Income Taxes (Tables)

12 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Tax Expense

	Fiscal year ended March 31,
	2025		2024		2023
Current income tax expense
Current:
Federal	$	39,021	$	21,785	$	21,203
State	11,147		3,252		5,654
Foreign	24,599		27,396		23,208
Total current income tax expense	74,767		52,433		50,065
Deferred income tax (benefit) expense
Federal	(6,000)		(25,008)		(18,370)
State	(1,446)		(3,564)		(2,534)
Foreign	(24,479)		(772)		5,668
Total deferred income tax (benefit) expense	(31,925)		(29,344)		(15,236)
Total income tax expense	$	42,842	$	23,089	$	34,829

Earnings Before Income Taxes

Earnings before income taxes consists of the following:

	Fiscal year ended March 31,
	2025		2024		2023
United States	$	201,332	$	99,230	$	38,703
Foreign	205,245		192,955		171,936
Earnings before income taxes	$	406,577	$	292,185	$	210,639

Deferred Tax Assets And Liabilities

The following table sets forth the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities:

	March 31,
	2025		2024
Deferred tax assets:
Accounts receivable	$	278	$	309
Inventories	13,154		13,472
Net operating loss carryforwards	44,442		51,005
Lease liabilities	21,016		20,081
Capitalized R&D Expenditures	48,856		32,740
Accrued expenses	42,909		35,132
Other assets	22,080		29,079
Gross deferred tax assets	192,735		181,818
Less valuation allowance	(25,594)		(35,754)
Total deferred tax assets	167,141		146,064
Deferred tax liabilities:
Property, plant and equipment	49,025		45,493
Lease Right-of-use assets	21,016		20,071
Intangible assets	32,332		56,726
Other liabilities	7,616		4,560
Total deferred tax liabilities	109,989		126,850
Net deferred tax assets (liabilities)	$	57,152	$	19,214

Schedule of Change in Valuation Allowance

The following table sets forth the changes in the Company's valuation allowance for fiscal 2025, 2024 and 2023:

	Balance at Beginning of Period	Additions Charged to Expense	Valuation Allowance Reversal	Other(1)	Balance at End of Period
Fiscal year ended March 31, 2023	31,017	2,654	(586)	(1,913)	31,172
Fiscal year ended March 31, 2024	31,172	9,463	(2,614)	(2,267)	35,754
Fiscal year ended March 31, 2025	35,754	4,949	(9,219)	(5,890)	25,594

(1)Includes the impact of currency changes and the expiration of net operating losses for which a full valuation allowance was recorded.

Reconciliation Of Income Taxes At The Statutory Rate

A reconciliation of income taxes at the statutory rate (21.0% for fiscal 2025, 2024 and 2023) to the income tax provision is as follows:

	Fiscal year ended March 31,
	2025		2024		2023
United States statutory income tax expense	$	85,381	$	61,358	$	44,233
Increase (decrease) resulting from:
State income taxes, net of federal effect	7,361		(995)		1,714
Nondeductible expenses and other	14,135		3,833		6,028
Net effect of GILTI, FDII, BEAT	3,322		3,313		2,457
Effect of foreign operations	(14,074)		(17,475)		(12,978)
Valuation allowance	(4,270)		6,849		2,068
Research and Development Credit	(5,652)		(5,158)		(5,063)
AMPC Impact	(38,764)		(28,636)		(3,630)
Tax Act	(4,597)		—		—
Income tax expense	$	42,842	$	23,089	$	34,829

Reconciliation Of Unrecognized Tax Benefits

The following table summarizes activity of the total amounts of unrecognized tax benefits:

	Fiscal year ended March 31,
	2025		2024		2023
Balance at beginning of year	$	2,845	$	3,495	$	4,770
Increases related to current year tax positions	630		(2)		24
Increases related to prior year tax positions	—		—		(1)
Decreases related to prior tax positions	—		(129)		—
Decreases related to prior year tax positions settled	—		—		(77)
Lapse of statute of limitations	(595)		(519)		(1,221)
Balance at end of year	$	2,880	$	2,845	$	3,495