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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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