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Income Taxes - (Tables) | 12 Months Ended
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Mar. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of 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,
| 2023 |  | 2022 |  | 2021
Domestic* | $ | 467,231 |  |  | $ | 396,368 |  |  | $ | 368,328 |
Foreign | 198,851 |  |  | 168,270 |  |  | 133,186 |
Total | $ | 666,082 |  |  | $ | 564,638 |  |  | $ | 501,514 |
*Domestic income before income taxes for the years ended March 31, 2023, 2022, and 2021 is presented net of intercompany dividends (or repatriated cash) of $0, $120,000, and $175,000, respectively.
Schedule of Components of Income Tax Expense (Benefit) | Components of income tax expense (benefit) recorded in the consolidated statements of comprehensive income were as follows:
| Years Ended March 31,
| 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 115,708 |  |  | $ | 95,012 |  |  | $ | 93,562 |
State | 18,418 |  |  | 22,544 |  |  | 15,595 |
Foreign | 24,853 |  |  | 22,929 |  |  | 17,953 |
Total | 158,979 |  |  | 140,485 |  |  | 127,110 |
Deferred |  |  |  |  |
Federal | 4,830 |  |  | (17,316) |  |  | (6,717) |
State | 382 |  |  | (4,827) |  |  | (633) |
Foreign | (14,931) |  |  | (5,653) |  |  | (821) |
Total | (9,719) |  |  | (27,796) |  |  | (8,171) |
Total | $ | 149,260 |  |  | $ | 112,689 |  |  | $ | 118,939 |
Schedule of Income Tax Expense 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,
| 2023 |  | 2022 |  | 2021
Computed expected income taxes | $ | 139,882 |  |  | $ | 118,574 |  |  | $ | 105,318 |
State income taxes, net of federal income tax benefit (1) | 15,881 |  |  | 16,896 |  |  | 16,479 |
Foreign rate differential | (21,420) |  |  | (22,188) |  |  | (15,507) |
Gross unrecognized tax benefits | 20,122 |  |  | (491) |  |  | 7,632 |
Intercompany transfers of assets (1) | (13,072) |  |  | (219) |  |  | (27) |
US tax on foreign earnings | 7,672 |  |  | 4,325 |  |  | 4,252 |
Other (1) | 195 |  |  | (4,208) |  |  | 792 |
Total | $ | 149,260 |  |  | $ | 112,689 |  |  | $ | 118,939 |
(1) Certain reclassifications have been made in the prior periods presented to conform with the current period presentation.
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,
| 2023 |  | 2022
Deferred tax assets |  |  |
Amortization of intangible assets | $ | 16,788 |  |  | $ | 4,828 |
Operating lease liabilities | 38,673 |  |  | 37,020 |
Uniform capitalization adjustment to inventory | 13,823 |  |  | 11,996 |
Reserves and accruals (1) | 48,949 |  |  | 41,894 |
Net operating loss carry-forwards | 3,477 |  |  | 1,802 |
Deferred revenue | 7,924 |  |  | 22,074 |
Other (1) | 1,070 |  |  | 2,024 |
Gross deferred tax assets | 130,704 |  |  | 121,638 |
| As of March 31,
| 2023 |  | 2022
Valuation allowances | (1,224) |  |  | (1,206) |
Total | 129,480 |  |  | 120,432 |
Deferred tax liabilities |  |  |
Prepaid expenses | (6,930) |  |  | (5,460) |
Operating lease assets | (31,250) |  |  | (28,831) |
Depreciation of property and equipment | (18,708) |  |  | (21,924) |
Total | (56,888) |  |  | (56,215) |
Deferred tax assets, net | $ | 72,592 |  |  | $ | 64,217 |
(1) Certain reclassifications have been made in the prior periods presented to conform with the current period presentation.
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, 2020 | $ | 17,638 |
Gross increase related to current year tax positions | 2,242 |
Gross increase related to prior year tax positions | 8,566 |
Settlements | (1,215) |
Lapse of statute of limitations | (1,961) |
Balance, March 31, 2021 | 25,270 |
Gross increase related to current year tax positions | 2,520 |
Gross increase related to prior year tax positions | 2,750 |
Gross decrease related to prior year tax positions | (243) |
Settlements | (795) |
Lapse of statute of limitations | (4,723) |
Balance, March 31, 2022 | 24,779 |
Gross increase related to current year tax positions | 6,865 |
Gross increase related to prior year tax positions | 16,243 |
Gross decrease related to prior year tax positions | (456) |
Lapse of statute of limitations | (2,530) |
Balance, March 31, 2023 | $ | 44,901 |
Total gross unrecognized tax benefits recorded in the consolidated balance sheets are as follows:
| As of March 31,
| 2023 |  | 2022
Long-term asset |  |  |
Deferred tax assets, net | $ | 3,145 |  |  | $ | — |
Current liability |  |  |
Income tax payable | 1,829 |  |  | — |
Long-term liability |  |  |
Income tax liability | 39,927 |  |  | 24,779 |
Total | $ | 44,901 |  |  | $ | 24,779 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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