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v3.20.1

Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2020
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) | 2020 |  | 2019 |  | 2018
United States | $ | 167,508 |  |  | $ | (52,313) |  |  | $ | 84,435 |
Foreign | 23,643 |  |  | 14,258 |  |  | 22,651 |
| $ | 191,151 |  |  | $ | (38,055) |  |  | $ | 107,086 |
Components of Provision for Income Taxes | The provision (benefit) for income taxes consists of the following:
| Year Ended March 31, |  |  |  |
(In thousands) | 2020 |  | 2019 |  | 2018
Current |  |  |  |  |
Federal | $ | 24,051 |  |  | $ | 27,629 |  |  | $ | 31,327 |
State | 2,506 |  |  | 3,156 |  |  | 2,686 |
Foreign | 8,473 |  |  | 7,193 |  |  | 5,588 |
Deferred |  |  |  |  |
Federal | 14,119 |  |  | (35,760) |  |  | (270,796) |
State | (341) |  |  | (4,101) |  |  | (1,240) |
Foreign | 62 |  |  | (372) |  |  | (49) |
Total provision (benefit) for income taxes | $ | 48,870 |  |  | $ | (2,255) |  |  | $ | (232,484) |
Components of Deferred Tax Balances | The principal components of our deferred tax balances are as follows:
| March 31, |  |
(In thousands) | 2020 |  | 2019
Deferred Tax Assets |  |  |
Allowance for doubtful accounts and sales returns | $ | 4,996 |  |  | $ | 3,285 |
Inventory capitalization | 1,168 |  |  | 1,245 |
Inventory reserves | 705 |  |  | 1,267 |
Net operating loss carryforwards | 115 |  |  | 226 |
State income taxes | 8,896 |  |  | 9,003 |
Accrued liabilities | 1,308 |  |  | 1,785 |
Accrued compensation | 4,472 |  |  | 4,416 |
Stock compensation | 4,334 |  |  | 4,206 |
Foreign tax credit | 5,441 |  |  | 3,236 |
Interest | — |  |  | 154 |
Lease liability | 8,228 |  |  | — |
Unrealized foreign exchange loss | 257 |  |  | — |
Other | 13,191 |  |  | 7,691 |
Total deferred tax assets | $ | 53,111 |  |  | $ | 36,514 |
Deferred Tax Liabilities |  |  |
Property, plant and equipment | $ | (7,590) |  |  | $ | (6,002) |
Intangible assets | (438,601) |  |  | (425,134) |
Deferred cumulative catch-up adjustments - revenue recognition adjustments | (522) |  |  | (721) |
Right-of-use asset | (7,876) |  |  | — |
Total deferred tax liabilities | $ | (454,589) |  |  | $ | (431,857) |
Net deferred tax liability before valuation allowance | $ | (401,478) |  |  | $ | (395,343) |
Valuation allowance | (5,441) |  |  | (3,236) |
Net deferred tax liability | $ | (406,919) |  |  | $ | (398,579) |
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, |  |  |  |  |  |  |  |  |  |
| 2020 |  |  |  | 2019 |  |  |  | 2018 |  |
(In thousands) |  |  | % |  |  |  | % |  |  |  | %
Income tax provision (benefit) at statutory rate | $ | 40,142 |  |  | 21.0 |  |  | $ | (7,992) |  |  | 21.0 |  |  | $ | 37,480 |  |  | 35.0 |
Foreign tax provision (benefit) | 2,498 |  |  | 1.3 |  |  | 2,866 |  |  | (7.5) |  |  | (2,084) |  |  | (1.9) |
State income taxes, net of federal income tax benefit | 1,606 |  |  | 0.8 |  |  | (1,710) |  |  | 4.5 |  |  | 1,414 |  |  | 1.3 |
Impact of tax legislation | — |  |  | — |  |  | — |  |  | — |  |  | (268,244) |  |  | (250.5) |
Goodwill impairment | — |  |  | — |  |  | 5,616 |  |  | (14.8) |  |  | — |  |  | — |
R&D | (320) |  |  | (0.2) |  |  | (629) |  |  | 1.7 |  |  | — |  |  | — |
Compensation limitations | 562 |  |  | 0.3 |  |  | 296 |  |  | (0.8) |  |  | — |  |  | — |
Valuation allowance | 2,205 |  |  | 1.2 |  |  | 2,627 |  |  | (6.9) |  |  | (2,828) |  |  | (2.6) |
Gain on sale | — |  |  | — |  |  | 1,312 |  |  | (3.4) |  |  | — |  |  | — |
Other | 2,177 |  |  | 1.2 |  |  | (4,641) |  |  | 12.1 |  |  | 1,778 |  |  | 1.6 |
Total provision (benefit) for income taxes | $ | 48,870 |  |  | 25.6 |  |  | $ | (2,255) |  |  | 5.9 |  |  | $ | (232,484) |  |  | (217.1) |
Uncertain Tax Liability Activity | Uncertain tax liability activity is as follows:
| 2020 |  | 2019 |  | 2018
(In thousands) |  |  |  |  |
Balance – beginning of year | $ | 9,874 |  |  | $ | 10,827 |  |  | $ | 3,651 |
Additions based on tax positions related to the current year | 495 |  |  | 585 |  |  | 7,286 |
Reductions based on lapse of statute of limitations | — |  |  | (650) |  |  | (110) |
Payments and other movements | — |  |  | (888) |  |  | — |
Balance – end of year | $ | 10,369 |  |  | $ | 9,874 |  |  | $ | 10,827 |

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