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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2017

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,
(In thousands)	2017				2016				2015
United States	$	93,582			$	142,253			$	122,588
Foreign	17,268				14,932				4,870
	$	110,850			$	157,185			$	127,458

Components of Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended March 31,
(In thousands)	2017				2016				2015
Current
Federal	$	40,183			$	6,080			$	13,066
State	2,808				1,171				760
Foreign	4,242				3,905				3,228
Deferred
Federal	(5,421		)		44,787				31,012
State	(163		)		1,678				1,162
Foreign	(194		)		(343		)		(30		)
Total provision for income taxes	$	41,455			$	57,278			$	49,198

Components of Deferred Tax Balances

The principal components of our deferred tax balances are as follows:

	March 31,
(In thousands)	2017				2016
Deferred Tax Assets
Allowance for doubtful accounts and sales returns	$	5,280			$	5,083
Inventory capitalization	1,881				1,838
Inventory reserves	1,880				1,367
Net operating loss carryforwards	609				12,350
State income taxes	17,727				10,293
Accrued liabilities	2,174				2,162
Accrued compensation	9,574				—
Stock compensation	5,790				4,411
Other	7,925				300
Total deferred tax assets	52,840				37,804
Deferred Tax Liabilities
Property, plant and equipment	(9,157		)		(833		)
Intangible assets	(754,322		)		(496,485		)
Total deferred tax liabilities	(763,479		)		(497,318		)
Net deferred tax liability before valuation allowance	$	(710,639	)		$	(459,514	)
Valuation allowance	(3,437		)		—
Net deferred tax liability	$	(714,076	)		$	(459,514	)

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,
	2017							2016							2015
(In thousands)					%							%							%
Income tax provision at statutory rate	$	38,798			35.0			$	55,015			35.0			$	44,610			35.0
Foreign tax benefit	(2,322		)		(2.1	)		(2,894		)		(1.8	)		(2,019		)		(1.6	)
State income taxes, net of federal income tax benefit	1,820				1.7			3,284				2.0			2,865				2.3
Goodwill adjustment for sale of asset	3,208				2.9			—				—			206				0.2
Nondeductible transaction costs	686				0.6			1,071				0.7			2,936				2.3
Nondeductible compensation	342				0.3			758				0.5			566				0.4
Other	(1,076		)		(1.0	)		44				—			34				—
Total provision for income taxes	$	41,456			37.4			$	57,278			36.4			$	49,198			38.6

Uncertain Tax Liability Activity

Uncertain tax liability activity is as follows:

	2017				2016				2015
(In thousands)
Balance – beginning of year	$	4,084			$	3,420			$	1,236
Additions based on tax positions related to the current year	583				664				2,229
Reductions based on lapse of statute of limitations	(1,016		)		—				(45		)
Balance – end of year	$	3,651			$	4,084			$	3,420

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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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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.

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