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v3.25.1

Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of (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) | 2025 |  | 2024 |  | 2023
United States | $ | 249,803 |  |  | $ | 239,405 |  |  | $ | (130,331) |
Foreign | 34,386 |  |  | 36,620 |  |  | 36,416 |
Total income (loss) before income taxes | $ | 284,189 |  |  | $ | 276,025 |  |  | $ | (93,915) |
Schedule of Components of Provision for Income Taxes | The provision (benefit) for income taxes consists of the following:
| Year Ended March 31,
(In thousands) | 2025 |  | 2024 |  | 2023
Current |  |  |  |  |
Federal | $ | 34,156 |  |  | $ | 28,302 |  |  | $ | 33,475 |
State | 5,914 |  |  | 3,662 |  |  | 3,721 |
Foreign | 11,092 |  |  | 11,652 |  |  | 11,959 |
Deferred |  |  |  |  |
Federal | 12,237 |  |  | 20,582 |  |  | (52,473) |
State | 5,210 |  |  | 3,034 |  |  | (8,201) |
Foreign | 975 |  |  | (546) |  |  | (90) |
Total provision (benefit) for income taxes | $ | 69,584 |  |  | $ | 66,686 |  |  | $ | (11,609) |
Schedule of Components of Deferred Tax Balances | The principal components of our deferred tax balances are as follows:
| March 31,
(In thousands) | 2025 |  | 2024
Deferred Tax Assets |  |  |
Allowance for credit losses and sales returns | $ | 2,920 |  |  | $ | 4,070 |
Inventory capitalization | 2,069 |  |  | 1,685 |
Inventory reserves | 1,221 |  |  | 1,353 |
State income taxes | 9,631 |  |  | 8,246 |
Accrued liabilities | 1,275 |  |  | 1,431 |
Accrued compensation | 3,653 |  |  | 3,230 |
Stock compensation | 3,506 |  |  | 3,580 |
Research and development | 6,231 |  |  | 4,179 |
Lease liability | 12,086 |  |  | 2,604 |
Unrealized foreign exchange loss | 245 |  |  | 204 |
Other | 11,268 |  |  | 10,319 |
Total deferred tax assets | $ | 54,105 |  |  | $ | 40,901 |
Deferred Tax Liabilities |  |  |
Property, plant and equipment | $ | (9,081) |  |  | $ | (9,403) |
Intangible assets | (451,368) |  |  | (430,308) |
Right-of-use asset | (12,413) |  |  | (2,371) |
Total deferred tax liabilities | $ | (472,862) |  |  | $ | (442,082) |
Net deferred tax liability | $ | (418,757) |  |  | $ | (401,181) |
Schedule of 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,
| 2025 |  | 2024 |  | 2023
(In thousands) |  |  | % |  |  |  | % |  |  |  | %
Income tax provision (benefit) at statutory rate | $ | 59,680 |  |  | 21.0 |  |  | $ | 57,965 |  |  | 21.0 |  |  | $ | (19,722) |  |  | 21.0 |
Foreign tax provision | 4,691 |  |  | 1.7 |  |  | 3,164 |  |  | 1.1 |  |  | 4,168 |  |  | (4.4) |
State income taxes provision (benefit), net of federal income tax benefit | 10,187 |  |  | 3.6 |  |  | 6,004 |  |  | 2.2 |  |  | (5,300) |  |  | 5.6 |
Goodwill impairment | — |  |  | — |  |  | — |  |  | — |  |  | 10,232 |  |  | (10.9) |
Research and development | (600) |  |  | (0.2) |  |  | (700) |  |  | (0.3) |  |  | (514) |  |  | 0.5 |
Compensation limitations | 1,312 |  |  | 0.5 |  |  | 1,910 |  |  | 0.7 |  |  | 1,483 |  |  | (1.6) |
Foreign tax credit | (622) |  |  | (0.2) |  |  | (889) |  |  | (0.3) |  |  | (1,297) |  |  | 1.4 |
Uncertain tax positions | (3,694) |  |  | (1.3) |  |  | 390 |  |  | 0.1 |  |  | (91) |  |  | 0.1 |
Other | (1,370) |  |  | (0.6) |  |  | (1,158) |  |  | (0.3) |  |  | (568) |  |  | 0.7 |
Total provision (benefit) for income taxes | $ | 69,584 |  |  | 24.5 |  |  | $ | 66,686 |  |  | 24.2 |  |  | $ | (11,609) |  |  | 12.4 |
Schedule of Uncertain Tax Liability Activity | Uncertain tax liability activity is as follows:
| 2025 |  | 2024 |  | 2023
(In thousands) |  |  |  |  |
Balance – beginning of year | $ | 3,325 |  |  | $ | 3,295 |  |  | $ | 3,562 |
Reductions based on lapse of statute of limitations | (2,649) |  |  | (417) |  |  | (495) |
Payments and other movements | 390 |  |  | 447 |  |  | 228 |
Balance – end of year | $ | 1,066 |  |  | $ | 3,325 |  |  | $ | 3,295 |

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