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Income taxes (Tables) | 12 Months Ended
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Mar. 31, 2018
Income Tax Disclosure [Abstract] |
Components of income tax expense (benefit) | The income tax provision consists of the following (amounts in millions):
| Year Ended March 31,
| 2018 |  | 2017 |  | 2016
Pretax Income: |  |  |  |  |
U.S. | $ | (127.3 | ) |  | $ | (279.3 | ) |  | $ | (75.5 | )
Foreign | 864.6 |  |  | 369.1 |  |  | 356.8 |
| $ | 737.3 |  |  | $ | 89.8 |  |  | $ | 281.3 |
Current expense (benefit): |  |  |  |  |
U.S. Federal | $ | 369.4 |  |  | $ | 21.3 |  |  | $ | (4.0 | )
State | 0.5 |  |  | 1.0 |  |  | (0.2 | )
Foreign | 60.8 |  |  | 23.8 |  |  | 22.0 |
Total current | $ | 430.7 |  |  | $ | 46.1 |  |  | $ | 17.8 |
Deferred expense (benefit): |  |  |  |  |  |  |  |
U.S. Federal | $ | 82.5 |  |  | $ | (114.7 | ) |  | $ | (42.2 | )
State | 0.1 |  |  | (5.4 | ) |  | (2.0 | )
Foreign | (31.4 | ) |  | (6.8 | ) |  | (16.2 | )
Total deferred | 51.2 |  |  | (126.9 | ) |  | (60.4 | )
Total Income tax provision (benefit) | $ | 481.9 |  |  | $ | (80.8 | ) |  | $ | (42.6 | )
Reconciliation of expected federal income tax expense to actual | The sources and tax effects of the differences in the total income tax provision are as follows (amounts in millions):
| Year Ended March 31,
| 2018 |  | 2017 |  | 2016
Computed expected income tax provision | $ | 232.6 |  |  | $ | 31.4 |  |  | $ | 98.4 |
Foreign income taxed at lower than the federal rate | (208.8 | ) |  | (105.0 | ) |  | (120.1 | )
Impact of the Act - one-time transition tax, net of foreign tax credits | 653.7 |  |  | — |  |  | — |
Impact of the Act - deferred tax effects, net of valuation allowance | (136.7 | ) |  | — |  |  | — |
Increases related to current and prior year tax positions | 32.0 |  |  | 53.7 |  |  | 14.5 |
Decreases related to prior year tax positions (1) | (11.3 | ) |  | (36.3 | ) |  | (12.1 | )
Share-based compensation | (27.2 | ) |  | (25.0 | ) |  | — |
Research and development tax credits - current year | (17.0 | ) |  | (12.8 | ) |  | (13.5 | )
Research and development tax credits - prior years | — |  |  | — |  |  | (2.5 | )
Intercompany prepaid tax asset amortization | 7.4 |  |  | 7.9 |  |  | (15.5 | )
Withholding taxes | 1.4 |  |  | 5.6 |  |  | 6.0 |
Foreign exchange | (20.5 | ) |  | (1.7 | ) |  | 5.6 |
Other | (3.2 | ) |  | (0.4 | ) |  | (0.9 | )
Change in valuation allowance | (20.5 | ) |  | 1.8 |  |  | (2.5 | )
Total income tax provision (benefit) | $ | 481.9 |  |  | $ | (80.8 | ) |  | $ | (42.6 | )
(1) The release of prior year tax positions during fiscal 2018 increased the basic and diluted net income per common share by $0.05. The release of prior year tax positions during fiscal 2017 increased the basic and diluted net income per common share by $0.17 and $0.15, respectively. The release of prior year tax positions during fiscal 2016 increased the basic and diluted net income per common share by $0.06.
Schedule of deferred tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of the Company's deferred tax assets and deferred tax liabilities are as follows (amounts in millions):
| March 31,
| 2018 |  | 2017
Deferred tax assets: |  |  |
Deferred income on shipments to distributors | $ | 39.1 |  |  | $ | 55.7 |
Inventory valuation | 10.7 |  |  | 14.6 |
Net operating loss carryforward | 101.1 |  |  | 91.6 |
Capital loss carryforward | 10.6 |  |  | 12.9 |
Share-based compensation | 31.4 |  |  | 42.5 |
Income tax credits | 178.4 |  |  | 243.0 |
Property, plant and equipment | 25.7 |  |  | 59.7 |
Accrued expenses and other | 91.2 |  |  | 110.4 |
Gross deferred tax assets | 488.2 |  |  | 630.4 |
Valuation allowances | (204.5 | ) |  | (210.1 | )
Deferred tax assets, net of valuation allowances | 283.7 |  |  | 420.3 |
Deferred tax liabilities: |  |  |  |  |
Convertible debt | (304.4 | ) |  | (606.7 | )
Intangible assets | (66.6 | ) |  | (147.5 | )
Other | (18.3 | ) |  | (6.3 | )
Deferred tax liabilities | (389.3 | ) |  | (760.5 | )
Net deferred tax liability | $ | (105.6 | ) |  | $ | (340.2 | )
Reported as: |  |  |
Non-current deferred tax assets | $ | 100.2 |  |  | $ | 68.9 |
Non-current deferred tax liability | (205.8 | ) |  | (409.1 | )
Net deferred tax liability | $ | (105.6 | ) |  | $ | (340.2 | )
Rollforward of unrecognized tax benefits | The following table summarizes the activity related to the Company's gross unrecognized tax benefits from April 1, 2015 to March 31, 2018 (amounts in millions):
| Year Ended March 31,
| 2018 |  | 2017 |  | 2016
Beginning balance | $ | 398.5 |  |  | $ | 220.7 |  |  | $ | 170.7 |
Increases related to acquisitions | — |  |  | 193.3 |  |  | 46.2 |
Decreases related to settlements with tax authorities | (0.1 | ) |  | (11.7 | ) |  | (8.0 | )
Decreases related to statute of limitation expirations | (10.9 | ) |  | (7.6 | ) |  | (4.6 | )
Increases related to current year tax positions | 30.3 |  |  | 26.3 |  |  | 16.4 |
Increases (decreases) related to prior year tax positions | 18.2 |  |  | (22.5 | ) |  | — |
Ending balance | $ | 436.0 |  |  | $ | 398.5 |  |  | $ | 220.7 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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