INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2018

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense for Fiscal Years 2016, 2017, and 2018 consisted of the following:



	Fiscal Year Ended March 31,
(in thousands)	2016			2017			2018
Current:
Federal	$	15,702		$	10,591		$	82,523
State	1,934			457			4,274
Foreign	4,644			7,731			6,860
Total current provision for income taxes	22,280			18,779			93,657
Deferred:
Federal	(7,767		)	1,022			9,002
State	(1,103		)	(117		)	(1,585		)
Foreign	374			(618		)	22
Total deferred income tax expense (benefit)	(8,496		)	287			7,439
Income tax expense	$	13,784		$	19,066		$	101,096

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before income taxes for Fiscal Years 2016, 2017, and 2018 are as follows:



	Fiscal Year Ended March 31,
(in thousands)	2016		2017		2018
United States	$	42,184	$	43,377	$	17,654
Foreign	39,992		58,288		82,573
Income before income taxes	$	82,176	$	101,665	$	100,227

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 2016, 2017, and 2018:



	Fiscal Year Ended March 31,
(in thousands)	2016			2017			2018
Tax expense at statutory rate	$	28,762		$	35,583		$	31,631
Foreign operations taxed at different rates	(9,478		)	(13,183		)	(17,970		)
State taxes, net of federal benefit	831			340			2,689
Research and development credit	(3,133		)	(3,119		)	(2,023		)
Unwind of stock based compensation cost sharing	(2,855		)	—			—
Impact of Tax Act	—			—			87,790
Stock based compensation	(487		)	(365		)	(1,771		)
Other, net	144			(190		)	750
Income tax expense	$	13,784		$	19,066		$	101,096

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities as of March 31, 2017 and 2018 are as follows:



	March 31,
(in thousands)	2017			2018
Accruals and other reserves	$	8,526		$	4,809
Deferred Compensation	4,859			3,467
Net operating loss carry forward	2,221			1,540
Stock compensation	12,821			8,384
Tax credits	4,530			6,504
Other deferred tax assets	1,711			1,070
Valuation allowance	(2,209		)	(2,514		)
Total deferred tax assets	32,459			23,260
Deferred gains on sales of properties	(1,771		)	(1,160		)
Unremitted earnings of certain subsidiaries	—			(1,976		)
Fixed asset depreciation	(7,351		)	(4,150		)
Total deferred tax liabilities	(9,122		)	(7,286		)
Net deferred tax assets⁽¹⁾	$	23,337		$	15,974

⁽¹⁾ The Company's deferred tax assets for the fiscal year ending March 31, 2017 and March 31, 2018, 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)	2016			2017			2018
Balance at beginning of period	$	12,821		$	12,692		$	12,854
Increase (decrease) of unrecognized tax benefits related to prior fiscal years	(598		)	(2		)	(1,310		)
Increase of unrecognized tax benefits related to the current year	2,252			2,195			3,085
Reductions to unrecognized tax benefits related to settlements with taxing authorities	(149		)	—			(115		)
Reductions to unrecognized tax benefits related to lapse of applicable statute of limitations	(1,634		)	(2,031		)	(1,902		)
Balance at end of period	$	12,692		$	12,854		$	12,612