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Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Components of income tax expense (benefit)
The income tax provision consists of the following (amounts in millions):

 
Year Ended March 31,
 
2020
 
2019
 
2018
Pretax (loss) income:
 
 
 
 
 
U.S.
$
(485.2
)
 
$
(593.4
)
 
$
(127.3
)
Foreign
635.6

 
797.9

 
864.6

 
$
150.4

 
$
204.5

 
$
737.3

Current (benefit) expense:
 
 
 
 
 
U.S. Federal
$
21.1

 
$
(98.0
)
 
$
369.4

State
1.0

 
(5.3
)
 
0.5

Foreign
48.0

 
14.1

 
60.8

Total current (benefit) expense
$
70.1

 
$
(89.2
)
 
$
430.7

Deferred expense (benefit):
 

 
 

 
 

U.S. Federal
$
(127.8
)
 
$
11.9

 
$
82.5

State
(13.2
)
 
0.6

 
0.1

Foreign
(349.3
)
 
(74.7
)
 
(31.4
)
Total deferred (benefit) expense
(490.3
)
 
(62.2
)
 
51.2

Total Income tax (benefit) provision
$
(420.2
)
 
$
(151.4
)
 
$
481.9
Reconciliation of expected federal income tax expense to actual The sources and tax effects of the differences in the total income tax provision are as follows (amounts in millions):
 
Year Ended March 31,
 
2020
 
2019
 
2018
Computed expected income tax provision
$
31.5

 
$
43.0

 
$
232.6

State income taxes, net of federal benefit
(5.4
)
 
(8.7
)
 
(1.3
)
Foreign income taxed at lower than the federal rate
(78.8
)
 
(94.0
)
 
(208.8
)
Impact of the Act - one-time transition tax, net of foreign tax credits
—

 
13.1

 
653.7

Impact of the Act - deferred tax effects, net of valuation allowance
—

 
—

 
(136.7
)
GILTI and foreign-derived intangible income ("FDII"), net of credits
54.7

 
95.4

 
—

Business realignment of intellectual property rights
(334.8
)
 
(90.6
)
 
—

Increases related to current year tax positions
20.1

 
9.0

 
32.0

Decreases related to prior year tax positions (1)
(28.5
)
 
(75.1
)
 
(11.3
)
Share-based compensation
(11.1
)
 
(13.3
)
 
(27.2
)
Research and development tax credits
(40.8
)
 
(27.5
)
 
(17.0
)
Intercompany prepaid tax asset amortization
—

 
5.2

 
7.4

Foreign exchange
(0.9
)
 
4.6

 
(20.5
)
Other
2.4

 
(2.6
)
 
(0.5
)
Change in valuation allowance
(28.6
)
 
(9.9
)
 
(20.5
)
Total income tax provision (benefit)
$
(420.2
)
 
$
(151.4
)
 
$
481.9


(1) The release of prior year tax positions during fiscal 2020 increased the basic and diluted net income per common share by $0.12 and $0.11, respectively. The release of prior year tax positions during fiscal 2019 increased the basic and diluted net income per common share by $0.32 and $0.30, respectively. The release of prior year tax positions during fiscal 2018 increased the basic and diluted net income per common share by $0.05.
Schedule of deferred tax assets and liabilities
The tax effects of temporary differences that give rise to significant portions of the Company's deferred tax assets and deferred tax liabilities are as follows (amounts in millions):
 
March 31,
 
2020
 
2019
Deferred tax assets:
 
 
 
Inventory valuation
$
48.5

 
$
45.0

Net operating loss carryforward
74.8

 
94.3

Capital loss carryforward
9.4

 
9.6

Share-based compensation
39.8

 
42.4

Income tax credits
351.1

 
376.5

Property, plant and equipment
31.7

 
23.6

Accrued expenses and other
80.4

 
91.4

Intangible assets
1,694.8

 
1,608.1

Lease liabilities
20.2

 
—

Other
14.0

 
12.6

Gross deferred tax assets
2,364.7

 
2,303.5

Valuation allowances
(303.5
)
 
(332.1
)
Deferred tax assets, net of valuation allowances
2,061.2

 
1,971.4

Deferred tax liabilities:
 

 
 

Convertible debt
(228.7
)
 
(279.3
)
Intangible assets
(365.1
)
 
(721.0
)
ROU assets
(24.3
)
 
—

Other
(13.1
)
 
—

Deferred tax liabilities
(631.2
)
 
(1,000.3
)
Net deferred tax asset
$
1,430.0

 
$
971.1

 
 
 
 
Reported as:
 
 
 
Non-current deferred tax assets
$
1,748.5

 
$
1,677.2

Non-current deferred tax liability
(318.5
)
 
(706.1
)
Net deferred tax asset
$
1,430.0

 
$
971.1
Summary of Valuation Allowance
 A summary of additions and deductions related to the valuation allowance for deferred tax asset accounts for the years ended March 31, 2020, 2019 and 2018 follows (amounts in millions):
 
Balance at Beginning
of Year
 
Additions Charged to Costs and Expenses
 
Additions Charged to Other Accounts
 
Deductions
 
Balance at End of Year
Valuation allowance for deferred tax assets:
 
 
 
 
 
 
 
 
 
Fiscal 2020
$
332.1

 
$
26.0

 
$
—

 
$
(54.6
)
 
$
303.5

Fiscal 2019
$
204.5

 
$
16.2

 
$
175.8

 
$
(64.4
)
 
$
332.1

Fiscal 2018
$
210.1

 
$
36.2

 
$
—

 
$
(41.8
)
 
$
204.5
Rollforward of unrecognized tax benefits
The following table summarizes the activity related to the Company's gross unrecognized tax benefits from April 1, 2017 to March 31, 2020 (amounts in millions):
 
 
Year Ended March 31,
 
2020
 
2019
 
2018
Beginning balance
$
763.4

 
$
436.0

 
$
398.5

Increases related to acquisitions
—

 
329.7

 
—

Decreases related to settlements with tax authorities
(1.2
)
 
(8.3
)
 
(0.1
)
Decreases related to statute of limitation expirations
(30.9
)
 
(16.2
)
 
(10.9
)
Increases related to current year tax positions
30.2

 
27.8

 
30.3

Increases (decreases) related to prior year tax positions
(4.2
)
 
(5.6
)
 
18.2

Ending balance
$
757.3

 
$
763.4

 
$
436.0