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Income Taxes (Tables)

12 Months Ended

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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