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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Tax Expense

						Fiscal year ended March 31,
						2024						2023						2022
Current income tax expense
Current:
Federal						$	21,785					$	21,203					$	9,558
State						3,252						5,654						4,022
Foreign						27,396						23,208						15,333
Total current income tax expense						52,433						50,065						28,913
Deferred income tax (benefit) expense
Federal						(25,008)						(18,370)						1,183
State						(3,564)						(2,534)						(1,453)
Foreign						(772)						5,668						1,385
Total deferred income tax (benefit) expense						(29,344)						(15,236)						1,115
Total income tax expense						$	23,089					$	34,829					$	30,028

Earnings Before Income Taxes

Earnings before income taxes consists of the following:

						Fiscal year ended March 31,
						2024						2023						2022
United States						$	99,230					$	38,703					$	21,871
Foreign						192,955						171,936						152,068
Earnings before income taxes						$	292,185					$	210,639					$	173,939

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,
						2024						2023
Deferred tax assets:
Accounts receivable						$	309					$	219
Inventories						13,472						6,387
Net operating loss carryforwards						51,005						48,801
Lease liabilities						20,081						20,888
Capitalized R&D Expenditures						32,740						16,378
Accrued expenses						35,132						31,949
Other assets						29,079						22,029
Gross deferred tax assets						181,818						146,651
Less valuation allowance						(35,754)						(31,172)
Total deferred tax assets						146,064						115,479
Deferred tax liabilities:
Property, plant and equipment						45,493						42,884
Lease Right-of-use assets						20,071						20,888
Intangible assets						56,726						59,152
Other liabilities						4,560						4,521
Total deferred tax liabilities						126,850						127,445
Net deferred tax assets (liabilities)						$	19,214					$	(11,966)

Schedule of Change in Valuation Allowance

The following table sets forth the changes in the Company's valuation allowance for fiscal 2024, 2023 and 2022:

						Balance at Beginning of Period						Additions Charged to Expense						Valuation Allowance Reversal												Other(1)						Balance at End of Period
Fiscal year ended March 31, 2022						$	31,928					$	4,486					$	(1,535)											$	(3,862)					$	31,017
Fiscal year ended March 31, 2023						31,017						2,654						(586)												(1,913)						31,172
Fiscal year ended March 31, 2024						31,172						9,463						(2,614)												(2,267)						35,754

(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 2024, 2023 and 2022) to the income tax provision is as follows:

						Fiscal year ended March 31,
						2024						2023						2022
United States statutory income tax expense						$	61,358					$	44,233					$	36,527
Increase (decrease) resulting from:
State income taxes, net of federal effect						(995)						1,714						1,724
Nondeductible expenses and other						3,833						6,028						1,217
Net effect of GILTI, FDII, BEAT						3,313						2,457						5,405
Effect of foreign operations						(17,475)						(12,978)						(14,192)
Valuation allowance						6,849						2,068						2,951
Research and Development Credit						(5,158)						(5,063)						(3,604)
IRA Impact						(28,636)						(3,630)						—
Income tax expense						$	23,089					$	34,829					$	30,028

Reconciliation Of Unrecognized Tax Benefits

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

						Fiscal year ended March 31,
						2024						2023						2022
Balance at beginning of year						$	3,495					$	4,770					$	6,785
Increases related to current year tax positions						(2)						24						21
Increases related to prior year tax positions						—						(1)						598
Decreases related to prior tax positions						(129)						—						—
Decreases related to prior year tax positions settled						—						(77)						(784)
Lapse of statute of limitations						(519)						(1,221)						(1,850)
Balance at end of year						$	2,845					$	3,495					$	4,770

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