XML 51 R34.htm IDEA: XBRL DOCUMENT v3.23.1
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
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,
 202320222021
Swiss$282,970 $579,258 $984,185 
Non-Swiss180,552 196,560 163,935 
Income before taxes$463,522 $775,818 $1,148,120 
Schedule of Provision (Benefit) for Income Taxes
The provision for (benefit from) income taxes is summarized as follows (in thousands):
Years Ended March 31,
202320222021
Current:
Swiss$19,405 $59,659 $121,199 
Non-Swiss48,829 44,094 45,056 
Deferred:
Swiss26,629 29,198 31,558 
Non-Swiss4,085 (1,646)3,050 
Provision for income taxes$98,947 $131,305 $200,863 
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,
 202320222021
Expected tax provision at statutory income tax rates$39,399 $65,945 $97,590 
Income taxes at different rates38,467 61,296 88,760 
Research and development tax credits(152)(5,957)(3,844)
Executive compensation749 4,683 4,821 
Stock-based compensation5,736 (9,141)(3,161)
Deferred tax effects from TRAF— — 1,944 
Valuation allowance908 887 (247)
Impairment1,881 — — 
Restructuring charges / (credits)(1,764)— (5)
Unrecognized tax benefits13,284 16,577 15,978 
Audit settlement— (3,655)— 
Other, net439 670 (973)
Provision for income taxes$98,947 $131,305 $200,863 
Schedule of Deferred Income Tax Assets and Liabilities Deferred income tax assets and liabilities consist of the following (in thousands):
 March 31,
 20232022
Deferred tax assets:  
Tax attributes carryforward$36,700 $34,736 
Accruals85,786 88,060 
Depreciation and amortization707 585 
Tax step-up of goodwill from TRAF100,514 118,000 
Share-based compensation11,093 13,152 
Gross deferred tax assets234,800 254,533 
Valuation allowance(30,766)(29,858)
Deferred tax assets after valuation allowance204,034 224,675 
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 
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 year23,780 
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 year22,366 
March 31, 2022$179,372 
Lapse of statute of limitations(3,586)
Increases in balances related to tax positions taken during the year15,214 
March 31, 2023$191,000