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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2019
Income Tax Disclosure [Abstract] |
Income Tax Expense |
|  | Fiscal year ended March 31,
|  | 2019 |  | 2018 |  | 2017
Current income tax expense |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | $ | 6,377 |  |  | $ | 115,315 |  |  | $ | 30,362 |
State |  | 5,027 |  |  | 3,461 |  |  | 4,855 |
Foreign |  | 16,636 |  |  | 20,030 |  |  | 17,800 |
Total current income tax expense |  | 28,040 |  |  | 138,806 |  |  | 53,017 |
Deferred income tax (benefit) expense |  |  |  |  |  |
Federal |  | (5,031 | ) |  | (9,551 | ) |  | 857 |
State |  | (669 | ) |  | 789 |  |  | 590 |
Foreign |  | (756 | ) |  | (11,551 | ) |  | 8 |
Total deferred income tax (benefit) expense |  | (6,456 | ) |  | (20,313 | ) |  | 1,455 |
Total income tax expense |  | $ | 21,584 |  |  | $ | 118,493 |  |  | $ | 54,472 |
Earnings Before Income Taxes | Earnings before income taxes consists of the following:
|  | Fiscal year ended March 31,
|  | 2019 |  | 2018 |  | 2017
United States |  | $ | 53,339 |  |  | $ | 74,440 |  |  | $ | 80,436 |
Foreign |  | 128,872 |  |  | 163,886 |  |  | 132,259 |
Earnings before income taxes |  | $ | 182,211 |  |  | $ | 238,326 |  |  | $ | 212,695 |
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,
|  | 2019 |  | 2018
Deferred tax assets: |  |  |  |
Accounts receivable |  | $ | 1,297 |  |  | $ | 1,790 |
Inventories |  | 4,081 |  |  | 3,660 |
Net operating loss carryforwards |  | 48,423 |  |  | 50,928 |
Accrued expenses |  | 21,574 |  |  | 21,274 |
Capitalized research and development costs |  | 7,061 |  |  | — |
Other assets |  | 17,656 |  |  | 16,832 |
Gross deferred tax assets |  | 100,092 |  |  | 94,484 |
Less valuation allowance |  | (17,519 | ) |  | (15,255 | )
Total deferred tax assets |  | 82,573 |  |  | 79,229 |
Deferred tax liabilities: |  |  |  |
Property, plant and equipment |  | 25,656 |  |  | 21,045 |
Intangible assets |  | 96,826 |  |  | 46,058 |
Other liabilities |  | 1,737 |  |  | 1,331 |
Total deferred tax liabilities |  | 124,219 |  |  | 68,434 |
Net deferred tax (liabilities) assets |  | $ | (41,646 | ) |  | $ | 10,795 |
Reconciliation Of Income Taxes At The Statutory Rate | A reconciliation of income taxes at the statutory rate (21.0% for fiscal 2019, 31.55% for fiscal 2018 and 35% for fiscal 2017) to the income tax provision is as follows:
|  | Fiscal year ended March 31,
|  | 2019 |  | 2018 |  | 2017
United States statutory income tax expense |  | $ | 38,264 |  |  | $ | 75,196 |  |  | $ | 74,444 |
Increase (decrease) resulting from: |  |  |  |  |  |
Impact of Tax Act |  | (13,483 | ) |  | 83,400 |  |  | — |
State income taxes, net of federal effect |  | 3,285 |  |  | 3,146 |  |  | 3,677 |
Nondeductible expenses, domestic manufacturing deduction (fiscal 2018 and 2017) and other |  | 2,677 |  |  | 1,078 |  |  | 1,993 |
Legal proceedings charge - European Competition Investigations - See Note 18 |  | 2,405 |  |  | — |  |  | 7,873 |
Net effect of GILTI, FDII, BEAT |  | 2,320 |  |  | — |  |  | — |
Goodwill impairment - See Note 5 |  | — |  |  | — |  |  | 3,812 |
Effect of foreign operations |  | (16,763 | ) |  | (35,048 | ) |  | (39,377 | )
Valuation allowance |  | 2,879 |  |  | (9,279 | ) |  | 2,050 |
Income tax expense |  | $ | 21,584 |  |  | $ | 118,493 |  |  | $ | 54,472 |
Reconciliation Of Unrecognized Tax Benefits | :
|  | Fiscal year ended March 31,
|  | 2019 |  | 2018 |  | 2017
Balance at beginning of year |  | $ | 1,568 |  |  | $ | 1,450 |  |  | $ | 2,375 |
Increases related to current year tax positions |  | 129 |  |  | 397 |  |  | 252 |
Increases related to the Alpha acquisition |  | 7,840 |  |  | — |  |  | — |
Increases related to prior year tax positions |  | 11,463 |  |  | 11 |  |  | 31 |
Decreases related to prior tax positions and foreign currency translation |  | (544 | ) |  | — |  |  | (352 | )
Decreases related to prior year tax positions settled |  | (93 | ) |  | (1 | ) |  | (678 | )
Lapse of statute of limitations |  | (198 | ) |  | (289 | ) |  | (178 | )
Balance at end of year |  | $ | 20,165 |  |  | $ | 1,568 |  |  | $ | 1,450 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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