v3.26.1
Income Taxes - (Tables)
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes Components of income before income taxes recorded in the consolidated
statements of comprehensive income were as follows:
Years Ended March 31,
2026
2025
2024
Domestic (1)
$1,084,446
$1,033,428
$688,981
Foreign
241,910
209,871
289,960
Total
$1,326,356
$1,243,299
$978,941
(1) Domestic income before income taxes for the year ended March 31, 2024, is presented net of intercompany dividends (or
repatriated cash) of $250,000. No intercompany dividends (or repatriated cash) that were subject to income taxes from a
foreign subsidiary were declared during years ended March 31, 2026, and 2025.
Schedule of Components of Income Tax Expense (Benefit) Components of income tax expense (benefit) recorded in the consolidated statements of
comprehensive income were as follows:
Years Ended March 31,
2026
2025
2024
Current income taxes
Federal
$205,062
$177,652
$146,939
State
34,461
43,847
32,065
Foreign
53,978
61,254
41,884
Total current income taxes
293,501
282,753
220,888
Deferred income taxes
Federal
11,649
(1,134)
(3,113)
State
3,329
219
(2,336)
Foreign
(6,194)
(4,630)
3,939
Total deferred income taxes
8,784
(5,545)
(1,510)
Total income tax expense
$302,285
$277,208
$219,378
Schedule of Income Tax Expense Reconciliation The following tables provide the reconciliation of income tax expense
(benefit) to the amount computed by applying the US federal statutory tax rate to income before income taxes. The
following table reflects the prospective adoption of ASU 2023-09 and the subsequent table provides prior year
reconciliations before the adoption of ASU 2023-09.
Year Ended March 31,
2026
US federal statutory tax rate
$278,535
21.0%
Domestic
United States
State income taxes, net of federal income tax benefit (1)
30,417
2.3
Effect of cross-border tax laws
Foreign tax credits
(25,919)
(2.0)
Global intangible low-taxed income (commonly known as GILTI)
25,819
1.9
Foreign derived intangible income (commonly known as FDII)
(19,456)
(1.5)
Other
3,400
0.3
Tax credits
(1,700)
(0.1)
Changes in valuation allowances
(4,060)
(0.3)
Nontaxable or nondeductible items
7,862
0.6
Other adjustments
799
0.1
Effects of changes in tax laws or rates enacted in the current period (2)
—
—
Foreign tax effects
Other foreign jurisdictions
(5,140)
(0.4)
Changes in net unrecognized tax benefits
11,728
0.9
Effective income tax expense and rate
$302,285
22.8%
(1) State taxes in California, New York, and Pennsylvania made up the majority (greater than 50 percent) of the tax effect in this
category.
(2) No impact applicable to the periods presented.
Years Ended March 31,
2025
2024
Computed expected income taxes
$261,093
$205,578
State income taxes, net of federal income tax benefit
45,991
32,023
Foreign rate differential
(13,078)
(15,976)
Gross unrecognized tax benefits
(1,594)
1,301
Intercompany transfers of assets
10,430
(1,817)
US tax on foreign earnings
(14,548)
4,750
Other
(11,086)
(6,481)
Total
$277,208
$219,378
Schedule of Cash Paid For Income Taxes, Net of Refunds The following table presents cash paid for income taxes, net of refunds, reflecting the prospective adoption of ASU
2023-09:
Year Ended March 31,
2026
Federal
$181,284
State
18,465
Foreign
China
15,991
Other foreign jurisdictions
18,574
Total foreign
34,565
Total cash paid for income taxes, net of refunds
$234,314
Schedule of Deferred Tax Assets and Liabilities The tax effects of temporary differences that give rise to significant portions of deferred tax assets
and deferred tax liabilities are as follows:
As of March 31,
2026
2025
Deferred tax assets
Amortization of intangible assets
$—
$12,413
Operating lease liabilities
42,032
38,051
Uniform capitalization adjustment to inventory
9,713
10,723
State related taxes and credit carryforwards
2,268
3,107
Reserves and accruals
80,216
69,803
Net operating loss carry-forwards
11,033
10,421
Other
964
1,188
Gross deferred tax assets
146,226
145,706
Valuation allowances
(3,957)
(5,138)
Total deferred tax assets
142,269
140,568
Deferred tax liabilities
As of March 31,
2026
2025
Prepaid expenses
(10,239)
(8,727)
Operating lease assets
(31,925)
(29,189)
Depreciation of property and equipment
(25,825)
(23,359)
Other
(5,779)
(1,702)
Total deferred tax liabilities
(73,768)
(62,977)
Deferred tax assets, net
$68,501
$77,591
Schedule of Unrecognized Tax Benefits A reconciliation of the beginning and ending amounts of total gross unrecognized tax benefits are as follows:
Years Ended March 31,
2026
2025
2024
Beginning balance
$21,233
$45,620
$44,901
Gross increase related to current year tax positions
5,400
4,499
4,318
Gross increase related to prior year tax positions
8,669
4,662
4,629
Gross decrease related to prior year tax positions
(4,738)
(4,309)
(4,698)
Settlements with taxing authorities
(1,800)
(22,793)
(582)
Lapse of statute of limitations
(2,426)
(6,446)
(2,948)
Ending balance
$26,338
$21,233
$45,620
Schedule of Balance Sheet Location of Gross Unrecognized Tax Benefits Total gross unrecognized tax benefits recorded in the consolidated balance sheets are as follows:
As of March 31,
2026
2025
Current liability
Income tax payable
$6,206
$5,688
Long-term liability
Income tax liability
20,132
15,545
Total
$26,338
$21,233