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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of income before income taxes | Income from continuing operations before income taxes for fiscal years 2022, 2021 and 2020 is summarized as follows (in thousands):
|  | Years Ended March 31,
|  | 2022 |  | 2021 |  | 2020
Swiss |  | $ | 579,258 |  |  | $ | 984,185 |  |  | $ | 238,303 |
Non-Swiss |  | 196,560 |  |  | 163,935 |  |  | 86,023 |
Income before taxes |  | $ | 775,818 |  |  | $ | 1,148,120 |  |  | $ | 324,326 |
Schedule of provision (benefit) for income taxes | The provision for (benefit from) income taxes is summarized as follows (in thousands):
|  | Years Ended March 31,
|  | 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |  |
Swiss |  | $ | 59,659 |  |  | $ | 121,199 |  |  | $ | 5,474 |
Non-Swiss |  | 44,094 |  |  | 45,056 |  |  | 29,078 |
Deferred: |  |  |  |  |  |
Swiss |  | 29,198 |  |  | 31,558 |  |  | (153,210) |
Non-Swiss |  | (1,646) |  |  | 3,050 |  |  | (6,739) |
Provision for (benefit from) income taxes |  | $ | 131,305 |  |  | $ | 200,863 |  |  | $ | (125,397) |
Schedule of difference between the provision (benefit) for income taxes and expected tax provision (benefit) at the statutory income tax rate | The difference between the provision for (benefit from) income taxes and the expected tax provision (tax benefit) at the statutory income tax rate of 8.5% is reconciled below (in thousands):
|  | Years Ended March 31,
|  | 2022 |  | 2021 |  | 2020
Expected tax provision at statutory income tax rates |  | $ | 65,945 |  |  | $ | 97,590 |  |  | $ | 27,568 |
Income taxes at different rates |  | 61,296 |  |  | 88,760 |  |  | (5,592) |
Research and development tax credits |  | (5,957) |  |  | (3,844) |  |  | (4,692) |
Executive compensation |  | 4,683 |  |  | 4,821 |  |  | 1,582 |
Stock-based compensation |  | (9,141) |  |  | (3,161) |  |  | (2,735) |
Deferred tax effects from TRAF |  | — |  |  | 1,944 |  |  | (206,792) |
Valuation allowance |  | 887 |  |  | (247) |  |  | (538) |
Restructuring charges / (credits) |  | — |  |  | (5) |  |  | 12 |
Unrecognized tax benefits |  | 16,577 |  |  | 15,978 |  |  | 64,683 |
Audit settlement |  | (3,655) |  |  | — |  |  | — |
Other, net |  | 670 |  |  | (973) |  |  | 1,107 |
Provision for (benefit from) income taxes |  | $ | 131,305 |  |  | $ | 200,863 |  |  | $ | (125,397) |
Schedule of deferred income tax assets and liabilities | Deferred income tax assets and liabilities consist of the following (in thousands):
|  | March 31,
|  | 2022 |  | 2021
Deferred tax assets: |  |  |  |
Tax attributes carryforward |  | $ | 34,736 |  |  | $ | 42,482 |
Accruals |  | 88,060 |  |  | 79,884 |
Depreciation and amortization |  | 585 |  |  | 1,628 |
Tax step-up of goodwill from TRAF |  | 118,000 |  |  | 134,122 |
Share-based compensation |  | 13,152 |  |  | 12,784 |
Gross deferred tax assets |  | 254,533 |  |  | 270,900 |
Valuation allowance |  | (29,858) |  |  | (28,926) |
Deferred tax assets after valuation allowance |  | 224,675 |  |  | 241,974 |
Deferred tax liabilities: |  |  |  |
Acquired intangible assets and other |  | (33,008) |  |  | (32,789) |
Deferred tax liabilities |  | (33,008) |  |  | (32,789) |
Deferred tax assets, net |  | $ | 191,667 |  |  | $ | 209,185 |
Summary of aggregate changes in gross unrecognized tax benefits | The aggregate changes in gross unrecognized tax benefits in fiscal years 2022, 2021 and 2020 were as follows (in thousands).
March 31, 2019 |  | $ | 76,549 |
Lapse of statute of limitations |  | (3,501) |
Decreases in balances related to tax positions taken during prior years |  | (679) |
Increases in balances related to tax positions taken during the year |  | 71,128 |
March 31, 2020 |  | $ | 143,497 |
Lapse of statute of limitations |  | (4,024) |
Decreases in balances related to tax positions taken during prior years |  | — |
Increases in balances related to tax positions taken during the year |  | 23,780 |
March 31, 2021 |  | $ | 163,253 |
Lapse of statute of limitations |  | (4,232) |
Settlements with taxing authorities |  | (2,015) |
Increases in balances related to tax positions taken during the year |  | 22,366 |
March 31, 2022 |  | $ | 179,372 |

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