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v3.19.1

Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2019
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,
| 2019 |  | 2018 |  | 2017
Pretax (loss) income: |  |  |  |  |
U.S. | $ | (593.4 | ) |  | $ | (127.3 | ) |  | $ | (279.3 | )
Foreign | 797.9 |  |  | 864.6 |  |  | 369.1 |
| $ | 204.5 |  |  | $ | 737.3 |  |  | $ | 89.8 |
Current (benefit) expense: |  |  |  |  |
U.S. Federal | $ | (98.0 | ) |  | $ | 369.4 |  |  | $ | 21.3 |
State | (5.3 | ) |  | 0.5 |  |  | 1.0 |
Foreign | 14.1 |  |  | 60.8 |  |  | 23.8 |
Total current (benefit) expense | $ | (89.2 | ) |  | $ | 430.7 |  |  | $ | 46.1 |
Deferred expense (benefit): |  |  |  |  |  |  |  |
U.S. Federal | $ | 11.9 |  |  | $ | 82.5 |  |  | $ | (114.7 | )
State | 0.6 |  |  | 0.1 |  |  | (5.4 | )
Foreign | (74.7 | ) |  | (31.4 | ) |  | (6.8 | )
Total deferred (benefit) expense | (62.2 | ) |  | 51.2 |  |  | (126.9 | )
Total Income tax (benefit) provision | $ | (151.4 | ) |  | $ | 481.9 |  |  | $ | (80.8 | )
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,
| 2019 |  | 2018 |  | 2017
Computed expected income tax provision | $ | 43.0 |  |  | $ | 232.6 |  |  | $ | 31.4 |
State income taxes, net of federal benefit | (8.7 | ) |  | (1.3 | ) |  | (4.6 | )
Foreign income taxed at lower than the federal rate | (94.0 | ) |  | (208.8 | ) |  | (105.0 | )
Impact of the Act - one-time transition tax, net of foreign tax credits | 13.1 |  |  | 653.7 |  |  | — |
Impact of the Act - deferred tax effects, net of valuation allowance | — |  |  | (136.7 | ) |  | — |
Global intangible low-taxed income | 95.4 |  |  | — |  |  | — |
Business realignment | (90.6 | ) |  | — |  |  | — |
Increases related to current year tax positions | 9.0 |  |  | 32.0 |  |  | 53.7 |
Decreases related to prior year tax positions (1) | (75.1 | ) |  | (11.3 | ) |  | (36.3 | )
Share-based compensation | (13.3 | ) |  | (27.2 | ) |  | (25.0 | )
Research and development tax credits | (27.5 | ) |  | (17.0 | ) |  | (12.8 | )
Intercompany prepaid tax asset amortization | 5.2 |  |  | 7.4 |  |  | 7.9 |
Foreign exchange | 4.6 |  |  | (20.5 | ) |  | (1.7 | )
Other | (2.6 | ) |  | (0.5 | ) |  | 9.8 |
Change in valuation allowance | (9.9 | ) |  | (20.5 | ) |  | 1.8 |
Total income tax provision (benefit) | $ | (151.4 | ) |  | $ | 481.9 |  |  | $ | (80.8 | )
(1) The release of prior year tax positions during fiscal 2019 increased the basic and diluted net income per common share by $0.32 and $0.30, respectively. 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.
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,
| 2019 |  | 2018
Deferred tax assets: |  |  |
Deferred income on shipments to distributors | $ | — |  |  | $ | 39.1 |
Inventory valuation | 45.0 |  |  | 10.7 |
Net operating loss carryforward | 94.3 |  |  | 101.1 |
Capital loss carryforward | 9.6 |  |  | 10.6 |
Share-based compensation | 42.4 |  |  | 31.4 |
Income tax credits | 376.5 |  |  | 178.4 |
Property, plant and equipment | 23.6 |  |  | 25.7 |
Accrued expenses and other | 91.4 |  |  | 91.2 |
Intangible assets | 1,608.1 |  |  | — |
Other | 12.6 |  |  | — |
Gross deferred tax assets | 2,303.5 |  |  | 488.2 |
Valuation allowances | (332.1 | ) |  | (204.5 | )
Deferred tax assets, net of valuation allowances | 1,971.4 |  |  | 283.7 |
Deferred tax liabilities: |  |  |  |  |
Convertible debt | (279.3 | ) |  | (304.4 | )
Intangible assets | (721.0 | ) |  | (66.6 | )
Other | — |  |  | (18.3 | )
Deferred tax liabilities | (1,000.3 | ) |  | (389.3 | )
Net deferred tax asset (liability) | $ | 971.1 |  |  | $ | (105.6 | )
Reported as: |  |  |
Non-current deferred tax assets | $ | 1,677.2 |  |  | $ | 100.2 |
Non-current deferred tax liability | (706.1 | ) |  | (205.8 | )
Net deferred tax asset (liability) | $ | 971.1 |  |  | $ | (105.6 | )
Rollforward of unrecognized tax benefits | The following table summarizes the activity related to the Company's gross unrecognized tax benefits from April 1, 2016 to March 31, 2019 (amounts in millions):
| Year Ended March 31,
| 2019 |  | 2018 |  | 2017
Beginning balance | $ | 436.0 |  |  | $ | 398.5 |  |  | $ | 220.7 |
Increases related to acquisitions | 329.7 |  |  | — |  |  | 193.3 |
Decreases related to settlements with tax authorities | (8.3 | ) |  | (0.1 | ) |  | (11.7 | )
Decreases related to statute of limitation expirations | (16.2 | ) |  | (10.9 | ) |  | (7.6 | )
Increases related to current year tax positions | 27.8 |  |  | 30.3 |  |  | 26.3 |
Increases (decreases) related to prior year tax positions | (5.6 | ) |  | 18.2 |  |  | (22.5 | )
Ending balance | $ | 763.4 |  |  | $ | 436.0 |  |  | $ | 398.5 |

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