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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Income from Continuing Operations Before Income Taxes, Domestic and Foreign

Income (loss) before income taxes consists of the following:

	Year Ended March 31,
(In thousands)	2019				2018				2017
United States	$	(52,313	)		$	84,435			$	93,582
Foreign	14,258				22,651				17,268
	$	(38,055	)		$	107,086			$	110,850

Components of Provision for Income Taxes

The (benefit) provision for income taxes consists of the following:

	Year Ended March 31,
(In thousands)	2019				2018				2017
Current
Federal	$	27,629			$	31,327			$	40,183
State	3,156				2,686				2,808
Foreign	7,193				5,588				4,242
Deferred
Federal	(35,760		)		(270,796		)		(5,421		)
State	(4,101		)		(1,240		)		(163		)
Foreign	(372		)		(49		)		(194		)
Total (benefit) provision for income taxes	$	(2,255	)		$	(232,484	)		$	41,455

Components of Deferred Tax Balances

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

	March 31,
(In thousands)	2019				2018
Deferred Tax Assets
Allowance for doubtful accounts and sales returns	$	3,285			$	2,806
Inventory capitalization	1,245				1,176
Inventory reserves	1,267				540
Net operating loss carryforwards	226				609
State income taxes	9,003				10,154
Accrued liabilities	1,785				2,210
Accrued compensation	4,416				4,992
Stock compensation	4,206				5,038
Foreign tax credit	3,236				—
Interest	154				—
Other	7,691				4,975
Total deferred tax assets	$	36,514			$	32,500
Deferred Tax Liabilities
Property, plant and equipment	$	(6,002	)		$	(6,032	)
Intangible assets	(425,134		)		(467,388		)
Adoption of revenue recognition standard	(721		)		—
Total deferred tax liabilities	$	(431,857	)		$	(473,420	)
Net deferred tax liability before valuation allowance	$	(395,343	)		$	(440,920	)
Valuation allowance	(3,236		)		(609		)
Net deferred tax liability	$	(398,579	)		$	(441,529	)

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,
	2019							2018							2017
(In thousands)					%							%							%
Income tax (benefit) provision at statutory rate	$	(7,992	)		21.0			$	37,480			35.0			$	38,798			35.0
Foreign tax provision (benefit)	2,866				(7.5	)		(2,084		)		(1.9	)		(2,322		)		(2.1	)
State income taxes, net of federal income tax benefit	(1,710		)		4.5			1,414				1.3			1,820				1.7
Impact of tax legislation	—				—			(268,244		)		(250.5	)		—				—
Goodwill impairment	5,616				(14.8	)		—				—			3,208				2.9
R&D	(629		)		1.7			—				—			—				—
Compensation limitations	296				(0.8	)		—				—			—				—
Valuation allowance	2,627				(6.9	)		(2,828		)		(2.6	)		—				—
Gain on sale	1,312				(3.4	)		—				—			—				—
Nondeductible transaction costs	—				—			—				—			686				0.6
Nondeductible compensation	—				—			—				—			342				0.3
Other	(4,641		)		12.1			1,778				1.6			(1,077		)		(1.0	)
Total (benefit) provision for income taxes	$	(2,255	)		5.9			$	(232,484	)		(217.1	)		$	41,455			37.4

Uncertain Tax Liability Activity

Uncertain tax liability activity is as follows:

	2019				2018				2017
(In thousands)
Balance – beginning of year	$	10,827			$	3,651			$	4,084
Additions based on tax positions related to the current year	585				7,286				583
Reductions based on lapse of statute of limitations	(650		)		(110		)		(1,016		)
Payments and other movements	(888		)		—				—
Balance – end of year	$	9,874			$	10,827			$	3,651

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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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