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Income Taxes - (Tables) | 12 Months Ended
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Mar. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Income Before Income Taxes. Components of income before income taxes recorded in the consolidated statements of comprehensive income, were as follows:
| Years Ended March 31,
| 2020 |  | 2019 |  | 2018
Domestic* | $ | 206,111 |  |  | $ | 181,730 |  |  | $ | 71,482 |
Foreign | 134,755 |  |  | 147,204 |  |  | 149,214 |
Total | $ | 340,866 |  |  | $ | 328,934 |  |  | $ | 220,696 |
*Domestic income before income taxes for the years ended March 31, 2020, 2019, and 2018 is presented net of intercompany dividends of $150,000, $130,000, and $250,000, respectively. Income Tax Expense. Components of income tax expense (benefit) recorded in the consolidated statements of comprehensive income, were as follows:
| Years Ended March 31,
| 2020 |  | 2019 |  | 2018
Current |  |  |  |  |
Federal | $ | 47,087 |  |  | $ | 33,334 |  |  | $ | 80,339 |
State | 635 |  |  | 9,084 |  |  | 3,437 |
Foreign | 14,068 |  |  | 15,269 |  |  | 14,388 |
Total | 61,790 |  |  | 57,687 |  |  | 98,164 |
Deferred |  |  |  |  |
Federal | 4,626 |  |  | 6,612 |  |  | 12,007 |
State | (462 | ) |  | 2,236 |  |  | 391 |
Foreign | (1,230 | ) |  | (1,909 | ) |  | (4,260 | )
Total | 2,934 |  |  | 6,939 |  |  | 8,138 |
Total | $ | 64,724 |  |  | $ | 64,626 |  |  | $ | 106,302 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense (benefit) differed from that obtained by applying the statutory federal income tax rate to income before income taxes, as follows:
| Years Ended March 31,
| 2020 |  | 2019 |  | 2018
Computed expected income taxes | $ | 71,582 |  |  | $ | 69,076 |  |  | $ | 69,556 |
State income taxes, net of federal income tax benefit* | 11,042 |  |  | 9,329 |  |  | 9,044 |
Foreign rate differential | (17,966 | ) |  | (20,105 | ) |  | (37,090 | )
Unrecognized tax benefits | 6,695 |  |  | 786 |  |  | 1,301 |
Return to provision adjustments | (1,682 | ) |  | (179 | ) |  | (2,252 | )
Nontaxable income | (4,584 | ) |  | (4,257 | ) |  | (7,006 | )
Nondeductible expense | 4,162 |  |  | 7,742 |  |  | 1,382 |
US tax on foreign earnings** | 2,343 |  |  | 5,848 |  |  | 57,138 |
Re-measurement of deferred taxes*** | — |  |  | (983 | ) |  | 14,395 |
Tax audit settlements | (3,956 | ) |  | — |  |  | — |
Statutory foreign income tax (benefit) expense | (906 | ) |  | 276 |  |  | 59 |
Other | (2,006 | ) |  | (2,907 | ) |  | (225 | )
Total | $ | 64,724 |  |  | $ | 64,626 |  |  | $ | 106,302 |
*During the year ended March 31, 2018, the Company recorded $1,976 of state income taxes associated with one-time mandatory deemed repatriation of foreign earnings due to the Tax Cuts and Jobs Act (Tax Reform Act) in December 2017. **The amount for the year ended March 31, 2018 is the one-time mandatory deemed repatriation tax on accumulated foreign earnings due pursuant to the Tax Reform Act. The amounts for the years ended March 31, 2020 and 2019 are global intangible low-taxed income (commonly referred to as GILTI) under the territorial tax system pursuant to the Tax Reform Act. ***The total non-cash re-measurement of deferred tax assets and liabilities for the year ended March 31, 2018 was driven by the US federal tax rate reduction from 35.0% to 21.0% pursuant to the Tax Reform Act.
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities, are as follows:
| As of March 31,
| 2020 |  | 2019
Deferred tax assets |  |  |
Amortization and impairment of intangible assets | $ | 11,471 |  |  | $ | 13,615 |
Nonvested stock-based compensation | 5,194 |  |  | 3,645 |
Deferred rent obligations* | — |  |  | 4,899 |
Operating lease liability* | 45,600 |  |  | — |
Uniform capitalization adjustment to inventory | 4,322 |  |  | 3,965 |
Bad debt allowance and other reserves | 14,243 |  |  | 11,932 |
Accrued bonuses | 6,187 |  |  | 7,350 |
Foreign currency translation | 645 |  |  | 670 |
Net operating loss carry-forwards, net of valuation allowances | 2,071 |  |  | 1,002 |
Other | 1,372 |  |  | 1,445 |
Gross deferred tax assets | 91,105 |  |  | 48,523 |
Valuation allowances | (1,519 | ) |  | (195 | )
Total | 89,586 |  |  | 48,328 |
Deferred tax liabilities |  |  |
Prepaid expenses | (4,252 | ) |  | (3,379 | )
Operating lease asset* | (41,276 | ) |  | — |
Depreciation of property and equipment | (15,825 | ) |  | (14,079 | )
Total | (61,353 | ) |  | (17,458 | )
Deferred tax assets, net | $ | 28,233 |  |  | $ | 30,870 |
*Adoption of the new lease standard as of April 1, 2019, as described in Note 1, “General,” under the section “Recent Accounting Pronouncements”, resulted in the recognition of a deferred tax asset for operating lease liabilities and a deferred tax liability for operating lease assets. These temporary differences will reverse over the estimated term of the relevant operating leases. As of March 31, 2019, the deferred tax assets associated with operating leases were reported as deferred rent obligations under legacy US GAAP.
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amounts of total gross unrecognized tax benefits, are as follows:
Balance, March 31, 2017 | $ | 11,727 |
Gross increase related to current fiscal year tax positions | 1,168 |
Gross increase related to prior fiscal year tax positions | 1,243 |
Settlements | (4,501 | )
Lapse of statute of limitations | (43 | )
Balance, March 31, 2018 | 9,594 |
Gross increase related to current fiscal year tax positions | 1,027 |
Gross increase related to prior fiscal year tax positions | 3,282 |
Settlements | (1,157 | )
Lapse of statute of limitations | (1,804 | )
Balance, March 31, 2019 | 10,942 |
Gross increase related to current fiscal year tax positions | 1,153 |
Gross increase related to prior fiscal year tax positions | 8,152 |
Settlements | (246 | )
Lapse of statute of limitations | (2,363 | )
Balance, March 31, 2020 | $ | 17,638 |
Total gross unrecognized tax benefits recorded in the consolidated balance sheets, are as follows:
| As of March 31,
| 2020 |  | 2019
Long-term asset |  |  |
Deferred tax assets, net | $ | 486 |  |  | $ | 486 |
Current liability |  |  |
Income taxes payable | — |  |  | 7 |
Long-term liability |  |  |
Income tax liability | 17,152 |  |  | 10,449 |
Total | $ | 17,638 |  |  | $ | 10,942 |

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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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