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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 Income Before Income Taxes | Income from continuing operations before income taxes for fiscal years 2025, 2024 and 2023 is summarized as follows (in thousands):
|  | Years Ended March 31,
|  | 2025 |  | 2024 |  | 2023
Swiss |  | $ | 492,941 |  |  | $ | 502,291 |  |  | $ | 282,970 |
Non-Swiss |  | 213,931 |  |  | 119,305 |  |  | 180,552 |
Income before taxes |  | $ | 706,872 |  |  | $ | 621,596 |  |  | $ | 463,522 |
Schedule of Provision for Income Taxes | The provision for income taxes is summarized as follows (in thousands):
|  | Years Ended March 31,
|  | 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |  |
Swiss |  | $ | (14,673) |  |  | $ | 26,833 |  |  | $ | 19,405 |
Non-Swiss |  | 33,473 |  |  | 25,044 |  |  | 48,829 |
Deferred: |  |  |  |  |  |
Swiss |  | 45,283 |  |  | (47,517) |  |  | 26,629 |
Non-Swiss |  | 11,260 |  |  | 5,093 |  |  | 4,085 |
Provision for income taxes |  | $ | 75,343 |  |  | $ | 9,453 |  |  | $ | 98,947 |
Schedule of Difference Between the Provision for Income Taxes and Expected Tax Provision (Benefit) at the Statutory Income Tax Rate | The difference between the provision for income taxes and the expected tax provision at the Swiss statutory income tax rate of 8.5% is reconciled below (in thousands):
|  | Years Ended March 31,
|  | 2025 |  | 2024 |  | 2023
Expected tax provision at statutory income tax rates |  | $ | 60,084 |  |  | $ | 52,836 |  |  | $ | 39,399 |
Income taxes at different rates |  | 68,212 |  |  | 47,595 |  |  | 38,467 |
Research and development tax credits |  | (6,797) |  |  | (9,738) |  |  | (152) |
Swiss Tax Benefits |  | — |  |  | (50,051) |  |  | — |
Executive compensation |  | 980 |  |  | 407 |  |  | 749 |
Stock-based compensation |  | (2,162) |  |  | 4,019 |  |  | 5,736 |
Deferred tax effects from TRAF |  | — |  |  | (33,926) |  |  | — |
Valuation allowance |  | 1,000 |  |  | 4,780 |  |  | 908 |
Impairment |  | — |  |  | — |  |  | 1,881 |
Restructuring credits |  | (817) |  |  | — |  |  | (1,764) |
Unrecognized tax benefits/ Audit resolution and statute lapse |  | (43,333) |  |  | 11,535 |  |  | 13,284 |
FDII deduction |  | (1,424) |  |  | (18,675) |  |  | — |
Other, net |  | (400) |  |  | 671 |  |  | 439 |
Provision for income taxes |  | $ | 75,343 |  |  | $ | 9,453 |  |  | $ | 98,947 |
Schedule of Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities consist of the following (in thousands):
|  | March 31,
|  | 2025 |  | 2024
Deferred tax assets: |  |  |  |
Tax attributes carryforward |  | $ | 43,536 |  |  | $ | 43,846 |
Future tax deduction from Swiss Tax Benefits |  | 48,267 |  |  | 49,755 |
Accruals |  | 72,114 |  |  | 77,302 |
Tax step-up of goodwill from TRAF |  | 86,519 |  |  | 105,942 |
Share-based compensation |  | 15,411 |  |  | 13,718 |
Gross deferred tax assets |  | 265,847 |  |  | 290,563 |
Valuation allowance |  | (36,537) |  |  | (35,536) |
Deferred tax assets after valuation allowance |  | 229,310 |  |  | 255,027 |
Deferred tax liabilities: |  |  |  |
Acquired intangible assets and other |  | (27,788) |  |  | (30,901) |
Deferred tax liabilities |  | (27,788) |  |  | (30,901) |
Deferred tax assets, net |  | $ | 201,522 |  |  | $ | 224,126 |
Schedule of Aggregate Changes in Gross Unrecognized Tax Benefits | The aggregate changes in gross unrecognized tax benefits in fiscal years 2025, 2024 and 2023 were as follows (in thousands):
March 31, 2022 |  | $ | 179,372 |
Lapse of statute of limitations |  | (3,586) |
Increases in balances related to tax positions taken during the year |  | 15,214 |
March 31, 2023 |  | $ | 191,000 |
Lapse of statute of limitations |  | (3,863) |
Settlements with taxing authorities |  | 41 |
Increases in balances related to tax positions taken during prior years |  | 705 |
Increases in balances related to tax positions taken during the year |  | $ | 22,332 |
March 31, 2024 |  | $ | 210,215 |
Lapse of statute of limitations |  | (25,075) |
Settlements with taxing authorities |  | (32,314) |
Increases (decreases) in balances related to tax positions taken during prior years |  | (3,055) |
Increases in balances related to tax positions taken during the year |  | 2,213 |
March 31, 2025 |  | $ | 151,984 |

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