Income Taxes - (Tables)

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

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

	Years Ended March 31,
	2021		2020		2019
Domestic*	$	368,328	$	206,111	$	181,730
Foreign	133,186		134,755		147,204
Total	$	501,514	$	340,866	$	328,934

*Domestic income before income taxes for the years ended March 31, 2021, 2020, and 2019 is presented net of intercompany dividends of $175,000, $150,000, and $130,000, respectively.

Schedule of Components of Income Tax Expense (Benefit)

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

	Years Ended March 31,
	2021		2020		2019
Current
Federal	$	93,562	$	47,087	$	33,334
State	15,595		635		9,084
Foreign	17,953		14,068		15,269
Total	127,110		61,790		57,687
Deferred
Federal	(6,717)		4,626		6,612
State	(633)		(462)		2,236
Foreign	(821)		(1,230)		(1,909)
Total	(8,171)		2,934		6,939
Total	$	118,939	$	64,724	$	64,626

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,
	2021		2020		2019
Computed expected income taxes	$	105,318	$	71,582	$	69,076
State income taxes, net of federal income tax benefit	16,479		11,042		9,329
Foreign rate differential	(15,507)		(17,966)		(20,105)
Unrecognized tax benefits	7,632		6,695		786
Dividends from previously taxed earnings	(5,313)		(4,584)		(4,257)
Nondeductible executive compensation	11,070		4,162		7,742
US tax on foreign earnings*	4,252		2,343		5,848
Re-measurement of deferred taxes	—		—		(983)
Tax audit settlements	1,147		(3,956)		—
Employee share based compensation excess tax benefits	(6,846)		(2,477)		(1,445)
Other	707		(2,117)		(1,365)
Total	$	118,939	$	64,724	$	64,626

*These amounts represent global intangible low-taxed income (commonly referred to as GILTI) under the territorial tax system pursuant to the Tax Reform Act, net of foreign derived intangible income tax benefit.

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,
	2021		2020
Deferred tax assets
Amortization and impairment of intangible assets	$	7,302	$	11,471
Nonvested stock-based compensation	7,138		5,194
Operating lease liability	37,707		45,600
Uniform capitalization adjustment to inventory	5,256		4,322
Bad debt allowance and other reserves	19,321		14,243

	As of March 31,
	2021		2020
Accrued bonuses	8,491		6,187
Foreign currency translation	646		645
Net operating loss carry-forwards, net of valuation allowances	1,663		2,071
Other	3,048		1,372
Gross deferred tax assets	90,572		91,105
Valuation allowances	(1,197)		(1,519)
Total	89,375		89,586
Deferred tax liabilities
Prepaid expenses	(3,829)		(4,252)
Operating lease asset	(30,754)		(41,276)
Depreciation of property and equipment	(17,598)		(15,825)
Total	(52,181)		(61,353)
Deferred tax assets, net	$	37,194	$	28,233

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, 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
Gross increase related to current fiscal year tax positions	2,242
Gross increase related to prior fiscal year tax positions	8,566
Gross decrease related to prior fiscal year tax positions	(1,215)
Lapse of statute of limitations	(1,961)
Balance, March 31, 2021	$	25,270

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

	As of March 31,
	2021		2020
Long-term asset
Deferred tax assets, net	$	—	$	486
Current liability
Income taxes payable	1,038		—
Long-term liability
Income tax liability	24,232		17,152
Total	$	25,270	$	17,638