TAXES (Tables)

12 Months Ended

Mar. 31, 2017

The components of deferred tax assets and liabilities are as follows (in thousands):



	March 31,
	2017			2016
Deferred tax assets:
Foreign tax credits	$	39,554		$	41,140
State net operating losses	8,432			—
Net operating losses	97,878			28,695
Accrued pension liability	10,445			13,266
Accrued equity compensation	17,162			17,092
Deferred revenue	1,446			1,749
Employee award programs	4,343			5,098
Employee payroll accruals	5,328			5,099
Inventories	3,111			3,305
Investment in unconsolidated affiliates	17,099			10,863
Other	5,865			4,903
Valuation allowance - foreign tax credits	(31,974		)	—
Valuation allowance - state	(8,432		)	—
Valuation allowance	(34,321		)	(29,373		)
Total deferred tax assets	$	135,936		$	101,837
Deferred tax liabilities:
Property and equipment	$	(220,305	)	$	(202,388	)
Inventories	(1,967		)	(799		)
Investment in unconsolidated affiliates	(28,631		)	(38		)
Employee programs	(1,033		)	(1,360		)
Deferred gain	(3,208		)	—
Other	(5,371		)	(3,390		)
Total deferred tax liabilities	$	(260,515	)	$	(207,975	)
Net deferred tax liabilities	$	(124,579	)	$	(106,138	)

The components of income before provision for income taxes for fiscal years 2017, 2016 and 2015 are as follows (in thousands):

The provision for income taxes for fiscal years 2017, 2016 and 2015 consisted of the following (in thousands):

The reconciliation of the U.S. Federal statutory tax rate to the effective income tax rate for the provision for income taxes is shown below:



	Fiscal Year Ended March 31,
	2017		2016		2015
Statutory rate	35.0	%	35.0	%	35.0	%
Net foreign tax on non-U.S. earnings	(0.5	)%	(8.4	)%	26.3	%
Benefit of foreign tax deduction in the U.S.	2.5	%	2.6	%	—	%
Foreign earnings indefinitely reinvested abroad	(1.1	)%	15.9	%	(47.0	)%
Change in valuation allowance	(25.7	)%	(25.3	)%	4.0	%
Foreign earnings that are currently taxed in the U.S.	(28.3	)%	(7.9	)%	8.7	%
Effect of reduction in corporate income tax rate	(0.2	)%	1.1	%	—	%
Goodwill impairment	(1.0	)%	(11.8	)%	—	%
Benefit of current year foreign tax credits	—	%	—	%	(11.3	)%
Tax reserve release	0.6	%	0.2	%	(0.1	)%
Other, net	(3.9	)%	1.2	%	4.8	%
Effective tax rate	(22.6	)%	2.6	%	20.4	%

The following table summarizes the years open by jurisdiction as of March 31, 2017:

The activity associated with our unrecognized tax benefit during fiscal years 2017 and 2016 is as follows (in thousands):



	Fiscal Year Ended March 31,
	2017			2016
Unrecognized tax benefits – beginning of fiscal year	$	1,093		$	4,904
Eastern pre-acquisition tax liability	—			(4,193		)
Increases for tax positions taken in prior years	1,059			898
Decreases for tax positions taken in prior years	(818		)	(188		)
Decrease related to statute of limitation expirations	(2		)	(328		)
Unrecognized tax benefits – end of fiscal year	$	1,332		$	1,093