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Income Tax Expense (Tables)

12 Months Ended

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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Income Tax Expense [Abstract]

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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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.

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