Income Taxes - (Tables)

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income Before Income Taxes. Components of income before income taxes recorded in the consolidated statements of comprehensive income, were as follows:

	Years Ended March 31,
	2020		2019		2018
Domestic*	$	206,111	$	181,730	$	71,482
Foreign	134,755		147,204		149,214
Total	$	340,866	$	328,934	$	220,696

*Domestic income before income taxes for the years ended March 31, 2020, 2019, and 2018 is presented net of intercompany dividends of $150,000, $130,000, and $250,000, respectively.

Income Tax Expense. Components of income tax expense (benefit) recorded in the consolidated statements of comprehensive income, were as follows:

	Years Ended March 31,
	2020			2019			2018
Current
Federal	$	47,087		$	33,334		$	80,339
State	635			9,084			3,437
Foreign	14,068			15,269			14,388
Total	61,790			57,687			98,164
Deferred
Federal	4,626			6,612			12,007
State	(462		)	2,236			391
Foreign	(1,230		)	(1,909		)	(4,260		)
Total	2,934			6,939			8,138
Total	$	64,724		$	64,626		$	106,302

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense (benefit) differed from that obtained by applying the statutory federal income tax rate to income before income taxes, as follows:

	Years Ended March 31,
	2020			2019			2018
Computed expected income taxes	$	71,582		$	69,076		$	69,556
State income taxes, net of federal income tax benefit*	11,042			9,329			9,044
Foreign rate differential	(17,966		)	(20,105		)	(37,090		)
Unrecognized tax benefits	6,695			786			1,301
Return to provision adjustments	(1,682		)	(179		)	(2,252		)
Nontaxable income	(4,584		)	(4,257		)	(7,006		)
Nondeductible expense	4,162			7,742			1,382
US tax on foreign earnings**	2,343			5,848			57,138
Re-measurement of deferred taxes***	—			(983		)	14,395
Tax audit settlements	(3,956		)	—			—
Statutory foreign income tax (benefit) expense	(906		)	276			59
Other	(2,006		)	(2,907		)	(225		)
Total	$	64,724		$	64,626		$	106,302

*During the year ended March 31, 2018, the Company recorded $1,976 of state income taxes associated with one-time mandatory deemed repatriation of foreign earnings due to the Tax Cuts and Jobs Act (Tax Reform Act) in December 2017.

**The amount for the year ended March 31, 2018 is the one-time mandatory deemed repatriation tax on accumulated foreign earnings due pursuant to the Tax Reform Act. The amounts for the years ended March 31, 2020 and 2019 are global intangible low-taxed income (commonly referred to as GILTI) under the territorial tax system pursuant to the Tax Reform Act.

***The total non-cash re-measurement of deferred tax assets and liabilities for the year ended March 31, 2018 was driven by the US federal tax rate reduction from 35.0% to 21.0% pursuant to the Tax Reform Act.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities, are as follows:

	As of March 31,
	2020			2019
Deferred tax assets
Amortization and impairment of intangible assets	$	11,471		$	13,615
Nonvested stock-based compensation	5,194			3,645
Deferred rent obligations*	—			4,899
Operating lease liability*	45,600			—
Uniform capitalization adjustment to inventory	4,322			3,965
Bad debt allowance and other reserves	14,243			11,932
Accrued bonuses	6,187			7,350
Foreign currency translation	645			670
Net operating loss carry-forwards, net of valuation allowances	2,071			1,002
Other	1,372			1,445
Gross deferred tax assets	91,105			48,523
Valuation allowances	(1,519		)	(195		)
Total	89,586			48,328
Deferred tax liabilities
Prepaid expenses	(4,252		)	(3,379		)
Operating lease asset*	(41,276		)	—
Depreciation of property and equipment	(15,825		)	(14,079		)
Total	(61,353		)	(17,458		)
Deferred tax assets, net	$	28,233		$	30,870

*Adoption of the new lease standard as of April 1, 2019, as described in Note 1, “General,” under the section “Recent Accounting Pronouncements”, resulted in the recognition of a deferred tax asset for operating lease liabilities and a deferred tax liability for operating lease assets. These temporary differences will reverse over the estimated term of the relevant operating leases. As of March 31, 2019, the deferred tax assets associated with operating leases were reported as deferred rent obligations under legacy US GAAP.

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amounts of total gross unrecognized tax benefits, are as follows:

Balance, March 31, 2017	$	11,727
Gross increase related to current fiscal year tax positions	1,168
Gross increase related to prior fiscal year tax positions	1,243
Settlements	(4,501		)
Lapse of statute of limitations	(43		)
Balance, March 31, 2018	9,594
Gross increase related to current fiscal year tax positions	1,027
Gross increase related to prior fiscal year tax positions	3,282
Settlements	(1,157		)
Lapse of statute of limitations	(1,804		)
Balance, March 31, 2019	10,942
Gross increase related to current fiscal year tax positions	1,153
Gross increase related to prior fiscal year tax positions	8,152
Settlements	(246		)
Lapse of statute of limitations	(2,363		)
Balance, March 31, 2020	$	17,638

Total gross unrecognized tax benefits recorded in the consolidated balance sheets, are as follows:

	As of March 31,
	2020		2019
Long-term asset
Deferred tax assets, net	$	486	$	486
Current liability
Income taxes payable	—		7
Long-term liability
Income tax liability	17,152		10,449
Total	$	17,638	$	10,942