v3.26.1
PROVISION FOR INCOME TAXES (Tables)
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Income Taxes
Income (loss) before income taxes is as follows: 
Year Ended March 31,
202620252024
Income (loss) before income taxes
United States$(366,906)$(396,542)$(17,201)
Foreign166,230 191,780 279,275 
Total$(200,676)$(204,762)$262,074 
Schedule of Components of Income Tax Expense (Benefit)
The components of the income tax expense (benefit) consisted of the following: 
Year Ended March 31,
202620252024
Current
Federal$5,551 $15,267 $19,909 
State2,629 1,665 4,062 
Foreign43,208 41,972 29,728 
51,388 58,904 53,699 
Deferred
Federal250,373 (52,055)(22,361)
State185 (952)90 
Foreign(7,194)(8,787)(1,422)
243,364 (61,794)(23,693)
Income tax expense (benefit)$294,752 $(2,890)$30,006 
Schedule of Cash Paid for Income Taxes
Cash paid for income taxes, net of refunds received, by jurisdiction is as follows:
Year Ended
March 31, 2026
Federal$(11,196)
State1,356 
Foreign
Hong Kong16,877 
Mexico10,119 
Netherlands6,836 
Canada6,110 
China3,250 
United Kingdom2,969 
Other5,549 
Cash paid for income taxes, net of refunds received$41,870 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the U.S. statutory federal income tax rate to the effective income tax rate, reflecting the adoption of ASU 2023-09, is as follows:
Year Ended
March 31, 2026
U.S. federal statutory income tax rate(42,142)21.0 %
State and local taxes, net of federal tax impact(1)
2,088 (1.0)%
Foreign tax effects
Hong Kong
Statutory tax rate differential(5,206)2.6 %
Income excluded from Hong Kong base(6,617)3.3 %
Other3,647 (1.8)%
China
Changes in valuation allowances(22,647)11.3 %
Deferred tax adjustments5,013 (2.5)%
Other2,551 (1.3)%
Canada
Withholding taxes4,174 (2.1)%
Other594 (0.3)%
Cyprus
Changes in valuation allowances16,377 (8.2)%
Deferred tax adjustments(7,140)3.6 %
Other(258)0.1 %
Panama
Statutory tax rate differential(2,377)1.2 %
Netherlands3,262 (1.6)%
Other foreign jurisdictions3,323 (1.7)%
Effect of cross-border tax laws
U.S. GILTI Inclusion, net of foreign tax credits(23,514)11.7 %
Foreign tax credits on withholding taxes(3,992)2.0 %
Tax credits
Federal R&D tax credit(3,668)1.8 %
Federal Energy tax credits(5,553)2.8 %
Changes in valuation allowances355,520 (177.2)%
Nontaxable or nondeductible items
Executive Compensation3,346 (1.7)%
Other3,230 (1.6)%
Changes in unrecognized tax benefits14,691 (7.3)%
Other adjustments50 — %
Effective income tax rate$294,752 (146.9)%

(1) State taxes in Texas, Maryland and Pennsylvania made up the majority (greater than 50 percent) of the tax effect in this category.
The following table provides the corresponding rate reconciliation information for periods prior to the adoption of ASU 2023-09 and is provided for comparative purposes only.
Year Ended March 31,
 
2025
2024
U.S. federal statutory income tax rate
$(43,000)
21.0 
%
$55,036 
21.0 
%
State taxes, net of federal tax impact
(17,156)
8.4 
%
3,342 
1.3 
%
Effect of foreign earnings
7,772 
(3.8)
%
(10,975)
(4.2)
%
U.S. GILTI Inclusion
28,164 
(13.8)
%
6,041 
2.3 
%
Permanent tax (benefits)/nondeductible expenses
(3,422)
1.7 
%
(11,623)
(4.4)
%
Unrecognized tax benefits
14,138 
(6.9)
%
7,781 
3.0 
%
International intangible asset
— 
— 
%
(113,688)
(43.6)
%
Valuation allowance
17,175 
(8.4)
%
102,669 
39.2 
%
Federal R&D credit
(3,000)
1.5 
%
(3,000)
(1.1)
%
Other
(3,561)
1.7 
%
(5,577)
(2.1)
%
Effective income tax rate
$(2,890)
1.4 
%
$30,006 
11.4 
%
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities consisted of the following: 
As of March 31, 2026As of March 31, 2025
Deferred tax assets
Operating lease liabilities$166,847 $170,221 
Property and equipment166,738 30,270 
Intangible assets153,088 125,186 
Capitalized research expenditures67,140 65,872 
Inventory56,306 28,629 
Foreign net operating loss carry-forwards54,047 37,377 
Reserves and accrued liabilities36,253 45,715 
U.S. federal and state net operating loss26,724 68,155 
U.S. federal and state tax credits12,815 8,050 
Foreign tax credits10,554 6,493 
Allowance for doubtful accounts and sales return reserves10,541 13,063 
Stock-based compensation9,784 13,312 
Foreign currency derivatives9,321 4,429 
Deductions limited by income1,329 16,273 
U.S. federal and state capital loss— 32,652 
Other5,478 5,171 
Total deferred tax assets786,965 670,868 
Less: valuation allowance(644,390)(292,362)
Total net deferred tax assets$142,575 $378,506 
Deferred tax liabilities
Right-of-use asset$(87,616)$(90,424)
Prepaid expenses(1,307)(1,455)
Other(2,034)(1,189)
Total deferred tax liabilities(90,957)(93,068)
Total deferred tax assets, net$51,618 $285,438 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table represents a reconciliation of the Company's total unrecognized tax benefits balances, excluding interest and penalties.
Year Ended March 31,
202620252024
Beginning of period$72,939 $64,932 $61,945 
Increases as a result of tax positions taken in a prior period15,688 6,491 5,909 
Decreases as a result of tax positions taken in a prior period— — (2,921)
Increases as a result of tax positions taken during the current period910 2,787 855 
Decreases as a result of settlements during the current period(1,400)(1,169)— 
Decreases as a result of a lapse of limitations during the current period(586)(102)(856)
End of period$87,551 $72,939 $64,932