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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2023
Income Tax Disclosure [Abstract] |
(Loss) Income from Continuing Operations Before Income Taxes, Domestic and Foreign | (Loss) income before income taxes consists of the following:
| Year Ended March 31,
(In thousands) | 2023 |  | 2022 |  | 2021
United States | $ | (130,331) |  |  | $ | 236,381 |  |  | $ | 195,796 |
Foreign | 36,416 |  |  | 26,077 |  |  | 8,317 |
Total (loss) income before income taxes | $ | (93,915) |  |  | $ | 262,458 |  |  | $ | 204,113 |
Components of Provision for Income Taxes | The (benefit) provision for income taxes consists of the following:
| Year Ended March 31,
(In thousands) | 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 33,475 |  |  | $ | 34,446 |  |  | $ | 11,513 |
State | 3,721 |  |  | 3,961 |  |  | 3,403 |
Foreign | 11,959 |  |  | 8,709 |  |  | 5,849 |
Deferred |  |  |  |  |
Federal | (52,473) |  |  | 12,055 |  |  | 14,430 |
State | (8,201) |  |  | (1,379) |  |  | 4,572 |
Foreign | (90) |  |  | (715) |  |  | (336) |
Total (benefit) provision for income taxes | $ | (11,609) |  |  | $ | 57,077 |  |  | $ | 39,431 |
Components of Deferred Tax Balances | The principal components of our deferred tax balances are as follows:
| March 31,
(In thousands) | 2023 |  | 2022
Deferred Tax Assets |  |  |
Allowance for credit losses and sales returns | $ | 4,882 |  |  | $ | 4,605 |
Inventory capitalization | 2,508 |  |  | 2,201 |
Inventory reserves | 1,707 |  |  | 1,264 |
Net operating loss carryforwards | — |  |  | 115 |
State income taxes | 7,440 |  |  | 9,661 |
Accrued liabilities | 1,616 |  |  | 2,026 |
Accrued compensation | 3,757 |  |  | 4,597 |
Stock compensation | 4,613 |  |  | 4,548 |
Research and development | 1,429 |  |  | — |
Lease liability | 4,795 |  |  | 6,808 |
Unrealized foreign exchange loss | 673 |  |  | 215 |
Other | 9,450 |  |  | 5,682 |
Total deferred tax assets | $ | 42,870 |  |  | $ | 41,722 |
Deferred Tax Liabilities |  |  |
Property, plant and equipment | $ | (6,874) |  |  | $ | (7,210) |
Intangible assets | (410,219) |  |  | (471,327) |
Right-of-use asset | (4,300) |  |  | (6,239) |
Total deferred tax liabilities | $ | (421,393) |  |  | $ | (484,776) |
Net deferred tax liability | $ | (378,523) |  |  | $ | (443,054) |
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,
| 2023 |  | 2022 |  | 2021
(In thousands) |  |  | % |  |  |  | % |  |  |  | %
Income tax (benefit) provision at statutory rate | $ | (19,722) |  |  | 21.0 |  |  | $ | 55,116 |  |  | 21.0 |  |  | $ | 42,864 |  |  | 21.0 |
Foreign tax provision | 4,168 |  |  | (4.4) |  |  | 2,876 |  |  | 1.1 |  |  | 3,972 |  |  | 1.9 |
State income taxes (benefit), net of federal income tax benefit | (5,300) |  |  | 5.6 |  |  | 1,737 |  |  | 0.7 |  |  | 7,284 |  |  | 3.6 |
Goodwill impairment | 10,232 |  |  | (10.9) |  |  | — |  |  | — |  |  | — |  |  | — |
Research and development | (514) |  |  | 0.5 |  |  | (213) |  |  | (0.1) |  |  | (156) |  |  | (0.1) |
Compensation limitations | 1,483 |  |  | (1.6) |  |  | 1,563 |  |  | 0.6 |  |  | 735 |  |  | 0.4 |
Valuation allowance | — |  |  | — |  |  | — |  |  | — |  |  | (5,441) |  |  | (2.7) |
Foreign tax credit | (1,297) |  |  | 1.4 |  |  | — |  |  | — |  |  | — |  |  | — |
Uncertain tax positions | (91) |  |  | 0.1 |  |  | (369) |  |  | (0.1) |  |  | (7,218) |  |  | (3.5) |
Other | (568) |  |  | 0.7 |  |  | (3,633) |  |  | (1.5) |  |  | (2,609) |  |  | (1.3) |
Total (benefit) provision for income taxes | $ | (11,609) |  |  | 12.4 |  |  | $ | 57,077 |  |  | 21.7 |  |  | $ | 39,431 |  |  | 19.3 |
Uncertain Tax Liability Activity | Uncertain tax liability activity is as follows:
| 2023 |  | 2022 |  | 2021
(In thousands) |  |  |  |  |
Balance – beginning of year | $ | 3,562 |  |  | $ | 4,030 |  |  | $ | 10,369 |
Reductions based on lapse of statute of limitations | (495) |  |  | (585) |  |  | (6,756) |
Payments and other movements | 228 |  |  | 117 |  |  | 417 |
Balance – end of year | $ | 3,295 |  |  | $ | 3,562 |  |  | $ | 4,030 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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