Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Jun. 02, 2023 | Sep. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GHM | ||
Entity Registrant Name | GRAHAM CORPORATION | ||
Entity Central Index Key | 0000716314 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Title of 12(b) Security | Common Stock, Par Value $0.10 Per Share | ||
Security Exchange Name | NYSE | ||
Entity File Number | 001-08462 | ||
Entity Tax Identification Number | 16-1194720 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 20 Florence Avenue | ||
Entity Address, City or Town | Batavia | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 14020 | ||
City Area Code | 585 | ||
Local Phone Number | 343-2216 | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Common Stock, Shares Outstanding | 10,676,334 | ||
Entity Public Float | $ 88.6 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant's definitive Proxy Statement, to be filed in connection with the Registrant's 2023 Annual Meeting of Stockholders to be held on August 22, 2023 , are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14 of this report. | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Rochester, New York | ||
Auditor Firm ID | 34 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 157,118 | $ 122,814 | $ 97,489 |
Cost of products sold | 131,710 | 113,685 | 77,020 |
Gross profit | 25,408 | 9,129 | 20,469 |
Other expenses and income: | |||
Selling, general and administrative | 23,063 | 20,386 | 17,471 |
Selling, general and administrative – amortization | 1,095 | 913 | 0 |
Other operating (income) expense, net | 0 | (827) | |
Operating income (loss) | 1,250 | (11,343) | 2,998 |
Other income | (250) | (527) | (113) |
Interest income | (129) | (50) | (167) |
Interest expense | 1,068 | 450 | 11 |
Total other expenses and income | 689 | (127) | (269) |
Income (loss) before provision (benefit) for income taxes | 561 | (11,216) | 3,267 |
Provision (benefit) for income taxes | 194 | (2,443) | 893 |
Net income (loss) | $ 367 | $ (8,773) | $ 2,374 |
Basic: | |||
Net income (loss) | $ 0.03 | $ (0.83) | $ 0.24 |
Diluted: | |||
Net income (loss) | $ 0.03 | $ (0.83) | $ 0.24 |
Average common shares outstanding: | |||
Basic | 10,614 | 10,541 | 9,959 |
Diluted | 10,654 | 10,541 | 9,959 |
Dividends declared per share | $ 0 | $ 0.33 | $ 0.44 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 367 | $ (8,773) | $ 2,374 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (492) | 198 | 385 |
Defined benefit pension and other postretirement plans, net of income tax benefit of $149, $209, and $509, for the years ended March 31, 2023, 2022 and 2021, respectively | (500) | 728 | 1,774 |
Total other comprehensive (loss) income | (992) | 926 | 2,159 |
Total comprehensive income (loss) | $ (625) | $ (7,847) | $ 4,533 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Defined benefit pension and other postretirement plans, tax benefit | $ 149 | $ 209 | $ 509 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Current assets: | |||
Cash and cash equivalents | $ 18,257 | $ 14,741 | |
Trade accounts receivable, net of allowances ($1,841 and $87 at March 31, 2023 and 2022, respectively) | 24,000 | 27,645 | |
Unbilled revenue | 39,684 | 25,570 | |
Inventories | 26,293 | 17,414 | |
Prepaid expenses and other current assets | 1,534 | 1,391 | |
Income taxes receivable | 302 | 459 | |
Total current assets | 110,070 | 87,220 | |
Property, plant and equipment, net | 25,523 | 24,884 | |
Prepaid pension asset | 6,107 | 7,058 | |
Operating lease assets | 8,237 | 8,394 | |
Goodwill | 23,523 | 23,523 | |
Other intangible assets, net | 7,610 | 8,990 | |
Deferred income tax asset | 2,798 | 2,441 | |
Other assets | 158 | 194 | |
Total assets | 203,918 | 183,691 | |
Current liabilities: | |||
Current portion of long-term debt | 2,000 | 2,000 | |
Current portion of finance lease obligations | 29 | 23 | |
Accounts payable | 20,222 | 16,662 | |
Accrued compensation | 10,401 | 7,991 | |
Accrued expenses and other current liabilities | 6,434 | 6,047 | |
Customer deposits | 46,042 | 25,644 | |
Operating lease liabilities | 1,022 | 1,057 | |
Income taxes payable | 16 | 0 | |
Total current liabilities | 86,166 | 59,424 | |
Long-term debt | 9,744 | 16,378 | |
Finance lease obligations | 85 | 11 | |
Operating lease liabilities | 7,498 | 7,460 | |
Deferred income tax liability | 108 | 62 | |
Accrued pension and postretirement benefit liabilities | 1,342 | 1,666 | |
Other long-term liabilities | 2,042 | 2,196 | |
Total liabilities | 106,985 | 87,197 | |
Commitments and contingencies (Notes 7 and 16) | |||
Stockholders’ equity: | |||
Preferred stock, $1.00 par value, 500 shares authorized | |||
Common stock, $.10 par value, 25,500 shares authorized; 10,774 and 10,801 shares issued and 10,635 and 10,636 shares outstanding at March 31, 2023 and 2022, respectively | 1,075 | 1,080 | |
Capital in excess of par value | 28,061 | 27,770 | |
Retained earnings | 77,443 | 77,076 | |
Accumulated other comprehensive loss | (7,463) | (6,471) | |
Treasury stock (138 and 164 shares at March 31, 2023 and 2022, respectively) | (2,183) | (2,961) | |
Total stockholders’ equity | 96,933 | 96,494 | $ 97,929 |
Total liabilities and stockholders’ equity | 203,918 | 183,691 | |
Customer Relationships [Member] | |||
Current assets: | |||
Finite-Lived Intangible Assets, Net | 10,718 | 11,308 | |
Technology And Technical Know How [Member] | |||
Current assets: | |||
Finite-Lived Intangible Assets, Net | $ 9,174 | $ 9,679 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowances on trade accounts receivable | $ 1,841 | $ 87 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Common stock, par value | $ 10 | $ 10 |
Common stock, shares authorized | 25,500,000 | 25,500,000 |
Common stock, shares issued | 10,774,000 | 10,801,000 |
Common stock, shares outstanding | 10,635,000 | 10,636,000 |
Treasury stock, shares | 138,000 | 164,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities: | |||
Net income (loss) | $ 367 | $ (8,773) | $ 2,374 |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | |||
Depreciation | 3,511 | 3,077 | 1,945 |
Amortization of intangible assets | 2,476 | 2,522 | 0 |
Virgin Orbit reserves | 3,050 | 0 | 0 |
Amortization of unrecognized prior service cost and actuarial losses | 672 | 996 | 1,066 |
Amortization of debt issuance costs | 212 | 0 | 0 |
Goodwill and other impairments | 0 | 0 | 184 |
Equity-based compensation expense | 806 | 809 | 864 |
Loss on disposal or sale of property, plant and equipment | 0 | 23 | 2 |
Change in fair value of contingent consideration | 0 | (1,900) | 0 |
Deferred income taxes | (120) | (3,233) | (561) |
(Increase) decrease in operating assets: | |||
Accounts receivable | 1,520 | (2,055) | (1,791) |
Unbilled revenue | (14,228) | 1,550 | (5,298) |
Inventories | (9,919) | 3,483 | 5,185 |
Income taxes receivable | 139 | (1,208) | 1,215 |
Prepaid expenses and other current and non-current assets | (97) | (340) | 416 |
Operating lease assets | 1,206 | 1,059 | 155 |
Prepaid pension asset | (651) | (1,207) | (841) |
Increase (decrease) in operating liabilities: | |||
Accounts payable | 3,467 | (3,238) | 3,556 |
Accrued compensation, accrued expenses and other current and non-current liabilities | 2,654 | 1,164 | 3,101 |
Customer deposits | 20,526 | 5,523 | (13,206) |
Operating lease liabilities | (1,049) | (962) | (158) |
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits | (628) | 491 | 70 |
Net cash provided (used) by operating activities | 13,914 | (2,219) | (1,722) |
Investing activities: | |||
Purchase of property, plant and equipment | (3,749) | (2,324) | (2,158) |
Proceeds from disposal of property, plant and equipment | 0 | 0 | 7 |
Purchase of investments | 0 | 0 | (42,603) |
Redemption of investments at maturity | 0 | 5,500 | 77,151 |
Acquisition of Barber-Nichols, LLC | 0 | (60,282) | 0 |
Net cash (used) provided by investing activities | (3,749) | (57,106) | 32,397 |
Financing activities: | |||
Principal repayments on debt | (11,000) | (39,750) | (4,599) |
Proceeds from the issuance of debt | 5,000 | 58,250 | 4,599 |
Principal repayments on finance lease obligations | (23) | (21) | (40) |
Repayments on lease financing obligations | (275) | (225) | 0 |
Payments of debt issuance costs | (122) | (271) | 0 |
Dividends paid | 0 | (3,523) | (4,391) |
Purchase of treasury stock | (21) | (41) | (23) |
Net cash (used) provided by financing activities | (6,441) | 14,419 | (4,454) |
Effect of exchange rate changes on cash | (208) | 115 | 356 |
Net increase (decrease) in cash and cash equivalents | 3,516 | (44,791) | 26,577 |
Cash and cash equivalents at beginning of year | 14,741 | 59,532 | 32,955 |
Cash and cash equivalents at end of year | $ 18,257 | $ 14,741 | $ 59,532 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
Beginning balance at Mar. 31, 2020 | $ 96,724 | $ 1,069 | $ 26,361 | $ 91,389 | $ (9,556) | $ (12,539) |
Beginning balance, shares at Mar. 31, 2020 | 10,689 | |||||
Comprehensive income (loss) | 4,533 | 2,374 | 2,159 | |||
Issuance of shares | $ 11 | (11) | ||||
Issuance of shares, shares | 113 | |||||
Forfeiture of shares | $ (5) | 5 | ||||
Forfeiture of shares, shares | (54) | |||||
Dividends | (4,391) | (4,391) | ||||
Recognition of equity-based compensation expense | 864 | 864 | ||||
Purchase of treasury stock | (23) | (23) | ||||
Issuance of treasury stock | 222 | 53 | 169 | |||
Ending Balance at Mar. 31, 2021 | 97,929 | $ 1,075 | 27,272 | 89,372 | (7,397) | (12,393) |
Ending Balance, shares at Mar. 31, 2021 | 10,748 | |||||
Comprehensive income (loss) | (7,847) | (8,773) | 926 | |||
Issuance of shares | $ 16 | (16) | ||||
Issuance of shares, shares | 164 | |||||
Forfeiture of shares | $ (11) | 11 | ||||
Forfeiture of shares, shares | (111) | |||||
Dividends | (3,523) | (3,523) | ||||
Recognition of equity-based compensation expense | 809 | 809 | ||||
Purchase of treasury stock | (41) | (41) | ||||
Issuance of treasury stock | 9,167 | (306) | 9,473 | |||
Ending Balance at Mar. 31, 2022 | 96,494 | $ 1,080 | 27,770 | 77,076 | (6,471) | (2,961) |
Ending Balance, shares at Mar. 31, 2022 | 10,801 | |||||
Comprehensive income (loss) | (625) | 367 | (992) | |||
Issuance of shares, shares | 17 | |||||
Forfeiture of shares | $ (5) | 5 | ||||
Forfeiture of shares, shares | (44) | |||||
Recognition of equity-based compensation expense | 806 | 806 | ||||
Purchase of treasury stock | (21) | (21) | ||||
Issuance of treasury stock | 279 | (520) | 799 | |||
Ending Balance at Mar. 31, 2023 | $ 96,933 | $ 1,075 | $ 28,061 | $ 77,443 | $ (7,463) | $ (2,183) |
Ending Balance, shares at Mar. 31, 2023 | 10,774 |
The Company and Its Accounting
The Company and Its Accounting Policies | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
The Company and Its Accounting Policies | Note 1 - The Company and Its Accounting Policies: Graham Corporation, and its operating subsidiaries, (together, the "Company"), is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries. The Company acquired Barber-Nichols, LLC ("BN") in June 2021. The accompanying Consolidated Financial Statements include BN at March 31, 2023, 2022 and for the period June 1, 2021 through March 31, 2023. The Company's significant accounting policies are set forth below. The Company's fiscal years ended March 31, 2023, 2022 and 2021 are referred to as "fiscal 2023," "fiscal 2022" and "fiscal 2021," respectively. Principles of consolidation and use of estimates in the preparation of consolidated financial statements The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, BN, located in Arvada, Colorado, Graham Vacuum and Heat Transfer Technology (Suzhou) Co., Ltd., located in China, and Graham India Private Limited, located in India. All intercompany balances, transactions and profits are eliminated in consolidation. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the related revenues and expenses during the reporting period. Actual amounts could differ from those estimated. Translation of foreign currencies Assets and liabilities of the Company's foreign subsidiaries are translated into U.S. dollars at currency exchange rates in effect at year end and revenues and expenses are translated at average exchange rates in effect for the year. Gains and losses resulting from foreign currency transactions are included in results of operations. The Company's sales and purchases in foreign currencies are minimal. Therefore, foreign currency transaction gains and losses are not significant. Gains and losses resulting from translation of the foreign subsidiaries balance sheets are included in a separate component of stockholders' equity. Translation adjustments are not adjusted for income taxes since they relate to an investment, which is permanent in nature. Revenue recognition The Company accounts for revenue in accordance with Accounting Standard Codification 606, "Revenue from Contracts with Customers" ("ASC 606"). The Company recognizes revenue on all contracts when control of the product is transferred to the customer. Control is generally transferred when products are shipped, title is transferred, significant risks of ownership have transferred, the Company has rights to payment, and rewards of ownership pass to the customer. Customer acceptance may also be a factor in determining whether control of the product has transferred. Although revenue on the majority of the Company’s contracts, as measured by number of contracts, is recognized upon shipment to the customer, revenue on larger contracts, which are fewer in number but generally represent the majority of revenue, is recognized over time as these contracts meet specific criteria in ASC 606. Unbilled revenue (contract assets) in the Consolidated Balance Sheets represents revenue recognized that has not been billed to customers on contracts in which revenue is recognized over time. All progress payments exceeding unbilled revenue are presented as customer deposits (contract liabilities) in the Consolidated Balance Sheets. Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid, short-term investments with maturities at the time of purchase of three months or less. Trade Accounts receivable, net of allowances Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The provision for credit losses is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable; however, changes in circumstances relating to accounts receivable may result in a requirement for additional provisions in the future. Shipping and handling fees and costs Shipping and handling fees billed to the customer are recorded in Net sales and the related costs incurred for shipping and handling are included in Cost of products sold. Inventories Inventories are stated at the lower of cost or net realizable value, using the average cost method. Property, plant, equipment and depreciation Property, plant and equipment are stated at cost net of accumulated depreciation. Major additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. Depreciation is provided based upon the estimated useful lives, or lease term if shorter, under the straight-line method. Estimated useful lives range from approximately three to eight years for office equipment, eight to 25 years for manufacturing equipment, eight years for land improvements, leasehold improvements are depreciated over the remaining term of the lease and 40 years for buildings and improvements. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations. Business combinations The Company records its business combinations under the acquisition method of accounting. Under the acquisition method of accounting, the Company allocates the purchase price of each acquisition to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective fair values at the date of acquisition. The fair value of identifiable intangible assets is based upon detailed valuations that use various assumptions made by management. Any excess of the purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Direct acquisition-related costs are expensed as incurred. Goodwill Goodwill represents the excess of the purchase price over the fair value of identifiable net tangible and intangible assets acquired in a business combination. Goodwill is not amortized, but is reviewed for impairment at least annually or more frequently if impairment indicators arise. Goodwill is evaluated for impairment by first performing a qualitative assessment to determine whether a quantitative goodwill test is necessary. If it is determined, based on qualitative factors, that the fair value of the reporting unit may be more likely than not less than its carrying amount, or if significant adverse changes in the Company's future financial performance occur that could materially impact fair value, a quantitative goodwill impairment test would be required. Additionally, the Company can elect to forgo the qualitative assessment and perform the quantitative test. If the qualitative assessment indicates that the quantitative analysis should be performed, or if management elects to bypass a qualitative assessment, the Company then evaluates goodwill for impairment by comparing the fair value of the reporting unit to its carrying amount, including goodwill. Intangible Assets Acquired intangible assets other than goodwill consist of backlog, customer relationships, technology and technical know-how and tradenames. Backlog and trade names are included in the line item Other intangible assets, net in the Consolidated Balance Sheet. The Company amortizes Technology and technical know-how and Customer relationships in Selling, general and administrative expense on a straight line basis over each of their estimated useful lives of twenty years. Backlog is amortized in Cost of products sold over the projected conversion period of four years which is based on management estimates at time of purchase. All other intangibles have indefinite lives and are not amortized. Impairment of long-lived assets The Company assesses the impairment of definite-lived long-lived assets or asset groups when events or changes in circumstances indicate that the carrying value may not be recoverable. Factors that are considered in deciding when to perform an impairment review include: a significant decrease in the market price of the asset or asset group; a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction; a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group; or a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The term more likely than not refers to a level of likelihood that is more than 50 %. Recoverability potential is measured by comparing the carrying amount of the asset or asset group to its related total future undiscounted cash flows. If the carrying value is not recoverable through related cash flows, the asset or asset group is considered to be impaired. Impairment is measured by comparing the asset or asset group's carrying amount to its fair value. When it is determined that useful lives of assets are shorter than originally estimated, and no impairment is present, the rate of depreciation is accelerated in order to fully depreciate the assets over their new shorter useful lives. Goodwill and intangible assets with indefinite lives are tested annually for impairment. The Company assesses goodwill for impairment by comparing the fair value of its reporting units to their carrying amounts. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the implied fair value of the goodwill within the reporting unit is less than its carrying value. Fair values for reporting units are determined based on a weighted combination of the market approach and the income approach using discounted cash flows. Indefinite lived intangible assets are assessed for impairment by comparing the fair value of the asset to its carrying value. Product warranties The Company estimates the costs that may be incurred under its product warranties and records a liability in the amount of such costs at the time revenue is recognized. The reserve for product warranties is based upon past claims experience and ongoing evaluations of any specific probable claims from customers. A reconciliation of the changes in the product warranty liability is presented in Note 6. Research and development Research and development costs are expensed as incurred. The Company incurred research and development costs of $ 4,144 $ 3,845 and $ 3,367 in fiscal 2023, fiscal 2022 and fiscal 2021 , respectively. Research and development costs are included in the line item “Cost of products sold” in the Consolidated Statements of Operations. Income taxes The Company recognizes deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using currently enacted tax rates. The Company evaluates the available evidence about future taxable income and other possible sources of realization of deferred income tax assets and records a valuation allowance to reduce deferred income tax assets to an amount that represents the Company's best estimate of the amount of such deferred income tax assets that more likely than not will be realized. The Company accounts for uncertain tax positions using a "more likely than not" recognition threshold. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective resolution of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. These tax positions are evaluated on a quarterly basis. It is the Company's policy to recognize any interest related to uncertain tax positions in interest expense and any penalties related to uncertain tax positions in selling, general and administrative expense. The Company files federal and state income tax returns in several U.S. and non-U.S. domestic and foreign jurisdictions. In most tax jurisdictions, returns are subject to examination by the relevant tax authorities for a number of years after the returns have been filed. Stock based compensation The Company records compensation costs related to equity-based awards based on the estimated fair value of the award on the grant date. Compensation cost is recognized in the Company's Consolidated Statements of Operations over the applicable vesting period. The Company uses the Black-Scholes valuation model as the method for determining the fair value of its stock option awards. For service and performance based restricted stock awards and restricted stock units, the fair market value of the award is determined based upon the closing value of the Company's stock price on the grant date. The fair market value of market-based performance restricted stock awards is determined using the Monte Carlo valuation model. The amount of equity-based compensation expense recognized during a period is based on the portion of the awards that are ultimately vest. Income (loss) per share data Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding and, when applicable, potential common shares outstanding during the period. A reconciliation of the numerators and denominators of basic and diluted income (loss) per share is presented below: Year ended March 31, 2023 2022 2021 Basic income (loss) per share: Numerator: Net income (loss) $ 367 $ ( 8,773 ) $ 2,374 Denominator: Weighted average common shares outstanding 10,614 10,541 9,959 Basic income (loss) per share $ 0.03 $ ( 0.83 ) $ 0.24 Diluted income (loss) per share: Numerator: Net income(loss) $ 367 $ ( 8,773 ) $ 2,374 Denominator: Weighted average common shares outstanding 10,614 10,541 9,959 Restricted stock units outstanding 40 — — Weighted average common and potential common 10,654 10,541 9,959 Diluted income (loss) per share $ 0.03 $ ( 0.83 ) $ 0.24 None of the options to purchase shares of common stock which totaled 33 shares and 37 shares in fiscal 2022 and fiscal 2021, respectively, were included in the computation of diluted loss per share as the affect would be anti-dilutive given their exercise price as they would not be dilutive upon issuance or due to the net losses in the fiscal year. Cash flow statement Interest and income taxes paid as well as non-cash investing and financing activities are as follows: Year ended March 31, 2023 2022 2021 Interest paid $ 1,026 $ 417 $ 11 Income taxes paid 185 2,012 200 Pension and other post retirement income (loss) adjustments, net of income tax ( 500 ) 728 1,774 Issuance of treasury stock to the Employee Stock Purchase Plan (See Note 12) 279 204 222 Capital purchases recorded in accounts payable 483 177 173 Issuance of treasury shares as part of the consideration of the acquisition — 8,964 — Accumulated other comprehensive loss Comprehensive income (loss) is comprised of net income and other comprehensive income or loss items, which are accumulated as a separate component of stockholders' equity. For the Company, other comprehensive income or loss items include a foreign currency translation adjustment and pension and other postretirement benefit adjustments. Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants at the measurement date. The accounting standard for fair value establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 – Valuations determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The availability of observable inputs can vary and is affected by a wide variety of factors, including, the type of asset/liability, whether the asset/liability is established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are required to reflect those that market participants would use in pricing the asset or liability at the measurement date. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of sales and expenses during the reporting period. Actual results could differ materially from those estimates. Accounting and reporting changes In the normal course of business, management evaluates all new accounting pronouncements issued by the Financial Accounting Standards Board ("FASB"), the Securities and Exchange Commission ("SEC"), the Emerging Issues Task Force, the American Institute of Certified Public Accountants or any other authoritative accounting body to determine the potential impact they may have on the Company's consolidated financial statements. Management does not expect any recently issued accounting pronouncements, which have not already been adopted, to have a material impact on the Company's consolidated financial statements. |
Acquisition
Acquisition | 12 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisition | Note 2 - Acquisition On June 1, 2021, the Company acquired BN, a designer and manufacturer of turbomachinery products located in Arvada, Colorado that serves the defense and aerospace industry as well as the energy and cryogenic markets. The Company believes this acquisition furthers its growth strategy through market and product diversification, broadens its offerings and strengthens its presence in the defense industry, builds on its presence in the energy markets and adds capabilities in the space industry. This transaction was accounted for as a business combination which requires that assets acquired and liabilities assumed be recognized at their fair value as of the acquisition date. The purchase price of $ 72,014 was comprised of 610 shares of the Company's common stock, representing a value of $ 8,964 at a price of $ 14.69 per share, and cash consideration of $ 61,150 , subject to certain potential adjustments, including a customary working capital adjustment. The cash consideration was funded through cash on-hand and debt proceeds (see Note 8). The purchase agreement included a contingent earn-out dependent upon certain financial measures of BN post-acquisition, in which the sellers were eligible to receive up to $ 14,000 in additional cash consideration. At June 30, 2021, a liability of $ 1,900 was recorded for the contingent earn-out. Subsequent to the acquisition, the earn-out agreement was terminated and the contingent liability was reversed into Other operating (income) expense, net, on the Company's Consolidated Statement of Operations. Prior to the acquisition, BN and Ascent Properties Group, LLC, a related party, entered into a nine year operating lease agreement for an office and manufacturing building in Arvada, Colorado. This lease was acquired as part of the Company's acquisition of BN and had a monthly payment in the amount of $ 40 with a 3 % yearly escalation. Also prior to the acquisition, BN and Ascent Properties Group, LLC entered into a seven-year equipment lease agreement to lease various machinery and equipment. This equipment lease was also acquired as part of the Company's acquisition of BN and had a monthly payment of $ 16 . Acquisition related costs of $ 554 were expensed in fiscal 2022, and are included in Selling, general and administrative expenses in the Consolidated Statement of Operations. The cost of the acquisition was allocated to the assets acquired and the liabilities assumed based upon its estimated fair value at the date of the acquisition and the amount exceeding the fair value was recorded as goodwill, which is deductible for tax purposes. The following table presents the impact of the final adjustments on individual line items in the Company's Consolidated Balance Sheet at March 31, 2022: Before Adjustment of Final Allocation of Purchase Price After Adjustment of Final Allocation of Purchase Price June 1, March 31, 2021 Adjustments 2022 Assets acquired: Cash and cash equivalents $ 1,587 $ ( 719 ) $ 868 Trade accounts receivable, net of 8,154 ( 80 ) 8,074 Unbilled revenue 7,068 7,068 Inventories 3,669 ( 120 ) 3,549 Prepaid expenses and other current 409 67 476 Property, plant & equipment, net 8,037 8,037 Operating lease asset 9,026 9,026 Goodwill 22,923 600 23,523 Customer relationships 11,800 11,800 Technology and technical know- 10,100 10,100 Other intangibles, net 11,200 ( 600 ) 10,600 Total assets acquired 93,973 ( 852 ) 93,121 Liabilities assumed: Accounts payable 2,736 ( 894 ) 1,842 Accrued compensation 1,341 1,341 Accrued expenses and other 665 42 707 Customer deposits 6,048 6,048 Operating lease liabilities 9,066 9,066 Other long-term liabilities 2,103 2,103 Total liabilities assumed 21,959 ( 852 ) 21,107 Purchase price $ 72,014 $ — $ 72,014 The fair value of acquisition-related intangible assets includes customer relationships, technology and technical know-how, backlog and trade name. Backlog and trade name are included in the line item "Other intangible assets, net" in the Consolidated Balance Sheet. Customer relationships were valued using an income approach, specifically the Multi Period Excess Earnings method, which incorporates assumptions regarding retention rate, new customer growth and customer related costs. Trade name and technology and technical know-how were both valued using a Relief from Royalty method, which develops a market based royalty rate used to reflect the after tax royalty savings attributable to owning the intangible asset. The fair value of backlog was determined using a net realizable value methodology, and was computed as the present value of the expected sales attributable to backlog less the remaining costs to fulfill the backlog. The purchase price was allocated to specific intangible assets as follows: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount At March 31, 2023 Intangibles subject to amortization: Customer relationships 20 years $ 11,800 $ 1,082 $ 10,718 Technology and technical know-how 20 years 10,100 926 9,174 Backlog 4 years 3,900 2,990 910 $ 25,800 $ 4,998 $ 20,802 Intangibles not subject to amortization: Tradename Indefinite $ 6,700 $ — $ 6,700 Technology and technical know-how and customer relationships are amortized in selling, general and administrative expense on a straight line basis over their estimated useful lives. Backlog is amortized in cost of products sold over the projected conversion period based on management estimates at time of purchase. Intangible amortization was $ 2,476 and $ 2,522 for fiscal 2023 and 2022, respectively. The estimated annual amortization expense is as follows: Annual Amortization 2024 $ 1,782 2025 1,318 2026 1,095 2027 1,095 2028 1,095 2029 and thereafter 14,417 Total intangible amortization $ 20,802 The Consolidated Statement of Operations for fiscal 2022 includes net sales of BN of $ 47,865 . The following unaudited pro forma information presents the consolidated results of operations of the Company as if the BN acquisition had occurred at the beginning of each of the fiscal periods presented: For the Year Ended March 31, 2022 2021 Net sales $ 134,627 $ 155,409 Net (loss) income ( 7,196 ) 5,067 (Loss) earnings per share Basic $ ( 0.68 ) $ 0.48 Diluted $ ( 0.68 ) $ 0.48 The unaudited pro forma information presents the combined operating results of Graham Corporation and BN, with the results prior to the acquisition date adjusted to include the pro forma impact of the adjustment of depreciation of fixed assets based on the purchase price allocation, the adjustment to interest income reflecting the cash paid in connection with the acquisition, including acquisition-related expenses, at the Company's weighted average interest income rate, interest expense and loan origination fees at the Company's current interest rate, amortization expense related to the fair value adjustments for intangible assets, non-recurring acquisition-related costs and the impact of income taxes on the pro forma adjustments utilizing the applicable statutory tax rate. The unaudited pro forma results are presented for illustrative purposes only. These pro forma results do not purport to be indicative of the results that would have actually been obtained if the acquisition occurred as of the beginning of each of the periods presented, nor does the pro forma data intend to be a projection of results that may be obtained in the future. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3 – Revenue Recognition: The Company recognizes revenue on all contracts when control of the product is transferred to the customer. Control is generally transferred when products are shipped, title is transferred, significant risks of ownership have transferred, the Company has rights to payment, and rewards of ownership pass to the customer. The following tables present the Company's net sales disaggregated by market and geographic area: Year ended March 31, Market 2023 2022 2021 Refining $ 27,270 $ 24,406 $ 39,713 Chemical/Petrochemical 21,950 15,955 24,019 Defense 65,327 62,189 23,939 Space 21,180 5,744 — Other Commercial 21,391 14,520 9,818 Net sales $ 157,118 $ 122,814 $ 97,489 Year ended March 31, Geographic Area 2023 2022 2021 Asia $ 16,040 $ 13,687 $ 25,614 Canada 4,464 3,583 6,538 Middle East 2,914 2,489 4,843 South America 3,021 1,972 6,202 U.S. 127,519 97,718 52,724 All other 3,160 3,365 1,568 Net sales $ 157,118 $ 122,814 $ 97,489 The final destination of products shipped is the basis used to determine net sales by geographic area. No sales were made to the terrorist sponsoring nations of Cuba, Iran, North Korea or Syria. A performance obligation represents a promise in a contract to provide a distinct good or service to a customer. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Transaction price reflects the amount of consideration to which the Company expects to be entitled in exchange for transferred products. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized as the performance obligation is satisfied. In certain cases, the Company may separate a contract into more than one performance obligation, while in other cases, several products may be part of a fully integrated solution and are bundled into a single performance obligation. If a contract is separated into more than one performance obligation, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods underlying each performance obligation. The Company has made an accounting policy election to exclude from the measurement of the contract price all taxes assessed by government authorities that are collected by the Company from its customers. The Company does not adjust the contract price for the effects of a financing component if the Company expects, at contract inception, that the period between when a product is transferred to a customer and when the customer pays for the product will be one year or less. The Company recognizes revenue over time when contract performance results in the creation of a product for which the Company does not have an alternative use and the contract includes an enforceable right to payment in an amount that corresponds directly with the value of the performance completed. To measure progress towards completion on performance obligations for which revenue is recognized over time the Company utilizes an input method based upon a ratio of direct labor hours incurred to date to management’s estimate of the total labor hours to be incurred on each contract, an input method based upon a ratio of total contract costs incurred to date to management's estimate of the total contract costs to be incurred or an output method based upon completion of operational milestones, depending upon the nature of the contract. The Company has established the systems and procedures essential to developing the estimates required to account for performance obligations over time. These procedures include monthly review by management of costs incurred, progress towards completion, identified risks and opportunities, sourcing determinations, changes in estimates of costs yet to be incurred, availability of materials, and execution by subcontractors. Sales and earnings are adjusted on a cumulative catch-up basis in current accounting periods based upon revisions in the contract value due to pricing changes and estimated costs at completion. Losses on contracts are recognized immediately when evident to management. Revenue on the majority of the Company’s contracts, as measured by number of contracts, is recognized upon shipment to the customer. Revenue on larger contracts, which are fewer in number but generally represent the majority of revenue, is recognized over time as these contracts meet specific criteria established in ASC 606. The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment: Year ended March 31, 2023 2022 2021 Revenue recognized over time 74 % 75 % 60 % Revenue recognized at shipment 26 % 25 % 40 % In fiscal 2021, revenue recognized over time as a percentage of total revenue was lower as compared with the other years due to limited production on large contracts during the first quarter of fiscal 2021 as a result of the COVID-19 pandemic, as well as the completion of two large projects in China which did not meet the criteria for recognizing revenue over time. The timing of revenue recognition, invoicing and cash collections affect trade accounts receivable, unbilled revenue (contract assets) and customer deposits (contract liabilities) on the Consolidated Balance Sheets. Unbilled revenue represents revenue on contracts that is recognized over time and exceeds the amount that has been billed to the customer. Unbilled revenue is separately presented in the Consolidated Balance Sheets. The Company may receive a progress payment from a customer, which is recorded as a customer deposit or have an unconditional right to receive a customer deposit prior to revenue being recognized. Because the performance obligations related to such customer deposits may not have been satisfied, a contract liability is recorded and an offsetting asset of equal amount is recorded as a trade accounts receivable until the deposit is collected. Customer deposits are separately presented in the Consolidated Balance Sheets. Customer deposits are not considered a significant financing component as they are generally received less than one year before the product is completed or used to procure specific material on a contract, as well as related overhead costs incurred during design and construction. Net contract assets (liabilities) consisted of the following: March 31, 2023 March 31, 2022 Change Change due to revenue recognized Change due to invoicing customers/ Unbilled revenue (contract assets) $ 39,684 $ 25,570 $ 14,114 $ 84,794 $ ( 70,680 ) Customer deposits (contract liabilities) ( 46,042 ) ( 25,644 ) ( 20,398 ) 22,366 ( 42,764 ) Net contract (liabilities) assets $ ( 6,358 ) $ ( 74 ) $ ( 6,284 ) Contract liabilities at March 31, 2023 and 2022 include $ 6,092 and $ 4,216 , respectively, of customer deposits for which the Company has an unconditional right to collect payment. Trade accounts receivable, as presented on the Consolidated Balance Sheets, includes corresponding balances at March 31, 2023 and 2022, respectively. Receivables billed but not paid under retainage provisions in the Company’s customer contracts were $ 2,542 and $ 3,182 at March 31, 2023 and 2022, respectively. Incremental costs to obtain a contract consist of sales employee and agent commissions. Commissions paid to employees and sales agents are capitalized when paid and amortized to Selling, general and administrative expense when the related revenue is recognized. Capitalized costs, net of amortization, to obtain a contract were $ 22 and $ 32 at March 31, 2023 and 2022 , respectively, and are included in the line item Prepaid expenses and other current assets in the Consolidated Balance Sheets. The related amortization expense was $ 46 , $ 166 and $ 600 in fiscal 2023, fiscal 2022 and fiscal 2021, respectively. The Company's remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. The Company also refers to this measure as backlog. As of March 31, 2023 , the Company had remaining unsatisfied performance obligations of $ 301,734 . The Company expects to recognize revenue on approximately 50 % to 55 % of the remaining performance obligations within one year , 25 % to 30 % in one to two years and the remaining beyond two years. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4 – Inventories: Major classifications of inventories are as follows: March 31, 2023 2022 Raw materials and supplies $ 4,344 $ 4,145 Work in process 20,554 11,631 Finished products 1,395 1,638 $ 26,293 $ 17,414 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 5 – Property, Plant and Equipment: Major classifications of property, plant and equipment are as follows: March 31, 2023 2022 Land and land improvements $ 450 $ 450 Buildings and leasehold improvements 23,112 22,820 Machinery and equipment 41,398 39,905 Construction in progress 2,518 228 67,478 63,403 Less – accumulated depreciation and amortization 41,955 38,519 $ 25,523 $ 24,884 Depreciation expense in fiscal 2023, fiscal 2022 and fiscal 2021 was $ 3,511 , $ 3,077 , and $ 1,945 , respectively. |
Product Warranty Liability
Product Warranty Liability | 12 Months Ended |
Mar. 31, 2023 | |
Guarantees [Abstract] | |
Product Warranty Liability | Note 6 – Product Warranty Liability: The reconciliation of the changes in the product warranty liability is as follows: Year ended March 31, 2023 2022 Balance at beginning of year $ 441 $ 626 BN warranty accrual acquired — 169 Expense for product warranties 364 386 Product warranty claims paid ( 227 ) ( 740 ) Balance at end of year $ 578 $ 441 The product warranty liability is included in the line item "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 7 - Leases: The Company leases certain manufacturing facilities, office space, machinery and office equipment. An arrangement is considered to contain a lease if it conveys the right to use and control an identified asset for a period of time in exchange for consideration. If it is determined that an arrangement contains a lease, then a classification of a lease as operating or finance is determined by evaluating the five criteria outlined in the lease accounting guidance at inception. Leases generally have remaining terms of one year to five years , whereas leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets. The depreciable life of leased assets related to finance leases is limited by the expected term of the lease, unless there is a transfer of title or purchase option that the Company believes is reasonably certain of exercise. Certain leases include options to renew or terminate. Renewal options are exercisable per the discretion of the Company and vary based on the nature of each lease. The term of the lease includes renewal periods only if the Company is reasonably certain that it will exercise the renewal option. When determining if a renewal option is reasonably certain of being exercised, the Company considers several factors, including but not limited to, the cost of moving to another location, the cost of disrupting operations, whether the purpose or location of the leased asset is unique and the contractual terms associated with extending the lease. The Company’s lease agreements do not contain any residual value guarantees or any material restrictive covenants and the Company does not sublease to any third parties. As of March 31, 2023, the Company did not have any material leases that have been signed but not commenced. Right-of-use ("ROU") lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments in exchange for that right of use. Finance lease ROU assets and operating lease ROU assets are included in the line items "Property, plant and equipment, net" and "Operating lease assets", respectively, in the Consolidated Balance Sheets. The current portion and non-current portion of finance and operating lease liabilities are all presented separately in the Consolidated Balance Sheets. The Company previously entered into operating leases with Ascent Properties Group, LLC ("Ascent"), a limited liability company of which our Chief Executive Officer holds a majority interest, for an office and manufacturing building in Arvada, Colorado, as well as machinery and equipment. During fiscal 2023, the Company entered into an additional lease with Ascent for another manufacturing building in Arvada, Colorado. In connection with such leases, the Company made fixed minimum lease payments to the lessor of $ 843 and $ 707 i n fiscal 2023 and 2022, respectively. Future minimum lease payments under these leases as of March 31, 2023 are $ 6,738 . The discount rate implicit within the Company's leases is generally not readily determinable, and therefore, the Company uses an incremental borrowing rate in determining the present value of lease payments based on rates available at commencement. The weighted average remaining lease term and discount rate for finance and operating leases are as follows: March 31, 2023 2022 Finance Leases Weighted-average remaining lease term in years 4.45 1.42 Weighted-average discount rate 7.98 % 10.67 % Operating Leases Weighted-average remaining lease term in years 7.00 7.54 Weighted-average discount rate 3.25 % 3.27 % The components of lease expense are as follows: Year Ended March 31, 2023 2022 Finance lease cost: Amortization of right-of-use assets $ 24 $ 20 Interest on lease liabilities 4 5 Operating lease cost 1,394 1,309 Short-term lease cost 17 33 Total lease cost $ 1,439 $ 1,367 Operating lease costs during fiscal 2023, fiscal 2022 and fiscal 2021 were included within Cost of sales and Selling, general and administrative expenses. As of March 31, 2023, future minimum payments required under non-cancelable leases are: Operating Finance 2024 $ 1,281 $ 36 2025 1,295 26 2026 1,309 26 2027 1,349 26 2028 and thereafter 4,328 21 Total lease payments 9,562 135 Less – amount representing interest 1,042 21 Present value of net minimum lease payments $ 8,520 $ 114 ROU assets obtained in exchange for new operating lease liabilities were $ 1,169 and $ 328 in fiscal 2023 and fiscal 2022 , respectively. |
Debt
Debt | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 8 - Debt: On June 1, 2021, the Company entered into a $ 20,000 five-year term loan with Bank of America. The term loan requires monthly principal payments of $ 167 through June 1, 2026, with the remaining principal amount plus all interest due on the maturity date. The interest rate on the term loan is the applicable Bloomberg Short-Term Bank Yield Index ("BSBY"), plus 1.50 %, subject to a 0.00 % floor. Long term debt is comprised of the following: March 31, 2023 2022 Bank of America term loan $ 12,500 $ 18,500 Less: unamortized debt issuance costs ( 756 ) ( 122 ) 11,744 18,378 Less: current portion 2,000 2,000 Total $ 9,744 $ 16,378 As of March 31, 2023, future minimum payments required were as follows: 2024 $ 2,000 2025 2,000 2026 8,500 2027 — 2028 — 2029 and thereafter — Total $ 12,500 On June 1, 2021, the Company entered into a five-year revolving credit facility with Bank of America that provides a $ 30,000 line of credit, including letters of credit and bank guarantees, expandable at the Company's option and the bank's approval at any time up to $ 40,000 . As of March 31, 2023 and 2022 , there was no amount outstanding on the line of credit. Amounts outstanding under the facility agreement bear interest at a rate equal to BSBY plus 1.50 %, subject to a 0.00 % floor. As of March 31, 2023 and 2022 , the BSBY rate was 4.92 % and 0 .13083 %, respectively. Outstanding letters of credit under this agreement are subject to a fee of 1.50 % per annum of the outstanding undrawn amount of each letter of credit that is not secured by cash and 0.60 % of each letter of credit that is secured by cash. Amounts available for borrowing under the revolving credit facility are subject to an unused commitment fee of 0.25 %. As of March 31, 2023 , there was $ 5,874 letters of credit outstanding with Bank of America. Under the original Bank of America term loan agreement and revolving credit facility, the Company covenanted to maintain a maximum total leverage ratio, as defined in such agreements, of 3.0 to 1.0 , with an allowable increase to 3.25 to 1.0 following an acquisition for a period of twelve months following the closing of the acquisition. In addition, the Company covenanted to maintain a minimum fixed charge coverage ratio, as defined in such agreements, of 1.2 to 1.0 and minimum margined assets, as defined in such agreements, of 100 % of total amounts outstanding on the revolving credit facility, including letters of credit. At December 31, 2021, the Company was out of compliance with its bank agreement covenants and was granted a waiver for noncompliance by Bank of America. The Company has entered into amendment agreements with Bank of America since origination. Under the amended agreements, the Company is not required to comply with the maximum total leverage ratio and the minimum fixed charge coverage ratio covenants contained in the original term loan agreement for the periods ending December 31, 2021 and March 31, June 30 and September 30, 2022. The principal balance outstanding on the line of credit may not exceed $ 15,000 , unless letters of credit exceed $ 11,500 , in which case the limit is $ 17,000 , until the compliance date. The compliance date is defined as the date on which Bank of America has received all required financial information with respect to the Company for the fiscal year ending March 31, 2023 and no event of default exists. In addition, on or before September 1, 2023 and at all times thereafter, all of the Company's deposit accounts, except certain accounts, will be either subject to a deposit account control agreement or maintained with Bank of America. The Company covenants to maintain EBITDA, as defined in such amendment, of at least ($ 700 ) for the twelve-month period ending June 30, 2022 and $ 1,800 for the twelve-month period ending September 30, 2022; maintain a total maximum leverage ratio of 4.0 to 1.0 for the twelve-month period ending December 31, 2022 and 3.0 to 1.0 for the period ending March 31, 2023; and maintain liquidity, as defined in such amendment, of at least $ 10,000 prior to the occurrence of the compliance date and $ 20,000 from and after the occurrence of the compliance date. As of March 31, 2023, the Company was in compliance with the amended financial covenants of its loan agreement. At March 31, 2023, the amount available under the revolving credit facility was $ 10,016 , subject to the above liquidity and leverage covenants . In connection with the waiver and amendments discussed above, the Company is required to pay a back-end fee of $ 725 to Bank of America payable upon the earliest to occur of (i) any default or event of default, (ii) the last date of availability under the revolving credit facility, and (iii) repayment in full of all principal, interest, fees and other obligations, which may be waived or cancelled if certain criteria are met. The Company has a letter of credit facility agreement with HSBC Bank USA, N.A. of $ 7,500 . Under the agreement, the Company incurs an annual facility fee of $ 5 and outstanding letters of credit are subject to a fee of between 0.75 % and 0.85 %, depending on the term of the letter of credit. Interest is payable on the principal amounts of unreimbursed letter of credit draws under the facility at a rate of 3 % plus the bank's prime rate. The Company's obligations under the agreement are secured by cash held with the bank. As of March 31, 2023 , there was $ 6,813 letters of credit outstanding with HSBC and availability under the letter of credit facility was $ 687 . The agreement is subject to an annual renewal by the bank on July 31 of each year. Letters of credit outstanding as of March 31, 2023 and 2022 were $ 12,842 and $ 12,233 , respectively. |
Financial Instruments and Deriv
Financial Instruments and Derivative Financial Instruments | 12 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Derivative Financial Instruments | Note 9 - Financial Instruments and Derivative Financial Instruments: Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, and trade accounts receivable. The Company places its cash, cash equivalents with high credit quality financial institutions, and evaluates the credit worthiness of these financial institutions on a regular basis. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of customers comprising the Company's customer base and their geographic dispersion. At March 31, 2023 and 2022, the Company had no significant concentrations of credit risk. Letters of Credit The Company has entered into standby letter of credit agreements with financial institutions relating to the guarantee of future performance on certain contracts. At March 31, 2023 and 2022 , the Company was contingently liable on outstanding standby letters of credit aggregating $ 12,842 and $ 12,233 , respectively. Fair Value of Financial Instruments The estimates of the fair value of financial instruments are summarized as follows: Cash and cash equivalents : The carrying amount of cash and cash equivalents approximates fair value due to the short-term maturity of these instruments and are considered Level 1 assets in the fair value hierarchy. Short-term and long-term debt : The carrying values of credit facilities with variable rates of interest approximates fair values and is considered a Level 2 liability in the fair value hierarchy. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 – Income Taxes: An analysis of the components of income (loss) before provision (benefit) for income taxes is presented below: Year ended March 31, 2023 2022 2021 United States $ ( 66 ) $ ( 11,954 ) $ ( 602 ) Asia 627 738 3,869 $ 561 $ ( 11,216 ) $ 3,267 The provision (benefit) for income taxes consists of: Year ended March 31, 2023 2022 2021 Current: Federal $ 37 $ ( 31 ) $ 924 State 204 72 62 Foreign 73 749 468 314 790 1,454 Deferred: Federal ( 89 ) ( 2,648 ) ( 960 ) State ( 82 ) ( 155 ) ( 116 ) Foreign 93 ( 423 ) 508 Changes in valuation allowance ( 42 ) ( 7 ) 7 ( 120 ) ( 3,233 ) ( 561 ) Total provision (benefit) for income taxes $ 194 $ ( 2,443 ) $ 893 The reconciliation of the provision (benefit) calculated using the U.S. federal tax rate with the provision (benefit) for income taxes presented in the consolidated financial statements is as follows: Year ended March 31, 2023 2022 2021 Provision (benefit) for income taxes at federal rate $ 118 $ ( 2,355 ) $ 686 State taxes 92 ( 96 ) ( 35 ) Charges not deductible for income tax purposes 26 147 158 Stock based compensation 114 — — Research and development tax credits ( 240 ) ( 295 ) ( 172 ) Valuation allowance ( 42 ) ( 7 ) 7 Difference in federal rate 27 31 156 Nondeductible fringe benefits 44 — — Foreign withholding tax — 138 — Foreign tax credit — — ( 84 ) Foreign-derived intangible income deduction — ( 2 ) ( 81 ) Global intangible low-taxed income 55 — 405 Net operating loss carryback — — ( 146 ) Other — ( 4 ) ( 1 ) Provision for income taxes $ 194 $ ( 2,443 ) $ 893 The net deferred income tax asset (liability) recorded in the Consolidated Balance Sheets results from differences between financial statement and tax reporting of income and deductions. A summary of the composition of the Company's net deferred income tax asset (liability) follows: March 31, 2023 2022 Depreciation $ ( 3,117 ) $ ( 3,345 ) Accrued compensation 309 362 Goodwill ( 224 ) 180 Prepaid pension asset ( 1,355 ) ( 1,557 ) Accrued pension liability 245 291 Accrued postretirement benefits 79 105 Compensated absences 567 515 Inventories ( 10 ) 899 Warranty liability 135 99 Accrued expenses 1,276 1,230 Equity-based compensation 230 240 Allowance for doubtful accounts 422 — Operating lease assets ( 1,894 ) ( 1,954 ) Operating lease liabilities 1,963 1,990 Acquisition costs 142 152 Intangible assets 236 158 New York State investment tax credit 1,066 1,108 Research and development tax credit 1,243 240 Research and development credit carryforward 367 — Net operating loss carryforwards 2,205 2,748 Capital loss related to sale of Energy Steel 4,211 4,211 Other ( 129 ) 26 7,967 7,698 Less: Valuation allowance ( 5,277 ) ( 5,319 ) Total $ 2,690 $ 2,379 Deferred income taxes include the impact of state investment tax credits of $ 272 , which expire from 2024 to 2036 and state investment tax credits of $ 794 , which have an unlimited carryforward period. In assessing the realizability of deferred tax assets, management considers, within each taxing jurisdiction, whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the consideration of the weight of both positive and negative evidence, management determined that a portion of the deferred tax assets as of March 31, 2023 and 2022 related to certain state investment tax credits and the capital loss related to Energy Steel would not be realized, and recorded a valuation allowance of $ 5,277 and $ 5,319 , respectively. The Company files federal and state income tax returns in several domestic and international jurisdictions. In most tax jurisdictions, returns are subject to examination by the relevant tax authorities for a number of years after the returns have been filed. The Company is subject to U.S. federal examination for tax years 2019 through 2022 and examination in state tax jurisdictions for tax years 2018 through 2022 . The Company is subject to examination in the People's Republic of China for tax years 2019 through 2022 and in India for tax years 2019 through 2022 . The liability for unrecognized tax benefits was $ 0 at each of March 31, 2023 and 2022 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 11 – Employee Benefit Plans: Retirement Plans The Company has a qualified defined benefit plan covering Batavia based employees hired prior to January 1, 2003, which is non-contributory. Benefits are based on the employee's years of service and average earnings for the five highest consecutive calendar years of compensation in the ten-year period preceding retirement . The Company's funding policy for the plan is to contribute the amount required by the Employee Retirement Income Security Act of 1974, as amended. The components of pension (benefit) cost are: Year ended March 31, 2023 2022 2021 Service cost during the period $ 333 $ 373 $ 461 Interest cost on projected benefit obligation 1,185 1,147 1,211 Expected return on assets ( 2,169 ) ( 2,727 ) ( 2,513 ) Amortization of: Actuarial loss 633 669 1,039 Net pension cost (benefit) $ ( 18 ) $ ( 538 ) $ 198 The components of net pension (benefit) cost other than the service cost component are included in “Other income” in the Consolidated Statements of Operations. The weighted average actuarial assumptions used to determine net pension cost are: Year ended March 31, 2023 2022 2021 Discount rate 3.66 % 3.21 % 3.44 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % Long-term rate of return on plan assets 5.50 % 6.50 % 6.50 % The expected long-term rate of return is based on the mix of investments that comprise plan assets and external forecasts of future long-term investment returns, historical returns, correlations and market volatilities. The Company does no t expect to make any contributions to the plan during fiscal 2024. Changes in the Company's benefit obligation, plan assets and funded status for the pension plan are presented below: Year ended March 31, 2023 2022 Change in the benefit obligation Projected benefit obligation at beginning of year $ 32,991 $ 36,320 Service cost 333 373 Interest cost 1,185 1,147 Actuarial loss ( 5,364 ) ( 2,486 ) Benefit payments ( 1,116 ) ( 1,084 ) Liability released through annuity purchase ( 1,383 ) ( 1,279 ) Projected benefit obligation at end of year $ 26,646 $ 32,991 Change in fair value of plan assets Fair value of plan assets at beginning of year $ 40,049 $ 42,536 Actual return on plan assets ( 4,797 ) ( 124 ) Benefit and administrative expense payments ( 1,116 ) ( 1,084 ) Annuities purchased ( 1,383 ) ( 1,279 ) Fair value of plan assets at end of year $ 32,753 $ 40,049 Funded status Funded status at end of year $ 6,107 $ 7,058 Amount recognized in the Consolidated Balance Sheets $ 6,107 $ 7,058 The weighted average actuarial assumptions used to determine the benefit obligation are: March 31, 2023 2022 Discount rate 5.03 % 3.66 % Rate of increase in compensation levels 3.00 % 3.00 % During fiscal 2023 and fiscal 2022, the pension plan released liabilities for vested benefits of certain participants through the purchase of nonparticipating annuity contracts with a third-party insurance company. As a result of these transactions, in fiscal 2023 and fiscal 2022 , the projected benefit obligation and plan assets decreased $ 1,383 and $ 1,279 , respectively. The projected benefit obligation is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases. The accumulated benefit obligation reflects the actuarial present value of benefits attributable to employee service rendered to date, but does not include the effects of estimated future pay increases. The accumulated benefit obligation as of March 31, 2023 and 2022 was $ 23,784 and $ 29,943 , respectively. At March 31, 2023 and 2022, the pension plan was fully funded on an accumulated benefit obligation basis. Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of: March 31, 2023 2022 Net actuarial loss $ 7,506 $ 6,753 The increase in accumulated other comprehensive loss, net of income tax, consists of: March 31, 2023 2022 Net actuarial loss arising during the year $ 1,246 $ 284 Amortization of actuarial loss ( 493 ) ( 521 ) $ 753 $ ( 237 ) The following benefit payments, which reflect future service, are expected to be paid during the fiscal years ending March 31: 2024 $ 1,128 2025 1,145 2026 1,108 2027 1,118 2028 1,227 2029-2033 7,704 Total $ 13,430 The weighted average asset allocation of the plan assets by asset category is as follows: March 31, Asset Category Target Allocation 2023 2022 Equity securities 20 % 20 % 21 % Debt securities 80 % 80 % 79 % 100 % 100 % The investment strategy of the plan is to generate a consistent total investment return sufficient to pay present and future plan benefits to retirees, while minimizing the long-term cost to the Company. Target allocations for asset categories are used to earn a reasonable rate of return, provide required liquidity and minimize the risk of large losses. Targets are adjusted when considered necessary to reflect trends and developments within the overall investment environment. The fair values of the Company's pension plan assets at March 31, 2023 and 2022, by asset category, are as follows: Fair Value Measurements Using Asset Category At Quoted prices in Significant other Significant Cash $ 91 $ 91 $ — $ — Equity securities: U.S. companies 3,824 3,824 — — International companies 2,555 2,555 — — Fixed income: Corporate bond funds Long-term 26,283 26,283 — — $ 32,753 $ 32,753 $ — $ — Fair Value Measurements Using Asset Category At Quoted prices in Significant other Significant Cash $ 98 $ 98 $ — $ — Equity securities: U.S. companies 5,861 5,861 — — International companies 2,462 2,462 — — Fixed income: Corporate bond funds Long-term 31,628 31,628 — — $ 40,049 $ 40,049 $ — $ — The fair value of Level 1 pension assets is obtained by reference to the last quoted price of the respective security on the market which it trades. See Note 1 to the Consolidated Financial Statements. On February 4, 2003, the Company closed the defined benefit plan to all employees hired on or after January 1, 2003. In place of the defined benefit plan, these employees participate in the Company's domestic defined contribution plan. The Company contributes a fixed percentage of employee compensation to this plan on an annual basis for these employees. The Company's contribution to the defined contribution plan for these employees in fiscal 2023, fiscal 2022 and fiscal 2021 was $ 1,030 , $ 710 and $ 430 , respectively. The Company has an unfunded Supplemental Executive Retirement Plan ("SERP") which provides retirement benefits associated with wages in excess of the legislated qualified plan maximums. Pension expense recorded in fiscal 2023, fiscal 2022, and fiscal 2021 related to this plan was $ 74 , $ 346 and $ 105 , respectively. The weighted average discount rate used to determine pension expense for this plan was 3.64 %, 3.21 % and 3.44 % for fiscal 2023, fiscal 2022 and fiscal 2021 , respectively. The weighted average rate of increase in compensation levels used to develop pension expense for this plan was 3 % in each of fiscal 2023, fiscal 2022 and fiscal 2021. At March 31, 2023 and 2022 , the projected benefit obligation was $ 1,104 and $ 1,320 , respectively, and is included in the caption "Accrued Pension and Postretirement Benefit Liabilities" in the Consolidated Balance Sheets. The amounts recognized in accumulated other comprehensive loss, net of income tax, consist of a net actuarial loss of ($ 47 ) and $ 123 at March 31, 2023 and 2022, respectively. The Company has a domestic defined contribution plan (401(k)) covering substantially all employees. The Company provides matching contributions equal to 100 % of the first 3 % of an employee's salary deferral and 50 % of the next 2 % percent of an employee’s salary deferral . Company contributions are immediately vested. Contributions were $ 1,904 in fiscal 2023 , $ 1,365 in fiscal 2022 and $ 863 in fiscal 2021. Other Postretirement Benefits In addition to providing pension benefits, the Company has a plan in the U.S. that provides health care benefits for eligible retirees and eligible survivors of retirees. The Company's share of the medical premium cost has been capped at $ 4 for family coverage and $ 2 for single coverage for early retirees, and $ 1 for both family and single coverage for regular retirees. On February 4, 2003, the Company terminated postretirement health care benefits for its U.S. employees. Benefits payable to retirees of record on April 1, 2003 remained unchanged. The components of postretirement benefit expense are: Year ended March 31, 2023 2022 2021 Interest cost on accumulated benefit obligation $ 15 $ 13 $ 18 Amortization of actuarial loss 12 25 27 Net postretirement benefit expense $ 27 $ 38 $ 45 Net postretirement benefit expense is included in “Other income” in the Consolidated Statements of Operations. The weighted average discount rates used to develop the net postretirement benefit cost were 3.32 %, 2.34 % and 3.01 % in fiscal 2023, fiscal 2022 and fiscal 2021, respectively. Changes in the Company's benefit obligation, plan assets and funded status for the plan are as follows: Year ended March 31, 2023 2022 Change in the benefit obligation Projected benefit obligation at beginning of year $ 478 $ 587 Interest cost 15 13 Actuarial loss (gain) ( 95 ) ( 66 ) Benefit payments ( 43 ) ( 56 ) Projected benefit obligation at end of year $ 355 $ 478 Change in fair value of plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 43 56 Benefit payments ( 43 ) ( 56 ) Fair value of plan assets at end of year $ — $ — Funded status Funded status at end of year $ ( 355 ) $ ( 478 ) Amount recognized in the Consolidated Balance Sheets $ ( 355 ) $ ( 478 ) The weighted average actuarial assumptions used to develop the accrued postretirement benefit obligation were: March 31, 2023 2022 Discount rate 4.76 % 3.32 % Medical care cost trend rate 7.00 % 7.00 % The medical care cost trend rate used in the actuarial computation ultimately reduces to 4.5 % in 2027 and subsequent years. This was accomplished using 0.5 % decrements for the years ended March 31, 2023 through 2028. The current portion of the accrued postretirement benefit obligation of $ 49 and $ 63 , at March 31, 2023 and 2022, respectively, is included in the caption "Accrued Compensation" and the long-term portion is included in the caption "Accrued Pension and Postretirement Liabilities" in the Consolidated Balance Sheets. Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of: March 31, 2023 2022 Net actuarial loss $ 11 $ 94 The decrease in accumulated other comprehensive loss, net of income tax, consists of: March 31, 2023 2022 Net actuarial gain arising during the year $ ( 74 ) $ ( 51 ) Amortization of actuarial loss ( 9 ) ( 19 ) $ ( 83 ) $ ( 70 ) The following benefit payments are expected to be paid during the fiscal years ending March 31: 2024 $ 49 2025 45 2026 42 2027 39 2028 36 2029-2033 134 Total $ 345 |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Compensation Plans | Note 12 - Stock Compensation Plans: The 2020 Graham Corporation Equity Incentive Plan (the "2020 Plan") was approved by the Company’s stockholders at the Annual Meeting on August 11, 2020 and provides for the issuance of 422 shares of common stock in connection with grants of incentive stock options, non-qualified stock options, restricted stock units and stock awards to officers, key employees and outside directors. The shares available for issuance include 112 shares remaining available under the Company’s prior plan, the Amended and Restated 2000 Graham Corporation Incentive Plan to Increase Shareholder Value (the "2000 Plan"). As of August 11, 2020, the effective date of the 2020 Plan, no further awards will be granted under the 2000 Plan. However, 13 shares of unvested restricted stock under the 2000 Plan remain subject to the terms of such plan until the time such awards expire or are exercised and such shares of restricted stock vest or are forfeited. There were 256 shares available for future grants pursuant to the 2020 Plan at March 31, 2023. The following grants of restricted stock units ("RSUs"), performance stock units ("PSUs"), and restricted stock awards ("RSAs") were awarded: Vest 100 % on First Vest One-Third Per Year Vest 100 % on Third Anniversary (1) Over Three-Year Term (1) Anniversary (1) Officers and Officers and Total Shares Year Ended March 31, Directors Key Employees Key Employees Awarded 2023 Time Vesting RSUs 37 56 33 126 Performance Vesting PSUs 0 0 112 112 2022 Time Vested RSAs 22 54 0 76 Performance Vested RSAs 0 0 88 88 2021 Time Vested RSAs 21 38 0 59 Performance Vested RSAs 0 0 54 54 (1) Subject to the terms of the applicable award. Stock-based compensation cost and the related tax benefits were as follows: Stock-Based Related Year Ended March 31, Compensation Cost Tax Benefits 2023 785 173 2022 780 173 2021 817 193 The following table summarizes information about the Company's stock option awards during fiscal 2023, fiscal 2022 and fiscal 2021: Weighted Shares Average Weighted Aggregate Under Exercise Average Remaining Intrinsic Option Price Contractual Term Value Outstanding at March 31, 2020 37 18.92 Exercised — Outstanding at March 31, 2021 37 18.92 Exercised — Expired ( 4 ) 21.19 Outstanding at March 31, 2022 33 18.65 Exercised — Expired ( 33 ) 18.65 Outstanding at March 31, 2023 — Vested or expected to vest at March 31, 2023 — Exercisable at March 31, 2023 — As of March 31, 2023 , there was $ 2,345 of total unrecognized stock-based compensation expense related to non-vested restricted stock. The Company expects to recognize this expense over a weighted average period of 1.76 years. The following table summarizes information about the Company's RSAs, RSUs, and PSUs granted during fiscal 2023, fiscal 2022 and fiscal 2021: Number of RSAs, RSUs and PSUs Weighted Average Aggregate Non-vested at March 31, 2020 149 25.26 Granted 113 16.39 Vested ( 43 ) 22.70 Forfeited ( 54 ) 23.09 Non-vested at March 31, 2021 165 20.56 Granted 164 18.29 Vested ( 58 ) 18.15 Forfeited ( 112 ) 21.29 Non-vested at March 31, 2022 159 18.59 Granted 238 8.51 Vested ( 35 ) 8.14 Forfeited ( 57 ) 18.86 Non-vested at March 31, 2023 305 11.09 $ 3,990 The Company has an Employee Stock Purchase Plan, as amended (the "ESPP"), which allows eligible employees to purchase shares of the Company's common stock at a discount of up to 15 % of its fair market value on the (1) last, (2) first or (3) lower of the last or first day of the six-month offering period. A total of 400 shares of common stock may be purchased under the ESPP. In fiscal 2023, fiscal 2022 and fiscal 2021 , 29 , 18 and 21 shares, respectively, were issued from treasury stock to the ESPP for the offering periods in each of the fiscal years. In fiscal 2023 , 17 shares were issued from common stock. During fiscal 2023, fiscal 2022 and fiscal 2021 , the Company recognized stock-based compensation cost of $ 21 , $ 29 and $ 47 , respectively, related to the ESPP and $ 5 , $ 7 and $ 11 , respectively, of related tax benefits. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | Note 13 – Changes in Accumulated Other Comprehensive Loss: The changes in accumulated other comprehensive loss by component for fiscal 2023 and fiscal 2022 are: Pension and Other Postretirement Foreign Total Balance at April 1, 2021 $ ( 7,698 ) $ 301 $ ( 7,397 ) Other comprehensive income before reclassifications ( 47 ) 198 151 Amounts reclassified from accumulated other 775 — 775 Net current-period other comprehensive income 728 198 926 Balance at March 31, 2022 ( 6,970 ) 499 ( 6,471 ) Other comprehensive income before reclassifications ( 1,023 ) ( 492 ) ( 1,515 ) Amounts reclassified from accumulated other 523 — 523 Net current-period other comprehensive income ( 500 ) ( 492 ) ( 992 ) Balance at March 31, 2023 $ ( 7,470 ) $ 7 $ ( 7,463 ) The reclassifications out of accumulated other comprehensive loss by component are as follows: Year ended March 31, 2023 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Pension and other postretirement benefit items: Amortization of unrecognized prior service $ — Amortization of actuarial loss ( 672 ) (1) ( 672 ) Income before provision for income taxes ( 149 ) Provision for income taxes $ ( 523 ) Net income Year ended March 31, 2022 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Pension and other postretirement benefit items: Amortization of unrecognized prior service $ — Amortization of actuarial loss ( 996 ) (1) ( 996 ) Income before provision for income taxes ( 221 ) Provision for income taxes $ ( 775 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of net periodic pension and other postretirement benefit costs. See Note 11. |
Segment Information
Segment Information | 12 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Note 14 - Segment Information: The Company has one reporting segment as its operating segments meet the requirement for aggregation. The Company and its operating subsidiaries design and manufacture mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries. The Company also services and sells spare parts for its equipment. See Note 3 to the Consolidated Financial Statements for net sales by market and geographic area. In fiscal 2023 , the Company had two customers whose sales amounted to 15 % and 12 % of total consolidated net sales. In fiscal 2022 , the Company had two customers whose sales amounted to 12 % and 10 % of total consolidated net sales. In fiscal 2021 , the Company had two customers whose sales amounted to 12 % and 11 % of total consolidated net sales. One customer representing such sales was the same customer in fiscal 2023, fiscal 2022 and fiscal 2021 . |
Purchase of Treasury Stock
Purchase of Treasury Stock | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Purchase of Treasury Stock | Note 15 – Purchase of Treasury Stock: On January 29, 2015, the Company’s Board of Directors authorized a stock repurchase program. Under the stock repurchase program the Company is permitted to repurchase up to $ 18,000 of its common stock either in the open market or through privately negotiated transactions. Cash on hand has been used to fund all stock repurchases under the program. No shares were purchased under this program in fiscal 2023, fiscal 2022 or fiscal 2021 . Under the terms of our credit agreement with Bank of America, the Company cannot repurchase shares of its common stock if the Company is in default or if such repurchase would result in an event of default under the credit agreement. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16 – Commitments and Contingencies: The Company has been named as a defendant in lawsuits alleging personal injury from exposure to asbestos allegedly contained in, or accompanying, products made by the Company. The Company is a co-defendant with numerous other defendants in these lawsuits and intends to vigorously defend itself against these claims. The claims in the Company's current lawsuits are similar to those made in previous asbestos-related suits that named the Company as a defendant, which either were dismissed when it was shown that the Company had not supplied products to the plaintiffs' places of work or were settled for immaterial amounts. The Company cannot provide any assurances that any pending or future matters will be resolved in the same manner as previous lawsuits. As of March 31, 2023, the Company was subject to the claims noted above, as well as other legal proceedings and potential claims that have arisen in the ordinary course of business. On April 4, 2023, Virgin Orbit Holdings, Inc. ("Virgin Orbit") commenced voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code ("Chapter 11 Bankruptcy"). As a result, we recorded reserves of $ 3,050 for accounts receivable and inventory related to Virgin Orbit during fiscal 2023. Although the outcome of the lawsuits, legal proceedings or potential claims to which the Company is, or may become, a party to cannot be determined and an estimate of the reasonably possible loss or range of loss cannot be made for the majority of the claims, management does not believe that the outcomes, either individually or in the aggregate, will have a material adverse effect on the Company's results of operations, financial position or cash flows. |
Other Operating (Income) Expens
Other Operating (Income) Expense, Net | 12 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Operating (Income) Expense, Net | Note 17 - Other Operating (Income) Expense, Net: On November 29, 2021, the Company and Jeffrey F. Glajch entered into a Severance and Transition Agreement (the "Agreement") pursuant to which Mr. Glajch agreed to retire from his position the earlier of June 30, 2022 or as of a date upon which the Company and Mr. Glajch otherwise mutually agreed. On March 27, 2022, the Company and Mr. Glajch entered into an Amended and Restated Severance and Transition Agreement (the "Amended Agreement") in which Mr. Glajch agreed to retire on April 15, 2022. Mr. Glajch agreed to provide certain transition-related services to the Company for a period of nine months following the date of separation. The Amended Agreement also provides that the company will pay Mr. Glajch a severance payment in an amount equal to nine months of Mr. Glajch's base salary commencing in April 2022 as well as health care premiums. As a result, expense of $ 275 is recognized and included in Other operating (income) expense, net in the Consolidated Statement of Operations in Fiscal 2022. At March 31, 2022, the related liability of $ 275 is included in Accrued compensation in the Consolidated Balance Sheet. As of March 31, 2023, the liability was zero . On August 9, 2021, the Company and James R. Lines entered into a Severance and Transition Agreement (the "Transition Agreement") pursuant to which Mr. Lines resigned from his position as the Company's Chief Executive Officer and as a member of the Board of Directors, and from positions he holds with all Company subsidiaries and affiliates, effective as of the close of business on August 31, 2021. The Transition Agreement provides that for a period of 18 months following the separation date, Mr. Lines is paid his base salary as well as health care premiums. As a result, expense of $ 798 is recognized and included in Other operating (income) expense, net in the Consolidated Statement of Operations in Fiscal 2022. At March 31, 2022, the related liability of $ 485 is included in Accrued compensation in the Company's Consolidated Balance Sheet. At March 31, 2023, the liability was zero . During the second quarter ended September 30, 2021, the Company terminated the earn out agreement related to the acquisition of BN (see Note 2), therefore the Company recognized a change in fair value of the contingent liability in the amount $ 1,900 , which was include in Other operating (income) expense, net in the Company's Consolidated Statement of Operations. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | GRAHAM CORPORATION AND SUBSIDIARIES SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (In Thousands) Balance at Charged to Charged to Balance at Beginning Costs and Other End of Description of Period Expenses Accounts Deductions Period Year ended March 31, 2023 Reserves deducted from the asset to which they apply: Reserve for doubtful accounts receivable $ 87 $ 1,765 $ — $ ( 11 ) $ 1,841 Reserves included in the balance sheet caption "accrued $ 760 $ — $ — $ ( 760 ) $ — Product warranty liability $ 441 $ 364 $ — $ ( 227 ) $ 578 Year ended March 31, 2022 Reserves deducted from the asset to which they apply: Reserve for doubtful accounts receivable $ 29 $ 163 $ 21 $ ( 126 ) $ 87 Reserves included in the balance sheet caption "accrued $ — $ 1,073 $ — $ ( 313 ) $ 760 Product warranty liability $ 626 $ 386 $ 169 $ ( 740 ) $ 441 Year ended March 31, 2021 Reserves deducted from the asset to which they apply: Reserve for doubtful accounts receivable $ 33 $ ( 4 ) $ — $ — $ 29 Reserves included in the balance sheet caption "accrued Product warranty liability $ 359 $ 344 $ — $ ( 77 ) $ 626 Amounts under the column labeled "Charged to Other Accounts" above represent amounts acquired in the BN acquisition. |
The Company and Its Accountin_2
The Company and Its Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of consolidation and use of estimates in the preparation of consolidated financial statements | Principles of consolidation and use of estimates in the preparation of consolidated financial statements The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, BN, located in Arvada, Colorado, Graham Vacuum and Heat Transfer Technology (Suzhou) Co., Ltd., located in China, and Graham India Private Limited, located in India. All intercompany balances, transactions and profits are eliminated in consolidation. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the related revenues and expenses during the reporting period. Actual amounts could differ from those estimated. |
Translation of foreign currencies | Translation of foreign currencies Assets and liabilities of the Company's foreign subsidiaries are translated into U.S. dollars at currency exchange rates in effect at year end and revenues and expenses are translated at average exchange rates in effect for the year. Gains and losses resulting from foreign currency transactions are included in results of operations. The Company's sales and purchases in foreign currencies are minimal. Therefore, foreign currency transaction gains and losses are not significant. Gains and losses resulting from translation of the foreign subsidiaries balance sheets are included in a separate component of stockholders' equity. Translation adjustments are not adjusted for income taxes since they relate to an investment, which is permanent in nature. |
Revenue recognition | Revenue recognition The Company accounts for revenue in accordance with Accounting Standard Codification 606, "Revenue from Contracts with Customers" ("ASC 606"). The Company recognizes revenue on all contracts when control of the product is transferred to the customer. Control is generally transferred when products are shipped, title is transferred, significant risks of ownership have transferred, the Company has rights to payment, and rewards of ownership pass to the customer. Customer acceptance may also be a factor in determining whether control of the product has transferred. Although revenue on the majority of the Company’s contracts, as measured by number of contracts, is recognized upon shipment to the customer, revenue on larger contracts, which are fewer in number but generally represent the majority of revenue, is recognized over time as these contracts meet specific criteria in ASC 606. Unbilled revenue (contract assets) in the Consolidated Balance Sheets represents revenue recognized that has not been billed to customers on contracts in which revenue is recognized over time. All progress payments exceeding unbilled revenue are presented as customer deposits (contract liabilities) in the Consolidated Balance Sheets. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid, short-term investments with maturities at the time of purchase of three months or less. |
Trade Accounts receivable, net of allowances | Trade Accounts receivable, net of allowances Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The provision for credit losses is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable; however, changes in circumstances relating to accounts receivable may result in a requirement for additional provisions in the future. |
Shipping and handling fees and costs | Shipping and handling fees and costs Shipping and handling fees billed to the customer are recorded in Net sales and the related costs incurred for shipping and handling are included in Cost of products sold. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, using the average cost method. |
Property, plant, equipment and depreciation | Property, plant, equipment and depreciation Property, plant and equipment are stated at cost net of accumulated depreciation. Major additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. Depreciation is provided based upon the estimated useful lives, or lease term if shorter, under the straight-line method. Estimated useful lives range from approximately three to eight years for office equipment, eight to 25 years for manufacturing equipment, eight years for land improvements, leasehold improvements are depreciated over the remaining term of the lease and 40 years for buildings and improvements. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations. |
Business combinations | Business combinations The Company records its business combinations under the acquisition method of accounting. Under the acquisition method of accounting, the Company allocates the purchase price of each acquisition to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective fair values at the date of acquisition. The fair value of identifiable intangible assets is based upon detailed valuations that use various assumptions made by management. Any excess of the purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Direct acquisition-related costs are expensed as incurred. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of identifiable net tangible and intangible assets acquired in a business combination. Goodwill is not amortized, but is reviewed for impairment at least annually or more frequently if impairment indicators arise. Goodwill is evaluated for impairment by first performing a qualitative assessment to determine whether a quantitative goodwill test is necessary. If it is determined, based on qualitative factors, that the fair value of the reporting unit may be more likely than not less than its carrying amount, or if significant adverse changes in the Company's future financial performance occur that could materially impact fair value, a quantitative goodwill impairment test would be required. Additionally, the Company can elect to forgo the qualitative assessment and perform the quantitative test. If the qualitative assessment indicates that the quantitative analysis should be performed, or if management elects to bypass a qualitative assessment, the Company then evaluates goodwill for impairment by comparing the fair value of the reporting unit to its carrying amount, including goodwill. |
Intangible Assets | Intangible Assets Acquired intangible assets other than goodwill consist of backlog, customer relationships, technology and technical know-how and tradenames. Backlog and trade names are included in the line item Other intangible assets, net in the Consolidated Balance Sheet. The Company amortizes Technology and technical know-how and Customer relationships in Selling, general and administrative expense on a straight line basis over each of their estimated useful lives of twenty years. Backlog is amortized in Cost of products sold over the projected conversion period of four years which is based on management estimates at time of purchase. All other intangibles have indefinite lives and are not amortized. |
Impairment of long-lived assets | Impairment of long-lived assets The Company assesses the impairment of definite-lived long-lived assets or asset groups when events or changes in circumstances indicate that the carrying value may not be recoverable. Factors that are considered in deciding when to perform an impairment review include: a significant decrease in the market price of the asset or asset group; a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction; a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group; or a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The term more likely than not refers to a level of likelihood that is more than 50 %. Recoverability potential is measured by comparing the carrying amount of the asset or asset group to its related total future undiscounted cash flows. If the carrying value is not recoverable through related cash flows, the asset or asset group is considered to be impaired. Impairment is measured by comparing the asset or asset group's carrying amount to its fair value. When it is determined that useful lives of assets are shorter than originally estimated, and no impairment is present, the rate of depreciation is accelerated in order to fully depreciate the assets over their new shorter useful lives. Goodwill and intangible assets with indefinite lives are tested annually for impairment. The Company assesses goodwill for impairment by comparing the fair value of its reporting units to their carrying amounts. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the implied fair value of the goodwill within the reporting unit is less than its carrying value. Fair values for reporting units are determined based on a weighted combination of the market approach and the income approach using discounted cash flows. Indefinite lived intangible assets are assessed for impairment by comparing the fair value of the asset to its carrying value. |
Product warranties | Product warranties The Company estimates the costs that may be incurred under its product warranties and records a liability in the amount of such costs at the time revenue is recognized. The reserve for product warranties is based upon past claims experience and ongoing evaluations of any specific probable claims from customers. A reconciliation of the changes in the product warranty liability is presented in Note 6. |
Research and development | Research and development Research and development costs are expensed as incurred. The Company incurred research and development costs of $ 4,144 $ 3,845 and $ 3,367 in fiscal 2023, fiscal 2022 and fiscal 2021 , respectively. Research and development costs are included in the line item “Cost of products sold” in the Consolidated Statements of Operations. |
Income taxes | Income taxes The Company recognizes deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using currently enacted tax rates. The Company evaluates the available evidence about future taxable income and other possible sources of realization of deferred income tax assets and records a valuation allowance to reduce deferred income tax assets to an amount that represents the Company's best estimate of the amount of such deferred income tax assets that more likely than not will be realized. The Company accounts for uncertain tax positions using a "more likely than not" recognition threshold. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective resolution of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. These tax positions are evaluated on a quarterly basis. It is the Company's policy to recognize any interest related to uncertain tax positions in interest expense and any penalties related to uncertain tax positions in selling, general and administrative expense. The Company files federal and state income tax returns in several U.S. and non-U.S. domestic and foreign jurisdictions. In most tax jurisdictions, returns are subject to examination by the relevant tax authorities for a number of years after the returns have been filed. |
Stock based compensation | Stock based compensation The Company records compensation costs related to equity-based awards based on the estimated fair value of the award on the grant date. Compensation cost is recognized in the Company's Consolidated Statements of Operations over the applicable vesting period. The Company uses the Black-Scholes valuation model as the method for determining the fair value of its stock option awards. For service and performance based restricted stock awards and restricted stock units, the fair market value of the award is determined based upon the closing value of the Company's stock price on the grant date. The fair market value of market-based performance restricted stock awards is determined using the Monte Carlo valuation model. The amount of equity-based compensation expense recognized during a period is based on the portion of the awards that are ultimately vest. |
Income (loss) per share data | Income (loss) per share data Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding and, when applicable, potential common shares outstanding during the period. A reconciliation of the numerators and denominators of basic and diluted income (loss) per share is presented below: Year ended March 31, 2023 2022 2021 Basic income (loss) per share: Numerator: Net income (loss) $ 367 $ ( 8,773 ) $ 2,374 Denominator: Weighted average common shares outstanding 10,614 10,541 9,959 Basic income (loss) per share $ 0.03 $ ( 0.83 ) $ 0.24 Diluted income (loss) per share: Numerator: Net income(loss) $ 367 $ ( 8,773 ) $ 2,374 Denominator: Weighted average common shares outstanding 10,614 10,541 9,959 Restricted stock units outstanding 40 — — Weighted average common and potential common 10,654 10,541 9,959 Diluted income (loss) per share $ 0.03 $ ( 0.83 ) $ 0.24 None of the options to purchase shares of common stock which totaled 33 shares and 37 shares in fiscal 2022 and fiscal 2021, respectively, were included in the computation of diluted loss per share as the affect would be anti-dilutive given their exercise price as they would not be dilutive upon issuance or due to the net losses in the fiscal year. |
Cash flow statement | Cash flow statement Interest and income taxes paid as well as non-cash investing and financing activities are as follows: Year ended March 31, 2023 2022 2021 Interest paid $ 1,026 $ 417 $ 11 Income taxes paid 185 2,012 200 Pension and other post retirement income (loss) adjustments, net of income tax ( 500 ) 728 1,774 Issuance of treasury stock to the Employee Stock Purchase Plan (See Note 12) 279 204 222 Capital purchases recorded in accounts payable 483 177 173 Issuance of treasury shares as part of the consideration of the acquisition — 8,964 — |
Accumulated other comprehensive loss | Accumulated other comprehensive loss Comprehensive income (loss) is comprised of net income and other comprehensive income or loss items, which are accumulated as a separate component of stockholders' equity. For the Company, other comprehensive income or loss items include a foreign currency translation adjustment and pension and other postretirement benefit adjustments. |
Fair value measurements | Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants at the measurement date. The accounting standard for fair value establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 – Valuations determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The availability of observable inputs can vary and is affected by a wide variety of factors, including, the type of asset/liability, whether the asset/liability is established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are required to reflect those that market participants would use in pricing the asset or liability at the measurement date. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of sales and expenses during the reporting period. Actual results could differ materially from those estimates. |
Accounting and reporting changes | Accounting and reporting changes In the normal course of business, management evaluates all new accounting pronouncements issued by the Financial Accounting Standards Board ("FASB"), the Securities and Exchange Commission ("SEC"), the Emerging Issues Task Force, the American Institute of Certified Public Accountants or any other authoritative accounting body to determine the potential impact they may have on the Company's consolidated financial statements. Management does not expect any recently issued accounting pronouncements, which have not already been adopted, to have a material impact on the Company's consolidated financial statements. |
The Company and Its Accountin_3
The Company and Its Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Income (Loss) Per Share | A reconciliation of the numerators and denominators of basic and diluted income (loss) per share is presented below: Year ended March 31, 2023 2022 2021 Basic income (loss) per share: Numerator: Net income (loss) $ 367 $ ( 8,773 ) $ 2,374 Denominator: Weighted average common shares outstanding 10,614 10,541 9,959 Basic income (loss) per share $ 0.03 $ ( 0.83 ) $ 0.24 Diluted income (loss) per share: Numerator: Net income(loss) $ 367 $ ( 8,773 ) $ 2,374 Denominator: Weighted average common shares outstanding 10,614 10,541 9,959 Restricted stock units outstanding 40 — — Weighted average common and potential common 10,654 10,541 9,959 Diluted income (loss) per share $ 0.03 $ ( 0.83 ) $ 0.24 |
Schedule Of Non-Cash Investing and Financing Activities | Interest and income taxes paid as well as non-cash investing and financing activities are as follows: Year ended March 31, 2023 2022 2021 Interest paid $ 1,026 $ 417 $ 11 Income taxes paid 185 2,012 200 Pension and other post retirement income (loss) adjustments, net of income tax ( 500 ) 728 1,774 Issuance of treasury stock to the Employee Stock Purchase Plan (See Note 12) 279 204 222 Capital purchases recorded in accounts payable 483 177 173 Issuance of treasury shares as part of the consideration of the acquisition — 8,964 — |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of impact of the adjustments on individual line items in the Consolidated Balance Sheet | The following table presents the impact of the final adjustments on individual line items in the Company's Consolidated Balance Sheet at March 31, 2022: Before Adjustment of Final Allocation of Purchase Price After Adjustment of Final Allocation of Purchase Price June 1, March 31, 2021 Adjustments 2022 Assets acquired: Cash and cash equivalents $ 1,587 $ ( 719 ) $ 868 Trade accounts receivable, net of 8,154 ( 80 ) 8,074 Unbilled revenue 7,068 7,068 Inventories 3,669 ( 120 ) 3,549 Prepaid expenses and other current 409 67 476 Property, plant & equipment, net 8,037 8,037 Operating lease asset 9,026 9,026 Goodwill 22,923 600 23,523 Customer relationships 11,800 11,800 Technology and technical know- 10,100 10,100 Other intangibles, net 11,200 ( 600 ) 10,600 Total assets acquired 93,973 ( 852 ) 93,121 Liabilities assumed: Accounts payable 2,736 ( 894 ) 1,842 Accrued compensation 1,341 1,341 Accrued expenses and other 665 42 707 Customer deposits 6,048 6,048 Operating lease liabilities 9,066 9,066 Other long-term liabilities 2,103 2,103 Total liabilities assumed 21,959 ( 852 ) 21,107 Purchase price $ 72,014 $ — $ 72,014 |
Schedule of Purchase Price Allocated to Intangible Assets | The purchase price was allocated to specific intangible assets as follows: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount At March 31, 2023 Intangibles subject to amortization: Customer relationships 20 years $ 11,800 $ 1,082 $ 10,718 Technology and technical know-how 20 years 10,100 926 9,174 Backlog 4 years 3,900 2,990 910 $ 25,800 $ 4,998 $ 20,802 Intangibles not subject to amortization: Tradename Indefinite $ 6,700 $ — $ 6,700 |
Schedule of Estimated Annual Amortization Expense | Technology and technical know-how and customer relationships are amortized in selling, general and administrative expense on a straight line basis over their estimated useful lives. Backlog is amortized in cost of products sold over the projected conversion period based on management estimates at time of purchase. Intangible amortization was $ 2,476 and $ 2,522 for fiscal 2023 and 2022, respectively. The estimated annual amortization expense is as follows: Annual Amortization 2024 $ 1,782 2025 1,318 2026 1,095 2027 1,095 2028 1,095 2029 and thereafter 14,417 Total intangible amortization $ 20,802 |
Schedule of Unaudited Pro Forma Information | The Consolidated Statement of Operations for fiscal 2022 includes net sales of BN of $ 47,865 . The following unaudited pro forma information presents the consolidated results of operations of the Company as if the BN acquisition had occurred at the beginning of each of the fiscal periods presented: For the Year Ended March 31, 2022 2021 Net sales $ 134,627 $ 155,409 Net (loss) income ( 7,196 ) 5,067 (Loss) earnings per share Basic $ ( 0.68 ) $ 0.48 Diluted $ ( 0.68 ) $ 0.48 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Disaggregated by Product Line and Geographic Area | The following tables present the Company's net sales disaggregated by market and geographic area: Year ended March 31, Market 2023 2022 2021 Refining $ 27,270 $ 24,406 $ 39,713 Chemical/Petrochemical 21,950 15,955 24,019 Defense 65,327 62,189 23,939 Space 21,180 5,744 — Other Commercial 21,391 14,520 9,818 Net sales $ 157,118 $ 122,814 $ 97,489 Year ended March 31, Geographic Area 2023 2022 2021 Asia $ 16,040 $ 13,687 $ 25,614 Canada 4,464 3,583 6,538 Middle East 2,914 2,489 4,843 South America 3,021 1,972 6,202 U.S. 127,519 97,718 52,724 All other 3,160 3,365 1,568 Net sales $ 157,118 $ 122,814 $ 97,489 The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment: Year ended March 31, 2023 2022 2021 Revenue recognized over time 74 % 75 % 60 % Revenue recognized at shipment 26 % 25 % 40 % |
Schedule of Disaggregation of Revenue | The following tables present the Company's net sales disaggregated by market and geographic area: Year ended March 31, Market 2023 2022 2021 Refining $ 27,270 $ 24,406 $ 39,713 Chemical/Petrochemical 21,950 15,955 24,019 Defense 65,327 62,189 23,939 Space 21,180 5,744 — Other Commercial 21,391 14,520 9,818 Net sales $ 157,118 $ 122,814 $ 97,489 Year ended March 31, Geographic Area 2023 2022 2021 Asia $ 16,040 $ 13,687 $ 25,614 Canada 4,464 3,583 6,538 Middle East 2,914 2,489 4,843 South America 3,021 1,972 6,202 U.S. 127,519 97,718 52,724 All other 3,160 3,365 1,568 Net sales $ 157,118 $ 122,814 $ 97,489 The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment: Year ended March 31, 2023 2022 2021 Revenue recognized over time 74 % 75 % 60 % Revenue recognized at shipment 26 % 25 % 40 % |
Schedule of Net Contract Assets (Liabilities) | Net contract assets (liabilities) consisted of the following: March 31, 2023 March 31, 2022 Change Change due to revenue recognized Change due to invoicing customers/ Unbilled revenue (contract assets) $ 39,684 $ 25,570 $ 14,114 $ 84,794 $ ( 70,680 ) Customer deposits (contract liabilities) ( 46,042 ) ( 25,644 ) ( 20,398 ) 22,366 ( 42,764 ) Net contract (liabilities) assets $ ( 6,358 ) $ ( 74 ) $ ( 6,284 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Major Classifications of Inventories | Major classifications of inventories are as follows: March 31, 2023 2022 Raw materials and supplies $ 4,344 $ 4,145 Work in process 20,554 11,631 Finished products 1,395 1,638 $ 26,293 $ 17,414 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Major classifications of property, plant and equipment are as follows: March 31, 2023 2022 Land and land improvements $ 450 $ 450 Buildings and leasehold improvements 23,112 22,820 Machinery and equipment 41,398 39,905 Construction in progress 2,518 228 67,478 63,403 Less – accumulated depreciation and amortization 41,955 38,519 $ 25,523 $ 24,884 |
Product Warranty Liability (Tab
Product Warranty Liability (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Guarantees [Abstract] | |
Reconciliation of the Changes in Product Warranty Liability | The reconciliation of the changes in the product warranty liability is as follows: Year ended March 31, 2023 2022 Balance at beginning of year $ 441 $ 626 BN warranty accrual acquired — 169 Expense for product warranties 364 386 Product warranty claims paid ( 227 ) ( 740 ) Balance at end of year $ 578 $ 441 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Weighted Average Remaining Lease Term and Discount Rate for Finance and Operating Leases | The weighted average remaining lease term and discount rate for finance and operating leases are as follows: March 31, 2023 2022 Finance Leases Weighted-average remaining lease term in years 4.45 1.42 Weighted-average discount rate 7.98 % 10.67 % Operating Leases Weighted-average remaining lease term in years 7.00 7.54 Weighted-average discount rate 3.25 % 3.27 % |
Schedule of Components of Lease Expense | The components of lease expense are as follows: Year Ended March 31, 2023 2022 Finance lease cost: Amortization of right-of-use assets $ 24 $ 20 Interest on lease liabilities 4 5 Operating lease cost 1,394 1,309 Short-term lease cost 17 33 Total lease cost $ 1,439 $ 1,367 |
Future Minimum Payments Required under Non-cancelable Leases | As of March 31, 2023, future minimum payments required under non-cancelable leases are: Operating Finance 2024 $ 1,281 $ 36 2025 1,295 26 2026 1,309 26 2027 1,349 26 2028 and thereafter 4,328 21 Total lease payments 9,562 135 Less – amount representing interest 1,042 21 Present value of net minimum lease payments $ 8,520 $ 114 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | Long term debt is comprised of the following: March 31, 2023 2022 Bank of America term loan $ 12,500 $ 18,500 Less: unamortized debt issuance costs ( 756 ) ( 122 ) 11,744 18,378 Less: current portion 2,000 2,000 Total $ 9,744 $ 16,378 |
Schedule of Future Minimum Payments | As of March 31, 2023, future minimum payments required were as follows: 2024 $ 2,000 2025 2,000 2026 8,500 2027 — 2028 — 2029 and thereafter — Total $ 12,500 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) Before Provision (Benefit) for Income Taxes | An analysis of the components of income (loss) before provision (benefit) for income taxes is presented below: Year ended March 31, 2023 2022 2021 United States $ ( 66 ) $ ( 11,954 ) $ ( 602 ) Asia 627 738 3,869 $ 561 $ ( 11,216 ) $ 3,267 |
The Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes consists of: Year ended March 31, 2023 2022 2021 Current: Federal $ 37 $ ( 31 ) $ 924 State 204 72 62 Foreign 73 749 468 314 790 1,454 Deferred: Federal ( 89 ) ( 2,648 ) ( 960 ) State ( 82 ) ( 155 ) ( 116 ) Foreign 93 ( 423 ) 508 Changes in valuation allowance ( 42 ) ( 7 ) 7 ( 120 ) ( 3,233 ) ( 561 ) Total provision (benefit) for income taxes $ 194 $ ( 2,443 ) $ 893 |
Reconciliation of the Provision (Benefit) for Income Taxes | The reconciliation of the provision (benefit) calculated using the U.S. federal tax rate with the provision (benefit) for income taxes presented in the consolidated financial statements is as follows: Year ended March 31, 2023 2022 2021 Provision (benefit) for income taxes at federal rate $ 118 $ ( 2,355 ) $ 686 State taxes 92 ( 96 ) ( 35 ) Charges not deductible for income tax purposes 26 147 158 Stock based compensation 114 — — Research and development tax credits ( 240 ) ( 295 ) ( 172 ) Valuation allowance ( 42 ) ( 7 ) 7 Difference in federal rate 27 31 156 Nondeductible fringe benefits 44 — — Foreign withholding tax — 138 — Foreign tax credit — — ( 84 ) Foreign-derived intangible income deduction — ( 2 ) ( 81 ) Global intangible low-taxed income 55 — 405 Net operating loss carryback — — ( 146 ) Other — ( 4 ) ( 1 ) Provision for income taxes $ 194 $ ( 2,443 ) $ 893 |
Summary of Net Deferred Income Tax Liability | The net deferred income tax asset (liability) recorded in the Consolidated Balance Sheets results from differences between financial statement and tax reporting of income and deductions. A summary of the composition of the Company's net deferred income tax asset (liability) follows: March 31, 2023 2022 Depreciation $ ( 3,117 ) $ ( 3,345 ) Accrued compensation 309 362 Goodwill ( 224 ) 180 Prepaid pension asset ( 1,355 ) ( 1,557 ) Accrued pension liability 245 291 Accrued postretirement benefits 79 105 Compensated absences 567 515 Inventories ( 10 ) 899 Warranty liability 135 99 Accrued expenses 1,276 1,230 Equity-based compensation 230 240 Allowance for doubtful accounts 422 — Operating lease assets ( 1,894 ) ( 1,954 ) Operating lease liabilities 1,963 1,990 Acquisition costs 142 152 Intangible assets 236 158 New York State investment tax credit 1,066 1,108 Research and development tax credit 1,243 240 Research and development credit carryforward 367 — Net operating loss carryforwards 2,205 2,748 Capital loss related to sale of Energy Steel 4,211 4,211 Other ( 129 ) 26 7,967 7,698 Less: Valuation allowance ( 5,277 ) ( 5,319 ) Total $ 2,690 $ 2,379 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Pension Plans, Defined Benefit [Member] | |
Components of Postretirement Benefit Expense (Income) and Pension Cost (Benefit) | The components of pension (benefit) cost are: Year ended March 31, 2023 2022 2021 Service cost during the period $ 333 $ 373 $ 461 Interest cost on projected benefit obligation 1,185 1,147 1,211 Expected return on assets ( 2,169 ) ( 2,727 ) ( 2,513 ) Amortization of: Actuarial loss 633 669 1,039 Net pension cost (benefit) $ ( 18 ) $ ( 538 ) $ 198 |
Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost | The weighted average actuarial assumptions used to determine net pension cost are: Year ended March 31, 2023 2022 2021 Discount rate 3.66 % 3.21 % 3.44 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % Long-term rate of return on plan assets 5.50 % 6.50 % 6.50 % |
Changes in Company's Benefit Obligation, Plan Assets and Funded Status for Plan | Changes in the Company's benefit obligation, plan assets and funded status for the pension plan are presented below: Year ended March 31, 2023 2022 Change in the benefit obligation Projected benefit obligation at beginning of year $ 32,991 $ 36,320 Service cost 333 373 Interest cost 1,185 1,147 Actuarial loss ( 5,364 ) ( 2,486 ) Benefit payments ( 1,116 ) ( 1,084 ) Liability released through annuity purchase ( 1,383 ) ( 1,279 ) Projected benefit obligation at end of year $ 26,646 $ 32,991 Change in fair value of plan assets Fair value of plan assets at beginning of year $ 40,049 $ 42,536 Actual return on plan assets ( 4,797 ) ( 124 ) Benefit and administrative expense payments ( 1,116 ) ( 1,084 ) Annuities purchased ( 1,383 ) ( 1,279 ) Fair value of plan assets at end of year $ 32,753 $ 40,049 Funded status Funded status at end of year $ 6,107 $ 7,058 Amount recognized in the Consolidated Balance Sheets $ 6,107 $ 7,058 |
Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost | The weighted average actuarial assumptions used to determine the benefit obligation are: March 31, 2023 2022 Discount rate 5.03 % 3.66 % Rate of increase in compensation levels 3.00 % 3.00 % |
Summary of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Income Tax | Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of: March 31, 2023 2022 Net actuarial loss $ 7,506 $ 6,753 |
Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax | The increase in accumulated other comprehensive loss, net of income tax, consists of: March 31, 2023 2022 Net actuarial loss arising during the year $ 1,246 $ 284 Amortization of actuarial loss ( 493 ) ( 521 ) $ 753 $ ( 237 ) |
Summary of Benefit Payments, Which Reflect Future Service, are Expected to be Paid | The following benefit payments, which reflect future service, are expected to be paid during the fiscal years ending March 31: 2024 $ 1,128 2025 1,145 2026 1,108 2027 1,118 2028 1,227 2029-2033 7,704 Total $ 13,430 |
Summary of Weighted Average Asset Allocation of Plan Assets by Asset Category | The weighted average asset allocation of the plan assets by asset category is as follows: March 31, Asset Category Target Allocation 2023 2022 Equity securities 20 % 20 % 21 % Debt securities 80 % 80 % 79 % 100 % 100 % |
Fair Values of Company's Pension Plan Assets by Asset Category | The fair values of the Company's pension plan assets at March 31, 2023 and 2022, by asset category, are as follows: Fair Value Measurements Using Asset Category At Quoted prices in Significant other Significant Cash $ 91 $ 91 $ — $ — Equity securities: U.S. companies 3,824 3,824 — — International companies 2,555 2,555 — — Fixed income: Corporate bond funds Long-term 26,283 26,283 — — $ 32,753 $ 32,753 $ — $ — Fair Value Measurements Using Asset Category At Quoted prices in Significant other Significant Cash $ 98 $ 98 $ — $ — Equity securities: U.S. companies 5,861 5,861 — — International companies 2,462 2,462 — — Fixed income: Corporate bond funds Long-term 31,628 31,628 — — $ 40,049 $ 40,049 $ — $ — |
Other Postretirement Benefit Plans [Member] | |
Components of Postretirement Benefit Expense (Income) and Pension Cost (Benefit) | The components of postretirement benefit expense are: Year ended March 31, 2023 2022 2021 Interest cost on accumulated benefit obligation $ 15 $ 13 $ 18 Amortization of actuarial loss 12 25 27 Net postretirement benefit expense $ 27 $ 38 $ 45 |
Changes in Company's Benefit Obligation, Plan Assets and Funded Status for Plan | Changes in the Company's benefit obligation, plan assets and funded status for the plan are as follows: Year ended March 31, 2023 2022 Change in the benefit obligation Projected benefit obligation at beginning of year $ 478 $ 587 Interest cost 15 13 Actuarial loss (gain) ( 95 ) ( 66 ) Benefit payments ( 43 ) ( 56 ) Projected benefit obligation at end of year $ 355 $ 478 Change in fair value of plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 43 56 Benefit payments ( 43 ) ( 56 ) Fair value of plan assets at end of year $ — $ — Funded status Funded status at end of year $ ( 355 ) $ ( 478 ) Amount recognized in the Consolidated Balance Sheets $ ( 355 ) $ ( 478 ) |
Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost | The weighted average actuarial assumptions used to develop the accrued postretirement benefit obligation were: March 31, 2023 2022 Discount rate 4.76 % 3.32 % Medical care cost trend rate 7.00 % 7.00 % |
Summary of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Income Tax | Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of: March 31, 2023 2022 Net actuarial loss $ 11 $ 94 |
Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax | The decrease in accumulated other comprehensive loss, net of income tax, consists of: March 31, 2023 2022 Net actuarial gain arising during the year $ ( 74 ) $ ( 51 ) Amortization of actuarial loss ( 9 ) ( 19 ) $ ( 83 ) $ ( 70 ) |
Summary of Benefit Payments, Which Reflect Future Service, are Expected to be Paid | The following benefit payments are expected to be paid during the fiscal years ending March 31: 2024 $ 49 2025 45 2026 42 2027 39 2028 36 2029-2033 134 Total $ 345 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option Awards | The following table summarizes information about the Company's stock option awards during fiscal 2023, fiscal 2022 and fiscal 2021: Weighted Shares Average Weighted Aggregate Under Exercise Average Remaining Intrinsic Option Price Contractual Term Value Outstanding at March 31, 2020 37 18.92 Exercised — Outstanding at March 31, 2021 37 18.92 Exercised — Expired ( 4 ) 21.19 Outstanding at March 31, 2022 33 18.65 Exercised — Expired ( 33 ) 18.65 Outstanding at March 31, 2023 — Vested or expected to vest at March 31, 2023 — Exercisable at March 31, 2023 — |
Summary of Stock-Based Compensation Cost and Related Tax Benefits | Stock-based compensation cost and the related tax benefits were as follows: Stock-Based Related Year Ended March 31, Compensation Cost Tax Benefits 2023 785 173 2022 780 173 2021 817 193 |
Schedule of Restricted Stock Units ("RSUs"), Performance Stock Units ("PSUs"), and Restricted Stock Awards ("RSAs") Granted | The following grants of restricted stock units ("RSUs"), performance stock units ("PSUs"), and restricted stock awards ("RSAs") were awarded: Vest 100 % on First Vest One-Third Per Year Vest 100 % on Third Anniversary (1) Over Three-Year Term (1) Anniversary (1) Officers and Officers and Total Shares Year Ended March 31, Directors Key Employees Key Employees Awarded 2023 Time Vesting RSUs 37 56 33 126 Performance Vesting PSUs 0 0 112 112 2022 Time Vested RSAs 22 54 0 76 Performance Vested RSAs 0 0 88 88 2021 Time Vested RSAs 21 38 0 59 Performance Vested RSAs 0 0 54 54 (1) Subject to the terms of the applicable award. |
Schedule of Restricted Stock Awards | The following table summarizes information about the Company's RSAs, RSUs, and PSUs granted during fiscal 2023, fiscal 2022 and fiscal 2021: Number of RSAs, RSUs and PSUs Weighted Average Aggregate Non-vested at March 31, 2020 149 25.26 Granted 113 16.39 Vested ( 43 ) 22.70 Forfeited ( 54 ) 23.09 Non-vested at March 31, 2021 165 20.56 Granted 164 18.29 Vested ( 58 ) 18.15 Forfeited ( 112 ) 21.29 Non-vested at March 31, 2022 159 18.59 Granted 238 8.51 Vested ( 35 ) 8.14 Forfeited ( 57 ) 18.86 Non-vested at March 31, 2023 305 11.09 $ 3,990 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component | The changes in accumulated other comprehensive loss by component for fiscal 2023 and fiscal 2022 are: Pension and Other Postretirement Foreign Total Balance at April 1, 2021 $ ( 7,698 ) $ 301 $ ( 7,397 ) Other comprehensive income before reclassifications ( 47 ) 198 151 Amounts reclassified from accumulated other 775 — 775 Net current-period other comprehensive income 728 198 926 Balance at March 31, 2022 ( 6,970 ) 499 ( 6,471 ) Other comprehensive income before reclassifications ( 1,023 ) ( 492 ) ( 1,515 ) Amounts reclassified from accumulated other 523 — 523 Net current-period other comprehensive income ( 500 ) ( 492 ) ( 992 ) Balance at March 31, 2023 $ ( 7,470 ) $ 7 $ ( 7,463 ) |
Reclassifications Out of Accumulated Other Comprehensive Loss by Component | The reclassifications out of accumulated other comprehensive loss by component are as follows: Year ended March 31, 2023 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Pension and other postretirement benefit items: Amortization of unrecognized prior service $ — Amortization of actuarial loss ( 672 ) (1) ( 672 ) Income before provision for income taxes ( 149 ) Provision for income taxes $ ( 523 ) Net income Year ended March 31, 2022 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Pension and other postretirement benefit items: Amortization of unrecognized prior service $ — Amortization of actuarial loss ( 996 ) (1) ( 996 ) Income before provision for income taxes ( 221 ) Provision for income taxes $ ( 775 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of net periodic pension and other postretirement benefit costs. See Note 11. |
The Company and Its Accountin_4
The Company and Its Accounting Policies - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jun. 01, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule Of Accounting Policies [Line Items] | ||||
Minimum level of likelihood | 50% | |||
Research and development costs | $ 4,144 | $ 3,845 | $ 3,367 | |
Antidilutive securities excluded from computation of earnings per share | 33 | 37 | ||
Interest paid | 1,026 | $ 417 | $ 11 | |
Income taxes paid (refunded) | 185 | 2,012 | 200 | |
Pension and other post retirement income (loss) adjustments, net of income tax | (500) | 728 | 1,774 | |
Issuance of treasury stock | 279 | 9,167 | 222 | |
Capital expenditures | 483 | 177 | 173 | |
Acquisition of Barber-Nichols, LLC | 0 | 60,282 | 0 | |
Employee Stock Purchase Plan [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Issuance of treasury stock | $ 279 | $ 204 | $ 222 | |
Barber Nichols Inc [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 61,150 | |||
Buildings and Leasehold Improvements [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Estimated useful lives range | 40 years | |||
Minimum [Member] | Office Equipment [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Estimated useful lives range | 3 years | |||
Minimum [Member] | Manufacturing Equipment [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Estimated useful lives range | 8 years | |||
Maximum [Member] | Office Equipment [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Estimated useful lives range | 8 years | |||
Maximum [Member] | Manufacturing Equipment [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Estimated useful lives range | 25 years |
The Company and Its Accountin_5
The Company and Its Accounting Policies - Reconciliation of Numerators and Denominators of Basic and Diluted Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | |||
Net income (loss) | $ 367 | $ (8,773) | $ 2,374 |
Denominator: | |||
Weighted average common shares outstanding | 10,614 | 10,541 | 9,959 |
Basic income (loss) per share | $ 0.03 | $ (0.83) | $ 0.24 |
Numerator: | |||
Net income (loss) | $ 367 | $ (8,773) | $ 2,374 |
Denominator: | |||
Weighted average common shares outstanding | 10,614 | 10,541 | 9,959 |
Restricted stock units outstanding | 40 | ||
Weighted average common and potential common shares outstanding | 10,654 | 10,541 | 9,959 |
Diluted income (loss) per share | $ 0.03 | $ (0.83) | $ 0.24 |
The Company and Its Accountin_6
The Company and Its Accounting Policies - Schedule Of Non-Cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Interest paid | $ 1,026 | $ 417 | $ 11 |
Income taxes paid | 185 | 2,012 | 200 |
Pension and other post retirement income (loss) adjustments, net of income tax | (500) | 728 | 1,774 |
Issuance of treasury stock to the Employee Stock Purchase Plan (See Note 12) | 279 | 9,167 | 222 |
Capital purchases recorded in accounts payable | 483 | 177 | 173 |
Issuance of treasury shares as part of the consideration of the acquisition | 0 | 8,964 | |
Employee Stock Purchase Plan [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Issuance of treasury stock to the Employee Stock Purchase Plan (See Note 12) | $ 279 | $ 204 | $ 222 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Jun. 01, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
Business Acquisition [Line Items] | |||||
Operating Lease Payments | $ 843 | $ 707 | |||
Amortization of intangible assets | 2,476 | 2,522 | $ 0 | ||
Net sales | $ 157,118 | 122,814 | $ 97,489 | ||
Barber-Nichols, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, purchase price | $ 72,014 | ||||
Business combination, common stock, shares | 610 | ||||
Business combination, common stock value | $ 8,964 | ||||
Business combination share price | $ 14.69 | ||||
Business combination, cash consideration | $ 61,150 | ||||
Business combination, contingent earn-out | $ 1,900 | ||||
Term of lease agreement | 9 years | ||||
Operating Lease Payments | $ 40 | ||||
Equipment on lease, monthly payment | $ 16 | ||||
Annual escalation in lease payment | 3% | ||||
Business combination, Acquisition related costs | 554 | ||||
Net sales | $ 47,865 | ||||
Barber-Nichols, Inc. [Member] | Equipment Lease Agreement [Member] | |||||
Business Acquisition [Line Items] | |||||
Term of lease agreement | 7 years | ||||
Barber-Nichols, Inc. [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination contingent earn-out eligible to receive, additional cash consideration | $ 14,000 |
Acquisition - Schedule of Sched
Acquisition - Schedule of Schedule of impact of the adjustments on individual line items in the Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Assets acquired: | ||
Goodwill | $ 23,523 | $ 23,523 |
Barber-Nichols, Inc. [Member] | ||
Assets acquired: | ||
Cash and cash equivalents | 868 | |
Trade accounts receivable, net of allowances | 8,074 | |
Unbilled revenue | 7,068 | |
Inventories | 3,549 | |
Prepaid expenses and other current assets | 476 | |
Property, plant & equipment, net | 8,037 | |
Operating lease asset | 9,026 | |
Goodwill | 23,523 | |
Intangibles | 10,600 | |
Total assets acquired | 93,121 | |
Liabilities assumed: | ||
Accounts payable | 1,842 | |
Accrued compensation | 1,341 | |
Accrued expenses and other current liabilities | 707 | |
Customer deposits | 6,048 | |
Operating lease liabilities | 9,066 | |
Other long term liabilities | 2,103 | |
Total liabilities assumed | 21,107 | |
Purchase price | 72,014 | |
Barber-Nichols, Inc. [Member] | Before Adjustment of Final Allocation of Purchase Price [Member] | ||
Assets acquired: | ||
Cash and cash equivalents | 1,587 | |
Trade accounts receivable, net of allowances | 8,154 | |
Unbilled revenue | 7,068 | |
Inventories | 3,669 | |
Prepaid expenses and other current assets | 409 | |
Property, plant & equipment, net | 8,037 | |
Operating lease asset | 9,026 | |
Goodwill | 22,923 | |
Intangibles | 11,200 | |
Total assets acquired | 93,973 | |
Liabilities assumed: | ||
Accounts payable | 2,736 | |
Accrued compensation | 1,341 | |
Accrued expenses and other current liabilities | 665 | |
Customer deposits | 6,048 | |
Operating lease liabilities | 9,066 | |
Other long term liabilities | 2,103 | |
Total liabilities assumed | 21,959 | |
Purchase price | 72,014 | |
Barber-Nichols, Inc. [Member] | Adjustment [Member] | ||
Assets acquired: | ||
Cash and cash equivalents | (719) | |
Trade accounts receivable, net of allowances | (80) | |
Inventories | (120) | |
Prepaid expenses and other current assets | 67 | |
Goodwill | 600 | |
Intangibles | (600) | |
Total assets acquired | (852) | |
Liabilities assumed: | ||
Accounts payable | (894) | |
Accrued expenses and other current liabilities | 42 | |
Total liabilities assumed | (852) | |
Purchase price | 0 | |
Barber-Nichols, Inc. [Member] | Customer Relationships [Member] | ||
Assets acquired: | ||
Intangibles | 11,800 | |
Barber-Nichols, Inc. [Member] | Customer Relationships [Member] | Before Adjustment of Final Allocation of Purchase Price [Member] | ||
Assets acquired: | ||
Intangibles | 11,800 | |
Barber-Nichols, Inc. [Member] | Technology and Technical Know-How [Member] | ||
Assets acquired: | ||
Intangibles | 10,100 | |
Barber-Nichols, Inc. [Member] | Technology and Technical Know-How [Member] | Before Adjustment of Final Allocation of Purchase Price [Member] | ||
Assets acquired: | ||
Intangibles | $ 10,100 |
Acquisition - Schedule of Purch
Acquisition - Schedule of Purchase Price Allocated to Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 10,718 | $ 11,308 |
Technology and Technical Know-How [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Assets, Net | 9,174 | $ 9,679 |
Barber Nichols Inc [Member] | ||
Business Acquisition [Line Items] | ||
Intangibles subject to amortization, Gross Carrying Amount | 25,800 | |
Intangibles subject to amortization, Accumulated Amortization | 4,998 | |
Finite-Lived Intangible Assets, Net | $ 20,802 | |
Barber Nichols Inc [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 20 years | |
Intangibles subject to amortization, Gross Carrying Amount | $ 11,800 | |
Intangibles subject to amortization, Accumulated Amortization | 1,082 | |
Finite-Lived Intangible Assets, Net | $ 10,718 | |
Barber Nichols Inc [Member] | Technology and Technical Know-How [Member] | ||
Business Acquisition [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 20 years | |
Intangibles subject to amortization, Gross Carrying Amount | $ 10,100 | |
Intangibles subject to amortization, Accumulated Amortization | 926 | |
Finite-Lived Intangible Assets, Net | $ 9,174 | |
Barber Nichols Inc [Member] | Backlog [Member] | ||
Business Acquisition [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 4 years | |
Intangibles subject to amortization, Gross Carrying Amount | $ 3,900 | |
Intangibles subject to amortization, Accumulated Amortization | 2,990 | |
Finite-Lived Intangible Assets, Net | $ 910 | |
Barber Nichols Inc [Member] | Tradename [Member] | ||
Business Acquisition [Line Items] | ||
Intangibles not subject to amortization, Weighted Average Amortization Period | Indefinite | |
Intangibles not subject to amortization, Gross Carrying Amount | $ 6,700 | |
Intangibles not subject to amortization, Net Carrying Amount | $ 6,700 |
Acquisition - Schedule of Estim
Acquisition - Schedule of Estimated Annual Amortization Expense (Detail) - Barber-Nichols, Inc. [Member] $ in Thousands | Mar. 31, 2023 USD ($) |
Business Acquisition [Line Items] | |
2024 | $ 1,782 |
2025 | 1,318 |
2026 | 1,095 |
2027 | 1,095 |
2028 | 1,095 |
2029 and thereafter | 14,417 |
Total intangible amortization | $ 20,802 |
Acquisition - Schedule of Unaud
Acquisition - Schedule of Unaudited Pro Forma Information (Detail) - Barber-Nichols, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | ||
Net sales | $ 134,627 | $ 155,409 |
Net (loss) income | $ (7,196) | $ 5,067 |
Basic | $ (0.68) | $ 0.48 |
Diluted | $ (0.68) | $ 0.48 |
Revenue Recognition - Revenue D
Revenue Recognition - Revenue Disaggregated by Product Line and Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 157,118 | $ 122,814 | $ 97,489 |
Asia [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 16,040 | 13,687 | 25,614 |
Canada [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 4,464 | 3,583 | 6,538 |
Middle East [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 2,914 | 2,489 | 4,843 |
South America [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 3,021 | 1,972 | 6,202 |
U.S. [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 127,519 | 97,718 | 52,724 |
All Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 3,160 | 3,365 | 1,568 |
Refining [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 27,270 | 24,406 | 39,713 |
Chemical/Petrochemical [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 21,950 | 15,955 | 24,019 |
Defense [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 65,327 | 62,189 | 23,939 |
Space [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 21,180 | 5,744 | 0 |
Other Commercial [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 21,391 | $ 14,520 | $ 9,818 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregation of Revenue (Detail) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Abstract] | |||
Percentage of revenue from contracts recognized over time | 74% | 75% | 60% |
Percentage of revenue from contracts recognized upon shipment | 26% | 25% | 40% |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Contract With Customer Assets And Liabilities [Line Items] | |||
Net sales | $ 157,118 | $ 122,814 | $ 97,489 |
Receivables billed but not paid under retainage provisions in its customer contracts | 2,542 | 3,182 | |
Amortization expense | 46 | 166 | $ 600 |
Revenue remaining unsatisfied performance obligations amount | 301,734 | ||
Customer Deposit [Member] | |||
Contract With Customer Assets And Liabilities [Line Items] | |||
Contract liabilities | 6,092 | 4,216 | |
Prepaid Expenses and Other Current Assets [Member] | |||
Contract With Customer Assets And Liabilities [Line Items] | |||
Capitalized costs, net of amortization | $ 22 | $ 32 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Net Contract Assets (Liabilities) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Unbilled revenue (contract assets) | $ 39,684 | $ 25,570 |
Customer deposits (contract liabilities) | (46,042) | (25,644) |
Net contract (liabilities) assets | (6,358) | $ (74) |
Unbilled revenue (contract assets) | 14,114 | |
Customer deposits (contract liabilities) | (20,398) | |
Net contract (liabilities) assets | (6,284) | |
Change due to revenue recognized (Contract assets) | 84,794 | |
Change due to revenue recognized(Contract Liabilities) | 22,366 | |
Change due to invoicing customers/ additional deposits (Contract Assets) | 70,680 | |
Change due to invoicing customers/ additional deposits (Contract Liabilities) | $ 42,764 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail1) | Mar. 31, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation, expected timing of satisfaction, period | 1 year |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 50% |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 25% |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 55% |
Revenue remaining performance obligation, expected timing of satisfaction, period | 1 year |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 30% |
Revenue remaining performance obligation, expected timing of satisfaction, period | 2 years |
Assets Dispositions - Additiona
Assets Dispositions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Impairment loss | $ 0 | $ 0 | $ 184 |
Inventories - Major Classificat
Inventories - Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 4,344 | $ 4,145 |
Work in process | 20,554 | 11,631 |
Finished products | 1,395 | 1,638 |
Total | $ 26,293 | $ 17,414 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 67,478 | $ 63,403 |
Less - accumulated depreciation and amortization | 41,955 | 38,519 |
Property, plant and equipment, net | 25,523 | 24,884 |
Land and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 450 | 450 |
Buildings and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 23,112 | 22,820 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 41,398 | 39,905 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,518 | $ 228 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 3,511 | $ 3,077 | $ 1,945 |
Goodwill and Other Impairments
Goodwill and Other Impairments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Finite Lived Intangible Assets [Line Items] | |||
Intangible amortization expense | $ 2,476 | $ 2,522 | $ 0 |
Asset Impairment Charges | $ 0 | $ 0 | $ 184 |
Product Warranty Liability - Re
Product Warranty Liability - Reconciliation of the Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Guarantees [Abstract] | ||
Balance at beginning of year | $ 441 | $ 626 |
BN warranty accrual acquired | 0 | 169 |
Expense for product warranties | 364 | 386 |
Product warranty claims paid | (227) | (740) |
Balance at end of year | $ 578 | $ 441 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Line Items] | ||
Lessee, option to renew or terminate leases, description | Certain leases include options to renew or terminate. Renewal options are exercisable per the discretion of the Company and vary based on the nature of each lease. | |
Operating Lease Payments | $ 843 | $ 707 |
Future fixed minimum lease payments | 6,738 | |
ROU assets obtained in exchange for operating lease liability | $ 1,169 | $ 328 |
Minimum [Member] | ||
Leases [Line Items] | ||
Remaining term of contract | 1 year | |
Maximum [Member] | ||
Leases [Line Items] | ||
Remaining term of contract | 5 years |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate for Finance and Operating Leases (Detail) | Mar. 31, 2023 | Mar. 31, 2022 |
Finance Leases | ||
Weighted-average remaining lease term in years | 4 years 5 months 12 days | 1 year 5 months 1 day |
Weighted-average discount rate | 7.98% | 10.67% |
Operating Leases | ||
Weighted-average remaining lease term in years | 7 years | 7 years 6 months 14 days |
Weighted-average discount rate | 3.25% | 3.27% |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Finance lease cost: | ||
Amortization of right-of-use assets | $ 24 | $ 20 |
Interest on lease liabilities | 4 | 5 |
Operating lease cost | 1,394 | 1,309 |
Short-term lease cost | 17 | 33 |
Total lease cost | $ 1,439 | $ 1,367 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments Required under Non-cancelable Leases (Detail) | Mar. 31, 2023 USD ($) |
Operating Leases | |
2024 | $ 1,281,000 |
2025 | 1,295,000 |
2026 | 1,309,000 |
2027 | 1,349,000 |
2028 and thereafter | 4,328,000 |
Total lease payments | 9,562,000 |
Less – amount representing interest | 1,042,000 |
Present value of net minimum lease payments | 8,520,000 |
Finance Leases | |
2024 | 36,000 |
2025 | 26,000 |
2026 | 26,000 |
2027 | 26,000 |
2028 and thereafter | 21,000 |
Total lease payments | 135,000 |
Less – amount representing interest | 21,000 |
Present value of net minimum lease payments | $ 114,000 |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||||
Jun. 01, 2021 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 | Mar. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||
Line of credit | $ 17,000 | |||||
Unused commitment fee for borrowing | 0.25% | |||||
Letters of credit outstanding amount | 12,842 | $ 12,233 | ||||
Percentage of minimum margined assets on outstanding facility | 100% | |||||
EBITDA | $ 1,800 | $ 700 | ||||
Minimum funded debt to liquidity prior to occurrence of compliance date | 10,000 | |||||
Minimum funded debt to liquidity from and after occurrence of compliance date | 20,000 | |||||
Long-term debt payment requirements over the next five years | 12,500 | |||||
Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit | 11,500 | |||||
Fee for outstanding letters of credit | 1.50% | |||||
Letters of credit outstanding amount | 12,842 | 12,233 | ||||
Availability under the line of credit | $ 687 | |||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum leverage ratio | 3 | 3 | 4 | |||
Maximum leverage ratio upon acquisition | 3.25 | |||||
Minimum fixed charge coverage ratio | 1.2 | |||||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum leverage ratio | 1 | 1 | 1 | |||
Maximum leverage ratio upon acquisition | 1 | |||||
Minimum fixed charge coverage ratio | 1 | |||||
HSBC Bank USA [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding amount | $ 6,813 | |||||
HSBC Bank USA [Member] | Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit | $ 7,500 | |||||
Bank of America [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding amount | 5,874 | |||||
Back end fee | 725 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit | 10,016 | |||||
Revolving Credit Facility [Member] | Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Annual facility fee | $ 5 | |||||
Revolving Credit Facility [Member] | Maximum [Member] | Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fee for outstanding letters of credit | 0.85% | |||||
Revolving Credit Facility [Member] | Minimum [Member] | Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fee for outstanding letters of credit | 0.75% | |||||
Revolving Credit Facility [Member] | Prime Rate [Member] | Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3% | |||||
Five Year Term Loan With Bank Of America [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Term loan payment | $ 20,000 | |||||
Term period of agreement | 5 years | |||||
Term loan principal payment frequency | monthly | |||||
Term loan principal payment | $ 167 | |||||
Five Year Term Loan With Bank Of America [Member] | BSBY [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||
Five Year Term Loan With Bank Of America [Member] | Floor Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0% | |||||
Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit | $ 30,000 | $ 0 | $ 0 | |||
Maximum limit of credit facility | $ 40,000 | |||||
Debt instrument, basis spread on variable rate | 4.92% | 0.13083% | ||||
Line of Credit [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit | $ 15,000 | |||||
Line of Credit [Member] | BSBY [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||
Line of Credit [Member] | Floor Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0% | |||||
Letter of Credit Secured by Cash [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fee for outstanding letters of credit | 0.60% |
Debt -Schedule of Long Term Deb
Debt -Schedule of Long Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Debt Instrument [Line Items] | ||
Less: unamortized debt issuance costs | $ (756) | $ (122) |
Long-term debt, gross | 11,744 | 18,378 |
Current portion of long-term debt | 2,000 | 2,000 |
Total | 9,744 | 16,378 |
Bank of America Term Loan | ||
Debt Instrument [Line Items] | ||
Bank of America term loan | $ 12,500 | $ 18,500 |
Debt - Schedule of Future Minim
Debt - Schedule of Future Minimum Payments (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 2,000 |
2025 | 2,000 |
2026 | 8,500 |
2027 | 0 |
2028 | 0 |
2029 and thereafter | 0 |
Total | $ 12,500 |
Financial Instruments and Der_2
Financial Instruments and Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Letters of credit outstanding amount | $ 12,842 | $ 12,233 |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Taxes [Line Items] | |||
Income (loss) before provision (benefit) for income taxes | $ 561 | $ (11,216) | $ 3,267 |
U.S. [Member] | |||
Income Taxes [Line Items] | |||
Income (loss) before provision (benefit) for income taxes | (66) | (11,954) | (602) |
Asia [Member] | |||
Income Taxes [Line Items] | |||
Income (loss) before provision (benefit) for income taxes | $ 627 | $ 738 | $ 3,869 |
Income Taxes - The Provision (B
Income Taxes - The Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Current: | |||
Federal | $ 37 | $ (31) | $ 924 |
State | 204 | 72 | 62 |
Foreign | 73 | 749 | 468 |
Total Current | 314 | 790 | 1,454 |
Deferred: | |||
Federal | (89) | (2,648) | (960) |
State | (82) | (155) | (116) |
Foreign | 93 | (423) | 508 |
Changes in valuation allowance | (42) | (7) | 7 |
Total Deferred | (120) | (3,233) | (561) |
Total provision (benefit) for income taxes | $ 194 | $ (2,443) | $ 893 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Provision (benefit) for income taxes at federal rate | $ 118 | $ (2,355) | $ 686 |
State taxes | 92 | (96) | (35) |
Charges not deductible for income tax purposes | 26 | 147 | 158 |
Stock based compensation | 114 | 0 | 0 |
Research and development tax credits | (240) | (295) | (172) |
Valuation allowance | (42) | (7) | 7 |
Difference in federal rate | 27 | 31 | 156 |
Nondeductible fringe benefits | 44 | 0 | 0 |
Foreign withholding tax | 0 | 138 | 0 |
Foreign tax credit | 0 | 0 | (84) |
Foreign-derived intangible income deduction | 0 | (2) | (81) |
Global intangible low-taxed income | 55 | 0 | 405 |
Net operating loss carryback | 0 | 0 | (146) |
Other | 0 | (4) | (1) |
Total provision (benefit) for income taxes | $ 194 | $ (2,443) | $ 893 |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Income Tax Liability (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Depreciation | $ (3,117) | $ (3,345) |
Accrued compensation | 309 | 362 |
Goodwill | 224 | 180 |
Prepaid pension asset | (1,355) | (1,557) |
Accrued pension liability | 245 | 291 |
Accrued postretirement benefits | 79 | 105 |
Compensated absences | 567 | 515 |
Inventories | (10) | 899 |
Warranty liability | 135 | 99 |
Accrued expenses | 1,276 | 1,230 |
Equity-based compensation | 230 | 240 |
Allowance for doubtful accounts | 422 | 0 |
Operating lease assets | (1,894) | (1,954) |
Operating lease liabilities | 1,963 | 1,990 |
Acquisition costs | 142 | 152 |
Intangible assets | 236 | 158 |
New York State investment tax credit | 1,066 | 1,108 |
Research and development tax credit | 1,243 | 240 |
Research and development credit carryforward | 367 | 0 |
Net operating loss carryforwards | 2,205 | 2,748 |
Capital loss related to sale of Energy Steel | 4,211 | 4,211 |
Other | (129) | 26 |
Deferred Tax Assets, gross | 7,967 | 7,698 |
Less: Valuation allowance | (5,277) | (5,319) |
Total | $ 2,690 | $ 2,379 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2021 | Mar. 31, 2022 | |
Income Taxes [Line Items] | |||
Deferred income tax asset | $ 2,798,000 | $ 2,441,000 | |
Valuation allowance | 5,277,000 | 5,319,000 | |
Liability unrecognized tax benefits | 0 | $ 0 | |
Investment Tax Credit Carryforward [Member] | |||
Income Taxes [Line Items] | |||
Deferred income taxes include the impact of state investment tax credits | 272,000 | ||
State investment tax credits with an unlimited carryforward period | $ 794,000 | ||
International Tax Jurisdictions [Member] | Earliest Tax Year [Member] | State Administration of Taxation, China [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2019 | ||
International Tax Jurisdictions [Member] | Earliest Tax Year [Member] | Ministry of Finance, India [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2019 | ||
International Tax Jurisdictions [Member] | Latest Tax Year [Member] | State Administration of Taxation, China [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2022 | ||
International Tax Jurisdictions [Member] | Latest Tax Year [Member] | Ministry of Finance, India [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2022 | ||
Federal Tax Jurisdictions [Member] | Earliest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2019 | ||
Federal Tax Jurisdictions [Member] | Latest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2022 | ||
State Tax Jurisdictions [Member] | Earliest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2018 | ||
State Tax Jurisdictions [Member] | Latest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2022 | ||
Maximum [Member] | Investment Tax Credit Carryforward [Member] | |||
Income Taxes [Line Items] | |||
Expiration date of state investment tax credits | Mar. 31, 2035 | ||
Minimum [Member] | Investment Tax Credit Carryforward [Member] | |||
Income Taxes [Line Items] | |||
Expiration date of state investment tax credits | Mar. 31, 2022 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employee's years of service and average earnings | five highest consecutive calendar years of compensation in the ten-year period preceding retirement | ||
Accumulated benefit obligation | $ 23,784,000 | $ 29,943,000 | |
Contribution equal to employee salary deferral | 100% | ||
Employer contribution description | matching contributions equal to 100% of the first 3% of an employee's salary deferral and 50% of the next 2% percent of an employee’s salary deferral | ||
Contribution next to employee salary deferral | 3% | ||
Contribution for additional employee salary deferral | 50% | ||
Contribution additional next to employee salary deferral | 2% | ||
Share of the medical premium cost for family coverage | $ 4,000 | ||
Share of the medical premium cost for single coverage | 2,000 | ||
Share of the medical premium both family and single coverage for regular retirees | $ 1,000 | ||
Medical care cost trend rate | 4.50% | ||
Medical care trend year | 2027 | ||
Medical care cost trend rate decrements | 0.50% | ||
Current portion of accrued postretirement benefit obligation | $ 49,000 | 63,000 | |
Defined Contribution Plan 401K [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to defined contribution plan | 1,904,000 | 1,365,000 | $ 863,000 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions expected during fiscal 2021 | 0 | ||
Liability released through annuity purchase | 1,383,000 | 1,279,000 | |
Annuities purchased | 1,383,000 | 1,279,000 | |
Pension expense | $ (18,000) | $ (538,000) | $ 198,000 |
Weighted average discount rates used to develop net postretirement benefit cost | 3.66% | 3.21% | 3.44% |
Weighted average rate of increase in compensation levels | 3% | 3% | 3% |
Projected benefit obligation | $ 26,646,000 | $ 32,991,000 | $ 36,320,000 |
Net actuarial loss recognized in accumulated other comprehensive loss, net of income tax | 7,506,000 | 6,753,000 | |
Defined Contribution Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to defined contribution plan | 1,030,000 | 710,000 | 430,000 |
Supplemental Executive Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension expense | $ 74,000 | $ 346,000 | $ 105,000 |
Weighted average discount rates used to develop net postretirement benefit cost | 3.64% | 3.21% | 3.44% |
Weighted average rate of increase in compensation levels | 3% | 3% | 3% |
Projected benefit obligation | $ 1,104,000 | $ 1,320,000 | |
Net actuarial loss recognized in accumulated other comprehensive loss, net of income tax | (47,000) | (123,000) | |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension expense | $ 27,000 | $ 38,000 | $ 45,000 |
Weighted average discount rates used to develop net postretirement benefit cost | 3.32% | 2.34% | 3.01% |
Projected benefit obligation | $ 355,000 | $ 478,000 | $ 587,000 |
Net actuarial loss recognized in accumulated other comprehensive loss, net of income tax | $ 11,000 | $ 94,000 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Postretirement Benefit Cost (Income) and Pension Cost (Benefit) (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost during the period | $ 333 | $ 373 | $ 461 |
Interest cost on projected benefit obligation | 1,185 | 1,147 | 1,211 |
Expected return on assets | (2,169) | (2,727) | (2,513) |
Actuarial loss | 633 | 669 | 1,039 |
Net pension (benefit) cost and postretirement benefit expense | $ (18) | $ (538) | $ 198 |
Employee Benefit Plans - Weight
Employee Benefit Plans - Weighted Average Actuarial Assumptions Used to Determine Net Pension Cost (Detail) - Pension Plans, Defined Benefit [Member] | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.66% | 3.21% | 3.44% |
Rate of increase in compensation levels | 3% | 3% | 3% |
Long-term rate of return on plan assets | 5.50% | 6.50% | 6.50% |
Employee Benefit Plans - Change
Employee Benefit Plans - Changes in Company's Benefit Obligation, Plan Assets and Funded Status for Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation at beginning of year | $ 32,991 | $ 36,320 | |
Service cost | 333 | 373 | $ 461 |
Interest cost | 1,185 | 1,147 | 1,211 |
Actuarial loss (gain) | (5,364) | (2,486) | |
Benefit payments | (1,116) | (1,084) | |
Liability released through annuity purchase | (1,383) | (1,279) | |
Projected benefit obligation at end of year | 26,646 | 32,991 | 36,320 |
Change in fair value of plan assets | |||
Fair value of plan assets at beginning of year | 40,049 | 42,536 | |
Actual return on plan assets | (4,797) | (124) | |
Benefit payments | (1,116) | (1,084) | |
Annuities purchased | (1,383) | (1,279) | |
Fair value of plan assets at end of year | 32,753 | 40,049 | 42,536 |
Funded status | |||
Funded status at end of year | 6,107 | 7,058 | |
Amount recognized in the Consolidated Balance Sheets | 6,107 | 7,058 | |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation at beginning of year | 478 | 587 | |
Interest cost | 15 | 13 | 18 |
Actuarial loss (gain) | (95) | (66) | |
Benefit payments | (43) | (56) | |
Projected benefit obligation at end of year | 355 | 478 | $ 587 |
Change in fair value of plan assets | |||
Employer contribution | 43 | 56 | |
Benefit payments | (43) | (56) | |
Funded status | |||
Funded status at end of year | (355) | (478) | |
Amount recognized in the Consolidated Balance Sheets | $ (355) | $ (478) |
Employee Benefit Plans - Weig_2
Employee Benefit Plans - Weighted Average Actuarial Assumptions Used to Determine Benefit Obligation (Detail) - Pension Plans, Defined Benefit [Member] | Mar. 31, 2023 | Mar. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.03% | 3.66% |
Rate of increase in compensation levels | 3% | 3% |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Income Tax (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 7,506 | $ 6,753 |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 11 | $ 94 |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ 500 | $ (728) | $ (1,774) |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss arising during the year | 1,246 | 284 | |
Amortization of actuarial loss | (493) | (521) | |
Total | 753 | (237) | |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss arising during the year | (74) | (51) | |
Amortization of actuarial loss | (9) | (19) | |
Total | $ (83) | $ (70) |
Employee Benefit Plans - Summ_3
Employee Benefit Plans - Summary of Benefit Payments, Which Reflect Future Service, are Expected to be Paid (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 1,128 |
2025 | 1,145 |
2026 | 1,108 |
2027 | 1,118 |
2028 | 1,227 |
2029-2033 | 7,704 |
Total | 13,430 |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 49 |
2025 | 45 |
2026 | 42 |
2027 | 39 |
2028 | 36 |
2029-2033 | 134 |
Total | $ 345 |
Employee Benefit Plans - Summ_4
Employee Benefit Plans - Summary of Weighted Average Asset Allocation of Plan Assets by Asset Category (Detail) | Mar. 31, 2023 | Mar. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 100% | 100% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 20% | |
Weighted average asset allocation | 20% | 21% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 80% | |
Weighted average asset allocation | 80% | 79% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Values of Company's Pension Plan Assets by Asset Category (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 32,753 | $ 40,049 | $ 42,536 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,753 | 40,049 | |
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 91 | 98 | |
Cash [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 91 | 98 | |
U.S. companies, Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,824 | 5,861 | |
U.S. companies, Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,824 | 5,861 | |
International companies, Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,555 | 2,462 | |
International companies, Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,555 | 2,462 | |
Fixed income, Corporate bond funds, Long-term [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,283 | 31,628 | |
Fixed income, Corporate bond funds, Long-term [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 26,283 | $ 31,628 |
Employee Benefit Plans - Comp_2
Employee Benefit Plans - Components of Postretirement Benefit Expense (Income) and Pension Cost (Benefit) (Detail) - Other Postretirement Benefit Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost on projected benefit obligation | $ 15 | $ 13 | $ 18 |
Amortization of actuarial loss | 12 | 25 | 27 |
Net pension (benefit) cost and postretirement benefit expense | $ 27 | $ 38 | $ 45 |
Employee Benefit Plans - Weig_3
Employee Benefit Plans - Weighted Average Actuarial Assumptions Used to Develop Projected Benefit Obligation (Detail) - Other Postretirement Benefit Plans [Member] | Mar. 31, 2023 | Mar. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.76% | 3.32% |
Medical care cost trend rate | 7% | 7% |
Stock Compensation Plans - Addi
Stock Compensation Plans - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Aug. 11, 2020 | Sep. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 785,000 | $ 780,000 | $ 817,000 | ||
Income tax benefit to stock based compensation | $ 173,000 | $ 173,000 | $ 193,000 | ||
Maximum discount on purchase price of common stock percentage on fair market value | 15% | ||||
Common stock may be purchased | 4 | ||||
Performance Vested Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option awards granted | 88,000 | 54,000 | |||
Time Vested Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option awards granted | 76,000 | 59,000 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation expense | $ 2,345,000 | ||||
Weighted average period for recognize expense | 1 year 9 months 3 days | ||||
2020 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards available for future grants | 256,000 | ||||
Amended and Restated 2000 Incentive Plan [Member] | Stock Compensation Prior Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Remaining available shares under equity based compensation plan | 112,000 | ||||
Amended and Restated 2000 Incentive Plan [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option awards granted | 0 | ||||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of unvested restricted stock | 13,000 | ||||
Amended and Restated 2000 Incentive Plan [Member] | Maximum [Member] | Stock Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 422,000 | ||||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 21,000 | $ 29,000 | $ 47,000 | ||
Shares issued from common stock | 17,000 | ||||
Income tax benefit to stock based compensation | $ 5,000 | $ 7,000 | $ 11,000 | ||
Issue of treasury stock to the ESPP for the offering periods | 29,000 | 18,000 | 21,000 |
Stock Compensation Plans - Sche
Stock Compensation Plans - Schedule of Restricted Stock Units ("RSUs"), Performance Stock Units ("PSUs"), and Restricted Stock Awards ("RSAs") Granted (Detail) - shares shares in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Performance Vested Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total Shares Awarded | 88 | 54 | ||
Performance Vested Restricted Stock [Member] | Director [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 0 | 0 | |
Performance Vested Restricted Stock [Member] | Officers and Key Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 88 | 54 | |
Time Vested Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total Shares Awarded | 76 | 59 | ||
Time Vested Restricted Stock [Member] | Director [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 22 | 21 | |
Time Vested Restricted Stock [Member] | Officers and Key Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 0 | 0 | |
Time Vested Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total Shares Awarded | 126 | |||
Time Vested Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 37 | ||
Time Vested Restricted Stock Units (RSUs) [Member] | Officers and Key Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 33 | ||
Performance Vested Performance Stock Units (PSU) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total Shares Awarded | 112 | |||
Performance Vested Performance Stock Units (PSU) [Member] | Director [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 0 | ||
Performance Vested Performance Stock Units (PSU) [Member] | Officers and Key Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 112 | ||
Time Vest One-Third Per Year [Member] | Officers and Key Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 56 | 54 | 38 |
Performance Vest One-Third Per Year [Member] | Officers and Key Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock awarded | [1] | 0 | 0 | 0 |
[1] Subject to the terms of the applicable award. |
Stock Compensation Plans - Sc_2
Stock Compensation Plans - Schedule of Restricted Stock Units ("RSUs"), Performance Stock Units ("PSUs"), and Restricted Stock Awards ("RSAs") Granted (Parenthetical) (Detail) | 12 Months Ended |
Mar. 31, 2023 | |
Director [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share-based compensation vesting percentage | 100% |
Vesting period | 1 year |
Officers and Key Employees [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share-based compensation vesting percentage | 100% |
Vesting period | 3 years |
Officers and Key Employees [Member] | Time Vest One-Third Per Year [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share-based compensation vesting percentage | 33.33% |
Vesting period | 3 years |
Officers and Key Employees [Member] | Performance Vest One-Third Per Year [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share-based compensation vesting percentage | 33.33% |
Vesting period | 3 years |
Stock Compensation Plans - Summ
Stock Compensation Plans - Summary of Stock-Based Compensation Cost and Related Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Stock based compensation cost | $ 785 | $ 780 | $ 817 |
Related Tax Benefits | $ 173 | $ 173 | $ 193 |
Stock Compensation Plans - Stoc
Stock Compensation Plans - Stock Option Awards (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Outstanding, Shares Under Option, Beginning Balance | 33 | 37 | 37 |
Exercised, Shares Under Option | 0 | 0 | 0 |
Cancelled, Shares Under Option | (33) | (4) | |
Outstanding, Shares Under Option, Ending Balance | 0 | 33 | 37 |
Vested or expected to vest, Shares Under Option | 0 | ||
Exercisable, Shares Under Option | 0 | ||
Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 18.65 | $ 18.92 | $ 18.92 |
Cancelled, Weighted Average Exercise Price | $ 18.65 | 21.19 | |
Outstanding, Weighted Average Exercise Price, Ending Balance | $ 18.65 | $ 18.92 |
Stock Compensation Plans - Sc_3
Stock Compensation Plans - Schedule of Restricted Stock Awards (Detail) - RSAs, RSUs and PSUs [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, Restricted Stock, Beginning Balance | 159 | 165 | 149 |
Restricted Stock, Granted | 238 | 164 | 113 |
Restricted Stock, Vested | (35) | (58) | (43) |
Restricted Stock, Forfeited | (57) | (112) | (54) |
Non-vested, Restricted Stock, Ending Balance | 305 | 159 | 165 |
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 18.59 | $ 20.56 | $ 25.26 |
Weighted Average Grant Date Fair Value, Granted | 8.51 | 18.29 | 16.39 |
Weighted Average Grant Date Fair Value, Vested | 8.14 | 18.15 | 22.70 |
Weighted Average Grant Date Fair Value, Forfeited | 18.86 | 21.29 | 23.09 |
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 11.09 | $ 18.59 | $ 20.56 |
Non-vested, Aggregate Intrinsic Value, Ending Balance | $ 3,990 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 96,494 | $ 97,929 | $ 96,724 |
Other comprehensive (loss) income before reclassifications | 1,515 | 151 | |
Amounts reclassified from accumulated other comprehensive loss | (523) | (775) | |
Total other comprehensive (loss) income | (992) | 926 | 2,159 |
Ending Balance | 96,933 | 96,494 | 97,929 |
Pension and Other Postretirement Benefits Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (6,970) | (7,698) | |
Other comprehensive (loss) income before reclassifications | 1,023 | (47) | |
Amounts reclassified from accumulated other comprehensive loss | (523) | (775) | |
Total other comprehensive (loss) income | (500) | 728 | |
Ending Balance | (7,470) | (6,970) | (7,698) |
Foreign Currency Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 499 | (301) | |
Other comprehensive (loss) income before reclassifications | 492 | 198 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Total other comprehensive (loss) income | (492) | 198 | |
Ending Balance | 7 | 499 | (301) |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (6,471) | (7,397) | (9,556) |
Ending Balance | $ (7,463) | $ (6,471) | $ (7,397) |
Changes in Accumulated Other _4
Changes in Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before provision for income taxes | $ 561 | $ (11,216) | $ 3,267 | |
Provision (benefit) for income taxes | 194 | (2,443) | 893 | |
Net (loss) income | 367 | (8,773) | $ 2,374 | |
Reclassifications Out of Accumulated Other Comprehensive Loss [Member] | Amortization of Actuarial Loss [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before provision for income taxes | [1] | (672) | (996) | |
Reclassifications Out of Accumulated Other Comprehensive Loss [Member] | Pension and Other Postretirement Benefits Items [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before provision for income taxes | (672) | (996) | ||
Provision (benefit) for income taxes | (149) | (221) | ||
Net (loss) income | $ (523) | $ (775) | ||
[1] These accumulated other comprehensive loss components are included within the computation of net periodic pension and other postretirement benefit costs. See Note 11. |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Mar. 31, 2023 Customer Segment | Mar. 31, 2022 Customer | Mar. 31, 2021 Customer | |
Segment Reporting Information [Line Items] | |||
Number of reportable operating segments | Segment | 1 | ||
Customer Concentration Risk [Member] | Net Sales [Member] | Customer One [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of customers | 1 | 1 | 1 |
Concentration risk percentage | 15% | 12% | 12% |
Customer Concentration Risk [Member] | Net Sales [Member] | Customer Two [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of customers | 2 | 2 | 2 |
Concentration risk percentage | 12% | 10% | 11% |
Purchase of Treasury Stock - Ad
Purchase of Treasury Stock - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Jan. 29, 2015 | |
Equity [Abstract] | ||||
Stock repurchase program authorized amount | $ 18,000,000 | |||
Number of shares purchased during period | 0 | 0 | 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Virgin Orbit reserves | $ 3,050 | $ 0 | $ 0 |
Other Operating (Income) Expe_2
Other Operating (Income) Expense, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Aug. 09, 2021 | Mar. 31, 2022 | Mar. 31, 2023 | Sep. 30, 2021 | |
Agreement [Member] | Other Noncurrent Liabilities [Member] | ||||
Other Operating Income Net [Line Items] | ||||
Restructuring Reserve | $ 275 | $ 0 | ||
Other Operating Income (Expense) [Member] | Barber Nichols Inc [Member] | ||||
Other Operating Income Net [Line Items] | ||||
Contingent Consideration Classified as Equity, Fair Value Disclosure | $ 1,900 | |||
Other Operating Income (Expense) [Member] | Agreement [Member] | ||||
Other Operating Income Net [Line Items] | ||||
Severance Costs | $ 798 | 275 | ||
Other Operating Income (Expense) [Member] | Transaction Agreement [Member] | ||||
Other Operating Income Net [Line Items] | ||||
Accrued Liabilities | $ 485 | $ 0 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) - Summary of Company's Unaudited Quarterly Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Quarterly Financial Information [Line Items] | ||||||||||||
Net sales | $ 157,118 | $ 122,814 | $ 97,489 | |||||||||
Gross profit | 25,408 | 9,129 | 20,469 | |||||||||
Net income (loss) | $ 367 | $ (8,773) | $ 2,374 | |||||||||
Per share: | ||||||||||||
Earnings Per Share, Basic | $ 0.03 | $ (0.83) | $ 0.24 | |||||||||
Earnings Per Share, Diluted | $ 0.03 | $ (0.83) | 0.24 | |||||||||
Maximum [Member] | ||||||||||||
Per share: | ||||||||||||
Market price range of common stock | $ 17.44 | $ 16.97 | $ 14.94 | $ 15.86 | $ 21.90 | $ 23.77 | $ 23.25 | $ 22.84 | $ 17.44 | $ 23.77 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Reserve for Doubtful Accounts Receivable [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 87 | $ 29 | $ 33 |
Charged to Costs and Expenses | 1,765 | 163 | (4) |
Charged to Other Accounts | 0 | 21 | |
Deductions | (11) | (126) | |
Balance at End of Period | 1,841 | 87 | 29 |
Accrued expenses | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 760 | ||
Charged to Costs and Expenses | 0 | 1,073 | |
Charged to Other Accounts | 0 | ||
Deductions | (760) | (313) | |
Balance at End of Period | 0 | 760 | |
Product Warranty Liability [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 441 | 626 | 359 |
Charged to Costs and Expenses | 364 | 386 | 344 |
Charged to Other Accounts | 0 | 169 | |
Deductions | (227) | (740) | (77) |
Balance at End of Period | $ 578 | $ 441 | $ 626 |