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Income Taxes
 12 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
(Loss) income before income taxes consists of the following:
Year Ended March 31,
(In thousands)202320222021
United States$(130,331)$236,381 $195,796 
Foreign36,416 26,077 8,317 
Total (loss) income before income taxes$(93,915)$262,458 $204,113 

The (benefit) provision for income taxes consists of the following:
Year Ended March 31,
 (In thousands)202320222021
Current   
Federal$33,475 $34,446 $11,513 
State3,721 3,961 3,403 
Foreign11,959 8,709 5,849 
Deferred   
Federal(52,473)12,055 14,430 
State(8,201)(1,379)4,572 
Foreign(90)(715)(336)
Total (benefit) provision for income taxes$(11,609)$57,077 $39,431 

The principal components of our deferred tax balances are as follows:
March 31,
(In thousands)20232022
Deferred Tax Assets  
Allowance for credit losses and sales returns$4,882 $4,605 
Inventory capitalization2,508 2,201 
Inventory reserves1,707 1,264 
Net operating loss carryforwards— 115 
State income taxes7,440 9,661 
Accrued liabilities1,616 2,026 
Accrued compensation3,757 4,597 
Stock compensation4,613 4,548 
Research and development1,429 — 
Lease liability4,795 6,808 
Unrealized foreign exchange loss673 215 
Other9,450 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)

The net deferred tax liability shown above is net of $1.9 million of foreign deferred tax assets as of March 31, 2023 and 2022.
We had no valuation allowance as of March 31, 2023 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,
202320222021
(In thousands) % % %
Income tax (benefit) provision at statutory rate$(19,722)21.0 $55,116 21.0 $42,864 21.0 
Foreign tax provision4,168 (4.4)2,876 1.1 3,972 1.9 
State income taxes (benefit), net of federal income tax benefit(5,300)5.6 1,737 0.7 7,284 3.6 
Goodwill impairment10,232 (10.9)— — — — 
Research and development(514)0.5 (213)(0.1)(156)(0.1)
Compensation limitations1,483 (1.6)1,563 0.6 735 0.4 
Valuation allowance— — — — (5,441)(2.7)
Foreign tax credit(1,297)1.4 — — — — 
Uncertain tax positions(91)0.1 (369)(0.1)(7,218)(3.5)
Other(568)0.7 (3,633)(1.5)(2,609)(1.3)
Total (benefit) provision for income taxes$(11,609)12.4 $57,077 21.7 $39,431 19.3 

Uncertain tax liability activity is as follows:
 202320222021
(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 movements228 117 417 
Balance – end of year$3,295 $3,562 $4,030 

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 2023, 2022 or 2021. We reasonably anticipate that uncertain tax positions could decrease in the next year by approximately $0.4 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, 2019 forward.