Income Taxes (Tables)

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax Expense

	Fiscal year ended March 31,
	2021		2020		2019
Current income tax expense
Current:
Federal	$	12,591	$	9,185	$	6,377
State	4,133		2,561		5,027
Foreign	19,031		14,561		16,636
Total current income tax expense	35,755		26,307		28,040
Deferred income tax (benefit) expense
Federal	1,495		5,489		(5,031)
State	735		741		(669)
Foreign	(11,224)		(22,716)		(756)
Total deferred income tax (benefit) expense	(8,994)		(16,486)		(6,456)
Total income tax expense	$	26,761	$	9,821	$	21,584

Earnings Before Income Taxes

Earnings before income taxes consists of the following:

	Fiscal year ended March 31,
	2021		2020		2019
United States	$	56,055	$	36,193	$	53,339
Foreign	114,080		110,744		128,872
Earnings before income taxes	$	170,135	$	146,937	$	182,211

Deferred Tax Assets And Liabilities

The following table sets forth the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities:

	March 31,
	2021		2020
Deferred tax assets:
Accounts receivable	$	2,029	$	1,110
Inventories	8,831		5,010
Net operating loss carryforwards	62,663		44,340
Lease liabilities	15,685		18,168
Accrued expenses	36,775		26,113
Other assets	18,173		19,793
Gross deferred tax assets	144,156		114,534
Less valuation allowance	(31,928)		(20,951)
Total deferred tax assets	112,228		93,583
Deferred tax liabilities:
Property, plant and equipment	38,364		30,229
Lease Right-of-use assets	15,685		18,168
Intangible assets	66,743		66,529
Other liabilities	2,636		1,217
Total deferred tax liabilities	123,428		116,143
Net deferred tax liabilities	$	(11,200)	$	(22,560)

Schedule of Change in Valuation Allowance

The following table sets forth the changes in the Company's valuation allowance for fiscal 2021, 2020 and 2019:

	Balance at Beginning of Period		Additions Charged to Expense		Valuation Allowance Reversal		Business Combination Adjustments		Other(1)		Balance at End of Period
Fiscal year ended March 31, 2019	$	15,255	$	2,978	$	(99)	$	1,157	$	(1,772)	$	17,519
Fiscal year ended March 31, 2020	17,519		7,494		(3,145)		(688)		(229)		20,951
Fiscal year ended March 31, 2021	20,951		8,437		(2,904)		6,384		(940)		31,928

(1)Includes the impact of currency changes and the expiration of net operating losses for which a full valuation allowance was recorded.

Reconciliation Of Income Taxes At The Statutory Rate

A reconciliation of income taxes at the statutory rate (21.0% for fiscal 2021, 2020 and 2019) to the income tax provision is as follows:

	Fiscal year ended March 31,
	2021		2020		2019
United States statutory income tax expense	$	35,729	$	30,857	$	38,264
Increase (decrease) resulting from:
Impact of Tax Act	—		—		(13,483)
State income taxes, net of federal effect	4,000		2,764		3,285
Nondeductible expenses and other	5,273		5,953		4,378
Legal proceedings charge - European Competition Investigations	—		—		2,405
Net effect of GILTI, FDII, BEAT	1,985		3,025		2,320
Goodwill impairment - See Note 7	—		10,714		—
Effect of foreign operations	(20,035)		(17,605)		(16,763)
Valuation allowance	5,533		4,349		2,879
Switzerland Tax Reform	(1,883)		(26,846)		—
Research and Development Credit	(3,841)		(3,390)		(1,701)
Income tax expense	$	26,761	$	9,821	$	21,584

Reconciliation Of Unrecognized Tax Benefits

The following table summarizes activity of the total amounts of unrecognized tax benefits:

	Fiscal year ended March 31,
	2021		2020		2019
Balance at beginning of year	$	7,795	$	20,165	$	1,568
Increases related to current year tax positions	346		598		129
Increases related to the Alpha acquisition	—		769		7,840
Increases related to prior year tax positions	325		—		11,463
Decreases related to prior tax positions	—		(11,463)		(544)
Decreases related to prior year tax positions settled	—		—		(93)
Lapse of statute of limitations	(1,681)		(2,274)		(198)
Balance at end of year	$	6,785	$	7,795	$	20,165