Income Taxes (Tables)
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12 Months Ended |
Mar. 31, 2023 |
Income Tax Disclosure [Abstract] |
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Schedule of Income Before Income Taxes |
Income from continuing operations before income taxes for fiscal years 2023, 2022 and 2021 is summarized as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Years Ended March 31, | | | 2023 | | 2022 | | 2021 | Swiss | | $ | 282,970 | | | $ | 579,258 | | | $ | 984,185 | | Non-Swiss | | 180,552 | | | 196,560 | | | 163,935 | | Income before taxes | | $ | 463,522 | | | $ | 775,818 | | | $ | 1,148,120 | |
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Schedule of Provision (Benefit) for Income Taxes |
The provision for (benefit from) income taxes is summarized as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Years Ended March 31, | | | 2023 | | 2022 | | 2021 | Current: | | | | | | | Swiss | | $ | 19,405 | | | $ | 59,659 | | | $ | 121,199 | | Non-Swiss | | 48,829 | | | 44,094 | | | 45,056 | | Deferred: | | | | | | | | | | | | | | Swiss | | 26,629 | | | 29,198 | | | 31,558 | | Non-Swiss | | 4,085 | | | (1,646) | | | 3,050 | | Provision for income taxes | | $ | 98,947 | | | $ | 131,305 | | | $ | 200,863 | |
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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, | | | 2023 | | 2022 | | 2021 | Expected tax provision at statutory income tax rates | | $ | 39,399 | | | $ | 65,945 | | | $ | 97,590 | | Income taxes at different rates | | 38,467 | | | 61,296 | | | 88,760 | | Research and development tax credits | | (152) | | | (5,957) | | | (3,844) | | | | | | | | | Executive compensation | | 749 | | | 4,683 | | | 4,821 | | Stock-based compensation | | 5,736 | | | (9,141) | | | (3,161) | | Deferred tax effects from TRAF | | — | | | — | | | 1,944 | | Valuation allowance | | 908 | | | 887 | | | (247) | | Impairment | | 1,881 | | | — | | | — | | Restructuring charges / (credits) | | (1,764) | | | — | | | (5) | | Unrecognized tax benefits | | 13,284 | | | 16,577 | | | 15,978 | | Audit settlement | | — | | | (3,655) | | | — | | Other, net | | 439 | | | 670 | | | (973) | | Provision for income taxes | | $ | 98,947 | | | $ | 131,305 | | | $ | 200,863 | |
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Schedule of Deferred Income Tax Assets and Liabilities |
Deferred income tax assets and liabilities consist of the following (in thousands): | | | | | | | | | | | | | | | | | March 31, | | | 2023 | | 2022 | Deferred tax assets: | | | | | Tax attributes carryforward | | $ | 36,700 | | | $ | 34,736 | | Accruals | | 85,786 | | | 88,060 | | Depreciation and amortization | | 707 | | | 585 | | Tax step-up of goodwill from TRAF | | 100,514 | | | 118,000 | | Share-based compensation | | 11,093 | | | 13,152 | | Gross deferred tax assets | | 234,800 | | | 254,533 | | Valuation allowance | | (30,766) | | | (29,858) | | Deferred tax assets after valuation allowance | | 204,034 | | | 224,675 | | Deferred tax liabilities: | | | | | Acquired intangible assets and other | | (34,848) | | | (33,008) | | Deferred tax liabilities | | (34,848) | | | (33,008) | | Deferred tax assets, net | | $ | 169,186 | | | $ | 191,667 | |
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Schedule of Aggregate Changes in Gross Unrecognized Tax Benefits |
The aggregate changes in gross unrecognized tax benefits in fiscal years 2023, 2022 and 2021 were as follows (in thousands). | | | | | | | | | March 31, 2020 | | $ | 143,497 | | Lapse of statute of limitations | | (4,024) | | | | | 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 | | 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 | |
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