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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Tax Expense

						Fiscal year ended March 31,
						2022						2021						2020
Current income tax expense
Current:
Federal						$	9,558					$	12,591					$	9,185
State						4,022						4,133						2,561
Foreign						15,333						19,031						14,561
Total current income tax expense						28,913						35,755						26,307
Deferred income tax (benefit) expense
Federal						1,183						1,495						5,489
State						(1,453)						735						741
Foreign						1,385						(11,224)						(22,716)
Total deferred income tax (benefit) expense						1,115						(8,994)						(16,486)
Total income tax expense						$	30,028					$	26,761					$	9,821

Earnings Before Income Taxes

Earnings before income taxes consists of the following:

						Fiscal year ended March 31,
						2022						2021						2020
United States						$	21,871					$	56,055					$	36,193
Foreign						152,068						114,080						110,744
Earnings before income taxes						$	173,939					$	170,135					$	146,937

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,
						2022						2021
Deferred tax assets:
Accounts receivable						$	481					$	2,029
Inventories						8,581						8,831
Net operating loss carryforwards						56,010						62,663
Lease liabilities						17,590						15,685
Accrued expenses						33,571						36,775
Other assets						19,941						18,173
Gross deferred tax assets						136,174						144,156
Less valuation allowance						(31,017)						(31,928)
Total deferred tax assets						105,157						112,228
Deferred tax liabilities:
Property, plant and equipment						41,105						38,364
Lease Right-of-use assets						17,590						15,685
Intangible assets						60,827						66,743
Other liabilities						3,384						2,636
Total deferred tax liabilities						122,906						123,428
Net deferred tax liabilities						$	(17,749)					$	(11,200)

Schedule of Change in Valuation Allowance

The following table sets forth the changes in the Company's valuation allowance for fiscal 2022, 2021 and 2020:

						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, 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
Fiscal year ended March 31, 2022						31,928						4,486						(1,535)						—						(3,862)						31,017

(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 2022, 2021 and 2020) to the income tax provision is as follows:

						Fiscal year ended March 31,
						2022						2021						2020
United States statutory income tax expense						$	36,527					$	35,729					$	30,857
Increase (decrease) resulting from:
State income taxes, net of federal effect						1,724						4,000						2,764
Nondeductible expenses and other						1,217						5,273						5,953
Net effect of GILTI, FDII, BEAT						5,405						1,985						3,025
Goodwill impairment - See Note 7						—						—						10,714
Effect of foreign operations						(14,192)						(20,035)						(17,605)
Valuation allowance						2,951						5,533						4,349
Switzerland Tax Reform						—						(1,883)						(26,846)
Research and Development Credit						(3,604)						(3,841)						(3,390)
Income tax expense						$	30,028					$	26,761					$	9,821

Reconciliation Of Unrecognized Tax Benefits

The following table summarizes activity of the total amounts of unrecognized tax benefits:

						Fiscal year ended March 31,
						2022						2021						2020
Balance at beginning of year						$	6,785					$	7,795					$	20,165
Increases related to current year tax positions						21						346						598
Increases related to the Alpha acquisition						—						—						769
Increases related to prior year tax positions						598						325						—
Decreases related to prior tax positions						—						—						(11,463)
Decreases related to prior year tax positions settled						(784)						—						—
Lapse of statute of limitations						(1,850)						(1,681)						(2,274)
Balance at end of year						$	4,770					$	6,785					$	7,795

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