantity of inventory on-hand, and a forecast of potential use of the inventory. The Company periodically reviews inventory to identify excess quantities and part numbers that are experiencing a reduction in demand. Any part numbers with quantities identified during this process are reserved for at rates based upon management’s judgment, historical rates, and consideration of possible scrap and liquidation values which may be as high as 100% of cost if no liquidation market exists for the part. As a result of this process, the Company recorded reserves for excess and obsolete inventory of $16,436,000 and $13,520,000 at March 31, 2023 and 2022, respectively. This increase in the reserve was primarily due to excess inventory of certain finished goods on hand at March 31, 2023 compared with March 31, 2022 The Company records vendor discounts as a reduction of inventories and are recognized as a reduction to cost of sales as the inventories are sold.
Inventory Unreturned	Inventory Unreturned Inventory unreturned represents the Company’s estimate, based on historical data and prospective information provided directly by the customer, of finished goods shipped to customers that the Company expects to be returned under its general right of return policy, after the balance sheet date. Inventory unreturned includes only the Unit Cost of a finished good. The return rate is calculated based on expected returns within the normal operating cycle, which is generally one year. As such, the related amounts are classified in current assets. Inventory unreturned is valued in the same manner as the Company’s finished goods inventory.
Contract Assets	Contract Assets Contract assets consists of: (i) the core portion of the finished goods shipped to customers, (ii) upfront payments to customers in connection with customer contracts, (iii) core premiums paid to customers, (iv) finished goods premiums paid to customers, and (v) long-term core inventory deposits. Remanufactured Cores held at customers’ locations as a part of the finished goods sold to the customer are classified as long-term contract assets. These assets are valued at the lower of cost or net realizable value of Used Cores on hand (See Inventory above). For these Remanufactured Cores, the Company expects the finished good containing the Remanufactured Core to be returned under the Company’s general right of return policy or a similar Used Core to be returned to the Company by the customer, under the Company’s core exchange programs, in each case for credit. The Remanufactured Cores and Used Cores returned by consumers to the Company’s customers but not yet returned to the Company are classified as “Cores expected to be returned by customers”, which are included in short-term contract assets until the Company physically receives them during its normal operating cycle, which is generally one year. Upfront payments to customers represent marketing allowances, such as sign-on bonuses, slotting fees, and promotional allowances provided by the Company to its customers. These allowances are recognized as an asset and amortized over the appropriate period of time as a reduction of revenue if the Company expects to generate future revenues associated with the upfront payment. If the Company does not expect to generate additional revenue, then the upfront payment is recognized in the consolidated statements of operations when payment occurs as a reduction of revenue. Upfront payments expected to be amortized during the Company’s normal operating cycle, which is generally one year, are classified as short-term contract assets. Core premiums paid to customers represent the difference between the Remanufactured Core acquisition price paid to customers, generally in connection with new business, and the related Used Core cost. The core premiums are treated as an asset and recognized as a reduction of revenue through the later of the date at which related revenue is recognized or the date at which the sales incentive is offered. The Company considers, among other things, the length of its largest ongoing customer relationships, duration of customer contracts, and the average life of vehicles on the road in determining the appropriate period of time over which to amortize these premiums. These core premiums are amortized over a period typically ranging from six Finished goods premiums paid to customers represent the difference between the finished good acquisition price paid to customers, generally in connection with new business, and the related finished good cost, which is treated as an asset and recognized as a reduction of revenue through the later of the date at which related revenue is recognized or the date at which the sales incentive is offered. The Company six expected to be amortized within our normal operating cycle, which is generally one year, are classified as short-term contract assets. Long-term core inventory deposits represent the cost of Remanufactured Cores the Company has purchased from customers, which are held by the customers and remain on the customers’ premises. The costs of these Remanufactured Cores were established at the time of the transaction based on the then current cost. The selling value of these Remanufactured Cores was established based on agreed upon amounts with these customers. The Company expects to realize the selling value and the related cost of these Remanufactured Cores should its relationship with a customer end, a possibility that the Company considers remote based on existing long-term customer agreements and historical experience.
Customer Finished Goods Returns Accrual	Customer Finished Goods Returns Accrual The customer finished goods returns accrual represents the Company’s estimate of its exposure to customer returns, including warranty returns, under its general right of return policy to allow customers to return items that their end user customers have returned to them and from time to time, stock adjustment returns when the customers’ inventory of certain product lines exceeds the anticipated sales to end-user customers. The customer finished goods returns accrual represents the Unit Value of the estimated returns and is classified as a current liability due to the expectation that these returns will occur within the normal operating cycle of one year.
Income Taxes	Income Taxes The Company accounts for income taxes using the liability method, which measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The resulting asset or liability is adjusted to reflect changes in the tax laws as they occur. A valuation allowance is provided to reduce deferred tax assets when it is more likely than not that a portion of the deferred tax asset will not be realized. The primary components of the Company’s income tax expense were (i) federal income taxes, (ii) state income taxes, (iii) foreign income taxed at rates that are different from the federal statutory rate, (iv) change in realizable deferred tax items, (v) impact of the non-deductible executive compensation under Internal Revenue Code Section 162(m), and (vi) income taxes associated with uncertain tax positions. Realization of deferred tax assets 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 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. Deferred tax assets arising primarily as a result of net operating loss carry-forwards and research and development credits in connection with the Company’s Canadian operations have been offset completely by a valuation allowance 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. The Company has made an accounting policy election to recognize the U.S. tax effects of global intangible low-taxed income as a component of income tax expense in the period the tax arises.
Plant and Equipment	Plant and Equipment Plant and equipment are stated at cost, less accumulated depreciation. The cost of additions and improvements are capitalized, while maintenance and repairs are charged to expense when incurred. Depreciation is provided on a straight-line basis in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives. Machinery and equipment are depreciated over a range from five to . Office equipment and fixtures are depreciated over a range from three to . Leasehold improvements are depreciated over the lives of the respective leases or the service lives of the leasehold improvements, whichever is shorter. Depreciation of assets recorded under finance leases is included in depreciation expense.
Leases	Leases The Company determines if an arrangement contains a lease at inception. Lease assets and lease liabilities are recorded based on the present value of lease payments over the lease term, which includes the minimum unconditional term of the lease. Certain of the Company’s leases include options to extend the leases for up to five years. When the Company has the option to extend the lease term, terminate the lease before the contractual expiration date, or purchase the leased asset, and it is reasonably certain that it will exercise the option, the option is considered in determining the classification and measurement of the lease. The lease assets are recorded net of any lease incentives received. The Company exempts leases with an initial term of 12 months or less from balance sheet recognition and, for all classes of assets, combines non-lease components with lease components. Lease assets are tested for impairment in the same manner as long-lived assets used in operations. The Company uses its incremental borrowing rate for each of its leases in determining the present value of its expected lease payments based on the information available at the lease commencement date as the rate implicit for each of its leases is not readily detainable. The Company’s incremental borrowing rate is determined by analyzing and combining (i) an applicable risk-free rate, (ii) a financial spread adjustment, and (iii) any lease specific adjustment. Certain leases contain provisions for property-related costs that are variable in nature for which the Company is responsible, including common area maintenance and other property operating services, which are expensed as incurred and not included in the determination of lease assets and lease liabilities. These costs are calculated based on a variety of factors including property values, tax and utility rates, property services fees, and other factors. The Company records rent expense for operating leases, some of which have escalating rent payments, on a straight-line basis over the lease term. The Company has material non-functional currency leases. As required for other monetary liabilities, lessees shall remeasure a foreign currency-denominated lease liability using the exchange rate at each reporting date, but the lease assets are nonmonetary assets measured at historical rates, which are not affected by subsequent changes in the exchange rates. The Company recorded gains of $6,515,000, $1,989,000 and $9,893,000 during the years ended March 31, 2023, 2022 and 2021, respectively, which are included in foreign exchange impact of lease liabilities and forward contracts in the consolidated statements of operations. See Note 10 for additional information regarding the Company’s leases.
Goodwill	Goodwill The Company evaluates goodwill for impairment at least annually during the fourth quarter of each fiscal year or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. The goodwill impairment test is performed at the reporting unit level, which represents the Company’s operating segments. In testing for goodwill impairment, the Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company’s qualitative assessment indicates that goodwill impairment is more likely than not, it will proceed with performing the quantitative assessment. If the fair value of the reporting unit exceeds its carrying value, goodwill is not considered impaired. If the carrying value of the reporting unit exceeds its fair value an impairment loss will be recognized for the amount by which the carrying value exceeds the reporting unit’s fair value. The Company completes the required annual testing of goodwill impairment for each of the reporting units during the fourth quarter of the year. No impairment was recorded during the years ended March 31, 2023, 2022, or 2021.
Intangible Assets	Intangible Assets The Company’s intangible assets other than goodwill are finite–lived and amortized on a straight-line basis over their respective useful lives. The Company analyzes its finite-lived intangible assets for impairment when and if indicators of impairment exist. No impairment was recorded during the years ended March 31, 2023, 2022, or 2021.
Debt Issuance Costs	Debt Issuance Costs D ebt issuance costs include fees and costs incurred to obtain financing. Debt issuance costs related to the Company’s term loans and convertible notes are presented in the balance sheet as a direct deduction from carrying amounts of the respective debt. Debt issuance costs related to the Company’s revolving loan are presented in prepaid expenses and other current assets in the accompanying consolidated balance sheets, regardless of whether or not there are any outstanding borrowings under the revolving loan. These fees and costs are amortized using the straight-line method, which approximates the effective interest rate method, over the terms of the related loans and notes and are included in interest expense in the Company’s consolidated statements of operations
Foreign Currency Translation	Foreign Currency Translation For financial reporting purposes, the functional currency of the foreign subsidiaries is the local currency. The assets and liabilities of foreign operations for which the local currency is the functional currency are translated into the U.S. dollar at the exchange rate in effect at the balance sheet date, while revenues and expenses are translated at average exchange rates during the year. The accumulated foreign currency translation adjustment is presented as a component of comprehensive income or loss in the consolidated statements of shareholders’ equity. During the year ended March 31, 2023, aggregate foreign currency transaction losses of $1,401,000 and gains of $239,000 and $1,144,000 for the years ended March 31, 2022 and 2021, respectively, were recorded in general and administrative expenses
Revenue Recognition	Revenue Recognition Revenue is recognized when performance obligations under the terms of a contract with the Company’s customers are satisfied; generally, this occurs with the transfer of control of its products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Revenue is recognized net of all anticipated returns, marketing allowances, volume discounts, and other forms of variable consideration The price of a finished remanufactured product sold to customers is generally comprised of separately invoiced amounts for the Remanufactured Core included in the product (“Remanufactured Core value”) and the unit portion included in the product (“Unit Value”), for which revenue is recorded based on our then current price list, net of applicable discounts and allowances. The Remanufactured Core value is recorded as a net revenue based upon the estimate of Used Cores that will not be returned by the customer for credit. These estimates are subjective and based on management’s judgment and knowledge of historical, current, and projected return rates. As reconciliations are completed with the customers the actual rates at which Used Cores are not being returned may differ from the current estimates. This may result in periodic adjustments of the estimated contract asset and liability amounts recorded and may impact the projected revenue recognition rates used to record the estimated future revenue. These estimates may also be revised if there are changes in contractual arrangements with customers, or changes in business practices. A significant portion of the remanufactured automotive parts sold to customers are replaced by similar Used Cores sent back for credit by customers under the core exchange programs (as described in further detail below). The number of Used Cores sent back under the core exchange programs is generally limited to the number of similar Remanufactured Cores previously shipped to each customer. Revenue Recognition — Core Exchange Programs Full price Remanufactured Cores: When remanufactured products are shipped, certain customers are invoiced for the Remanufactured Core value of the product at the full Remanufactured Core sales price. For these Remanufactured Cores, revenue is only recognized based upon an estimate of the rate at which these customers will pay cash for Remanufactured Cores in lieu of sending back similar Used Cores for credits under the core exchange programs. The remainder of the full price Remanufactured Core value invoiced to these customers is established as a long-term contract liability rather than being recognized as revenue in the period the products are shipped as the Company expects these Remanufactured Cores to be returned for credit under its core exchange programs. Nominal price Remanufactured Cores: Certain other customers are invoiced for the Remanufactured Core value of the product shipped at a nominal (generally $0.01 or less) Remanufactured Core price. For these nominal Remanufactured Cores, revenue is only recognized based upon an estimate of the rate at which these customers will pay cash for Remanufactured Cores in lieu of sending back similar Used Cores for credits under the core exchange programs. Revenue amounts are calculated based on contractually agreed upon pricing for these Remanufactured Cores for which the customers are not returning similar Used Cores. The remainder of the nominal price Remanufactured Core value invoiced to these customers is established as a long-term contract liability rather than being recognized as revenue in the period the products are shipped as the Company expects these Remanufactured Cores to be returned for credit under its core exchange programs. Revenue Recognition; General Right of Return Customers are allowed to return goods that their end-user customers have returned to them, whether or not the returned item is defective (warranty returns). In addition, under the terms of certain agreements and industry practice, customers from time to time are allowed stock adjustments when their inventory of certain product lines exceeds the anticipated sales to end-user customers (stock adjustment returns). Customers have various contractual rights for stock adjustment returns, which are typically less than 5% of units sold. In some instances, a higher level of returns is allowed in connection with significant restocking orders. The aggregate returns are generally limited to less than 20% of unit sales. The allowance for warranty returns is established based on a historical analysis of the level of this type of return as a percentage of total unit sales. The allowance for stock adjustment returns is based on specific customer inventory levels, inventory movements, and information on the estimated timing of stock adjustment returns provided by customers. Stock adjustment returns do not occur at any specific time during the year. The return rate for stock adjustments is calculated based on expected returns within the normal operating cycle, which is generally one year. The Unit Value of the warranty and stock adjustment returns are treated as reductions of revenue based on the estimations made at the time of the sale. The Remanufactured Core value of warranty and stock adjustment returns are provided for as indicated in the paragraph “Revenue Recognition – Core Exchange Programs”. As is standard in the industry, the Company only accepts returns from on-going customers. If a customer ceases doing business with the Company, it has no further obligation to accept additional product returns from that customer. Similarly, the Company accepts product returns and grants appropriate credits to new customers from the time the new customer relationship is established.
Shipping Costs	Shipping Costs The Company includes shipping and handling charges in the gross invoice price to customers and classifies the total amount as revenue. All shipping and handling costs are expensed as cost of sales as inventory is sold.
Contract Liability	Contract Liability Contract liability consists of: (i) customer allowances earned, (ii) accrued core payments, (iii) customer core returns accruals, (iv) core bank liability, (v) finished goods liabilities, and (vi) customer deposits. Customer allowances earned includes all marketing allowances provided to customers. Such allowances include sales incentives and concessions. Voluntary marketing allowances related to a single exchange of product are recorded as a reduction of revenues at the time the related revenues are recorded or when such incentives are offered. Other marketing allowances, which may only be applied against future purchases, are recorded as a reduction to revenues in accordance with a schedule set forth in the relevant contract. Sales incentive amounts are recorded based on the value of the incentive provided. Customer allowances to be provided to customers within the Company’s normal operating cycle, which is generally one year, are considered short-term contract liabilities and the remainder are recorded as long-term contract liabilities. Accrued core payments represent the sales price of Remanufactured Cores purchased from customers, generally in connection with new business, which are held by these customers and remain on their premises. The sales price of these Remanufactured Cores will be realized when the Company’s relationship with a customer ends, a possibility that the Company considers remote based on existing long-term customer agreements and historical experience. The payments to be made to customers for purchases of Remanufactured Cores within the Company’s normal operating cycle, which is generally one year, are considered short-term contract liabilities and the remainder are recorded as long-term contract liabilities. Customer core returns accruals represent the full and nominally priced Remanufactured Cores shipped to the Company’s customers. When the Company ships the product, it recognizes an obligation to accept a similar Used Core sent back under the core exchange programs based upon the Remanufactured Core price agreed upon by the Company and its customer. The Contract liability related to Used Cores returned by consumers to the Company’s customers but not yet returned to the Company are classified as short-term contract liabilities until the Company physically receives these Used Cores as they are expected to be returned during the Company’s normal operating cycle, which is generally one year and the remainder are recorded as long-term contract liabilities. The core bank liability represents the full Remanufactured Core sales price paid for cores returned under the core exchange programs. The payment for these cores are made over a contractual repayment period pursuant to the Company’s agreement with this customer. Payments to be made within the Company’s normal operating cycle, which is generally one year, are considered short-term contract liabilities and the remainder are recorded as long-term contract liabilities. Finished goods liabilities represents the agreed upon price of finished goods purchased from customers, generally in connection with new business. The payment for these finished goods are made over a contractual repayment period pursuant to the Company’s agreement with the customer. Payments to be made within the Company’s normal operating cycle, which is generally one year, are considered short-term contract liabilities and the remainder are recorded as long-term contract liabilities. Customer deposits represent the receipt of prepayments from customers for the obligation to transfer goods or services in the future. The Company classifies these customer deposits as short-term contract liabilities as the Company expects to satisfy these obligations within its normal operating cycle, which is generally one year.
Advertising Costs	Advertising Costs The Company expenses all advertising costs as incurred. Advertising expenses for the years ended March 31, 2023, 2022 and 2021 were $606,000, $1,007,000, and $507,000, respectively.
Net (Loss) Income Per Share	Net (Loss) Income Per Share Basic net (loss) income per share is computed by dividing net (loss) income by the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per share includes the effect, if any, from the potential exercise or conversion of securities, such as stock options, warrants, and Convertible Notes (as defined in Note 8), 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 (loss) income per share. Years Ended March 31, 2023 2022 2021 Net (loss) income $ (4,207,000 ) $ 7,361,000 $ 21,476,000 Basic shares 19,340,246 19,119,727 19,023,145 Effect of dilutive stock options - 439,919 364,410 Diluted shares 19,340,246 19,559,646 19,387,555 Net (loss) income per share: Basic net (loss) income per share $ (0.22 ) $ 0.38 $ 1.13 Diluted net (loss) income per share $ (0.22 ) $ 0.38 $ 1.11 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 (loss) income per share. For the years ended March 31, 2023, 2022 and 2021, there were 1,854,795, 725,998, and 1,279,251, respectively, of potential common shares not i ncluded in the calculation of diluted net (loss) income per share because their effect was anti-dilutive. In addition, for the year ended March 31, 2023, there were 5,846 of potential common shares not included in the calculation of diluted net (loss) income per share in under the “if-converted” method for the Convertible Notes because their effect was anti-dilutive . The potential common shares related to the Warrants (as defined below) issued in connection with the Convertible Notes (see Note 8) are anti-dilutive until they become exercisable and as of March 31, 2023, the Warrants were not exercisable.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an on-going basis, the Company evaluates its estimates, including allowances for credit losses, valuation of inventory, valuation of long-lived assets, goodwill and intangible assets, depreciation and amortization of long-lived assets, litigation matters, valuation of deferred tax assets, share-based compensation, sales returns and other customer marketing allowances, the incremental borrowing rate used in determining the present value of lease liabilities, and valuation of the embedded derivatives in connection with the convertible notes. Although the Company does not believe that there is a reasonable likelihood that there will be a material change in the future estimate or in the assumptions used in calculating the estimate, unforeseen changes in the industry, or business could materially impact the estimate and may have a material adverse effect on its business, financial condition and results of operations
Financial Instruments	Financial Instruments The carrying amounts of cash, short-term investments, 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 current rates for instruments with similar characteristics. The carrying amount of the convertible notes approximated their fair value as they were issued and sold on March 31, 2023
Share-Based Payments	Share-Based Payments The Company has share-based compensation plans and recognizes compensation expense over the requisite service period for its share-based plans based on the fair value of the awards on the date of the grant, award or issuance and accounts for forfeitures as they occur. Share-based plans include stock option awards, restricted stock units, restricted stock awards, and performance stock units issued under the Company’s incentive plans. The cost is measured at the grant date, based on the estimated fair value of the award using the Black-Scholes option pricing model for stock options, based on the closing share price of the Company’s stock on the grant date for restricted stock units and restricted stock awards, based on the closing share price of the Company’s stock on the grant date for performance stock units subject to performance conditions, and based on the estimated fair value of the award using the Monte Carlo valuation model for performance stock units subject to market conditions. See Note 18 for further information concerning the Company’s share-based payments. The Black-Scholes option-pricing model and Monte Carlo valuation model require 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.
Credit Risk	Credit Risk The Company regularly reviews its accounts receivable and allowance for credit losses by considering factors such as historical experience, credit quality and age of the accounts receivable, and the current economic conditions that may affect a customer’s ability to pay. The majority of the Company’s sales are to leading automotive aftermarket parts suppliers. The Company participates in trade accounts receivable discount programs with its major customers. If the creditworthiness of any of its customers was downgraded, the Company could be adversely affected, in that it may be subjected to higher interest rates on the use of these discount programs or it could be forced to wait longer for payment. Should the Company’s customers experience significant cash flow problems, its financial position and results of operations could be materially and adversely affected, and the maximum amount of loss that would be incurred would be the outstanding receivable balance, Used Cores expected to be returned by customers, and the value of the Remanufactured Cores held at customers’ locations. The Company maintains an allowance for credit losses that, in its opinion, provide for an adequate reserve to cover losses that may be incurred.
Deferred Compensation Plan	Deferred Compensation Plan The Company has a deferred compensation plan for certain members of management. The plan allows participants to defer salary and bonuses. The assets of the plan, which are held in a trust and are subject to the claims of the Company’s general creditors under federal and state laws in the event of insolvency, are recorded as short-term investments in the consolidated balance sheets. Consequently, the trust qualifies as a Rabbi trust for income tax purposes. The plan’s assets consist primarily of mutual funds and are recorded at market value with any unrealized gain or loss recorded as general and administrative expense. The carrying value of plan assets were $2,011,000 and $2,202,000, and the deferred compensation liability, which is included in other current liabilities in the accompanying consolidated balance sheets, was $2,011,000 and $2,202,000 at March 31, 2023 and 2022, respectively. During the years ended March 31, 2023, 2022, and 2021, the Company made contributions of $75,000, $119,000 and $96,000, respectively. During the year ended March 31, 2023, the Company redeemed $297,000 of its short-term investments for the payment of deferred compensation liabilities. During the year ended March 31, 2022, the Company did not redeem any of its short-term investments for the payment of deferred compensation liabilities. The following summarizes the gain (loss) on the Company’s equity investments: Years Ended March 31, 2023 2022 2021 Net (loss) gain recognized on equity securities $ (181,000 ) $ 163,000 $ 521,000 Less: net (loss) gain recognized on equity securities sold (15,000 ) - 10,000 Unrealized (loss) gain recognized on equity securities still held $ (166,000 ) $ 163,000 $ 511,000
Comprehensive Income or Loss	Comprehensive Income or Loss Comprehensive income or loss is defined as the change in equity during a period resulting from transactions and other events and circumstances from non-owner sources. The Company’s total comprehensive income or loss consists of net unrealized income or loss from foreign currency translation adjustments.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies [Abstract]
Reconciliation of Basic and Diluted Net (Loss) Income Per Share	The following presents a reconciliation of basic and diluted net (loss) income per share. Years Ended March 31, 2023 2022 2021 Net (loss) income $ (4,207,000 ) $ 7,361,000 $ 21,476,000 Basic shares 19,340,246 19,119,727 19,023,145 Effect of dilutive stock options - 439,919 364,410 Diluted shares 19,340,246 19,559,646 19,387,555 Net (loss) income per share: Basic net (loss) income per share $ (0.22 ) $ 0.38 $ 1.13 Diluted net (loss) income per share $ (0.22 ) $ 0.38 $ 1.11
Gain (Loss) on Equity Investments	The following summarizes the gain (loss) on the Company’s equity investments: Years Ended March 31, 2023 2022 2021 Net (loss) gain recognized on equity securities $ (181,000 ) $ 163,000 $ 521,000 Less: net (loss) gain recognized on equity securities sold (15,000 ) - 10,000 Unrealized (loss) gain recognized on equity securities still held $ (166,000 ) $ 163,000 $ 511,000

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets [Abstract]
Intangible Assets Subject to Amortization	The following is a summary of acquired intangible assets subject to amortization: March 31, 2023 March 31, 2022 Weighted Average Amortization Period Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Intangible assets subject to amortization 0 Trademarks 9 years $ 705,000 $ 577,000 $ 705,000 $ 513,000 Customer relationships 11 years 8,576,000 6,947,000 8,799,000 6,188,000 Developed technology 5 years 2,667,000 2,281,000 2,888,000 1,892,000 Total 9 years $ 11,948,000 $ 9,805,000 $ 12,392,000 $ 8,593,000
Amortization Expense for Acquired Intangible Assets	Amortization expense for acquired intangible assets is as follows: Years Ended March 31, 2023 2022 2021 Amortization expense $ 1,460,000 $ 1,548,000 $ 1,571,000
Estimated Future Amortization Expense for Intangible Assets	The estimated future amortization expense for acquired intangible assets subject to amortization is as follows: Year Ending March 31, 2024 $ 1,073,000 2025 486,000 2026 342,000 2027 242,000 Total $ 2,143,000

Accounts Receivable - Net (Tabl

Accounts Receivable - Net (Tables)	12 Months Ended
	Mar. 31, 2023
Accounts Receivable - Net [Abstract]
Accounts Receivable	Accounts receivable — net is comprised of the following: March 31, 2023 March 31, 2022 Accounts receivable — trade $ 136,076,000 $ 98,734,000 Allowance for credit losses (339,000 ) (375,000 ) Customer payment discrepancies (1,634,000 ) (1,375,000 ) Customer returns RGA issued (14,235,000 ) (11,909,000 ) Less: total accounts receivable offset accounts (16,208,000 ) (13,659,000 ) Total accounts receivable — net $ 119,868,000 $ 85,075,000

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Mar. 31, 2023
Inventory [Abstract]
Inventory Net	Inventory is comprised of the following: March 31, 2023 March 31, 2022 Raw materials $ 147,880,000 $ 150,414,000 Work in process 7,033,000 6,880,000 Finished goods 201,198,000 226,729,000 356,111,000 384,023,000 Less allowance for excess and obsolete inventory (16,436,000 ) (13,520,000 ) Total $ 339,675,000 $ 370,503,000 Inventory unreturned $ 16,579,000 $ 15,001,000

Contract Assets (Tables)

Contract Assets (Tables)	12 Months Ended
	Mar. 31, 2023
Contract Assets [Abstract]
Contract Assets	Contract assets are comprised of the following: March 31, 2023 March 31, 2022 Short-term contract assets Cores expected to be returned by customers $ 13,463,000 $ 15,778,000 Core premiums paid to customers 9,812,000 10,621,000 Upfront payments to customers 1,593,000 517,000 Finished goods premiums paid to customers 575,000 584,000 Total short-term contract assets $ 25,443,000 $ 27,500,000 Remanufactured cores held at customers’ locations $ 271,628,000 $ 258,376,000 Core premiums paid to customers 38,310,000 43,294,000 Long-term core inventory deposits 5,569,000 5,569,000 Finished goods premiums paid to customers 2,530,000 2,806,000 Upfront payments to customers 344,000 210,000 Total long-term contract assets $ 318,381,000 $ 310,255,000

Plant and Equipment (Tables)

Plant and Equipment (Tables)	12 Months Ended
	Mar. 31, 2023
Plant and Equipment [Abstract]
Plant and Equipment, at Cost	Plant and equipment is comprised of the following: March 31, 2023 March 31, 2022 Machinery and equipment $ 62,556,000 $ 63,094,000 Office equipment and fixtures 32,769,000 31,434,000 Leasehold improvements 14,301,000 13,473,000 109,626,000 108,001,000 Less accumulated depreciation (63,574,000 ) (56,939,000 ) Total $ 46,052,000 $ 51,062,000

Debt (Tables)

Debt (Tables)	12 Months Ended
	Mar. 31, 2023
Debt [Abstract]
Information About the Term Loan	The Company’s Term Loans are comprised of the following: March 31, 2023 March 31, 2022 Principal amount of Term Loans $ 13,125,000 $ 16,875,000 Unamortized financing fees (182,000 ) (181,000 ) Net carrying amount of Term Loans 12,943,000 16,694,000 Less current portion of Term Loans (3,664,000 ) (3,670,000 ) Long-term portion of Term Loans $ 9,279,000 $ 13,024,000
Future Repayments of the Term Loan, by Fiscal Year	Future repayments of the Company’s Term Loans are as follows: Year Ending March 31, 2024 $ 3,750,000 2025 3,750,000 2026 3,750,000 2027 1,875,000 Total payments $ 13,125,000
Convertible Notes	The Company’s Convertible Notes are comprised of the following: March 31, 2023 Principal amount of Convertible Notes $ 32,000,000 Less: unamortized debt discount attributed to Compound Net Derivative Liability (8,430,000 ) Less: unamortized debt discount attributed to debt issuance costs (1,006,000 ) Carrying amount of the Convertible Notes 22,564,000 Plus: Compound Net Derivative Liability 8,430,000 Net carrying amount of Convertible Notes, related party $ 30,994,000

Contract Liabilities (Tables)

Contract Liabilities (Tables)	12 Months Ended
	Mar. 31, 2023
Contract Liabilities [Abstract]
Contract Liabilities	Contract liabilities are comprised of the following: March 31, 2023 March 31, 2022 Short-term contract liabilities Customer allowances earned $ 19,997,000 $ 22,018,000 Customer core returns accruals 11,112,000 12,322,000 Customer deposits 3,232,000 3,306,000 Accrued core payment 3,056,000 1,679,000 Core bank liability 1,686,000 1,634,000 Finished goods liabilities 1,257,000 1,537,000 Total short-term contract liabilities $ 40,340,000 $ 42,496,000 Long-term contract liabilities Customer core returns accruals $ 170,420,000 $ 154,940,000 Core bank liability 13,582,000 15,267,000 Accrued core payment 9,171,000 928,000 Finished goods liabilities 433,000 1,588,000 Customer allowances earned - 41,000 Total long-term contract liabilities $ 193,606,000 $ 172,764,000

Leases (Tables)

Leases (Tables)	12 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Balance Sheet Information for Leases	Balance sheet information for leases is comprised of the following: March 31, 2023 March 31, 2022 Leases Classification Assets: Operating Operating lease assets $ 87,619,000 $ 81,997,000 Finance Plant and equipment 5,549,000 7,470,000 Total leased assets $ 93,168,000 $ 89,467,000 Liabilities: Current Operating Operating lease liabilities $ 8,767,000 $ 6,788,000 Finance Other current liabilities 1,851,000 2,330,000 Long-term Operating Long-term operating lease liabilities 79,318,000 80,803,000 Finance Other liabilities 2,742,000 3,425,000 Total lease liabilities $ 92,678,000 $ 93,346,000
Lease Cost Recognized in Consolidated Statement of Operations	Lease cost recognized in the consolidated statement of operations is comprised of the following: Years Ended March 31, 2023 2022 2021 Lease cost Operating lease cost $ 13,176,000 $ 12,472,000 $ 11,527,000 Short-term lease cost 1,686,000 1,462,000 1,383,000 Variable lease cost 761,000 1,011,000 825,000 Finance lease cost: Amortization of finance lease assets 1,983,000 2,088,000 1,762,000 Interest on finance lease liabilities 262,000 345,000 379,000 Total lease cost $ 17,868,000 $ 17,378,000 $ 15,876,000
Maturity of Lease Commitments	Maturities of lease commitments at March 31, 2023 were as follows: Maturity of lease liabilities by fiscal year Operating Leases Finance Leases Total 2024 $ 13,567,000 $ 2,064,000 $ 15,631,000 2025 12,535,000 1,569,000 14,104,000 2026 12,099,000 837,000 12,936,000 2027 10,816,000 346,000 11,162,000 2028 10,725,000 186,000 10,911,000 Thereafter 53,929,000 6,000 53,935,000 Total lease payments 113,671,000 5,008,000 118,679,000 Less amount representing interest (25,586,000 ) (415,000 ) (26,001,000 ) Present value of lease liabilities $ 88,085,000 $ 4,593,000 $ 92,678,000
Other Information about Leases	Other information about leases is as follows: March 31, 2023 March 31, 2022 Lease term and discount rate Weighted-average remaining lease term (years): Finance leases 2.9 2.9 Operating leases 9.0 10.4 Weighted-average discount rate: Finance leases 5.9 % 5.1 % Operating leases 5.8 % 5.7 %

Accounts Receivable Discount _2

Accounts Receivable Discount Programs (Tables)	12 Months Ended
	Mar. 31, 2023
Accounts Receivable Discount Programs [Abstract]
Accounts Receivable Discount Programs	The following is a summary of the Company’s accounts receivable discount programs: Fiscal Years Ended March 31, 2023 2022 Receivables discounted $ 548,376,000 $ 525,441,000 Weighted average days 328 336 Weighted average discount rate 5.3 % 1.9 % Amount of discount as interest expense $ 26,432,000 $ 9,197,000

Financial Risk Management and_2

Financial Risk Management and Derivatives (Tables)	12 Months Ended
	Mar. 31, 2023
Financial Risk Management and Derivatives [Abstract]
Derivative Instruments on Consolidated Statements of Operations	The following shows the effect of the Company’s derivative instruments on its consolidated statements of operations: Gain (Loss) Recognized as Foreign Exchange Impact of Lease Liabilities and Forward Contracts Derivatives Not Designated as Years Ended March 31, Hedging Instruments 2023 2022 2021 Forward foreign currency exchange contracts $ 2,776,000 $ (316,000 ) $ 7,713,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Mar. 31, 2023
Fair Value Measurements [Abstract]
Financial Assets and Liabilities Measured at Fair Value Recurring Basis	The following sets forth by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis according to the valuation techniques the Company used to determine their fair values at: March 31, 2023 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 $ 2,011,000 $ 2,011,000 $ - $ - $ 2,202,000 $ 2,202,000 $ - $ - Prepaid expenses and other current assets Forward foreign currency exchange contracts 3,889,000 - 3,889,000 - 1,113,000 - 1,113,000 - Liabilities Other current liabilities Deferred compensation 2,011,000 2,011,000 - - 2,202,000 2,202,000 - - Convertible notes, related party Compound Net Derivative Liability 8,430,000 - - 8,430,000 - - - -
Fair Value Assumptions	The following assumptions were used to determine the fair value of the Compound Net Derivative Liability: March 31, 2023 Risk free interest rate 3.64 % Cost of equity 21.80 % Weighted average cost of capital 14.60 % Expected volatility of MPA Common Stock 50.00 % EBITDA volatility 35.00 %
Activity for Level 3 Fair Value Measurements	The following summarizes the activity for Level 3 fair value measurements: Years Ended March 31, 2023 Beginning balance $ - Newly issued 8,430,000 Changes in revaluation of Compound Net Derivative Liability included in earnings - Exercises/settlements - Ending balance $ 8,430,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Mar. 31, 2023
Commitments and Contingencies [Abstract]
Changes in Warranty Return Accrual	The following summarizes the changes in the warranty return accrual: Years Ended March 31, 2023 2022 2021 Balance at beginning of year $ 20,125,000 $ 21,093,000 $ 18,300,000 Charged to expense 132,719,000 118,675,000 111,025,000 Amounts processed (133,014,000 ) (119,643,000 ) (108,232,000 ) Balance at end of year $ 19,830,000 $ 20,125,000 $ 21,093,000
Breakout of Allowances	The following summarizes the breakout of allowances discussed above, recorded as a reduction to revenues: Years Ended March 31, 2023 2022 2021 Allowances incurred under long-term customer contracts $ 18,253,000 $ 19,348,000 $ 29,238,000 Allowances related to a single exchange of product 154,194,000 129,283,000 99,768,000 Amortization of core premiums paid to customers 11,113,000 11,242,000 6,590,000 Total customer allowances recorded as a reduction of revenues $ 183,560,000 $ 159,873,000 $ 135,596,000
Commitments to Incur Allowances, Excluding Allowances Related to Single Exchange of Product	The following presents the Company’s commitments to incur allowances, excluding allowances related to a single exchange of product, which will be recognized as a reduction to revenue when the related revenue is recognized: Year Ending March 31, 2024 $ 14,637,000 2025 11,621,000 2026 10,605,000 2027 9,939,000 2028 9,198,000 Thereafter 7,976,000 Total marketing allowances $ 63,976,000

Significant Customer and Othe_2

Significant Customer and Other Information (Tables)	12 Months Ended
	Mar. 31, 2023
Significant Customer and Other Information [Abstract]
Concentrations of Risk	Significant Customer Concentrations While the Company continually seeks to diversify its customer base, it currently derives, and has historically derived, a substantial portion of its sales from a small number of large customers. Any meaningful reduction in the level of sales to any of these customers, deterioration of the financial condition of any of these customers or the loss of any of these customers could have a materially adverse impact on our business, results of operations, and financial condition. The Company’s largest customers accounted for the following total percentage of net sales: Years Ended March 31, 2023 2022 2021 Customer A 37 % 38 % 42 % Customer B 23 % 18 % 22 % Customer C 24 % 29 % 23 % Customer D 4 % 2 % 2 % Revenues for Customers A through C were derived from the Hard Parts segment and Test Solutions and Diagnostic Equipment segment. Revenues for Customer D were derived from the Hard Parts segment. The Company’s largest customers accounted for the following total percentage of accounts receivable — trade: March 31, 2023 March 31, 2022 Customer A 33 % 42 % Customer B 18 % 21 % Customer C 21 % 9 % Customer D 12 % 5 % Geographic and Product Information The Company’s products are predominantly sold in the U.S. and accounted for the following total percentage of net sales: Years Ended March 31, 2023 2022 2021 Rotating electrical products 67 % 69 % 73 % Wheel hub products 11 % 13 % 15 % Brake-related products 18 % 15 % 10 % Other products 4 % 3 % 2 % 100 % 100 % 100 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2023
Income Taxes [Abstract]
Domestic and Foreign Components of Income (Loss) Before Income Taxes	Domestic and foreign components of income (loss) before income taxes are as follows: Years Ended March 31, 2023 2022 2021 United States $ (14,470,000 ) $ 6,021,000 $ 13,920,000 Foreign 11,361,000 7,128,000 16,943,000 (Loss) income before income taxes (3,109,000 ) 13,149,000 30,863,000
Income Tax Expense	The income tax expense is as follows: Years Ended March 31, 2023 2022 2021 Current tax expense Federal $ 2,483,000 $ 8,572,000 $ 5,734,000 State 396,000 1,478,000 722,000 Foreign 3,426,000 3,180,000 3,364,000 Total current tax expense 6,305,000 13,230,000 9,820,000 Deferred tax (benefit) expense Federal (5,037,000 ) (6,411,000 ) (1,909,000 ) State (705,000 ) (659,000 ) 118,000 Foreign 535,000 (372,000 ) 1,358,000 Total deferred tax benefit (5,207,000 ) (7,442,000 ) (433,000 ) Total income tax expense $ 1,098,000 $ 5,788,000 $ 9,387,000
Deferred Income Taxes	Deferred income taxes consist of the following: March 31, 2023 March 31, 2022 Assets Allowance for bad debts $ 78,000 $ 99,000 Customer allowances earned 4,760,000 5,321,000 Allowance for stock adjustment returns 2,391,000 1,651,000 Inventory adjustments 7,817,000 3,815,000 Intangibles, net 809,000 785,000 Stock options 2,770,000 2,984,000 Operating lease liabilities 23,408,000 23,894,000 Estimate for returns 26,670,000 25,445,000 Accrued compensation 2,718,000 3,515,000 Net operating losses 5,351,000 4,617,000 Tax credits 2,012,000 2,018,000 Other 5,046,000 3,833,000 Total deferred tax assets $ 83,830,000 $ 77,977,000 Liabilities Plant and equipment, net (79,000 ) (1,051,000 ) Contract assets (12,357,000 ) (13,873,000 ) Operating lease assets (25,004,000 ) (23,421,000 ) Other (6,864,000 ) (5,960,000 ) Total deferred tax liabilities $ (44,304,000 ) $ (44,305,000 ) Less valuation allowance $ (7,619,000 ) $ (6,816,000 ) Total $ 31,907,000 $ 26,856,000
Difference Between Income Tax Expense at the Federal Statutory Rate and Effective Tax Rate	The difference between the income tax expense at the federal statutory rate and the Company’s effective tax rate is as follows: Years Ended March 31, 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State income tax rate, net of federal benefit 3.5 % 4.1 % 2.2 % Foreign income taxed at different rates (28.7 )% 4.9 % 1.9 % Non-deductible executive compensation (9.0 )% 7.2 % 1.9 % Change in valuation allowance (25.8 )% 5.0 % 2.2 % Uncertain tax positions (1.0 )% 6.1 % 0.3 % Research and development credit 2.7 % (0.9 )% (0.3 )% Net operating loss carryback - % (0.4 )% - % Other 2.0 % (3.0 )% 1.2 % (35.3 )% 44.0 % 30.4 %
Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Years Ended March 31, 2023 2022 2021 Balance at beginning of period $ 1,975,000 $ 1,104,000 $ 1,011,000 Additions based on tax positions related to the current year 53,000 352,000 249,000 Additions for tax positions of prior year - 581,000 67,000 Reductions for tax positions of prior year (64,000 ) (62,000 ) (223,000 ) Balance at end of period $ 1,964,000 $ 1,975,000 $ 1,104,000

Share-based Payments (Tables)

Share-based Payments (Tables)	12 Months Ended
	Mar. 31, 2023
Share-based Payments [Abstract]
Black-Scholes Option Pricing Model Assumptions Used to Derive Weighted Average Fair Value of Stock Options Granted	The following summarizes the Black-Scholes option-pricing model assumptions used to derive the weighted average fair value of the stock options granted during the year ended March 31, 2021. Years Ended March 31, 2021 Weighted average risk free interest rate 0.44 % Weighted average expected holding period (years) 5.96 Weighted average expected volatility 44.90 % Weighted average expected dividend yield - Weighted average fair value of options granted $ 6.43
Stock Option Activity	The following is a summary of stock option transactions: Number of Weighted Average Shares Exercise Price Outstanding at March 31, 2022 1,695,499 $ 17.53 Granted - $ - Exercised (326,469 ) $ 6.75 Forfeited/Cancelled (123,932 ) $ 19.45 Expired (12,353 ) $ 15.91 Outstanding at March 31, 2023 1,232,745 $ 20.20
Summary of Options Outstanding	The following summarizes information about the options outstanding at March 31, 2023: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Weighted Average Average Remaining Aggregate Average Remaining Aggregate Range of Exercise Life Intrinsic Exercise Life Intrinsic Exercise price Shares Price In Years Value Shares Price In Years Value $ 6.48 to $18.20 405,418 $ 13.33 4.83 308,923 $ 12.76 4.08 $ 18.21 to $22.83 438,637 19.58 5.78 438,637 19.58 5.78 $ 22.84 to $28.04 178,566 26.27 3.50 178,566 26.27 3.50 $ 28.05 to $31.13 210,124 29.60 2.95 210,124 29.60 2.95 1,232,745 $ 20.20 4.66 $ - 1,136,250 $ 20.63 4.44 $ -
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 (70,311 ) $ 19.15 Outstanding at March 31, 2023 429,354 $ 15.07
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: Year Ended March 31, 2023 2022 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/Cancelled (17,925 ) $ 19.95 Outstanding at March 31, 2023 192,696 $ 17.48

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Mar. 31, 2023
Segment Information [Abstract]
Financial Information Relating to Segments	Financial information relating to the Company’s segments is as follows: March 31, 2023 Hard Parts All Other Total Net sales to external customers $ 638,460,000 $ 44,614,000 $ 683,074,000 Intersegment sales 600,000 192,000 792,000 Operating income (loss) 44,855,000 (8,303,000 ) 36,552,000 Depreciation and amortization 10,955,000 1,489,000 12,444,000 Segment assets 1,032,739,000 49,778,000 1,082,517,000 Capital expenditures 3,459,000 742,000 4,201,000 March 31, 2022 Hard Parts All Other Total Net sales to external customers $ 609,992,000 $ 40,316,000 $ 650,308,000 Intersegment sales 831,000 2,502,000 3,333,000 Operating income (loss) 32,265,000 (3,544,000 ) 28,721,000 Depreciation and amortization 11,345,000 1,541,000 12,886,000 Segment assets 1,017,475,000 47,488,000 1,064,963,000 Capital expenditures 6,630,000 920,000 7,550,000 March 31, 2021 Hard Parts All Other Total Net sales to external customers $ 512,251,000 $ 28,531,000 $ 540,782,000 Intersegment sales 560,000 1,898,000 2,458,000 Operating income (loss) 48,450,000 (1,830,000 ) 46,620,000 Depreciation and amortization 9,744,000 1,400,000 11,144,000 Capital expenditures 13,424,000 518,000 13,942,000 Net sales March 31, 2023 March 31, 2022 March 31, 2021 Total net sales for reportable segment $ 639,060,000 $ 610,823,000 $ 512,811,000 Other net sales 44,806,000 42,818,000 30,429,000 Elimination of intersegment net sales (792,000 ) (3,333,000 ) (2,458,000 ) Total consolidated net sales $ 683,074,000 $ 650,308,000 $ 540,782,000 Profit or loss March 31, 2023 March 31, 2022 March 31, 2021 Total operating income for reportable segment $ 44,855,000 $ 32,265,000 $ 48,450,000 Other operating loss (8,303,000 ) (3,544,000 ) (1,830,000 ) Elimination of intersegment operating (loss) income (106,000 ) (17,000 ) 13,000 Interest expense, net (39,555,000 ) (15,555,000 ) (15,770,000 ) Total consolidated (loss) income before income tax expense $ (3,109,000 ) $ 13,149,000 $ 30,863,000 Assets March 31, 2023 March 31, 2022 Total assets for reportable segment $ 1,032,739,000 $ 1,017,475,000 Other assets 49,778,000 47,488,000 Elimination of intersegment assets (53,952,000 ) (49,265,000 ) Total consolidated assets $ 1,028,565,000 $ 1,015,698,000

Company Background and Organi_2

Company Background and Organization (Details)	Mar. 31, 2023 ft²
Company Background and Organization [Abstract]
Area of distribution center in Tijuana, Mexico	410,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies, Segment Reporting (Details)	12 Months Ended
	Mar. 31, 2023 Segment
Segment Reporting [Abstract]
Number of operating segments	3

Summary of Significant Accoun_5

Summary of Significant Accounting Policies, Inventory, Inventory Unreturned and Contract Assets (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Inventory [Abstract]
Prior period over which allocations of labor and variable and fixed overhead costs are determined based on average actual use of production facilities	12 months
Reserve for excess and obsolete inventory	$ 16,436,000	$ 13,520,000
Inventory Unreturned [Abstract]
Period of normal operating cycle	1 year
Minimum [Member]
Contract Assets [Abstract]
Amortization period for core premiums	6 years
Amortization period for finished goods premiums	6 years
Maximum [Member]
Inventory [Abstract]
Percentage of inventory reserve to cost if no liquidation market exists for part	100%
Contract Assets [Abstract]
Amortization period for core premiums	8 years
Amortization period for finished goods premiums	8 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies, Plant and Equipment (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Plant and Equipment [Abstract]
Impairment of plant and equipment	$ 0	$ 0	$ 0
Machinery and Equipment [Member] | Minimum [Member]
Plant and Equipment [Abstract]
Estimated service life	5 years
Machinery and Equipment [Member] | Maximum [Member]
Plant and Equipment [Abstract]
Estimated service life	10 years
Office Equipment and Fixtures [Member] | Minimum [Member]
Plant and Equipment [Abstract]
Estimated service life	3 years
Office Equipment and Fixtures [Member] | Maximum [Member]
Plant and Equipment [Abstract]
Estimated service life	10 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies, Leases (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Gain in foreign currency-denominated lease liabilities	$ 6,515,000	$ 1,989,000	$ 9,893,000
Maximum [Member]
Leases [Abstract]
Lease renewal term	5 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies, Goodwill and Intangible Assets (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets [Abstract]
Impairment of goodwill	$ 0	$ 0	$ 0
Impairment of intangible assets	$ 0	$ 0	$ 0

Summary of Significant Accoun_9

Summary of Significant Accounting Policies, Foreign Currency Translation (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
General and Administrative Expenses [Member]
Foreign Currency Translation [Abstract]
Foreign currency transaction gains (losses)	$ (1,401,000)	$ 239,000	$ 1,144,000

Summary of Significant Accou_10

Summary of Significant Accounting Policies, Revenue Recognition (Details) - Maximum [Member]	12 Months Ended
	Mar. 31, 2023
Revenue Recognition [Abstract]
Remanufactured cores nominal price (in dollars per core)	0.01
Percentage of stock adjustment returns	5%
Percentage of aggregate returns	20%

Summary of Significant Accou_11

Summary of Significant Accounting Policies, Advertising Costs (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Advertising Costs [Abstract]
Advertising expenses	$ 606,000	$ 1,007,000	$ 507,000

Summary of Significant Accou_12

Summary of Significant Accounting Policies, Net (Loss) Income Per Share (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of basic and diluted net income per share [Abstract]
Net (loss) income	$ (4,207,000)	$ 7,361,000	$ 21,476,000
Basic shares (in shares)	19,340,246	19,119,727	19,023,145
Effect of dilutive stock options (in shares)	0	439,919	364,410
Diluted shares (in shares)	19,340,246	19,559,646	19,387,555
Net (Loss) Income Per Share [Abstract]
Basic net (loss) income per share (in dollars per share)	$ (0.22)	$ 0.38	$ 1.13
Diluted net (loss) income per share (in dollars per share)	$ (0.22)	$ 0.38	$ 1.11
Options [Member]
Antidilutive Securities [Abstract]
Antidilutive securities excluded from effect of dilutive options and warrants (in shares)	1,854,795	725,998	1,279,251
Convertible Notes [Member]
Antidilutive Securities [Abstract]
Antidilutive securities excluded from effect of dilutive options and warrants (in shares)	5,846

Summary of Significant Accou_13

Summary of Significant Accounting Policies, Deferred Compensation Plan (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Deferred Compensation Plan [Abstract]
Carrying value of plan assets	$ 2,011,000	$ 2,202,000
Deferred compensation obligation	2,011,000	2,202,000
Expense related to the deferred compensation plan	75,000	119,000	$ 96,000
Short-term investments redeemed for the payment of deferred compensation liabilities	297,000	0
Gain (Loss) on Equity Investments [Abstract]
Net (loss) gain recognized on equity securities	(181,000)	163,000	521,000
Less: net (loss) gain recognized on equity securities sold	(15,000)	0	10,000
Unrealized (loss) gain recognized on equity securities still held	$ (166,000)	$ 163,000	$ 511,000

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Goodwill (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Goodwill [Abstract]
Goodwill	$ 3,205,000	$ 3,205,000
Hard Parts Segment [Member]
Goodwill [Abstract]
Goodwill	2,551,000	2,551,000
All Other [Member]
Goodwill [Abstract]
Goodwill	$ 654,000	$ 654,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Intangible Assets Subject to Amortization (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Intangible assets subject to amortization [Abstract]
Weighted Average Amortization Period	9 years
Gross Carrying Value	$ 11,948,000	$ 12,392,000
Accumulated Amortization	9,805,000	8,593,000
Fully amortized intangible assets, retired	$ 0	136,000
Trademarks [Member]
Intangible assets subject to amortization [Abstract]
Weighted Average Amortization Period	9 years
Gross Carrying Value	$ 705,000	705,000
Accumulated Amortization	$ 577,000	513,000
Customer Relationships [Member]
Intangible assets subject to amortization [Abstract]
Weighted Average Amortization Period	11 years
Gross Carrying Value	$ 8,576,000	8,799,000
Accumulated Amortization	$ 6,947,000	6,188,000
Developed Technology [Member]
Intangible assets subject to amortization [Abstract]
Weighted Average Amortization Period	5 years
Gross Carrying Value	$ 2,667,000	2,888,000
Accumulated Amortization	$ 2,281,000	$ 1,892,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Amortization Expense (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Amortization expense for acquired intangible assets [Abstract]
Amortization expense	$ 1,460,000	$ 1,548,000	$ 1,571,000
Estimated future amortization expense for intangible assets subject to amortization [Abstract]
2024	1,073,000
2025	486,000
2026	342,000
2027	242,000
Total	$ 2,143,000

Accounts Receivable - Net (Deta

Accounts Receivable - Net (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable, Net [Abstract]
Accounts receivable - trade	$ 136,076,000	$ 98,734,000
Allowance for credit losses	(339,000)	(375,000)
Customer payment discrepancies	(1,634,000)	(1,375,000)
Customer returns RGA issued	(14,235,000)	(11,909,000)
Less: total accounts receivable offset accounts	(16,208,000)	(13,659,000)
Total accounts receivable - net	$ 119,868,000	$ 85,075,000

Inventory (Details)

Inventory (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Inventory [Abstract]
Raw materials	$ 147,880,000	$ 150,414,000
Work in process	7,033,000	6,880,000
Finished goods	201,198,000	226,729,000
Inventory, gross	356,111,000	384,023,000
Less allowance for excess and obsolete inventory	(16,436,000)	(13,520,000)
Inventory - net	339,675,000	370,503,000
Inventory unreturned	$ 16,579,000	$ 15,001,000

Contract Assets (Details)

Contract Assets (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Contract Assets [Abstract]
Long-term contract assets, write-down	$ 3,736,000	$ 4,671,000
Short-term contract assets [Abstract]
Cores expected to be returned by customers	13,463,000	15,778,000
Core premiums paid to customers	9,812,000	10,621,000
Upfront payments to customers	1,593,000	517,000
Finished goods premiums paid to customers	575,000	584,000
Total short-term contract assets	25,443,000	27,500,000
Long-term contract assets [Abstract]
Remanufactured cores held at customers' locations	271,628,000	258,376,000
Core premiums paid to customers	38,310,000	43,294,000
Long-term core inventory deposits	5,569,000	5,569,000
Finished goods premiums paid to customers	2,530,000	2,806,000
Upfront payments to customers	344,000	210,000
Total long-term contract assets	$ 318,381,000	$ 310,255,000

Plant and Equipment (Details)

Plant and Equipment (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Plant and Equipment [Abstract]
Plant and equipment, gross	$ 109,626,000	$ 108,001,000
Less accumulated depreciation	(63,574,000)	(56,939,000)
Total	46,052,000	51,062,000
Foreign Countries [Member]
Plant and Equipment [Abstract]
Total	40,609,000	44,348,000
Mexico [Member]
Plant and Equipment [Abstract]
Total	37,667,000	40,912,000
Machinery and Equipment [Member]
Plant and Equipment [Abstract]
Plant and equipment, gross	62,556,000	63,094,000
Office Equipment and Fixtures [Member]
Plant and Equipment [Abstract]
Plant and equipment, gross	32,769,000	31,434,000
Leasehold Improvements [Member]
Plant and Equipment [Abstract]
Plant and equipment, gross	$ 14,301,000	$ 13,473,000

Debt, Revolving Facility and Te

Debt, Revolving Facility and Term loans (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Summarized information about the term loan [Abstract]
Less current portion of Term Loans	$ (3,664,000)	$ (3,670,000)
Long-term portion of Term Loans	$ 9,279,000	$ 13,024,000
Revolving Facility [Member]
Amended Credit Facility [Abstract]
Interest rate at end of period	8.13%	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	8.02%	2.99%
Summarized information about the term loan [Abstract]
Principal amount of Term Loans	$ 13,125,000	$ 16,875,000
Unamortized financing fees	(182,000)	(181,000)
Net carrying amount of Term Loans	12,943,000	16,694,000
Less current portion of Term Loans	(3,664,000)	(3,670,000)
Long-term portion of Term Loans	9,279,000	13,024,000
Future repayments of the Term Loan, by fiscal year [Abstract]
2024	3,750,000
2025	3,750,000
2026	3,750,000
2027	1,875,000
Total payments	13,125,000	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	2.75%
Interest rate over SOFR rate under option 1	3%
Interest rate above base rate under option 2	3.25%
Credit Facility [Member] | Reference Rate [Member]
Amended Credit Facility [Abstract]
Reference interest rate under option 1, floor	1.75%
Interest rate over SOFR rate under option 1	2%
Interest rate above base rate under option 2	2.25%
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	145,200,000	$ 155,000,000
Amount available under revolving facility	87,050,000
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

Debt, Convertible Notes (Detail

Debt, Convertible Notes (Details)	12 Months Ended
	Mar. 31, 2023 USD ($) Director d Person $ / shares shares	Mar. 31, 2022 USD ($)
Convertible Notes [Abstract]
Net carrying amount of Convertible Notes, related party	$ 30,994,000	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Net carrying amount of Convertible Notes, related party
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Net carrying amount of Convertible Notes, related party
Convertible Notes [Member]
Convertible Notes [Abstract]
Principal amount of Convertible Notes	$ 32,000,000
Interest rate	10%
Less: unamortized debt discount attributed to Compound Net Derivative Liability	$ (8,430,000)
Less: unamortized debt discount attributed to debt issuance costs	(1,006,000)
Carrying amount of the Convertible Notes	22,564,000
Plus: Compound Net Derivative Liability	8,430,000
Net carrying amount of Convertible Notes, related party	30,994,000
Aggregate proceeds from offering	$ 31,280,000
Number of shares issuable upon conversion per $1,000 principal amount (in shares)	66.6667
Base principal amount for debt to equity conversion	$ 1,000
Conversion price (in dollars per share) | $ / shares	$ 15
Common stock available to be issued (in shares) | shares	28,650,590
Warrants maturity date	Mar. 30, 2029
Consecutive days prior to the redemption | d	20
Maximum volume weighted average price of common stock (in dollars per share) | $ / shares	$ 15
Warrants fair value	$ 0
Return of interest	15%
Maturity date	Mar. 30, 2029
Additional amount to be paid for redemption	$ 4,000,000
Minimum adjusted EBITDA for redemption	80,000,000
Additional amount to be paid for weighted average price is less than $15	$ 2,000,000
Minimum volume weighted average price of common stock for condition three (in dollars per share) | $ / shares	$ 8
Trading days for additional redemption price for condition three | d	20
Additional amount to be paid for weighted average price is less than $8	$ 5,000,000
Derivative liability	10,400,000
Derivative assets	1,970,000
Threshold aggregate payment in event of default	$ 25,000,000
Cure period	30 days
Notice period in the events of default	5 days
Debt issuance costs allocated to the bifurcated derivatives	$ 360,000
Number directors the Purchaser Representative may nonminate | Director	1
Number of persons having observation rights | Person	1
Interest Expense [Abstract]
Interest expense	$ 9,000
Convertible Notes Principal plus interest, Fiscal Year Future payment [Abstract]
Total payments	$ 56,704,000

Contract Liabilities (Details)

Contract Liabilities (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Short-term contract liabilities [Abstract]
Customer allowances earned	$ 19,997,000	$ 22,018,000
Customer core returns accruals	11,112,000	12,322,000
Customer deposits	3,232,000	3,306,000
Accrued core payment	3,056,000	1,679,000
Core bank liability	1,686,000	1,634,000
Finished goods liabilities	1,257,000	1,537,000
Total short-term contract liabilities	40,340,000	42,496,000
Long-term contract liabilities [Abstract]
Customer core returns accruals	170,420,000	154,940,000
Core bank liability	13,582,000	15,267,000
Accrued core payment	9,171,000	928,000
Finished goods liabilities	433,000	1,588,000
Customer allowances earned	0	41,000
Total long-term contract liabilities	$ 193,606,000	$ 172,764,000

Leases, General Information (De

Leases, General Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Gain (loss) in foreign currency-denominated lease liabilities	$ 6,515,000	$ 1,989,000	$ 9,893,000
Office and Manufacturing Equipment [Member] | Minimum [Member]
Leases [Abstract]
Finance leases term	3 years
Office and Manufacturing Equipment [Member] | Maximum [Member]
Leases [Abstract]
Finance leases term	5 years

Leases, Balance Sheet Informati

Leases, Balance Sheet Information (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Assets [Abstract]
Operating, Operating lease assets	$ 87,619,000	$ 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	$ 5,549,000	$ 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	$ 93,168,000	$ 89,467,000
Current [Abstract]
Operating, Operating lease liabilities	$ 8,767,000	$ 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	$ 1,851,000	$ 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	$ 79,318,000	$ 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	$ 2,742,000	$ 3,425,000
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total lease liabilities	$ 92,678,000	$ 93,346,000

Leases, Cost Recognized in Cons

Leases, Cost Recognized in Consolidated Statement of Operations (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Lease cost [Abstract]
Operating lease cost	$ 13,176,000	$ 12,472,000	$ 11,527,000
Short-term lease cost	1,686,000	1,462,000	1,383,000
Variable lease cost	761,000	1,011,000	825,000
Finance lease cost [Abstract]
Amortization of finance lease assets	1,983,000	2,088,000	1,762,000
Interest on finance lease liabilities	262,000	345,000	379,000
Total lease cost	$ 17,868,000	$ 17,378,000	$ 15,876,000

Leases, Maturities of Lease Com

Leases, Maturities of Lease Commitments, Operating and Finance Leases (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Operating Leases [Abstract]
2024	$ 13,567,000
2025	12,535,000
2026	12,099,000
2027	10,816,000
2028	10,725,000
Thereafter	53,929,000
Total lease payments	113,671,000
Less amount representing interest	(25,586,000)
Present value of lease liabilities	88,085,000
Finance Leases [Abstract]
2024	2,064,000
2025	1,569,000
2026	837,000
2027	346,000
2028	186,000
Thereafter	6,000
Total lease payments	5,008,000
Less amount representing interest	(415,000)
Present value of lease liabilities	4,593,000
Total [Abstract]
2024	15,631,000
2025	14,104,000
2026	12,936,000
2027	11,162,000
2028	10,911,000
Thereafter	53,935,000
Total lease payments	118,679,000
Less amount representing interest	(26,001,000)
Present value of lease liabilities	$ 92,678,000	$ 93,346,000

Leases, Other Information (Deta

Leases, Other Information (Details)	Mar. 31, 2023	Mar. 31, 2022
Weighted-average remaining lease term (years) [Abstract]
Finance leases	2 years 10 months 24 days	2 years 10 months 24 days
Operating leases	9 years	10 years 4 months 24 days
Weighted-average discount rate [Abstract]
Finance leases	5.90%	5.10%
Operating leases	5.80%	5.70%

Accounts Receivable Discount _3

Accounts Receivable Discount Programs (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable Discount Programs [Abstract]
Receivables discounted	$ 548,376,000	$ 525,441,000
Weighted average days	328 days	336 days
Weighted average discount rate	5.30%	1.90%
Amount of discount as interest expense	$ 26,432,000	$ 9,197,000

Financial Risk Management and_3

Financial Risk Management and Derivatives (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Foreign Currency Exchange Contracts [Abstract]
Forward foreign currency exchange contracts included in prepaid and other current assets	$ 3,889,000	$ 1,113,000
Forward Foreign Currency Exchange Contracts [Member]
Foreign Currency Exchange Contracts [Abstract]
Notional amount of foreign currency derivatives	48,486,000	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	$ 2,776,000	$ (316,000)	$ 7,713,000
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)	12 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Other current liabilities [Abstract]
Deferred compensation	$ 2,011,000	$ 2,202,000
Compound Net Derivative Liability [Member]
Change in contingent consideration measured at fair value recurring basis using significant unobservable inputs (Level 3) [Roll Forward]
Beginning balance	0
Newly issued	8,430,000
Changes in revaluation of Compound Net Derivative Liability included in earnings	0
Exercises/settlements	0
Ending balance	$ 8,430,000
Compound Net Derivative Liability [Member] | Risk Free Interest Rate [Member]
Fair Value Valuation [Abstract]
Assumptions for fair value of Compound Net Derivative Liability	0.0364
Compound Net Derivative Liability [Member] | Cost of Equity [Member]
Fair Value Valuation [Abstract]
Assumptions for fair value of Compound Net Derivative Liability	0.218
Compound Net Derivative Liability [Member] | Weighted Average Cost of Capital [Member]
Fair Value Valuation [Abstract]
Assumptions for fair value of Compound Net Derivative Liability	0.146
Compound Net Derivative Liability [Member] | Expected Volatility of MPA Common Stock [Member]
Fair Value Valuation [Abstract]
Assumptions for fair value of Compound Net Derivative Liability	0.50
Compound Net Derivative Liability [Member] | EBITDA Volatility [Member]
Fair Value Valuation [Abstract]
Assumptions for fair value of Compound Net Derivative Liability	0.35
Recurring [Member]
Short-Term Investments [Abstract]
Mutual funds	$ 2,011,000	2,202,000
Prepaid Expenses and Other Current Assets [Abstract]
Forward foreign currency exchange contracts	3,889,000	1,113,000
Other current liabilities [Abstract]
Deferred compensation	2,011,000	2,202,000
Convertible notes, related party [Abstract]
Compound Net Derivative Liability	8,430,000	0
Recurring [Member] | Level 1 [Member]
Short-Term Investments [Abstract]
Mutual funds	2,011,000	2,202,000
Prepaid Expenses and Other Current Assets [Abstract]
Forward foreign currency exchange contracts	0	0
Other current liabilities [Abstract]
Deferred compensation	2,011,000	2,202,000
Convertible notes, related party [Abstract]
Compound Net Derivative Liability	0	0
Recurring [Member] | Level 2 [Member]
Short-Term Investments [Abstract]
Mutual funds	0	0
Prepaid Expenses and Other Current Assets [Abstract]
Forward foreign currency exchange contracts	3,889,000	1,113,000
Other current liabilities [Abstract]
Deferred compensation	0	0
Convertible notes, related party [Abstract]
Compound Net Derivative Liability	0	0
Recurring [Member] | Level 3 [Member]
Short-Term Investments [Abstract]
Mutual funds	0	0
Prepaid Expenses and Other Current Assets [Abstract]
Forward foreign currency exchange contracts	0	0
Other current liabilities [Abstract]
Deferred compensation	0	0
Convertible notes, related party [Abstract]
Compound Net Derivative Liability	$ 8,430,000	$ 0

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2019
Change in warranty return accrual [Roll Forward]
Balance at beginning of year	$ 20,125,000	$ 21,093,000	$ 18,300,000
Charged to expense	132,719,000	118,675,000	111,025,000
Amounts processed	(133,014,000)	(119,643,000)	(108,232,000)
Balance at end of year	$ 19,830,000	20,125,000	21,093,000
Commitments to Provide Marketing Allowances under Long-Term Customer Contracts [Abstract]
Term of long-term agreements with major customer	4 years
Breakout of allowances recorded as reduction to revenues [Abstract]
Allowances incurred under long-term customer contracts	$ 18,253,000	19,348,000	29,238,000
Allowances related to a single exchange of product	154,194,000	129,283,000	99,768,000
Amortization of core premiums paid to customers	11,113,000	11,242,000	6,590,000
Total customer allowances recorded as a reduction of revenues	183,560,000	$ 159,873,000	$ 135,596,000
Marketing Allowances, Fiscal Year Maturity [Abstract]
2024	14,637,000
2025	11,621,000
2026	10,605,000
2027	9,939,000
2028	9,198,000
Thereafter	7,976,000
Total marketing allowances	$ 63,976,000
Contingencies [Abstract]
Estimated additional import duties				$ 3,900,000

Significant Customer and Othe_3

Significant Customer and Other Information (Details)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Net Sales [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Concentration Risk [Abstract]
Concentration risk percentage	37%	38%	42%
Net Sales [Member] | Customer Concentration Risk [Member] | Customer B [Member]
Concentration Risk [Abstract]
Concentration risk percentage	23%	18%	22%
Net Sales [Member] | Customer Concentration Risk [Member] | Customer C [Member]
Concentration Risk [Abstract]
Concentration risk percentage	24%	29%	23%
Net Sales [Member] | Customer Concentration Risk [Member] | Customer D [Member]
Concentration Risk [Abstract]
Concentration risk percentage	4%	2%	2%
Net Sales [Member] | Product Concentration Risk [Member]
Concentration Risk [Abstract]
Concentration risk percentage	100%	100%	100%
Net Sales [Member] | Product Concentration Risk [Member] | Rotating Electrical Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	67%	69%	73%
Net Sales [Member] | Product Concentration Risk [Member] | Wheel Hub Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	11%	13%	15%
Net Sales [Member] | Product Concentration Risk [Member] | Brake-Related Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	18%	15%	10%
Net Sales [Member] | Product Concentration Risk [Member] | Other Products [Member]
Concentration Risk [Abstract]
Concentration risk percentage	4%	3%	2%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Concentration Risk [Abstract]
Concentration risk percentage	33%	42%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer B [Member]
Concentration Risk [Abstract]
Concentration risk percentage	18%	21%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer C [Member]
Concentration Risk [Abstract]
Concentration risk percentage	21%	9%
Accounts Receivable - Trade [Member] | Customer Concentration Risk [Member] | Customer D [Member]
Concentration Risk [Abstract]
Concentration risk percentage	12%	5%

Income Taxes, Domestic and Fore

Income Taxes, Domestic and Foreign Components of Income (Loss) Before Income Taxes (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Domestic and Foreign Income (Loss) Before Income Taxes [Abstract]
United States	$ (14,470,000)	$ 6,021,000	$ 13,920,000
Foreign	11,361,000	7,128,000	16,943,000
(Loss) income before income tax expense	$ (3,109,000)	$ 13,149,000	$ 30,863,000

Income Taxes, Income Tax Expens

Income Taxes, Income Tax Expense (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Current tax expense [Abstract]
Federal	$ 2,483,000	$ 8,572,000	$ 5,734,000
State	396,000	1,478,000	722,000
Foreign	3,426,000	3,180,000	3,364,000
Total current tax expense	6,305,000	13,230,000	9,820,000
Deferred tax (benefit) expense [Abstract]
Federal	(5,037,000)	(6,411,000)	(1,909,000)
State	(705,000)	(659,000)	118,000
Foreign	535,000	(372,000)	1,358,000
Total deferred tax benefit	(5,207,000)	(7,442,000)	(433,000)
Total income tax expense	$ 1,098,000	$ 5,788,000	$ 9,387,000

Income Taxes, Components of Def

Income Taxes, Components of Deferred Income Taxes (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Assets [Abstract]
Allowance for bad debts	$ 78,000	$ 99,000
Customer allowances earned	4,760,000	5,321,000
Allowance for stock adjustment returns	2,391,000	1,651,000
Inventory adjustments	7,817,000	3,815,000
Intangibles, net	809,000	785,000
Stock options	2,770,000	2,984,000
Operating lease liabilities	23,408,000	23,894,000
Estimate for returns	26,670,000	25,445,000
Accrued compensation	2,718,000	3,515,000
Net operating losses	5,351,000	4,617,000
Tax credits	2,012,000	2,018,000
Other	5,046,000	3,833,000
Total deferred tax assets	83,830,000	77,977,000
Liabilities [Abstract]
Plant and equipment, net	(79,000)	(1,051,000)
Contract assets	(12,357,000)	(13,873,000)
Operating lease assets	(25,004,000)	(23,421,000)
Other	(6,864,000)	(5,960,000)
Total deferred tax liabilities	(44,304,000)	(44,305,000)
Less valuation allowance	(7,619,000)	(6,816,000)
Total	31,907,000	$ 26,856,000
Operating Loss Carryforwards and Tax Credit Carryforward [Abstract]
Tax credits carryforward	$ 2,012,000
Tax credits carryforward, expiration date	Mar. 31, 2034
Net increase in valuation allowance	$ 803,000
Federal [Member]
Operating Loss Carryforwards and Tax Credit Carryforward [Abstract]
Operating loss carryforwards	$ 1,361,000
Operating loss carryforwards, expiration date	Mar. 31, 2033
State [Member]
Operating Loss Carryforwards and Tax Credit Carryforward [Abstract]
Operating loss carryforwards	$ 649,000
Operating loss carryforwards, expiration date	Mar. 31, 2033
Foreign [Member]
Operating Loss Carryforwards and Tax Credit Carryforward [Abstract]
Operating loss carryforwards	$ 19,012,000
Operating loss carryforwards, expiration date	Mar. 31, 2038

Income Taxes, Statutory Rate an

Income Taxes, Statutory Rate and Effective Tax Rate Reconciliation (Details)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Difference between income tax expense at the federal statutory rate and effective tax rate [Abstract]
Statutory federal income tax rate	21%	21%	21%
State income tax rate, net of federal benefit	3.50%	4.10%	2.20%
Foreign income taxed at different rates	(28.70%)	4.90%	1.90%
Non-deductible executive compensation	(9.00%)	7.20%	1.90%
Change in valuation allowance	(25.80%)	5%	2.20%
Uncertain tax positions	(1.00%)	6.10%	0.30%
Research and development credit	2.70%	(0.90%)	(0.30%)
Net operating loss carryback	0%	(0.40%)	0%
Other	2%	(3.00%)	1.20%
Effective tax rate	(35.30%)	44%	30.40%

Income Taxes, Unrecognized Tax

Income Taxes, Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Unrecognized tax benefits [Roll Forward]
Balance at beginning of period	$ 1,975,000	$ 1,104,000	$ 1,011,000
Additions based on tax positions related to the current year	53,000	352,000	249,000
Additions for tax positions of prior year	0	581,000	67,000
Reductions for tax positions of prior year	(64,000)	(62,000)	(223,000)
Balance at end of period	1,964,000	1,975,000	1,104,000
Unrecognized tax benefits that would impact effective tax rate	1,616,000	1,632,000	923,000
Recognized interest and penalties	59,000	112,000	$ (16,000)
Interest and penalties accrued	$ 229,000	$ 170,000

Defined Contribution Plans (Det

Defined Contribution Plans (Details) - 401 (K) Plan [Member] - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Minimum age required to participate in defined contribution plan	21 years
Minimum service period required to participate in defined contribution plan	6 months
Employer's matching contribution	50%
Employer's maximum contribution specified as percentage of employee compensation	6%
Matching contributions vesting period	5 years
Matching contribution, amount	$ 549,000	$ 578,000	$ 507,000

Share-based Payments, Summary (

Share-based Payments, Summary (Details) - shares	Mar. 31, 2023	Mar. 31, 2022
2004 Non-Employee Director Stock Option Plan [Member]
Share-based Compensation Description [Abstract]
Shares of common stock available for grant (in shares)	0	0
Option to purchase common stock, outstanding (in shares)	6,000	21,000
2010 Incentive Award Plan [Member]
Share-based Compensation Description [Abstract]
Shares of common stock available for grant (in shares)	0	0
Option to purchase common stock, outstanding (in shares)	1,226,745	1,674,499
2010 Incentive Award Plan [Member] | Restricted Stock Units [Member]
Share-based Compensation Description [Abstract]
Number of shares outstanding (in shares)	266,169	216,739
2010 Incentive Award Plan [Member] | Restricted Shares [Member]
Share-based Compensation Description [Abstract]
Number of shares outstanding (in shares)	100,000	100,000
2010 Incentive Award Plan [Member] | Performance Stock Units [Member]
Share-based Compensation Description [Abstract]
Number of shares outstanding (in shares)	192,696	84,593
2014 Non-Employee Director Incentive Award Plan [Member] | Restricted Stock Units [Member]
Share-based Compensation Description [Abstract]
Number of shares outstanding (in shares)	10,417	82,324
Shares of common stock available for grant (in shares)	0	0
2022 Incentive Award Plan [Member]
Share-based Compensation Description [Abstract]
Common stock shares reserved for grants (in shares)	924,200
2022 Incentive Award Plan [Member] | Restricted Stock Units [Member]
Share-based Compensation Description [Abstract]
Number of shares outstanding (in shares)	52,768
Shares of common stock available for grant (in shares)	871,432

Share-based Payments, Stock Opt

Share-based Payments, Stock Option Activity (Details) - Stock Options [Member] - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Black-Scholes option pricing model assumptions used to derive the weighted average fair value of the stock options granted [Abstract]
Weighted average risk free interest rate			0.44%
Weighted average expected holding period			5 years 11 months 15 days
Weighted average expected volatility			44.90%
Weighted average expected dividend yield			0%
Weighted average fair value of options granted (in dollars per share)			$ 6.43
Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)	1,695,499
Granted (in shares)	0	0
Exercised (in shares)	(326,469)
Forfeited/Cancelled (in shares)	(123,932)
Expired (in shares)	(12,353)
Outstanding at end of period (in shares)	1,232,745	1,695,499
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)	6.75
Forfeited/Cancelled (in dollars per share)	19.45
Expired (in dollars per share)	15.91
Outstanding at end of period (in dollars per share)	$ 20.2	$ 17.53
Number of stock options unvested (in shares)	96,495
Weighted average exercise price of stock options unvested (in dollars per share)	$ 15.16
Pre-tax intrinsic value of options exercised	$ 2,427,000	$ 245,000	$ 546,000
Fair value of vested stock options	$ 1,140,000	$ 2,174,000	$ 2,184,000
Closing stock price (in dollars per share)	$ 7.44
Total unrecognized compensation expense, options	$ 132,000
Weighted average vesting period over which compensation expense is expected to be recognized	3 months

Share-based Payments, Informati

Share-based Payments, Information About Options Outstanding (Details) - Stock Options [Member]	12 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding, shares (in shares) | shares	1,232,745
Options outstanding, weighted average exercise price (in dollars per share)	$ 20.2
Options outstanding, weighted average remaining life	4 years 7 months 28 days
Options outstanding, aggregate intrinsic value | $	$ 0
Options exercisable, shares (in shares) | shares	1,136,250
Options exercisable, weighted average exercise price (in dollars per share)	$ 20.63
Options exercisable, weighted average remaining life	4 years 5 months 8 days
Options exercisable, aggregate intrinsic value | $	$ 0
$6.48 to $18.20 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price of options, lower range (in dollars per share)	$ 6.48
Exercise price of options, upper range (in dollars per share)	$ 18.2
Options outstanding, shares (in shares) | shares	405,418
Options outstanding, weighted average exercise price (in dollars per share)	$ 13.33
Options outstanding, weighted average remaining life	4 years 9 months 29 days
Options exercisable, shares (in shares) | shares	308,923
Options exercisable, weighted average exercise price (in dollars per share)	$ 12.76
Options exercisable, weighted average remaining life	4 years 29 days
$18.21 to $22.83 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price of options, lower range (in dollars per share)	$ 18.21
Exercise price of options, upper range (in dollars per share)	$ 22.83
Options outstanding, shares (in shares) | shares	438,637
Options outstanding, weighted average exercise price (in dollars per share)	$ 19.58
Options outstanding, weighted average remaining life	5 years 9 months 10 days
Options exercisable, shares (in shares) | shares	438,637
Options exercisable, weighted average exercise price (in dollars per share)	$ 19.58
Options exercisable, weighted average remaining life	5 years 9 months 10 days
$22.84 to $28.04 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price of options, lower range (in dollars per share)	$ 22.84
Exercise price of options, upper range (in dollars per share)	$ 28.04
Options outstanding, shares (in shares) | shares	178,566
Options outstanding, weighted average exercise price (in dollars per share)	$ 26.27
Options outstanding, weighted average remaining life	3 years 6 months
Options exercisable, shares (in shares) | shares	178,566
Options exercisable, weighted average exercise price (in dollars per share)	$ 26.27
Options exercisable, weighted average remaining life	3 years 6 months
$28.05 to $31.13 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price of options, lower range (in dollars per share)	$ 28.05
Exercise price of options, upper range (in dollars per share)	$ 31.13
Options outstanding, shares (in shares) | shares	210,124
Options outstanding, weighted average exercise price (in dollars per share)	$ 29.6
Options outstanding, weighted average remaining life	2 years 11 months 12 days
Options exercisable, shares (in shares) | shares	210,124
Options exercisable, weighted average exercise price (in dollars per share)	$ 29.6
Options exercisable, weighted average remaining life	2 years 11 months 12 days

Share-based Payments, Restricte

Share-based Payments, Restricted Stock Units (Details)	12 Months Ended
	Mar. 31, 2023 USD ($) Installment $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2021 USD ($)
Restricted Stock [Member]
Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)	399,063
Granted (in shares)	329,121
Vested (in shares)	(228,519)
Forfeited/Cancelled (in shares)	(70,311)
Outstanding at end of period (in shares)	429,354	399,063
Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 19.98
Granted (in dollars per share) | $ / shares	13.46
Vested (in dollars per share) | $ / shares	20.08
Forfeited/Cancelled (in dollars per share) | $ / shares	19.15
Outstanding at end of period (in dollars per share) | $ / shares	$ 15.07	$ 19.98
Estimated fair value of awards granted | $	$ 4,430,000	$ 5,775,000	$ 4,150,000
Number of equal annual installments in which awards vest | Installment	3
Number of shares withheld (in shares)	74,854	84,762
Total unrecognized compensation expense, restricted stock | $	$ 3,289,000
Weighted average vesting period over which compensation expense is expected to be recognized	1 year 6 months
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 ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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]
Outstanding at beginning of period (in shares)	84,593
Granted (in shares)	126,028	84,593
Vested (in shares)	0
Forfeited/Cancelled (in shares)	(17,925)
Outstanding at end of period (in shares)	192,696	84,593
Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning of period (in dollars per share)	$ 23.19
Granted (in dollars per share)	14
Vested (in dollars per share)	0
Forfeited/Cancelled (in dollars per share)	19.95
Outstanding at end of period (in dollars per share)	$ 17.48	$ 23.19
Total unrecognized compensation expense	$ 1,926,000
Weighted average remaining vesting period over which compensation expense is expected to be recognized	1 year 10 months 24 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%

Segment Information (Details)

Segment Information (Details)	12 Months Ended
	Mar. 31, 2023 USD ($) Segment	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Segment Information [Abstract]
Number of operating segments | Segment	3
Selected Financial Data [Abstract]
Net sales	$ 683,074,000	$ 650,308,000	$ 540,782,000
Operating income (loss)	36,446,000	28,704,000	46,633,000
Segment assets	1,028,565,000	1,015,698,000
Capital expenditures	4,201,000	7,550,000	13,942,000
Interest expense, net	(39,555,000)	(15,555,000)	(15,770,000)
(Loss) income before income tax expense	(3,109,000)	13,149,000	30,863,000
Hard Parts [Member]
Selected Financial Data [Abstract]
Net sales	638,460,000	609,992,000	512,251,000
All Other [Member]
Selected Financial Data [Abstract]
Net sales	44,614,000	40,316,000	28,531,000
Operating Segments [Member]
Selected Financial Data [Abstract]
Operating income (loss)	36,552,000	28,721,000	46,620,000
Depreciation and amortization	12,444,000	12,886,000	11,144,000
Segment assets	1,082,517,000	1,064,963,000
Capital expenditures	4,201,000	7,550,000	13,942,000
Operating Segments [Member] | Hard Parts [Member]
Selected Financial Data [Abstract]
Net sales	639,060,000	610,823,000	512,811,000
Operating income (loss)	44,855,000	32,265,000	48,450,000
Depreciation and amortization	10,955,000	11,345,000	9,744,000
Segment assets	1,032,739,000	1,017,475,000
Capital expenditures	3,459,000	6,630,000	13,424,000
Operating Segments [Member] | All Other [Member]
Selected Financial Data [Abstract]
Net sales	44,806,000	42,818,000	30,429,000
Operating income (loss)	(8,303,000)	(3,544,000)	(1,830,000)
Depreciation and amortization	1,489,000	1,541,000	1,400,000
Segment assets	49,778,000	47,488,000
Capital expenditures	742,000	920,000	518,000
Intersegment Sales [Member]
Selected Financial Data [Abstract]
Net sales	(792,000)	(3,333,000)	(2,458,000)
Operating income (loss)	(106,000)	(17,000)	13,000
Segment assets	(53,952,000)	(49,265,000)
Intersegment Sales [Member] | Hard Parts [Member]
Selected Financial Data [Abstract]
Net sales	(600,000)	(831,000)	(560,000)
Intersegment Sales [Member] | All Other [Member]
Selected Financial Data [Abstract]
Net sales	$ (192,000)	$ (2,502,000)	$ (1,898,000)

Share Repurchase Program (Detai

Share Repurchase Program (Details) - Common Stock [Member] - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Aug. 31, 2018
Stock Repurchase Program [Abstract]
Stock repurchase program, approved amount	$ 37,000,000			$ 20,000,000
Repurchase of shares (in shares)	0	106,486	54,960
Repurchase of shares		$ 1,914,000	$ 1,139,000
Shares utilized, amount	$ 18,745,000
Shares available for repurchase, amount	$ 18,255,000
Shares repurchased and retired (in shares)	837,007

Related Party Transactions (Det

Related Party Transactions (Details)	12 Months Ended
	Mar. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($) ft²
Operating Lease [Abstract]
Area of facility | ft²	410,000
Company Co-owned by Member of Management [Member] | Manufacturing Facility [Member]
Operating Lease [Abstract]
Area of facility | ft²		35,000
Initial lease term	1 year
Base rent | $		$ 27,000
Lease renewal term	4 years
Rent expenses | $	$ 82,000

Employee Retention Credit (Deta

Employee Retention Credit (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2023	Mar. 31, 2021
CARES Act [Abstract]
Refundable tax credit against employer share of Social Security taxes, in percentage of qualified wages paid to its employees		70%
Qualified wages are limited per employee per calendar quarter in 2021				$ 10,000
Maximum employee retention credit per employee per calendar quarter in 2021				$ 7,000
Amount applied for refund on payroll tax filings	$ 5,104,000
Employee retention credit receivable			$ 5,104,000
Employee retention credit amount recognized as reduction in employer payroll taxes			(5,104,000)
Taxes payable			1,250,000
Cost of Goods Sold [Member]
CARES Act [Abstract]
Employee retention credit amount recognized as reduction in employer payroll taxes			(2,034,000)
General and Administrative [Member]
CARES Act [Abstract]
Employee retention credit amount recognized as reduction in employer payroll taxes			(1,377,000)
Selling and Marketing [Member]
CARES Act [Abstract]
Employee retention credit amount recognized as reduction in employer payroll taxes			(968,000)
Research and Development [Member]
CARES Act [Abstract]
Employee retention credit amount recognized as reduction in employer payroll taxes			$ (725,000)

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Accounts Receivable - Allowance for Credit Losses [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 375,000	$ 348,000	$ 4,252,000
Charge to (recovery of) cost and expense	108,000	95,000	(1,000)
Amounts written off	144,000	68,000	3,903,000
Balance at end of year	339,000	375,000	348,000
Accounts Receivable - Allowance for Customer-Payment Discrepancies [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	1,375,000	752,000	1,040,000
Charge to (recovery of) cost and expense	2,112,000	2,142,000	694,000
Amounts written off	1,853,000	1,519,000	982,000
Balance at end of year	1,634,000	1,375,000	752,000
Inventory - Allowance for Excess and Obsolete Inventory [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	13,520,000	13,246,000	13,208,000
Charge to (recovery of) cost and expense	18,851,000	13,504,000	12,803,000
Amounts written off	15,935,000	13,230,000	12,765,000
Balance at end of year	$ 16,436,000	$ 13,520,000	$ 13,246,000