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Income taxes (Tables)
 12 Months Ended
Mar. 31, 2018
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,
 
2018
 
2017
 
2016
Pretax Income:
 
 
 
 
 
U.S.
$
(127.3
)
 
$
(279.3
)
 
$
(75.5
)
Foreign
864.6

 
369.1

 
356.8

 
$
737.3

 
$
89.8

 
$
281.3

Current expense (benefit):
 
 
 
 
 
U.S. Federal
$
369.4

 
$
21.3

 
$
(4.0
)
State
0.5

 
1.0

 
(0.2
)
Foreign
60.8

 
23.8

 
22.0

Total current
$
430.7

 
$
46.1

 
$
17.8

Deferred expense (benefit):
 

 
 

 
 

U.S. Federal
$
82.5

 
$
(114.7
)
 
$
(42.2
)
State
0.1

 
(5.4
)
 
(2.0
)
Foreign
(31.4
)
 
(6.8
)
 
(16.2
)
Total deferred
51.2

 
(126.9
)
 
(60.4
)
Total Income tax provision (benefit)
$
481.9

 
$
(80.8
)
 
$
(42.6
)
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,
 
2018
 
2017
 
2016
Computed expected income tax provision
$
232.6

 
$
31.4

 
$
98.4

Foreign income taxed at lower than the federal rate
(208.8
)
 
(105.0
)
 
(120.1
)
Impact of the Act - one-time transition tax, net of foreign tax credits
653.7

 
—

 
—

Impact of the Act - deferred tax effects, net of valuation allowance
(136.7
)
 
—

 
—

Increases related to current and prior year tax positions
32.0

 
53.7

 
14.5

Decreases related to prior year tax positions (1)
(11.3
)
 
(36.3
)
 
(12.1
)
Share-based compensation
(27.2
)
 
(25.0
)
 
—

Research and development tax credits - current year
(17.0
)
 
(12.8
)
 
(13.5
)
Research and development tax credits - prior years
—

 
—

 
(2.5
)
Intercompany prepaid tax asset amortization
7.4

 
7.9

 
(15.5
)
Withholding taxes
1.4

 
5.6

 
6.0

Foreign exchange
(20.5
)
 
(1.7
)
 
5.6

Other
(3.2
)
 
(0.4
)
 
(0.9
)
Change in valuation allowance
(20.5
)
 
1.8

 
(2.5
)
Total income tax provision (benefit)
$
481.9

 
$
(80.8
)
 
$
(42.6
)


(1) The release of prior year tax positions during fiscal 2018 increased the basic and diluted net income per common share by $0.05. The release of prior year tax positions during fiscal 2017 increased the basic and diluted net income per common share by $0.17 and $0.15, respectively. The release of prior year tax positions during fiscal 2016 increased the basic and diluted net income per common share by $0.06.
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,
 
2018
 
2017
Deferred tax assets:
 
 
 
Deferred income on shipments to distributors
$
39.1

 
$
55.7

Inventory valuation
10.7

 
14.6

Net operating loss carryforward
101.1

 
91.6

Capital loss carryforward
10.6

 
12.9

Share-based compensation
31.4

 
42.5

Income tax credits
178.4

 
243.0

Property, plant and equipment
25.7

 
59.7

Accrued expenses and other
91.2

 
110.4

Gross deferred tax assets
488.2

 
630.4

Valuation allowances
(204.5
)
 
(210.1
)
Deferred tax assets, net of valuation allowances
283.7

 
420.3

Deferred tax liabilities:
 

 
 

Convertible debt
(304.4
)
 
(606.7
)
Intangible assets
(66.6
)
 
(147.5
)
Other
(18.3
)
 
(6.3
)
Deferred tax liabilities
(389.3
)
 
(760.5
)
Net deferred tax liability
$
(105.6
)
 
$
(340.2
)
 
 
 
 
Reported as:
 
 
 
Non-current deferred tax assets
$
100.2

 
$
68.9

Non-current deferred tax liability
(205.8
)
 
(409.1
)
Net deferred tax liability
$
(105.6
)
 
$
(340.2
)
Rollforward of unrecognized tax benefits
The following table summarizes the activity related to the Company's gross unrecognized tax benefits from April 1, 2015 to March 31, 2018 (amounts in millions):
 
 
Year Ended March 31,
 
2018
 
2017
 
2016
Beginning balance
$
398.5

 
$
220.7

 
$
170.7

Increases related to acquisitions
—

 
193.3

 
46.2

Decreases related to settlements with tax authorities
(0.1
)
 
(11.7
)
 
(8.0
)
Decreases related to statute of limitation expirations
(10.9
)
 
(7.6
)
 
(4.6
)
Increases related to current year tax positions
30.3

 
26.3

 
16.4

Increases (decreases) related to prior year tax positions
18.2

 
(22.5
)
 
—

Ending balance
$
436.0

 
$
398.5

 
$
220.7