INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2025

Income before income taxes was comprised of the following (in thousands):


	Year Ended March 31,
	2025		2024		2023
U.S. Federal	$	163,935	$	127,647	$	118,181
Foreign	16,182		12,833		7,730
Income before income taxes	$	180,117	$	140,480	$	125,911

Schedule of Income Tax Expense

Income tax expense consists of the following (in thousands):


For the year ended:	Current		Deferred		Total
March 31, 2025
U.S. Federal	$	35,448	$	(4,888)	$	30,560
State and local	9,371		(1,374)		7,997
Foreign	4,378		(302)		4,076
Provision for income taxes	$	49,197	$	(6,564)	$	42,633
March 31, 2024
U.S. Federal	$	28,832	$	(2,560)	$	26,272
State and local	8,057		(10)		8,047
Foreign	3,444		178		3,622
Provision for income taxes	$	40,333	$	(2,392)	$	37,941
March 31, 2023
U.S. Federal	$	27,920	$	(3,549)	$	24,371
State and local	6,135		(2,471)		3,664
Foreign	1,482		(180)		1,302
Provision for income taxes	$	35,537	$	(6,200)	$	29,337

Schedule of Income Tax Expense Differed from Amounts Computed by Applying U.S. Federal Statutory Income Tax Rate to Income Before Income Taxes

Income tax expense differed from the amounts computed by applying the U.S. federal statutory income tax rate of 21.0% to income before income taxes as a result of the following (in thousands):


	Year Ended March 31,
	2025		2024		2023
Computed tax expense at statutory rate	$	37,830	$	29,501	$	26,441
Increase (reduction) in income taxes resulting from:
State and local income taxes, net of federal benefits	6,318		6,358		2,895
Nondeductible executive compensation	2,712		1,196		1555
Repatriation tax, net of tax credit	559		491		904
Tax indemnification asset release	124		1,789		—
Global intangible low-taxed income ("GILTI") inclusion	1		207		1,123
Effect of rates different than statutory	385		255		67
Valuation allowance	228		(132)		(96)
Other permanent differences	234		215		557
Uncertain tax positions ("UTP")	(2,288)		278		(224)
Vesting of stock-based compensation	(1,420)		(417)		(408)
IRC section 250 deductions	(1,187)		(1,050)		(1,626)
Foreign tax credits	—		(207)		(604)



Other, net	(863)		(543)		(1,247)
Provision for income taxes	$	42,633	$	37,941	$	29,337

Schedule of Tax Effects of Temporary Differences That Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2025 and 2024 are presented below (in thousands):


	March 31,
	2025		2024
Deferred tax assets:
Operating lease liabilities	$	16,461	$	11,852
Accrued compensation	6,197		6,777
Inventory reserves	4,938		3,877
Transaction costs	1,863		1,141
Capitalized R&D	1,859		1,446
Accrued expenses	823		773

Credits and carryforwards	441		292
Pension and other employee benefits	554		384

Other, net	1,067		641
Deferred tax assets	34,203		27,183
Valuation allowance	(444)		(216)
Deferred tax assets, net of valuation allowance	33,759		26,967
Deferred tax liabilities:
Goodwill and intangible assets	(60,979)		(64,534)
Operating lease right-of-use assets	(14,681)		(10,609)
Property, plant and equipment	(7,462)		(7,725)
Repatriation reserve	(2,079)		(1,911)
Other, net	(1,270)		(1,796)
Deferred tax liabilities	(86,471)		(86,575)
Net deferred tax liabilities	$	(52,712)	$	(59,608)

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) is as follows (in thousands):


	March 31,
	2025		2024
Balance at beginning of year	$	10,877	$	11,784
Increases related to prior year tax positions	—		173
Decreases related to prior year tax positions	—		(31)
Decreases related to lapses of statute of limitations	(2,481)		(1,049)


Balance at end of year	$	8,396	$	10,877