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Income Taxes
 12 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income before income taxes consists of the following:
Year Ended March 31,
(In thousands)202220212020
United States$236,381 $195,796 $167,508 
Foreign26,077 8,317 23,643 
$262,458 $204,113 $191,151 

The provision for income taxes consists of the following:
Year Ended March 31,
 (In thousands)202220212020
Current   
Federal$34,446 $11,513 $24,051 
State3,961 3,403 2,506 
Foreign8,709 5,849 8,473 
Deferred   
Federal12,055 14,430 14,119 
State(1,379)4,572 (341)
Foreign(715)(336)62 
Total provision for income taxes$57,077 $39,431 $48,870 
The principal components of our deferred tax balances are as follows:
March 31,
(In thousands)20222021
Deferred Tax Assets  
Allowance for doubtful accounts and sales returns$4,605 $4,267 
Inventory capitalization2,201 1,124 
Inventory reserves1,264 1,119 
Net operating loss carryforwards115 115 
State income taxes9,661 10,028 
Accrued liabilities2,026 1,078 
Accrued compensation4,597 3,736 
Stock compensation4,548 4,369 
Foreign tax credit— 699 
Lease liability6,808 8,132 
Unrealized foreign exchange loss215 384 
Other5,682 5,916 
Total deferred tax assets$41,722 $40,967 
Deferred Tax Liabilities  
Property, plant and equipment$(7,210)$(7,245)
Intangible assets(471,327)(458,713)
Deferred cumulative catch-up adjustments - revenue recognition adjustments— (264)
Right-of-use asset(6,239)(7,605)
Total deferred tax liabilities$(484,776)$(473,827)
Net deferred tax liability$(443,054)$(432,860)

The net deferred tax liability shown above is net of $1.9 million of foreign deferred tax assets as of March 31, 2022 and $1.2 million of foreign deferred tax assets as of March 31, 2021.

We had no valuation allowance as of March 31, 2021 and March 31, 2022.

A reconciliation of the effective tax rate compared to the statutory U.S. Federal tax rate is as follows:
 Year Ended March 31,
202220212020
(In thousands) % % %
Income tax provision at statutory rate$55,116 21.0 $42,864 21.0 $40,142 21.0 
Foreign tax provision2,876 1.1 3,972 1.9 2,498 1.3 
State income taxes, net of federal income tax benefit1,737 0.7 7,284 3.6 1,606 0.8 
R&D(213)(0.1)(156)(0.1)(320)(0.2)
Compensation limitations1,563 0.6 735 0.4 562 0.3 
Valuation allowance— — (5,441)(2.7)2,205 1.2 
Uncertain tax positions(369)(0.1)(7,218)(3.5)— — 
Other(3,633)(1.5)(2,609)(1.3)2,177 1.2 
Total provision for income taxes$57,077 21.7 $39,431 19.3 $48,870 25.6 
Uncertain tax liability activity is as follows:
 202220212020
(In thousands)  
Balance – beginning of year$4,030 $10,369 $9,874 
Additions based on tax positions related to the current year— — 495 
Reductions based on lapse of statute of limitations(585)(6,756)— 
Payments and other movements117 417 — 
Balance – end of year$3,562 $4,030 $10,369 

We recognize interest and penalties related to uncertain tax positions as a component of income tax (benefit) expense. We did not incur any material interest or penalties related to income taxes in 2022, 2021 or 2020. We reasonably anticipate that uncertain tax positions could decrease in the next year by approximately $0.5 million, principally due to the statute of limitation expirations if recognized and would impact the effective tax rate in a future period. We are subject to taxation in the United States and various state and foreign jurisdictions, and we are generally open to examination from the year ended March 31, 2018 forward.