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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2024
Income Tax Disclosure [Abstract] |
(Loss) 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) | 2024 |  | 2023 |  | 2022
United States | $ | 239,405 |  |  | $ | (130,331) |  |  | $ | 236,381 |
Foreign | 36,620 |  |  | 36,416 |  |  | 26,077 |
Total income (loss) before income taxes | $ | 276,025 |  |  | $ | (93,915) |  |  | $ | 262,458 |
Components of Provision for Income Taxes | The provision (benefit) for income taxes consists of the following:
| Year Ended March 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal | $ | 28,302 |  |  | $ | 33,475 |  |  | $ | 34,446 |
State | 3,662 |  |  | 3,721 |  |  | 3,961 |
Foreign | 11,652 |  |  | 11,959 |  |  | 8,709 |
Deferred |  |  |  |  |
Federal | 20,582 |  |  | (52,473) |  |  | 12,055 |
State | 3,034 |  |  | (8,201) |  |  | (1,379) |
Foreign | (546) |  |  | (90) |  |  | (715) |
Total provision (benefit) for income taxes | $ | 66,686 |  |  | $ | (11,609) |  |  | $ | 57,077 |
Components of Deferred Tax Balances | The principal components of our deferred tax balances are as follows:
| March 31,
(In thousands) | 2024 |  | 2023
Deferred Tax Assets |  |  |
Allowance for credit losses and sales returns | $ | 4,070 |  |  | $ | 4,882 |
Inventory capitalization | 1,685 |  |  | 2,508 |
Inventory reserves | 1,353 |  |  | 1,707 |
State income taxes | 8,246 |  |  | 7,440 |
Accrued liabilities | 1,431 |  |  | 1,616 |
Accrued compensation | 3,230 |  |  | 3,757 |
Stock compensation | 3,580 |  |  | 4,613 |
Research and development | 4,179 |  |  | 1,429 |
Lease liability | 2,604 |  |  | 4,795 |
Unrealized foreign exchange loss | 204 |  |  | 673 |
Other | 10,319 |  |  | 9,450 |
Total deferred tax assets | $ | 40,901 |  |  | $ | 42,870 |
Deferred Tax Liabilities |  |  |
Property, plant and equipment | $ | (9,403) |  |  | $ | (6,874) |
Intangible assets | (430,308) |  |  | (410,219) |
Right-of-use asset | (2,371) |  |  | (4,300) |
Total deferred tax liabilities | $ | (442,082) |  |  | $ | (421,393) |
Net deferred tax liability | $ | (401,181) |  |  | $ | (378,523) |
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,
| 2024 |  | 2023 |  | 2022
(In thousands) |  |  | % |  |  |  | % |  |  |  | %
Income tax provision (benefit) at statutory rate | $ | 57,965 |  |  | 21.0 |  |  | $ | (19,722) |  |  | 21.0 |  |  | $ | 55,116 |  |  | 21.0 |
Foreign tax provision | 3,164 |  |  | 1.1 |  |  | 4,168 |  |  | (4.4) |  |  | 2,876 |  |  | 1.1 |
State income taxes provision (benefit), net of federal income tax benefit | 6,004 |  |  | 2.2 |  |  | (5,300) |  |  | 5.6 |  |  | 1,737 |  |  | 0.7 |
Goodwill impairment | — |  |  | — |  |  | 10,232 |  |  | (10.9) |  |  | — |  |  | — |
Research and development | (700) |  |  | (0.3) |  |  | (514) |  |  | 0.5 |  |  | (213) |  |  | (0.1) |
Compensation limitations | 1,910 |  |  | 0.7 |  |  | 1,483 |  |  | (1.6) |  |  | 1,563 |  |  | 0.6 |
Foreign tax credit | (889) |  |  | (0.3) |  |  | (1,297) |  |  | 1.4 |  |  | — |  |  | — |
Uncertain tax positions | 390 |  |  | 0.1 |  |  | (91) |  |  | 0.1 |  |  | (369) |  |  | (0.1) |
Other | (1,158) |  |  | (0.3) |  |  | (568) |  |  | 0.7 |  |  | (3,633) |  |  | (1.5) |
Total provision (benefit) for income taxes | $ | 66,686 |  |  | 24.2 |  |  | $ | (11,609) |  |  | 12.4 |  |  | $ | 57,077 |  |  | 21.7 |
Uncertain Tax Liability Activity | Uncertain tax liability activity is as follows:
| 2024 |  | 2023 |  | 2022
(In thousands) |  |  |  |  |
Balance – beginning of year | $ | 3,295 |  |  | $ | 3,562 |  |  | $ | 4,030 |
Reductions based on lapse of statute of limitations | (417) |  |  | (495) |  |  | (585) |
Payments and other movements | 447 |  |  | 228 |  |  | 117 |
Balance – end of year | $ | 3,325 |  |  | $ | 3,295 |  |  | $ | 3,562 |

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