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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2016
Income Tax Disclosure [Abstract] |
Income from Continuing Operations Before Income Taxes, Domestic and Foreign | Income before income taxes consists of the following:
| Year Ended March 31,
| 2016 |  | 2015 |  | 2014
(In thousands) |  |  |  |  |
United States | $ | 142,253 |  |  | $ | 122,588 |  |  | $ | 98,786 |
Foreign | 14,932 |  |  | 4,870 |  |  | 2,962 |
| $ | 157,185 |  |  | $ | 127,458 |  |  | $ | 101,748 |
Components of Provision for Income Taxes | The provision for income taxes consists of the following:
| Year Ended March 31,
(In thousands) | 2016 |  | 2015 |  | 2014
Current |  |  |  |  |
Federal | $ | 6,080 |  |  | $ | 13,066 |  |  | $ | 7,801 |
State | 1,171 |  |  | 760 |  |  | 625 |
Foreign | 3,905 |  |  | 3,228 |  |  | 1,675 |
Deferred |  |  |  |  |  |  |
Federal | 44,787 |  |  | 31,012 |  |  | 27,045 |
State | 1,678 |  |  | 1,162 |  |  | (7,879 | )
Foreign | (343 | ) |  | (30 | ) |  | (134 | )
Total provision for income taxes | $ | 57,278 |  |  | $ | 49,198 |  |  | $ | 29,133 |
Components of Deferred Tax Balances | The principal components of our deferred tax balances are as follows:
| March 31,
(In thousands) | 2016 |  | 2015
Deferred Tax Assets |  |  |
Allowance for doubtful accounts and sales returns | $ | 5,083 |  |  | $ | 4,106 |
Inventory capitalization | 1,838 |  |  | 1,550 |
Inventory reserves | 1,367 |  |  | 1,495 |
Net operating loss carryforwards | 12,350 |  |  | 23,800 |
State income taxes | 10,293 |  |  | 7,557 |
Accrued liabilities | 2,162 |  |  | 619 |
Stock compensation | 4,411 |  |  | 3,517 |
Other | 300 |  |  | 834 |
Total deferred tax assets | 37,804 |  |  | 43,478 |
Deferred Tax Liabilities |  |  |  |
Property and equipment | (833 | ) |  | (1,143 | )
Intangible assets | (496,485 | ) |  | (385,807 | )
Total deferred tax liabilities | (497,318 | ) |  | (386,950 | )
Net deferred tax liability | $ | (459,514 | ) |  | $ | (343,472 | )
Reconciliation of Effective Tax Rate | A reconciliation of the effective tax rate compared to the statutory U.S. Federal tax rate is as follows:
| Year Ended March 31,
| 2016 |  | 2015 |  | 2014
(In thousands) |  |  | % |  |  |  |  | % |  |  |  |  | % |
Income tax provision at statutory rate | $ | 55,015 |  |  | 35.0 |  |  | $ | 44,610 |  |  | 35.0 |  |  | $ | 35,612 |  |  | 35.0 |
Foreign tax benefit | (2,894 | ) |  | (1.8 | ) |  | (2,019 | ) |  | (1.6 | ) |  | (918 | ) |  | (0.9 | )
State income taxes, net of federal income tax benefit | 3,284 |  |  | 2.0 |  |  | 2,865 |  |  | 2.3 |  |  | 2,004 |  |  | 2.0 |
Decrease in net deferred tax liability resulting from a change in the effective state tax rate | — |  |  | — |  |  | — |  |  | — |  |  | (8,892 | ) |  | (8.7 | )
Goodwill adjustment for sale of asset | — |  |  | — |  |  | 206 |  |  | 0.2 |  |  | — |  |  | — |
Nondeductible transaction costs | 1,071 |  |  | 0.7 |  |  | 2,936 |  |  | 2.3 |  |  | — |  |  | — |
Nondeductible compensation | 758 |  |  | 0.5 |  |  | 566 |  |  | 0.4 |  |  | 1,011 |  |  | 1.0 |
Other | 44 |  |  | — |  |  | 34 |  |  | — |  |  | 316 |  |  | 0.3 |
Total provision for income taxes | $ | 57,278 |  |  | 36.4 |  |  | $ | 49,198 |  |  | 38.6 |  |  | $ | 29,133 |  |  | 28.7 |
Uncertain Tax Liability Activity | Uncertain tax liability activity is as follows:
| 2016 |  | 2015 |  | 2014
(In thousands) |  |  |  |  |
Balance – beginning of year | $ | 3,420 |  |  | $ | 1,236 |  |  | $ | 1,016 |
Additions based on tax positions related to the current year | 664 |  |  | 2,229 |  |  | 360 |
Reductions based on lapse of statute of limitations | — |  |  | (45 | ) |  | (140 | )
Balance – end of year | $ | 4,084 |  |  | $ | 3,420 |  |  | $ | 1,236 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=65882285&loc=SL6600010-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32840-109319 + Details
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