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Income Tax Expense (Tables) | 12 Months Ended
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Mar. 31, 2023
Income Tax Expense [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | Income from continuing operations before income taxes was as follows:
Years Ended March 31, |  | 2023 |  | 2022 |  | 2021
United States operations |  | $ | (16,759) |  |  | $ | 79,662 |  |  | $ | 326,991 |
Ireland operations |  | 62,664 |  |  | 88,078 |  |  | 73,442 |
Other locations operations |  | 111,443 |  |  | 146,763 |  |  | 117,100 |
|  | $ | 157,348 |  |  | $ | 314,503 |  |  | $ | 517,533 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes related to income from continuing operations consisted of the following:
Years Ended March 31, |  | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |  |
United States federal |  | $ | 138,208 |  |  | $ | 88,158 |  |  | $ | 57,550 |
United States state and local |  | 33,234 |  |  | 21,438 |  |  | 16,272 |
Ireland |  | 8,837 |  |  | 12,002 |  |  | 9,244 |
Other locations |  | 61,446 |  |  | 53,354 |  |  | 36,699 |
|  | 241,725 |  |  | 174,952 |  |  | 119,765 |
Deferred: |  |  |  |  |  |
United States federal |  | (114,523) |  |  | (73,833) |  |  | 7,523 |
United States state and local |  | (50,530) |  |  | (17,124) |  |  | (550) |
Ireland |  | (864) |  |  | (739) |  |  | (787) |
Other locations |  | (24,273) |  |  | (11,623) |  |  | (5,288) |
|  | (190,190) |  |  | (103,319) |  |  | 898 |
Total Provision for Income Taxes |  | $ | 51,535 |  |  | $ | 71,633 |  |  | $ | 120,663 |
provision for taxes rate reconciliation | The total provision for income taxes can be reconciled to the tax computed at the Ireland statutory tax rate as follows:
Years Ended March 31, |  | 2023 |  | 2022 |  | 2021
National statutory tax rate |  | 12.5 | % |  | 12.5 | % |  | 12.5 | %
(Decrease) increase in accruals for uncertain tax positions |  | (0.1) | % |  | 0.2 | % |  | (0.1) | %
U.S. state and local taxes, net of federal income tax benefit |  | (10.8) | % |  | 1.4 | % |  | 2.4 | %
(Decrease) increase in valuation allowances |  | (0.1) | % |  | 0.9 | % |  | 0.3 | %
U.S. research and development credit |  | (1.8) | % |  | (0.8) | % |  | (0.5) | %
U.S. foreign income tax credit |  | (1.2) | % |  | (1.1) | % |  | (0.3) | %
Difference in non-Ireland tax rates |  | 8.6 | % |  | 12.6 | % |  | 8.3 | %
U.S. federal audit adjustments |  | — | % |  | — | % |  | 2.1 | %
Impairment of nondeductible goodwill |  | 29.0 | % |  | — | % |  | — | %
Excess tax benefit for equity compensation |  | (2.7) | % |  | (5.1) | % |  | (1.9) | %
Tax rate changes on deferred tax assets and liabilities |  | 0.4 | % |  | 2.3 | % |  | 0.4 | %
U.S. tax reform impact, GILTI and FDII |  | (1.3) | % |  | (0.9) | % |  | (0.6) | %
Capitalized acquisition, redomiciliation costs |  | — | % |  | 1.8 | % |  | 0.6 | %
All other, net |  | 0.3 | % |  | (1.0) | % |  | 0.1 | %
Total Provision for Income Taxes |  | 32.8 | % |  | 22.8 | % |  | 23.3 | %
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible | A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows:
|  | 2023 |  | 2022
Unrecognized Tax Benefits Balance at April 1 |  | $ | 2,906 |  |  | $ | 2,295 |
Increases for tax provisions of current year |  | 63 |  |  | — |
Decreases for tax provisions of prior year |  | — |  |  | (135) |
Balances related to acquired/disposed businesses |  | (503) |  |  | 746 |
Other, including currency translation |  | 21 |  |  | — |
Unrecognized Tax Benefits Balance at March 31 |  | $ | 2,487 |  |  | $ | 2,906 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of the deferred tax assets and liabilities recorded in our accompanying balance sheets at March 31, 2023 and 2022 were as follows:
March 31, |  | 2023 |  | 2022
Deferred Tax Assets: |  |  |  |
Post-retirement benefit accrual |  | $ | 1,737 |  |  | $ | 2,086 |
Compensation |  | 15,858 |  |  | 14,340 |
Net operating loss carryforwards |  | 37,667 |  |  | 25,550 |
Accrued expenses |  | 13,150 |  |  | 12,092 |
Insurance |  | 2,268 |  |  | 2,561 |
Deferred income |  | 23,967 |  |  | 20,688 |
Bad debt |  | 3,763 |  |  | 2,187 |
Research & experimental expenditures |  | 15,382 |  |  | — |
Operating leases (1) |  | 46,781 |  |  | 44,401 |
Foreign tax credit carryforwards |  | 33,559 |  |  | 36,036 |
Other |  | 11,701 |  |  | 8,579 |
Deferred Tax Assets |  | 205,833 |  |  | 168,520 |
Less: Valuation allowance |  | 20,315 |  |  | 24,691 |
Total Deferred Tax Assets |  | 185,518 |  |  | 143,829 |
Deferred Tax Liabilities: |  |  |  |
Depreciation and depletion |  | 98,601 |  |  | 110,951 |
Operating leases (1) |  | 45,834 |  |  | 43,593 |
Intangibles |  | 630,589 |  |  | 755,980 |
Pension |  | 2,644 |  |  | 2,004 |
Other |  | 3,186 |  |  | 3,473 |
Total Deferred Tax Liabilities |  | 780,854 |  |  | 916,001 |
Net Deferred Tax Assets (Liabilities) |  | $ | (595,336) |  |  | $ | (772,172) |

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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- Definition Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 + Details
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