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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The income tax provision consists of the following (amounts in millions):

			Fiscal Year Ended March 31,
			2022						2021						2020
Pretax (loss) income:
U.S.			$	132.2					$	(301.7)					$	(485.2)
Foreign			1,350.3						641.2						635.6
			$	1,482.5					$	339.5					$	150.4
Current expense (benefit):
U.S. Federal			$	191.6					$	54.8					$	21.1
State			3.7						2.0						1.0
Foreign			(6.2)						72.2						48.0
Total current expense (benefit)			$	189.1					$	129.0					$	70.1
Deferred expense (benefit):
U.S. Federal			$	(78.7)					$	(215.4)					$	(127.8)
State			(9.1)						(22.9)						(13.2)
Foreign			95.7						99.4						(349.3)
Total deferred benefit			7.9						(138.9)						(490.3)
Total income tax provision (benefit)			$	197.0					$	(9.9)					$	(420.2)

Reconciliation of Expected Federal Income Tax Expense to Actual

The provision for income taxes differs from the amount computed by applying the statutory federal tax rate to income before income taxes.  The sources and tax effects of the differences in the total income tax provision are as follows (amounts in millions):

			Fiscal Year Ended March 31,
			2022						2021						2020
Computed expected income tax provision			$	311.3					$	71.3					$	31.5
State income taxes, net of federal benefit			3.5						(3.8)						(5.4)
Effects of foreign operations - rate differential			(96.8)						(37.7)						(67.4)
Effects of foreign operations - other, net of foreign tax credits			139.9						122.5						62.1
Foreign-derived intangible income ("FDII")			(27.3)						(10.5)						(10.8)
Business realignment of intellectual property rights			(3.1)						(63.8)						(334.8)
Change in uncertain tax positions			(47.1)						28.1						(8.4)
Share-based compensation			(17.6)						(12.3)						(11.1)
R&D tax credits			(49.5)						(47.6)						(40.8)
Income tax holidays			(22.5)						(11.1)						(11.4)
Convertible debt settlement			(25.5)						(48.1)						—
Other			31.7						16.4						4.9
Change in valuation allowance			—						(13.3)						(28.6)
Total income tax provision (benefit)			$	197.0					$	(9.9)					$	(420.2)

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,
			2022						2021
Deferred tax assets:
Accrued expenses			$	81.6					$	83.6
Capital loss carryforward			9.8						6.3
Deferred revenue			90.4						—
Income tax credits			306.6						331.1
Intangible assets			1,479.9						1,581.5
Inventory valuation			26.8						46.0
Lease liabilities			36.1						37.1
Net operating loss carryforward			77.0						68.0
Property, plant and equipment			40.8						32.7
Share-based compensation			45.8						46.5
Other			5.5						17.4
Gross deferred tax assets			2,200.3						2,250.2
Valuation allowances			(290.3)						(290.3)
Deferred tax assets, net of valuation allowances			1,910.0						1,959.9
Deferred tax liabilities:
Convertible debt			(22.7)						(53.9)
Intangible assets			(92.4)						(158.1)
ROU assets			(33.6)						(34.5)
Other			(4.0)						(8.1)
Deferred tax liabilities			(152.7)						(254.6)
Net deferred tax asset			$	1,757.3					$	1,705.3
Reported as:
Non-current deferred tax assets			$	1,797.1					$	1,749.2
Non-current deferred tax liability			(39.8)						(43.9)
Net deferred tax asset			$	1,757.3					$	1,705.3

Summary of Valuation Allowance

A summary of additions and deductions related to the valuation allowance for deferred tax asset accounts for the years ended March 31, 2022, 2021 and 2020 follows (amounts in millions):

			Balance at Beginning of Year						Additions Charged to Costs and Expenses												Deductions						Balance at End of Year
Fiscal 2022			$	290.3					$	7.1											$	(7.1)					$	290.3
Fiscal 2021			$	303.5					$	8.1											$	(21.3)					$	290.3
Fiscal 2020			$	332.1					$	26.0											$	(54.6)					$	303.5

Rollforward of Unrecognized Tax Benefits

The following table summarizes the activity related to the Company's gross unrecognized tax benefits from April 1, 2019, to March 31, 2022 (amounts in millions): 

			Fiscal Year Ended March 31,
			2022						2021						2020
Beginning balance			$	826.3					$	757.3					$	763.4
Decreases related to settlements with tax authorities			(0.4)						(6.0)						(1.2)
Decreases related to statute of limitation expirations			(12.6)						(10.9)						(30.9)
Increases related to current year tax positions			28.2						35.4						30.2
Increases (decreases) related to prior year tax positions			(37.4)						50.5						(4.2)
Ending balance			$	804.1					$	826.3					$	757.3

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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.

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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.

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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.

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