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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Components Of Income Before Provision For (Benefit From) Income Taxes

The components of our income before provision for income taxes for the fiscal years ended March 31, 2024, 2023, and 2022 are as follows (in millions):

			Year Ended March 31,
			2024						2023						2022
Domestic			$	437					$	315					$	204
Foreign			1,152						1,011						877
Income before provision for income taxes			$	1,589					$	1,326					$	1,081

Provision For (Benefit From) Income Taxes

Provision for income taxes for the fiscal years ended March 31, 2024, 2023, and 2022 consisted of (in millions):

			Current						Deferred						Total
Year Ended March 31, 2024
Federal			$	138					$	85					$	223
State			20						9						29
Foreign			76						(12)						64
			$	234					$	82					$	316
Year Ended March 31, 2023
Federal			$	570					$	(339)					$	231
State			92						(76)						16
Foreign			75						202						277
			$	737					$	(213)					$	524
Year Ended March 31, 2022
Federal			$	203					$	(190)					$	13
State			36						(26)						10
Foreign			381						(112)						269
			$	620					$	(328)					$	292

Schedule Of Differences Between Statutory Tax Rate And Effective Tax Rate

The differences between the statutory tax rate and our effective tax rate, expressed as a percentage of income before provision for income taxes, for the fiscal years ended March 31, 2024, 2023, and 2022 were as follows:

			Year Ended March 31,
			2024						2023						2022
Statutory federal tax expense rate			21.0		%				21.0		%				21.0		%
State taxes, net of federal benefit			1.1		%				1.1		%				1.9		%
Differences between statutory rate and foreign effective tax rate			2.9		%				7.6		%				6.8		%
Excess tax benefit from equity compensation			(0.3)		%				(0.3)		%				(1.2)		%
Research and development credits			(2.4)		%				(3.0)		%				(2.8)		%
Swiss valuation allowance			(0.3)		%				8.9		%				2.7		%
Effect of change in enacted tax rate			(5.8)		%				—		%				—		%
Acquired IP intra-entity sales			—		%				—		%				(5.9)		%
Non-deductible stock-based compensation			2.8		%				3.2		%				3.8		%
Other			0.9		%				1.0		%				0.7		%
Effective tax rate			19.9		%				39.5		%				27.0		%

Deferred Tax Assets And Liabilities

The components of net deferred tax assets, as of March 31, 2024 and 2023 consisted of (in millions):

			As of March 31,
			2024						2023
Deferred tax assets:
Accruals, reserves and other expenses			$	200					$	197
Tax credit carryforwards			222						218
Research and development capitalization			375						461
Stock-based compensation			41						39
Net operating loss and capital loss carryforwards			403						371
Swiss intra-entity tax asset			1,618						1,665
Total			2,859						2,951
Valuation allowance			(464)						(446)
Deferred tax assets, net of valuation allowance			2,395						2,505
Deferred tax liabilities:
Amortization and depreciation			(10)						(41)
Other			(6)						(3)
Total			(16)						(44)
Deferred tax assets, net of valuation allowance and deferred tax liabilities			$	2,379					$	2,461

Schedule Of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balance of unrecognized tax benefits is summarized as follows (in millions):

Balance as of March 31, 2021			$	584
Increases in unrecognized tax benefits related to prior year tax positions			5
Decreases in unrecognized tax benefits related to prior year tax positions			(21)
Increases in unrecognized tax benefits related to current year tax positions			139
Decreases in unrecognized tax benefits related to settlements with taxing authorities			(50)
Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations			(18)
Changes in unrecognized tax benefits due to foreign currency translation			(3)
Balance as of March 31, 2022			636
Increases in unrecognized tax benefits related to current year tax positions			245
Decreases in unrecognized tax benefits related to settlements with taxing authorities			(2)
Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations			(6)
Changes in unrecognized tax benefits due to foreign currency translation			(6)
Balance as of March 31, 2023			867
Increases in unrecognized tax benefits related to prior year tax positions			14
Decreases in unrecognized tax benefits related to prior year tax positions			(173)
Increases in unrecognized tax benefits related to current year tax positions			97
Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations			(2)
Changes in unrecognized tax benefits due to foreign currency translation			1
Balance as of March 31, 2024			$	804

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