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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2021
Income Tax Disclosure [Abstract] |
Income Tax Expense |
|  | Fiscal year ended March 31,
|  | 2021 |  | 2020 |  | 2019
Current income tax expense |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | $ | 12,591 |  |  | $ | 9,185 |  |  | $ | 6,377 |
State |  | 4,133 |  |  | 2,561 |  |  | 5,027 |
Foreign |  | 19,031 |  |  | 14,561 |  |  | 16,636 |
Total current income tax expense |  | 35,755 |  |  | 26,307 |  |  | 28,040 |
Deferred income tax (benefit) expense |  |  |  |  |  |
Federal |  | 1,495 |  |  | 5,489 |  |  | (5,031) |
State |  | 735 |  |  | 741 |  |  | (669) |
Foreign |  | (11,224) |  |  | (22,716) |  |  | (756) |
Total deferred income tax (benefit) expense |  | (8,994) |  |  | (16,486) |  |  | (6,456) |
Total income tax expense |  | $ | 26,761 |  |  | $ | 9,821 |  |  | $ | 21,584 |
Earnings Before Income Taxes | Earnings before income taxes consists of the following:
|  | Fiscal year ended March 31,
|  | 2021 |  | 2020 |  | 2019
United States |  | $ | 56,055 |  |  | $ | 36,193 |  |  | $ | 53,339 |
Foreign |  | 114,080 |  |  | 110,744 |  |  | 128,872 |
Earnings before income taxes |  | $ | 170,135 |  |  | $ | 146,937 |  |  | $ | 182,211 |
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,
|  | 2021 |  | 2020
Deferred tax assets: |  |  |  |
Accounts receivable |  | $ | 2,029 |  |  | $ | 1,110 |
Inventories |  | 8,831 |  |  | 5,010 |
Net operating loss carryforwards |  | 62,663 |  |  | 44,340 |
Lease liabilities |  | 15,685 |  |  | 18,168 |
Accrued expenses |  | 36,775 |  |  | 26,113 |
Other assets |  | 18,173 |  |  | 19,793 |
Gross deferred tax assets |  | 144,156 |  |  | 114,534 |
Less valuation allowance |  | (31,928) |  |  | (20,951) |
Total deferred tax assets |  | 112,228 |  |  | 93,583 |
Deferred tax liabilities: |  |  |  |
Property, plant and equipment |  | 38,364 |  |  | 30,229 |
Lease Right-of-use assets |  | 15,685 |  |  | 18,168 |
Intangible assets |  | 66,743 |  |  | 66,529 |
Other liabilities |  | 2,636 |  |  | 1,217 |
Total deferred tax liabilities |  | 123,428 |  |  | 116,143 |
Net deferred tax liabilities |  | $ | (11,200) |  |  | $ | (22,560) |
Schedule of Change in Valuation Allowance | The following table sets forth the changes in the Company's valuation allowance for fiscal 2021, 2020 and 2019:
|  | Balance at Beginning of Period |  | Additions Charged to Expense |  | Valuation Allowance Reversal |  | Business Combination Adjustments |  | Other(1) |  | Balance at End of Period
Fiscal year ended March 31, 2019 |  | $ | 15,255 |  |  | $ | 2,978 |  |  | $ | (99) |  |  | $ | 1,157 |  |  | $ | (1,772) |  |  | $ | 17,519 |
Fiscal year ended March 31, 2020 |  | 17,519 |  |  | 7,494 |  |  | (3,145) |  |  | (688) |  |  | (229) |  |  | 20,951 |
Fiscal year ended March 31, 2021 |  | 20,951 |  |  | 8,437 |  |  | (2,904) |  |  | 6,384 |  |  | (940) |  |  | 31,928 |
(1)Includes the impact of currency changes and the expiration of net operating losses for which a full valuation allowance was recorded.
Reconciliation Of Income Taxes At The Statutory Rate | A reconciliation of income taxes at the statutory rate (21.0% for fiscal 2021, 2020 and 2019) to the income tax provision is as follows:
|  | Fiscal year ended March 31,
|  | 2021 |  | 2020 |  | 2019
United States statutory income tax expense |  | $ | 35,729 |  |  | $ | 30,857 |  |  | $ | 38,264 |
Increase (decrease) resulting from: |  |  |  |  |  |
Impact of Tax Act |  | — |  |  | — |  |  | (13,483) |
State income taxes, net of federal effect |  | 4,000 |  |  | 2,764 |  |  | 3,285 |
Nondeductible expenses and other |  | 5,273 |  |  | 5,953 |  |  | 4,378 |
Legal proceedings charge - European Competition Investigations |  | — |  |  | — |  |  | 2,405 |
Net effect of GILTI, FDII, BEAT |  | 1,985 |  |  | 3,025 |  |  | 2,320 |
Goodwill impairment - See Note 7 |  | — |  |  | 10,714 |  |  | — |
Effect of foreign operations |  | (20,035) |  |  | (17,605) |  |  | (16,763) |
Valuation allowance |  | 5,533 |  |  | 4,349 |  |  | 2,879 |
Switzerland Tax Reform |  | (1,883) |  |  | (26,846) |  |  | — |
Research and Development Credit |  | (3,841) |  |  | (3,390) |  |  | (1,701) |
Income tax expense |  | $ | 26,761 |  |  | $ | 9,821 |  |  | $ | 21,584 |
Reconciliation Of Unrecognized Tax Benefits | The following table summarizes activity of the total amounts of unrecognized tax benefits:
|  | Fiscal year ended March 31,
|  | 2021 |  | 2020 |  | 2019
Balance at beginning of year |  | $ | 7,795 |  |  | $ | 20,165 |  |  | $ | 1,568 |
Increases related to current year tax positions |  | 346 |  |  | 598 |  |  | 129 |
Increases related to the Alpha acquisition |  | — |  |  | 769 |  |  | 7,840 |
Increases related to prior year tax positions |  | 325 |  |  | — |  |  | 11,463 |
Decreases related to prior tax positions |  | — |  |  | (11,463) |  |  | (544) |
Decreases related to prior year tax positions settled |  | — |  |  | — |  |  | (93) |
Lapse of statute of limitations |  | (1,681) |  |  | (2,274) |  |  | (198) |
Balance at end of year |  | $ | 6,785 |  |  | $ | 7,795 |  |  | $ | 20,165 |

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