v2.4.0.6

Income Taxes | 12 Months Ended
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Mar. 31, 2013
Income Taxes | 13. Income Taxes Income tax expense is composed of the following:
|  | Fiscal year ended March 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 38,480 |  |  | $ | 30,459 |  |  | $ | 24,232 |
State |  |  | 5,684 |  |  |  | 3,778 |  |  |  | 2,736 |
Foreign |  |  | 19,438 |  |  |  | 16,282 |  |  |  | 14,114 |
Total current |  |  | 63,602 |  |  |  | 50,519 |  |  |  | 41,082 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 3,915 |  |  |  | (1,609 | ) |  |  | (1,358 | )
State |  |  | 214 |  |  |  | (962 | ) |  |  | 2,010 |
Foreign |  |  | (2,456 | ) |  |  | (656 | ) |  |  | (3,716 | )
Total deferred |  |  | 1,673 |  |  |  | (3,227 | ) |  |  | (3,064 | )
Income tax expense |  | $ | 65,275 |  |  | $ | 47,292 |  |  | $ | 38,018 |
Earnings before income taxes consists of the following:
|  | Fiscal year ended March 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
United States |  | $ | 107,191 |  |  | $ | 87,597 |  |  | $ | 57,710 |
Foreign |  |  | 123,042 |  |  |  | 103,662 |  |  |  | 93,734 |
Earnings before income taxes |  | $ | 230,233 |  |  | $ | 191,259 |  |  | $ | 151,444 |
Income taxes paid by the Company for the fiscal years ended March 31, 2013, 2012 and 2011 were $64,210, $38,482 and $41,800, respectively. The following table sets forth the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities:
|  | March 31, |
|  | 2013 |  |  | 2012 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 660 |  |  | $ | 1,111 |
Inventories |  |  | 4,345 |  |  |  | 6,707 |
Net operating loss carryforwards |  |  | 67,834 |  |  |  | 71,773 |
Accrued expenses |  |  | 32,773 |  |  |  | 26,997 |
Other assets |  |  | 9,703 |  |  |  | 10,228 |
Gross deferred tax assets |  |  | 115,315 |  |  |  | 116,816 |
Less valuation allowance |  |  | (54,542 | ) |  |  | (56,359 | )
Total deferred tax assets |  |  | 60,773 |  |  |  | 60,457 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | 28,985 |  |  |  | 30,957 |
Other intangible assets |  |  | 48,142 |  |  |  | 46,628 |
Convertible Notes |  |  | 22,386 |  |  |  | 21,616 |
Other liabilities |  |  | 865 |  |  |  | 2,400 |
Total deferred tax liabilities |  |  | 100,378 |  |  |  | 101,601 |
Net deferred tax liabilities |  | $ | (39,605 | ) |  | $ | (41,144 | )
The Company has approximately $3,213 in United States federal net operating loss carryforwards, all of which are limited by Section 382 of the Internal Revenue Code, that begin to expire in the year ending 2023. The Company has approximately $235,623 of net operating loss carryforwards at March 31, 2013 that relate to the Company’s foreign subsidiaries. Some of these net operating loss carryforwards have an unlimited life, while others expire at various times over the next 20 years. In addition, the Company also had approximately $35,751 of net operating loss carryforwards for state tax purposes that expire at various times over the next 20 years. During the current fiscal year, the Company reversed a valuation allowance against certain federal net operating losses that were limited by Section 382. The amount of the valuation allowance reversal was $793. The Company has also recorded a valuation allowance for net deferred tax assets in certain foreign and state tax jurisdictions, primarily related to net operating loss carryforwards, due to the significant losses incurred in these tax jurisdictions. As of March 31, 2013 and 2012 the valuation allowance associated with certain foreign tax jurisdictions was $52,781 and $53,206, respectively. As of March 31, 2013 and 2012 the valuation allowance associated with the state tax jurisdictions was $1,761 and $2,360, respectively. During the fiscal years ended March 31, 2013 and 2012, the Company recorded tax benefits of $1,866 and $2,940, respectively, due to the utilization of net operating loss carryforwards in certain foreign subsidiaries. A reconciliation of income taxes at the statutory rate to the income tax provision is as follows:
|  | Fiscal year ended March 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
United States statutory income tax expense (at 35%) |  | $ | 80,581 |  |  | $ | 66,962 |  |  | $ | 53,005 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal effect |  |  | 3,742 |  |  |  | 1,592 |  |  |  | 3,035 |
Nondeductible expenses, domestic manufacturing deduction and other |  |  | 7,664 |  |  |  | 1,587 |  |  |  | (1,848 | )
Effect of foreign operations |  |  | (27,883 | ) |  |  | (20,028 | ) |  |  | (14,841 | )
Valuation allowance |  |  | 1,171 |  |  |  | (2,821 | ) |  |  | (1,333 | )
Income tax expense |  | $ | 65,275 |  |  | $ | 47,292 |  |  | $ | 38,018 |
The effective income tax rate was 28.4% in fiscal 2013, compared to 24.7% in fiscal 2012 and 25.1% in fiscal 2011. At March 31, 2013, the Company has not recorded United States income or foreign withholding taxes on approximately $598,500 of undistributed earnings of foreign subsidiaries that could be subject to taxation if remitted to the United States because the Company currently plans to keep these amounts permanently invested overseas. It is not practical to calculate the income tax expense that would result upon repatriation of these earnings. The Company recognizes and measures uncertain tax positions taken, or expected to be taken, in a tax return in accordance with FASB guidance on accounting for uncertainty in income taxes. A reconciliation of the beginning and ending amount of unrecognized tax benefits under FASB guidance is as follows:
March 31, 2010 |  | $ | 10,750 |
Increases related to current year tax positions |  |  | 2,896 |
Increases related to prior year tax positions |  |  | 324 |
Increases related to prior year tax positions due to foreign currency translation |  |  | 122 |
Decreases related to prior year tax position settled |  |  | (3,145 | )
Lapse of statute of limitations |  |  | (302 | )
March 31, 2011 |  |  | 10,645 |
Increases related to current year tax positions |  |  | 5,032 |
Increases related to prior year tax positions |  |  | 182 |
Decreases related to prior year tax positions due to foreign currency translation |  |  | (28 | )
Lapse of statute of limitations |  |  | (2,886 | )
March 31, 2012 |  |  | 12,945 |
Increases related to current year tax positions |  |  | 6,296 |
Increases related to prior year tax positions |  |  | 969 |
Increases related to prior year tax positions due to foreign currency translation |  |  | 245 |
Lapse of statute of limitations |  |  | (3,970 | )
March 31, 2013 |  | $ | 16,485 |
All of the balance of unrecognized tax benefits at March 31, 2013 and 2012, if recognized, would be included in the Company’s Consolidated Statements of Income and have a favorable impact on both the Company’s net earnings and effective tax rate. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2009. The Company anticipates that it is reasonably possible that a portion of the March 31, 2013 balance of the unrecognized tax benefits could be recognized within the next twelve months due to the expiration of the relevant statutes of limitations. An estimate of the range of the adjustments cannot be made at this time. The Company recognizes tax related interest and penalties in income tax expense in its Consolidated Statements of Income. As of March 31, 2013 and 2012, the Company had an accrual of $680 and $575, respectively, for interest and penalties.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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