Income Taxes (Tables)

12 Months Ended

Mar. 31, 2017

The following table presents the changes to unrecognized tax benefits during the years ended March 31, 2017, 2016 and 2015:



	2017			2016			2015
Balance at April 1	$	16,675		$	17,752		$	12,635
Increase for current year tax positions	275			24			7,260
Reduction for prior year tax positions	(1,764		)	(223		)	(1,055		)
Impact of changes in exchange rates	10			(878		)	(1,088		)
Balance at March 31	$	15,196		$	16,675		$	17,752

Schedule of Income before Income Tax, Domestic and Foreign

The components of income (loss) before income taxes, equity in net income of investee companies and minority interests consisted of the following:



	Years Ended March 31,
	2017			2016			2015
U.S.	$	(87,963	)	$	(55,073	)	$	(24,749	)
Non-U.S.	48,321			146,747			15,810
Total	$	(39,642	)	$	91,674		$	(8,939	)

Schedule of Components of Income Tax Expense (Benefit)

The details of the amount shown for income taxes in the Consolidated Statements of Operations follow:



	Years Ended March 31,
	2017			2016		2015
Current
Federal	$	(926	)	$	—	$	—
State	—			—		—
Non-U.S.	23,974			26,476		19,850
	$	23,048		$	26,476	$	19,850
Deferred
Federal	$	—		$	—	$	—
State	—			—		—
Non-U.S.	432			5,739		2,068
	$	432		$	5,739	$	2,068
Total	$	23,480		$	32,215	$	21,918

Schedule of Effective Income Tax Rate Reconciliation

The reasons for the difference between income tax expense based on income before income taxes, equity in net income of investee companies and minority interests and the amount computed by applying the U.S. statutory federal income tax rate to such income are as follows:



	Years Ended March 31,
	2017			2016			2015
Tax expense (benefit) at U.S. statutory rate	$	(13,875	)	$	32,086		$	(3,129	)
Effect of non-U.S. income taxes	(6,410		)	(15,131		)	647
U.S. taxes on non-U.S. income	3,736			23,734			14,768
Foreign tax credits expiration	—			47,552			—
Change in valuation allowance	13,748			(47,135		)	(14,908		)
Increase (decrease) in reserves for uncertain tax positions	264			(1,203		)	5,227
Change in tax rates	(308		)	2,480			—
Exchange effects and currency translation	6,046			15,492			14,308
Permanent items	4,859			891			5,005
Write-down of state tax loss carryovers	6,430			—			—
Nontaxable gain - Zimbabwe subsidiary reconsolidation	—			(26,551		)	—
Write-down of withholding tax recoverable	8,990			—			—
Actual tax expense	$	23,480		$	32,215		$	21,918

Schedule of Deferred Tax Assets and Liabilities

The deferred tax liabilities (assets) are comprised of the following:



	March 31, 2017			March 31, 2016
Deferred tax liabilities:
Unremitted earnings of foreign subsidiaries	$	30,581		$	27,641
Intangible assets	8,397			9,334
Fixed assets	7,242			11,435
Total deferred tax liabilities	$	46,220		$	48,410
Deferred tax assets:
Reserves and accruals	$	(24,308	)	$	(23,870	)
Tax credits	(7,286		)	(8,191		)
Tax loss carryforwards	(125,601		)	(104,337		)
Derivative transactions	(669		)	(892		)
Postretirement and other benefits	(28,512		)	(30,635		)
Unrealized exchange loss	(4,046		)	(12,645		)
Other	(8,471		)	(8,207		)
Gross deferred tax assets	(198,893		)	(188,777		)
Valuation allowance	131,774			118,518
Total deferred tax assets	$	(67,119	)	$	(70,259	)
Net deferred tax asset	$	(20,899	)	$	(21,849	)

Schedule of Current and Non Current Tax Assets and Liabilities

The following table presents the breakdown between non-current (assets) liabilities:



	March 31, 2017			March 31, 2016
Non-current asset	$	(38,507	)	$	(38,773	)
Non-current liability	17,608			16,924
Net deferred tax asset	$	(20,899	)	$	(21,849	)