v3.7.0.1
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2017
Income Tax Disclosure [Abstract]  
Income Tax Expense
 
 
Fiscal year ended March 31,
 
 
2017
 
2016
 
2015
Current income tax expense
 
 
 
 
 
 
Current:
 
 
 
 
 
 
Federal
 
$
30,362

 
$
29,082

 
$
12,299

State
 
4,855

 
4,750

 
3,044

Foreign
 
17,800

 
17,034

 
20,585

Total current income tax expense
 
53,017

 
50,866

 
35,928

Deferred income tax expense (benefit)
 
 
 
 
 
 
Federal
 
857

 
(3,706
)
 
25,113

State
 
590

 
124

 
1,771

Foreign
 
8

 
2,829

 
5,002

Total deferred income tax expense (benefit)
 
1,455

 
(753
)
 
31,886

Total income tax expense
 
$
54,472

 
$
50,113

 
$
67,814

Earnings Before Income Taxes Earnings before income taxes consists of the following:
 
 
 
Fiscal year ended March 31,
 
 
2017
 
2016
 
2015
United States
 
$
80,436

 
$
64,235

 
$
76,327

Foreign
 
132,259

 
117,702

 
173,012

Earnings before income taxes
 
$
212,695

 
$
181,937

 
$
249,339

Deferred Tax Assets And Liabilities 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,
 
 
2017
 
2016
Deferred tax assets:
 
 
 
 
Accounts receivable
 
$
2,419

 
$
1,450

Inventories
 
6,521

 
6,596

Net operating loss carryforwards
 
46,178

 
50,094

Accrued expenses
 
29,783

 
25,436

Other assets
 
20,282

 
22,551

Gross deferred tax assets
 
105,183

 
106,127

Less valuation allowance
 
(27,053
)
 
(25,416
)
Total deferred tax assets
 
78,130

 
80,711

Deferred tax liabilities:
 
 
 
 
Property, plant and equipment
 
24,319

 
25,302

Other intangible assets
 
67,388

 
65,879

Other liabilities
 
759

 
2,008

Total deferred tax liabilities
 
92,466

 
93,189

Net deferred tax liabilities
 
$
(14,336
)
 
$
(12,478
)
Reconciliation Of Income Taxes At The Statutory Rate A reconciliation of income taxes at the statutory rate to the income tax provision is as follows:
 
 
 
Fiscal year ended March 31,
 
 
2017
 
2016
 
2015
United States statutory income tax expense (at 35%)
 
$
74,444

 
$
63,678

 
$
87,269

Increase (decrease) resulting from:
 
 
 
 
 
 
State income taxes, net of federal effect
 
3,677

 
3,282

 
3,206

Nondeductible expenses, domestic manufacturing deduction and other
 
1,993

 
(1,407
)
 
8,128

Legal proceedings charge - European Competition Investigations - See Note 18
 
7,873

 
668

 

Goodwill impairment - See Note 5
 
3,812

 
6,475

 
5,194

Effect of foreign operations
 
(39,377
)
 
(28,845
)
 
(37,775
)
Valuation allowance
 
2,050

 
6,262

 
1,792

Income tax expense
 
$
54,472

 
$
50,113

 
$
67,814

Reconciliation Of Unrecognized Tax Benefits :

 
 
Fiscal year ended March 31,
 
 
2017
 
2016
 
2015
Balance at beginning of year
 
$
2,375

 
$
4,112

 
$
3,743

Increases related to current year tax positions
 
252

 
422

 
3,241

Increases related to prior year tax positions
 
31

 
470

 
9

Decreases related to prior tax positions due to foreign currency translation
 
(352
)
 

 
(85
)
Decreases related to prior year tax positions settled
 
(678
)
 
(2,315
)
 
(2,695
)
Lapse of statute of limitations
 
(178
)
 
(314
)
 
(101
)
Balance at end of year
 
$
1,450

 
$
2,375

 
$
4,112