INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2015

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense for fiscal years 2015, 2014, and 2013 consisted of the following:



(in thousands)	Fiscal Year Ended March 31,
	2015			2014			2013
Current:
Federal	$	26,938		$	28,859		$	25,530
State	2,685			1,263			2,452
Foreign	4,253			4,384			4,777
Total current provision for income taxes	33,876			34,506			32,759
Deferred:
Federal	(1,148		)	(4,675		)	(586		)
State	(1,353		)	(629		)	(474		)
Foreign	1,575			(480		)	324
Total deferred benefit for income taxes	(926		)	(5,784		)	(736		)
Income tax expense	$	32,950		$	28,722		$	32,023

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before income taxes for fiscal years 2015, 2014, and 2013 are as follows:



	Fiscal Year Ended March 31,
(in thousands)	2015		2014		2013
United States	$	83,583	$	85,231	$	80,875
Foreign	61,668		55,908		57,550
Income before income taxes	$	145,251	$	141,139	$	138,425

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation between statutory federal income taxes and the income tax expense for fiscal years 2015, 2014, and 2013:



(in thousands)	Fiscal Year Ended March 31,
	2015			2014			2013
Tax expense at statutory rate	$	50,838		$	49,399		$	48,449
Foreign operations taxed at different rates	(15,839		)	(16,175		)	(15,244		)
State taxes, net of federal benefit	1,331			634			1,978
Research and development credit	(2,460		)	(1,805		)	(3,380		)
Other, net	(920		)	(3,331		)	220
Income tax expense	$	32,950		$	28,722		$	32,023

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities as of March 31, 2015 and 2014 are as follows:



	March 31,
(in thousands)	2015			2014
Accruals and other reserves	$	5,100		$	8,459
Net operating loss carry forward	3,043			4,580
Stock compensation	9,865			8,957
Other deferred tax assets	8,375			3,937
Valuation allowance	(1,940		)	(3,351		)
Total deferred tax assets	24,443			22,582
Deferred gains on sales of properties	(1,756		)	(1,756		)
Unremitted earnings of certain subsidiaries	(3,064		)	(3,064		)
Fixed asset depreciation	(4,650		)	(3,571		)
Total deferred tax liabilities	(9,470		)	(8,391		)
Net deferred tax assets⁽¹⁾	$	14,973		$	14,191

⁽¹⁾ The long-term portion of the Company's deferred tax assets for the fiscal years ending March 31, 2015 and March 31, 2014, are included as a component of other assets on the consolidated balance sheets.

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the change in the amount of gross unrecognized income tax benefits for the periods is as follows:



	March 31,
(in thousands)	2015			2014			2013
Balance at beginning of period	$	12,571		$	11,072		$	11,141
Increase (decrease) of unrecognized tax benefits related to prior years	(244		)	641			(117		)
Increase of unrecognized tax benefits related to the current year	1,908			2,427			2,430
Reductions to unrecognized tax benefits related to lapse of applicable statute of limitations	(1,414		)	(1,569		)	(2,382		)
Balance at end of period	$	12,821		$	12,571		$	11,072