The components of income (loss) before income taxes by jurisdiction are as follows:

	Fiscal Years Ended
	March 31, 2020			March 31, 2019			March 31, 2018
	(In thousands)
United States	$	27,000		$	(102,643	)	$	(92,767	)
Foreign		(25,572	)		(7,838	)		(12,703	)
	$	1,428		$	(110,481	)	$	(105,470	)

	Fiscal Years Ended
	March 31, 2020			March 31, 2019			March 31, 2018
	(In thousands)
Current tax provision
Federal	$	(5,935	)	$	(821	)	$	(284	)
State		(1,465	)		(690	)		(401	)
Foreign		(327	)		(1,619	)		(953	)
		(7,727	)		(3,130	)		(1,638	)
Deferred tax benefit
Federal		9,889			34,099			24,833
State		5,797			8,738			10,450
Foreign		(44	)		1,307			1,572
		15,642			44,144			36,855
Total benefit from income taxes	$	7,915		$	41,014		$	35,217

Significant components of the Company’s net deferred tax assets are as follows:

	As of
	March 31, 2020			March 31, 2019
	(In thousands)
Deferred tax assets:
Net operating loss carryforwards	$	217,883		$	197,486
Tax credit carryforwards		248,425			220,060
Operating lease liabilities		78,114		—
Deferred revenue		24,840			24,421
Other		62,691			57,246
Valuation allowance		(42,621	)		(33,499	)
Total deferred tax assets		589,332			465,714
Deferred tax liabilities:
Intangible assets		(71,116	)		(72,776	)
Property, equipment and satellites		(142,049	)		(113,188	)
Operating lease assets		(73,446	)	—
Other		(27,374	)		(21,160	)
Total deferred tax liabilities		(313,985	)		(207,124	)
Net deferred tax assets	$	275,347		$	258,590

A reconciliation of the benefit from income taxes to the amount computed by applying the statutory federal income tax rate to income (loss) before income taxes is as follows:

	Fiscal Years Ended
	March 31, 2020			March 31, 2019			March 31, 2018
	(In thousands)
Tax (provision) benefit at federal statutory rate	$	(300	)	$	23,201		$	22,149
State tax (provision) benefit, net of federal benefit		(1,093	)		1,815			2,605
Tax credits, net of valuation allowance		25,153			26,836			21,898
Non-deductible compensation		(7,150	)		(4,527	)		(2,852	)
Non-deductible meals and entertainment		(1,075	)		(929	)		(727	)
Stock-based compensation		780			180			799
Change in federal tax rate due to 2020 CARES Act and 2017 Tax Reform		567		—				(5,335	)
Change in state effective tax rate		(14	)		(684	)		(235	)
Foreign effective tax rate differential, net of valuation allowance		(5,707	)		(1,552	)		(2,054	)
Unremitted subsidiary gains		(2,742	)		(1,388	)		(864	)
Other		(504	)		(1,938	)		(167	)
Total benefit from income taxes	$	7,915		$	41,014		$	35,217

Effective January 1, 2018, the Tax Reform reduced the corporate federal income tax rate from 35% to 21%. The Company applied the 21% federal tax rate in the rate reconciliation for all fiscal years presented. As the Company has a March 31 fiscal year-end, the phase-in of tax rate from 35% to 21% in fiscal year 2018 resulted in a blended tax rate of 31.6%. However, the Company applied the 21% federal tax rate in the rate reconciliation for fiscal year 2018 as the fiscal year 2018 taxable loss will not be subject to federal tax at the 31.6% blended tax rate. Instead, the taxable loss increases the net operating loss carryforwards and will be subject to the lower 21% federal tax rate in future periods.

As of March 31, 2020, the Company had federal and state research & development (R&D) tax credit carryforwards of $189.9 million and $162.6 million, respectively, which begin to expire in fiscal year 2026 and fiscal year 2021, respectively. As of March 31, 2020, the Company also had foreign tax credit carryforwards of approximately $1.9 million, which begin to expire in fiscal year 2021. As of March 31, 2020, the Company had federal and state net operating loss carryforwards of $831.9 million and $603.9 million, respectively, both of which begin to expire in fiscal year 2021.

In accordance with ASU 2016-09, which the Company adopted during the first quarter of fiscal year 2018, the Company recorded a cumulative effect adjustment as of the beginning of the first quarter of fiscal year 2018 to increase retained earnings by $58.7 million with a corresponding increase to deferred tax assets to recognize net operating loss carryforwards attributable to excess tax benefits on share-based compensation that had not been previously recognized. On a prospective basis the Company recognizes excess tax benefits or deficiencies on vesting or settlement of awards as discrete items within income tax benefit or provision within net income (loss) and the related cash flows classified within operating activities.

In accordance with the authoritative guidance for income taxes (ASC 740), net deferred tax assets are reduced by a valuation allowance if, based on all the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Future realization of existing deferred tax assets ultimately depends on future profitability and the existence of sufficient taxable income of appropriate character (for example, ordinary income versus capital gains) within the carryforward period available under tax law. In the event that the Company’s estimate of taxable income is less than that required to utilize the full amount of any deferred tax asset, a valuation allowance is established, which would cause a decrease to income in the period such determination is made. A valuation allowance of $42.6 million at March 31, 2020 and $33.5 million at March 31, 2019 has been established relating to state and foreign net operating loss carryforwards, state R&D tax credit carryforwards, and foreign tax credit carryforwards that, based on management’s estimate of future taxable income attributable to such jurisdictions and generation of additional research credits, are considered more likely than not to expire unused.

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

	As of
	March 31, 2020			March 31, 2019			March 31, 2018
	(In thousands)
Balance, beginning of fiscal year	$	68,156		$	55,474		$	49,066
Decrease related to prior year tax positions		(949	)		(1,183	)		(155	)
Increases related to current year tax positions		13,384			13,865			6,563
Balance, end of fiscal year	$	80,591		$	68,156		$	55,474

Of the total unrecognized tax benefits at March 31, 2020, $72.6 million would reduce the Company’s annual effective tax rate if recognized, subject to valuation allowance consideration. The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. There were no accrued interest or penalties associated with uncertain tax positions as of March 31, 2020 and 2019.

In the next 12 months it is reasonably possible that the amount of unrecognized tax benefits will not change significantly.

The Company is subject to periodic audits by domestic and foreign tax authorities. By statute, the Company’s U.S. federal and state income tax returns are subject to examination by the tax authorities for fiscal years 2017 and thereafter. Additionally, net operating loss and R&D tax credit carryovers that were generated in prior years may also be subject to examination. With few exceptions, fiscal years 2016 and thereafter remain open to examination by foreign tax authorities. The Company believes that it has appropriate support for the income tax positions taken on its tax returns and its accruals for tax liabilities are adequate for all open years based on an assessment of many factors, including past experience and interpretations.

On December 22, 2017, the Tax Reform was enacted into law. Among other matters, the Tax Reform lowered the corporate federal income tax rate from 35% to 21%, effective January 1, 2018, and transitioned U.S. international taxation from a worldwide tax system to a modified territorial tax system, including a one-time transition tax on accumulated foreign earnings, and created new taxes on certain foreign earnings.

The Company re-measured its deferred tax balances as of December 22, 2017 to reflect the 21% reduced tax rate and recognized an income tax expense of $5.3 million for the fiscal year ended March 31, 2018. The one-time transition tax had no impact to the Company’s income tax provision.