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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2018

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)	2018				2017				2016
United States	$	84,435			$	93,582			$	142,253
Foreign	22,651				17,268				14,932
	$	107,086			$	110,850			$	157,185

Components of Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended March 31,
(In thousands)	2018				2017				2016
Current
Federal	$	31,327			$	40,183			$	6,080
State	2,686				2,808				1,171
Foreign	5,588				4,242				3,905
Deferred
Federal	(270,796		)		(5,421		)		44,787
State	(1,240		)		(163		)		1,678
Foreign	(49		)		(194		)		(343		)
Total (benefit) provision for income taxes	$	(232,484	)		$	41,455			$	57,278

Components of Deferred Tax Balances

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

	March 31,
(In thousands)	2018				2017
Deferred Tax Assets
Allowance for doubtful accounts and sales returns	$	2,806			$	5,280
Inventory capitalization	1,176				1,881
Inventory reserves	540				1,880
Net operating loss carryforwards	609				609
State income taxes	10,154				17,727
Accrued liabilities	2,210				2,174
Accrued compensation	4,992				9,574
Stock compensation	5,038				5,790
Other	4,975				7,925
Total deferred tax assets	$	32,500			$	52,840
Deferred Tax Liabilities
Property, plant and equipment	$	(6,032	)		$	(9,157	)
Intangible assets	(467,388		)		(754,322		)
Total deferred tax liabilities	$	(473,420	)		$	(763,479	)
Net deferred tax liability before valuation allowance	$	(440,920	)		$	(710,639	)
Valuation allowance	(609		)		(3,437		)
Net deferred tax liability	$	(441,529	)		$	(714,076	)

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,
	2018							2017							2016
(In thousands)					%							%							%
Income tax provision at statutory rate	$	37,480			35.0			$	38,798			35.0			$	55,015			35.0
Foreign tax benefit	(2,084		)		(1.9	)		(2,322		)		(2.1	)		(2,894		)		(1.8	)
State income taxes, net of federal income tax benefit	1,414				1.3			1,820				1.7			3,284				2.0
Impact of tax legislation	(268,244		)		(250.5	)		—				—			—				—
Goodwill adjustment for sale of asset	—				—			3,208				2.9			—				—
Nondeductible transaction costs	—				—			686				0.6			1,071				0.7
Nondeductible compensation	—				—			342				0.3			758				0.5
Other	(1,050		)		(1.0	)		(1,077		)		(1.0	)		44				—
Total (benefit) provision for income taxes	$	(232,484	)		(217.1	)		$	41,455			37.4			$	57,278			36.4

Uncertain Tax Liability Activity

Uncertain tax liability activity is as follows:

	2018				2017				2016
(In thousands)
Balance – beginning of year	$	3,651			$	4,084			$	3,420
Additions based on tax positions related to the current year	7,286				583				664
Reductions based on lapse of statute of limitations	(110		)		(1,016		)		—
Balance – end of year	$	10,827			$	3,651			$	4,084

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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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