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Income Taxes (Tables)

12 Months Ended

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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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 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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