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Income Taxes
 12 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income (loss) before income taxes consists of the following:
Year Ended March 31,
(In thousands)202520242023
United States$249,803 $239,405 $(130,331)
Foreign34,386 36,620 36,416 
Total income (loss) before income taxes$284,189 $276,025 $(93,915)

The provision (benefit) for income taxes consists of the following:
Year Ended March 31,
 (In thousands)202520242023
Current   
Federal$34,156 $28,302 $33,475 
State5,914 3,662 3,721 
Foreign11,092 11,652 11,959 
Deferred   
Federal12,237 20,582 (52,473)
State5,210 3,034 (8,201)
Foreign975 (546)(90)
Total provision (benefit) for income taxes$69,584 $66,686 $(11,609)

The principal components of our deferred tax balances are as follows:
March 31,
(In thousands)20252024
Deferred Tax Assets  
Allowance for credit losses and sales returns$2,920 $4,070 
Inventory capitalization2,069 1,685 
Inventory reserves1,221 1,353 
State income taxes9,631 8,246 
Accrued liabilities1,275 1,431 
Accrued compensation3,653 3,230 
Stock compensation3,506 3,580 
Research and development6,231 4,179 
Lease liability12,086 2,604 
Unrealized foreign exchange loss245 204 
Other11,268 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)

The total net deferred tax liability shown above is net of $0.8 million and $2.4 million of deferred tax assets which are included in Other long-term assets on the Consolidated Balance Sheets as of March 31, 2025 and 2024, respectively.
We had no valuation allowance as of March 31, 2025 and March 31, 2024.

A reconciliation of the effective tax rate compared to the statutory U.S. Federal tax rate is as follows:
 Year Ended March 31,
202520242023
(In thousands) % % %
Income tax provision (benefit) at statutory rate$59,680 21.0 $57,965 21.0 $(19,722)21.0 
Foreign tax provision4,691 1.7 3,164 1.1 4,168 (4.4)
State income taxes provision (benefit), net of federal income tax benefit10,187 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 limitations1,312 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 

Uncertain tax liability activity is as follows:
 202520242023
(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 movements390 447 228 
Balance – end of year$1,066 $3,325 $3,295 

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 2025, 2024 or 2023. We reasonably anticipate that uncertain tax positions could decrease in the next year by approximately $0.2 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, 2021 forward. We are currently under audit with the California state taxing authority for the years ended March 31, 2023 and 2024.

We have made the assessment that the undistributed after-tax earnings from our foreign subsidiaries through March 31, 2025 were not indefinitely reinvested and can be remitted to the U.S. parent in a tax-neutral transaction under either the subsidiary countries' relevant income tax treaties or their internal tax law. Accordingly, we have not recorded a deferred tax liability related to these undistributed earnings.