Income Taxes (Tables)

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income before Income Taxes

The components of the Company’s income tax provision for the fiscal years ended March 31, 2020, 2019 and 2018 are as follows:

	Fiscal Years Ended March 31,
	2020			2019			2018
				(in $000's)
Income before provision for income taxes:
United States	$	214,825		$	223,340		$	134,006
Foreign		42,000			40,020			26,431
Income before income taxes		256,825			263,360			160,437
Current tax expense:
Federal		—			—			752
State		6,563			564			1,491
Foreign		14,300			11,525			3,400
		20,863			12,089			5,643
Deferred tax expense (benefit):
Federal		33,239			(7,153	)		38,848
State		1,584			(1,503	)		(1,014	)
Foreign		(1,870	)		911			4,790
		32,953			(7,745	)		42,624
Total income tax provision	$	53,816		$	4,344		$	48,267

Components of Income Tax Provision

The components of the Company’s income tax provision for the fiscal years ended March 31, 2020, 2019 and 2018 are as follows:

	Fiscal Years Ended March 31,
	2020			2019			2018
				(in $000's)
Income before provision for income taxes:
United States	$	214,825		$	223,340		$	134,006
Foreign		42,000			40,020			26,431
Income before income taxes		256,825			263,360			160,437
Current tax expense:
Federal		—			—			752
State		6,563			564			1,491
Foreign		14,300			11,525			3,400
		20,863			12,089			5,643
Deferred tax expense (benefit):
Federal		33,239			(7,153	)		38,848
State		1,584			(1,503	)		(1,014	)
Foreign		(1,870	)		911			4,790
		32,953			(7,745	)		42,624
Total income tax provision	$	53,816		$	4,344		$	48,267

Components of Net Deferred Taxes

The components of the Company’s net deferred taxes were as follows:

	March 31, 2020			March 31, 2019
	(in $000's)
Deferred tax assets
Net operating loss and tax credit carryforwards	$	50,604		$	62,835
Stock-based compensation		13,607			15,488
Nondeductible reserves and accruals		9,570			9,739
Foreign net operating loss carryforwards		6,778			7,360
Deferred revenue		4,404			3,677
Depreciation and amortization		114			485
Other, net		949			128
	$	86,026		$	99,712
Deferred tax liabilities
Goodwill		(7,843	)		(7,136	)
In-process research and development		(4,564	)		(4,593	)
Depreciation		(9,211	)		(2,175	)
Basis differences on other investments		(6,124	)		(7,146	)
Domestic deferred tax liability on foreign net operating loss carryforwards		(584	)		(680	)
		(28,326	)		(21,730	)
Net deferred tax assets		57,700			77,982
Valuation allowance		(15,170	)		(1,302	)
Net deferred tax assets	$	42,530		$	76,680
Reported as:
Long-term deferred tax assets, net	$	43,336		$	77,502
Long-term deferred tax liabilities		(806	)		(822	)
Net deferred tax assets	$	42,530		$	76,680

Differences Between Statutory and Effective Income Tax Rate

The significant differences between the statutory and effective income tax rate for the years ended March 31, 2020, 2019, and 2018 consist of the following items:

	Fiscal Years Ended March 31,
	2020				2019				2018
Statutory income tax rate		21.0		%		21.0		%		31.5		%
(Decrease) increase resulting from:
Excess tax benefits from stock-based awards		(5.2	)			(24.1	)			(17.2	)
Foreign taxes		—				4.1				2.2
Permanent differences		5.0				1.8				2.4
Credits		(10.8	)			(1.5	)			(4.9	)
State taxes, net		3.1				0.1				2.0
Change in valuation allowance		5.3				(0.4	)			0.5
Effect of the Tax Reform Act on net deferred tax assets		—				—				13.0
Rate differential on foreign operations		3.2				0.2				—
Other		(0.6	)			0.4				0.6
Effective tax rate		21.0		%		1.6		%		30.1		%

Changes in Valuation Allowance for Deferred Tax Assets

Changes in the valuation allowance for deferred tax assets during the fiscal years ended March 31, 2020, 2019 and 2018 were as follows:

	Fiscal Years Ended March 31,
	2020		2019			2018
	(in $000's)
Balance at beginning of year	$	1,302	$	1,652		$	2,468
Increase		13,868		—			325
Decrease		—		(350	)		(1,141	)
Balance at end of year	$	15,170	$	1,302		$	1,652