Income Taxes (Tables)

12 Months Ended

Mar. 31, 2026

Schedule of Income Tax Provision (Benefit)

The income tax provision (benefit) consists of the following (amounts in millions):


	Fiscal Year Ended March 31,
	2026		2025		2024
Income before income taxes:
U.S.	$	(33.8)	$	(131.5)	$	555.5
Foreign	307.3		170.4		1,810.4
Total income before income taxes	$	273.5	$	38.9	$	2,365.9
Current provision:
U.S. federal	$	51.7	$	127.5	$	347.5
State	3.5		—		20.0
Foreign	52.9		55.2		118.7
Total current provision	$	108.1	$	182.7	$	486.2
Deferred provision (benefit):
U.S. federal	$	(21.6)	$	(101.0)	$	(106.4)
State	(2.2)		(5.5)		(12.3)
Foreign	(40.8)		(36.8)		91.5
Total deferred provision (benefit)	(64.6)		(143.3)		(27.2)
Income tax provision	$	43.5	$	39.4	$	459.0

Schedule of Effective Income Tax Rate Reconciliation

The Company has elected to prospectively adopt the guidance in ASU 2023-09. The following table presents the required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to the Company's actual global effective amount and rate for the fiscal year ended March 31, 2026 (amounts in millions):


	Fiscal Year Ended March 31, 2026
	Amount		Percent
U.S. federal statutory income tax rate	$	57.4	21.0	%

Domestic state and local income taxes, net of federal effect (1)	(1.8)		(0.7)	%
Domestic federal
Tax credits
Research and development credits	(24.5)		(9.0)	%
Cross-border tax laws
GILTI	43.0		15.7	%
Foreign income tax credits	(16.5)		(6.0)	%
Other	(2.6)		(0.9)	%


	Fiscal Year Ended March 31, 2026
	Amount		Percent
Other	8.4		3.1	%
Foreign tax effects
Malta
Statutory income tax rate differential	36.7		13.4	%
Notional interest deduction	(83.0)		(30.3)	%
Other	(3.2)		(1.2)	%
Canada
Research and development credits	(13.4)		(4.9)	%
Imputed interest income	6.8		2.5	%
Other	9.2		3.4	%
Ireland
Statutory income tax rate differential	11.0		4.0	%
Withholding and other taxes	7.7		2.8	%
Other	0.9		0.3	%
Thailand
Nontaxable and nondeductible Items	(8.8)		(3.2)	%
Income tax holidays	(5.1)		(1.9)	%
Other	1.1		0.4	%
Taiwan
Withholding and other taxes	9.4		3.5	%
Other	0.1		—
Other foreign jurisdictions	6.0		2.2	%
Change in uncertain tax positions	4.7		1.7	%
Effective tax rate	$	43.5	15.9	%

(1) State taxes in Arizona and California comprise the majority of the tax effect in this category.

The following table presents required disclosures prior to the adoption of ASU 2023-09 and displays the reconciliation between statutory federal income taxes and the total income tax provision (benefit) for the fiscal years ended March 31, 2025 and 2024 (amounts in millions):


	Fiscal Year Ended March 31,
	2025		2024
Computed expected income tax provision	$	8.2	$	496.8
State income taxes, net of federal benefit	(2.1)		15.7
Effects of foreign operations - rate differential	(19.2)		(149.3)
Effects of foreign operations - other, net of foreign tax credits	55.0		212.2

Foreign-derived intangible income (FDII)	(3.1)		(3.6)
Business realignment of intellectual property rights	5.7		0.4

Change in uncertain tax positions	45.1		5.8
Share-based compensation	(14.1)		(8.4)
R&D tax credits	(60.1)		(69.8)

Income tax holidays	(12.0)		(22.5)


Nondeductible Expenses	6.0		7.7


Other	13.4		2.6
Change in valuation allowance	16.6		(28.6)
Income tax provision	$	39.4	$	459.0

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the Company's deferred tax assets and deferred tax liabilities are as follows (amounts in millions):


	March 31,
	2026		2025
Deferred tax assets:
Accrued expenses	$	51.8	$	51.8
Capital loss carryforward	10.1		9.8

Disallowed expense carryforwards	377.5		242.8
Income tax credits	260.9		266.8
Intangible assets	1,081.1		1,192.1
Inventory valuation	144.5		130.4
Property, plant and equipment	15.4		—
Lease liabilities	33.4		33.2
Net operating loss carryforward	62.4		59.3

Share-based compensation	67.0		53.5
Other	20.5		25.6
Gross deferred tax assets	2,124.6		2,065.3
Valuation allowances	(291.6)		(287.4)
Deferred tax assets, net of valuation allowances	1,833.0		1,777.9
Deferred tax liabilities:

Intangible assets	(33.9)		(50.3)
ROU assets	(31.7)		(31.7)
Property, plant and equipment	—		(1.6)
Deferred tax liabilities	(65.6)		(83.6)
Net deferred tax asset	$	1,767.4	$	1,694.3

Reported as:

Non-current deferred tax assets	$	1,792.5	$	1,728.1
Non-current deferred tax liability	(25.1)		(33.8)
Net deferred tax asset	$	1,767.4	$	1,694.3

Summary of Valuation Allowance

Additions and deductions related to the valuation allowance for deferred tax assets for the three fiscal years were as follows (amounts in millions):


	Balance at Beginning of Year		Additions Charged to Costs and Expenses		Deductions		Balance at End of Year
Fiscal 2026	$	287.4	$	36.5	$	(32.3)	$	291.6
Fiscal 2025	$	270.8	$	22.2	$	(5.6)	$	287.4
Fiscal 2024	$	299.4	$	6.5	$	(35.1)	$	270.8

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the Company's gross unrecognized tax benefits for the last three fiscal years (amounts in millions):



	March 31,
	2026		2025		2024
Beginning gross unrecognized tax benefits	$	821.2	$	792.4	$	848.0

Decreases related to settlements with tax authorities	(62.6)		(0.7)		(5.8)
Decreases related to statute of limitation expirations	(8.2)		(6.9)		(3.3)
Increases related to current year tax positions	16.4		27.1		37.4
Increases (decreases) related to prior year tax positions	(87.0)		9.3		(83.9)
Ending gross unrecognized tax benefits	$	679.8	$	821.2	$	792.4