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v3.25.1

Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Income Tax Expense |
|  | Fiscal year ended March 31,
|  | 2025 |  | 2024 |  | 2023
Current income tax expense |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | $ | 39,021 |  |  | $ | 21,785 |  |  | $ | 21,203 |
State |  | 11,147 |  |  | 3,252 |  |  | 5,654 |
Foreign |  | 24,599 |  |  | 27,396 |  |  | 23,208 |
Total current income tax expense |  | 74,767 |  |  | 52,433 |  |  | 50,065 |
Deferred income tax (benefit) expense |  |  |  |  |  |
Federal |  | (6,000) |  |  | (25,008) |  |  | (18,370) |
State |  | (1,446) |  |  | (3,564) |  |  | (2,534) |
Foreign |  | (24,479) |  |  | (772) |  |  | 5,668 |
Total deferred income tax (benefit) expense |  | (31,925) |  |  | (29,344) |  |  | (15,236) |
Total income tax expense |  | $ | 42,842 |  |  | $ | 23,089 |  |  | $ | 34,829 |
Earnings Before Income Taxes | Earnings before income taxes consists of the following:
|  | Fiscal year ended March 31,
|  | 2025 |  | 2024 |  | 2023
United States |  | $ | 201,332 |  |  | $ | 99,230 |  |  | $ | 38,703 |
Foreign |  | 205,245 |  |  | 192,955 |  |  | 171,936 |
Earnings before income taxes |  | $ | 406,577 |  |  | $ | 292,185 |  |  | $ | 210,639 |
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,
|  | 2025 |  | 2024
Deferred tax assets: |  |  |  |
Accounts receivable |  | $ | 278 |  |  | $ | 309 |
Inventories |  | 13,154 |  |  | 13,472 |
Net operating loss carryforwards |  | 44,442 |  |  | 51,005 |
Lease liabilities |  | 21,016 |  |  | 20,081 |
Capitalized R&D Expenditures |  | 48,856 |  |  | 32,740 |
Accrued expenses |  | 42,909 |  |  | 35,132 |
Other assets |  | 22,080 |  |  | 29,079 |
Gross deferred tax assets |  | 192,735 |  |  | 181,818 |
Less valuation allowance |  | (25,594) |  |  | (35,754) |
Total deferred tax assets |  | 167,141 |  |  | 146,064 |
Deferred tax liabilities: |  |  |  |
Property, plant and equipment |  | 49,025 |  |  | 45,493 |
Lease Right-of-use assets |  | 21,016 |  |  | 20,071 |
Intangible assets |  | 32,332 |  |  | 56,726 |
Other liabilities |  | 7,616 |  |  | 4,560 |
Total deferred tax liabilities |  | 109,989 |  |  | 126,850 |
Net deferred tax assets (liabilities) |  | $ | 57,152 |  |  | $ | 19,214 |
Schedule of Change in Valuation Allowance | The following table sets forth the changes in the Company's valuation allowance for fiscal 2025, 2024 and 2023:
|  | Balance at Beginning of Period |  | Additions Charged to Expense |  | Valuation Allowance Reversal |  |  |  | Other(1) |  | Balance at End of Period
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 |
Fiscal year ended March 31, 2025 |  | 35,754 |  |  | 4,949 |  |  | (9,219) |  |  |  |  | (5,890) |  |  | 25,594 |
(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 2025, 2024 and 2023) to the income tax provision is as follows:
|  | Fiscal year ended March 31,
|  | 2025 |  | 2024 |  | 2023
United States statutory income tax expense |  | $ | 85,381 |  |  | $ | 61,358 |  |  | $ | 44,233 |
Increase (decrease) resulting from: |  |  |  |  |  |
State income taxes, net of federal effect |  | 7,361 |  |  | (995) |  |  | 1,714 |
Nondeductible expenses and other |  | 14,135 |  |  | 3,833 |  |  | 6,028 |
Net effect of GILTI, FDII, BEAT |  | 3,322 |  |  | 3,313 |  |  | 2,457 |
Effect of foreign operations |  | (14,074) |  |  | (17,475) |  |  | (12,978) |
Valuation allowance |  | (4,270) |  |  | 6,849 |  |  | 2,068 |
Research and Development Credit |  | (5,652) |  |  | (5,158) |  |  | (5,063) |
AMPC Impact |  | (38,764) |  |  | (28,636) |  |  | (3,630) |
Tax Act |  | (4,597) |  |  | — |  |  | — |
Income tax expense |  | $ | 42,842 |  |  | $ | 23,089 |  |  | $ | 34,829 |
Reconciliation Of Unrecognized Tax Benefits | The following table summarizes activity of the total amounts of unrecognized tax benefits:
|  | Fiscal year ended March 31,
|  | 2025 |  | 2024 |  | 2023
Balance at beginning of year |  | $ | 2,845 |  |  | $ | 3,495 |  |  | $ | 4,770 |
Increases related to current year tax positions |  | 630 |  |  | (2) |  |  | 24 |
Increases related to prior year tax positions |  | — |  |  | — |  |  | (1) |
Decreases related to prior tax positions |  | — |  |  | (129) |  |  | — |
Decreases related to prior year tax positions settled |  | — |  |  | — |  |  | (77) |
Lapse of statute of limitations |  | (595) |  |  | (519) |  |  | (1,221) |
Balance at end of year |  | $ | 2,880 |  |  | $ | 2,845 |  |  | $ | 3,495 |

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