INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of (Loss) Income from Continuing Operations Before Income Taxes

Components of income before income taxes are as follows:

	Fiscal Year Ended March 31,
	2022		2021		2020
Domestic	$	357,511	$	467,962	$	322,297
Foreign	107,887		209,854		136,142
Income before income taxes	$	465,398	$	677,816	$	458,439

Schedule of Provision for Current and Deferred Income Taxes

Provision for (benefit from) current and deferred income taxes consists of the following:

	Fiscal Year Ended March 31,
	2022		2021		2020
Current:
U.S. federal	$	12,004	$	18,417	$	26,561
U.S. state and local	(588)		6,030		3,575
Foreign	24,062		27,333		10,061
Total current income taxes	35,478		51,780		40,197
Deferred:
U.S. federal	34,764		43,642		45,079
U.S. state and local	2,926		1,070		1,317
Foreign	(25,792)		(7,562)		(32,613)
Total deferred income taxes	11,898		37,150		13,783
Provision for income taxes	$	47,376	$	88,930	$	53,980

Schedule of Reconciliation of Effective Tax Rate to the U.S. Statutory Federal Income Tax Rate

A reconciliation of our effective tax rate to the U.S. statutory federal income tax rate is as follows:

	Fiscal Year Ended March 31,
	2022		2021		2020
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of U.S. federal benefit	1.2	%	1.1	%	2.1	%
Foreign tax rate differential(1)	(1.8)	%	(2.9)	%	1.0	%
Foreign earnings(2)	(2.8)	%	(0.3)	%	(9.3)	%
Tax credits(3)	(6.6)	%	(4.3)	%	(8.3)	%
Excess tax benefits from stock-based compensation	(3.1)	%	(2.0)	%	(1.8)	%
Earn-out adjustments	2.1	%	—	%	—	%
Valuation allowance—domestic	(0.1)	%	0.1	%	0.2	%
Valuation allowance—foreign(2)	0.4	%	—	%	7.3	%
Change in reserves	(0.9)	%	(0.4)	%	(2.0)	%
Other	0.8	%	0.8	%	1.6	%
Effective tax rate	10.2	%	13.1	%	11.8	%

(1) The foreign rate differentials in relation to foreign earnings, for all periods presented, are primarily driven by changes in the mix of our foreign earnings and the difference between the foreign and U.S. income tax rates. Fiscal year ended March 31, 2020 includes the impact of the reversal of a net deferred tax asset of $19,826 related to the effects of stock-based compensation from our intercompany cost-sharing arrangements due to an appeals court decision issued in Altera Corp. v. Commissioner.

(2) Fiscal year ended March 31, 2022 includes effects of an increase of the deferred tax asset related to the Federal Act on Tax Reform and AVH Financing ("TRAF") enacted on January 1, 2020. Fiscal year ended March 31, 2020 includes effects of a deferred tax asset and valuation allowance associated with a tax basis step up received in Switzerland related to TRAF.

(3) Tax benefits were recorded for fiscal years ended March 31, 2022, 2021, and 2020 attributable to certain tax credits related to software development activities.

Schedule of Effects of Temporary Differences that Gave Rise to Deferred Tax Assets and Liabilities

The effects of temporary differences that gave rise to our deferred tax assets and liabilities were as follows:

	March 31,
	2022		2021
Deferred tax assets:
Accrued compensation expense	$	106,034	$	132,794
Equity-based compensation	88,407		60,012
Tax credit carryforward	71,600		54,576
Tax basis step up related to TRAF	58,462		45,266
Operating lease liabilities	54,310		42,846
Net operating loss carryforward	10,298		5,576
Deferred revenue	13,046		3,323
Business reorganization	628		401
Other	13,145		10,236
Total deferred tax assets	415,930		355,030
Less: Valuation allowance	(121,896)		(95,761)
Net deferred tax assets	$	294,034	$	259,269
Deferred tax liabilities:
Capitalized software and depreciation	$	(145,059)	$	(99,673)
Right of use assets	(50,012)		(40,391)
Intangible amortization	(45,104)		(29,683)
Deferred revenue	—		—
Other	(1,846)		(2,773)
Total deferred tax liabilities	(242,021)		(172,520)
Net deferred tax asset (1)	$	52,013	$	86,749

(1) As of March 31, 2022, $73,801 is included in Deferred tax assets and $21,788 is included in Other long-term liabilities. As of March 31, 2021, $90,206 is included in Deferred tax assets and $3,457 is included in Other long-term liabilities.

Schedule of Aggregate Changes to the Liability for Gross Uncertain Tax Positions, Excluding Interest and Penalties

The aggregate changes to the liability for gross uncertain tax positions, excluding interest and penalties, were as follows:

	Fiscal Year Ended March 31,
	2022		2021		2020
Balance, beginning of period	$	158,209	$	127,512	$	132,320
Additions:
Current year tax positions	10,346		18,861		8,596
Prior year tax positions	4,213		20,953		1,404
Reduction of prior year tax positions	—		(981)		(14,270)
Lapse of statute of limitations	(7,971)		(8,136)		(538)
Balance, end of period	$	164,797	$	158,209	$	127,512