INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2019

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) for Fiscal Years 2017, 2018, and 2019 consisted of the following:



	Fiscal Year Ended March 31,
(in thousands)	2017			2018			2019
Current:
Federal	$	10,591		$	82,523		$	(1,199	)
State	457			4,274			2,550
Foreign	7,731			6,860			(1,550		)
Total current provision for (benefit from) income taxes	18,779			93,657			(199		)
Deferred:
Federal	1,022			9,002			(37,577		)
State	(117		)	(1,585		)	(4,160		)
Foreign	(618		)	22			(8,195		)
Total deferred income tax expense (benefit)	287			7,439			(49,932		)
Income tax expense (benefit)	$	19,066		$	101,096		$	(50,131	)

Schedule of Income before Income Tax, Domestic and Foreign

The components of income (loss) before income taxes for Fiscal Years 2017, 2018, and 2019 are as follows:



	Fiscal Year Ended March 31,
(in thousands)	2017		2018		2019
United States	$	43,377	$	17,654	$	(179,387	)
Foreign	58,288		82,573		(6,305		)
Income (loss) before income taxes	$	101,665	$	100,227	$	(185,692	)

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation between statutory federal income taxes and the income tax expense (benefit) for Fiscal Years 2017, 2018, and 2019:



	Fiscal Year Ended March 31,
(in thousands)	2017			2018			2019
Tax expense at statutory rate	$	35,583		$	31,631		$	(38,995	)
Foreign operations taxed at different rates	(13,183		)	(17,970		)	(4,965		)
State taxes, net of federal benefit	340			2,689			(1,610		)
Research and development credit	(3,119		)	(2,023		)	(4,288		)
Net GILTI Inclusion	—			—			4,398
Impact of Tax Act	—			87,790			(3,728		)
Stock based compensation	(365		)	(1,771		)	(1,196		)
Other, net	(190		)	750			253
Income tax expense (benefit)	$	19,066		$	101,096		$	(50,131	)

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities as of March 31, 2018 and 2019 are as follows:



	March 31,
(in thousands)	2018			2019
Accruals and other reserves	$	4,809		$	24,167
Deferred compensation	3,467			2,980
Net operating loss carry forward	1,540			16,921
Stock compensation	8,384			9,484
Interest expense	—			11,550
Tax credits	6,504			7,072
Engineering costs	—			31,015
Other deferred tax assets	1,070			635
Valuation allowance⁽¹⁾	(2,514		)	(15,787		)
Total deferred tax assets	23,260			88,037
Deferred gains on sales of properties	(1,160		)	(1,155		)
Purchased intangibles	—			(92,544		)
Unearned revenue	—			(5,054		)
Unremitted earnings of certain subsidiaries	(1,976		)	(17,879		)
Fixed asset depreciation	(4,150		)	(7,881		)
Total deferred tax liabilities	(7,286		)	(124,513		)
Net deferred tax assets⁽²⁾	$	15,974		$	(36,476	)

⁽¹⁾ Valuation allowance on state deferred tax assets are net of federal tax impact.

⁽²⁾ The Company's deferred tax assets for the Fiscal Year ended March 31, 2018 and March 31, 2019, 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)	2017			2018			2019
Balance at beginning of period	$	12,692		$	12,854		$	12,612
Increase (decrease) of unrecognized tax benefits related to prior fiscal years	(2		)	(1,310		)	254
Increase of unrecognized tax benefits related to business combinations	—			—			13,329
Increase of unrecognized tax benefits related to current year income statement	2,195			3,085			2,069
Reductions to unrecognized tax benefits related to settlements with taxing authorities	—			(115		)	—
Reductions to unrecognized tax benefits related to lapse of applicable statute of limitations	(2,031		)	(1,902		)	(1,806		)
Balance at end of period	$	12,854		$	12,612		$	26,458