v3.26.1
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Tax Expense
The components of provision for income taxes for all periods presented were as follows:

Fiscal year ended March 31,
Current income tax expense202620252024
Federal$10,886 $39,021 $21,785 
State3,943 11,147 3,252 
Foreign24,609 24,599 27,396 
Total current income tax expense39,438 74,767 52,433 
Deferred income tax (benefit) expense
Federal$3,162 $(6,000)$(25,008)
State(663)(1,446)(3,564)
       Foreign11,912 (24,479)(772)
Total deferred income tax (benefit) expense14,411 (31,925)(29,344)
Total income tax expense
Federal$14,048 $33,021 $(3,223)
State3,280 9,701 (312)
Foreign 36,521 120 26,624 
Total income tax expense$53,849 $42,842 $23,089 
Earnings Before Income Taxes
Income before provision for income taxes for fiscal years ended March 31, 2026, 2025, and 2024 were as follows:

 Fiscal year ended March 31,
 202620252024
Income from continuing operations before income tax expense
United States$196,721 $201,332 $99,230 
Foreign 150,685 205,245 192,955 
Total income from continuing operations before income tax expense$347,406 $406,577 $292,185 
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,
 20262025
Deferred tax assets:
Accounts receivable$— $278 
Inventories13,657 13,154 
Net operating loss carryforwards48,813 44,442 
Lease liabilities18,488 21,016 
Capitalized R&D Expenditures51,128 48,856 
Accrued expenses55,119 42,909 
Other assets23,305 22,080 
Gross deferred tax assets210,510 192,735 
Less valuation allowance(34,223)(25,594)
Total deferred tax assets176,287 167,141 
Deferred tax liabilities:
Accounts receivable 90 — 
Property, plant and equipment60,593 49,025 
Lease Right-of-use assets18,488 21,016 
Intangible assets36,968 32,332 
Other liabilities5,049 7,616 
Total deferred tax liabilities121,188 109,989 
Net deferred tax assets (liabilities)$55,099 $57,152 
Schedule of Change in Valuation Allowance
The following table sets forth the changes in the Company's valuation allowance for fiscal 2026, 2025 and 2024:

Balance at
Beginning of
Period		Additions
Charged to
Expense		Valuation Allowance Reversal
Other(1)
Balance at
End of
Period
Fiscal year ended March 31, 202431,172 9,463 (2,614)(2,267)35,754 
Fiscal year ended March 31, 202535,754 4,949 (9,219)(5,890)25,594 
Fiscal year ended March 31, 202625,594 9,314 (1,426)741 34,223 
(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 the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:
Fiscal year ended March 31,
2026
US federal statutory income tax rate72,955 21.0 %
Domestic federal
Tax credits
AMPC Impact(33,305)(9.6)%
Other tax credits(970)(0.3)%
Nontaxable and nondeductible items
Nondeductible officer’s compensation4,724 1.4 %
Other(894)(0.3)%
Cross-border tax laws
Global intangible low-taxed income4,129 1.2 %
Other724 0.2 %
Other reconciling items(53)— %
Domestic state and local income taxes, net of federal (1)2,453 0.7 %
Foreign tax effects
Brazil
Changes in valuation 8,384 2.4 %
Other(2,180)(0.6)%
Mexico
Tax incentives(5,310)(1.5)%
Other2,243 0.6 %
Switzerland
Statutory income tax rate (14,472)(4.2)%
Cantonal Taxes5,476 1.6 %
IP Transaction 4,208 1.2 %
Other 1,215 0.3 %
Other foreign jurisdictions 5,313 1.5 %
Changes in unrecognized tax benefits(791)(0.2)%
Total income tax53,849 15.5 %

(1) During the year ended March 31, 2026, state taxes in California, Florida, Illinois, Pennsylvania, and Texas comprise the majority (greater than 50%) of the tax effect in this category.

A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes for years prior to the adoption of ASU 2023-09 is as follows:
 Fiscal year ended March 31,
 20252024
United States statutory income tax expense$85,381 $61,358 
Increase (decrease) resulting from:
State income taxes, net of federal effect

7,361 (995)
Nondeductible expenses and other 14,135 3,833 
Net effect of GILTI, FDII, BEAT3,322 3,313 
Effect of foreign operations(14,074)(17,475)
Valuation allowance(4,270)6,849 
Research and Development Credit(5,652)(5,158)
AMPC Impact(38,764)$(28,636)
Tax Act(4,597)$— 
Total$42,842 $23,089 
Reconciliation Of Unrecognized Tax Benefits
The following table summarizes activity of the total amounts of unrecognized tax benefits:

 Fiscal year ended March 31,
 202620252024
Balance at beginning of year$2,880 $2,845 $3,495 
Increases related to current year tax positions243 630 (2)
Decreases related to prior tax positions — — (129)
Decreases related to prior year tax positions settled— — — 
Lapse of statute of limitations(723)(595)(519)
Balance at end of year$2,400 $2,880 $2,845 
Schedule of Cash Income Taxes Paid
The amounts of cash income taxes paid by the Company were as follows:

Fiscal year ended March 31,
2026
Federal
$14,689 
State
12,238
Foreign
France
3,000
Switzerland - Federal
5,913
Switzerland – Cantonal/Communal
2,718
Other
12,950
Total income taxes paid
$51,508