Stockholders' Equity

12 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

Note 13. Stockholders’ Equity

Class B Preferred Stock

The Company has authorized 1,000,000 shares of Class B Preferred Stock, $.01 par value, of which the board of directors can set the designation, rights and privileges. No shares of Class B Preferred Stock have been issued or are outstanding.

Stock Repurchase Program

In August 2019, the Company’s Board of Directors authorized a stock repurchase program for up to $200.0 million of shares of its common stock. Under this stock repurchase program, the Company is authorized to repurchase shares through open market purchases, privately negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The stock repurchase program has no time limit and may be suspended for periods or discontinued at any time. The Company is funding the stock repurchase program with its available cash and marketable securities.

The Company did not buy shares through the stock repurchase program during the fiscal year ended March 31, 2022. The following table provides stock repurchase activities during the fiscal years ended March 31, 2021 and 2020:

	Fiscal Years Ended March 31,
	2021		2020
Shares repurchased		67,649		465,687
Average price per share	$	167.19	$	182.27
Value of shares repurchased (in thousands)	$	11,310	$	84,879

The remaining authorization under the stock repurchase program was $103.8 million as of March 31, 2022.

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:

	Foreign Currency Translation (Losses)/Gains			Unrealized Gains (Losses) on Derivative Instrument			Net Unrealized Gains (Losses) on Marketable Securities, net of tax (1)			Total
	(in thousands)
Balance, April 1, 2019	$	(15,028	)	$	—		$	339		$	(14,689	)
Other comprehensive (loss) income		(1,832	)		3,999			1,333			3,500
Balance, March 31, 2020		(16,860	)		3,999			1,672			(11,189	)
Other comprehensive income (loss)		2,142			(2,095	)		(303	)		(256	)
Balance, March 31, 2021		(14,718	)		1,904			1,369			(11,445	)
Other comprehensive (loss)		(5,844	)		(1,779	)		(8,092	)		(15,715	)
Balance, March 31, 2022	$	(20,562	)	$	125		$	(6,723	)	$	(27,160	)

(1)The tax impact on unrealized gains and losses on marketable securities was not material during the fiscal years ended March 31, 2022, 2021 and 2020.