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 |
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| 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 |
|
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| 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 |
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