XML 66 R51.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Contingencies The following summarizes the changes to unrecognized tax benefits:
March 31,
202020192018
Balance at April 1$11,663 $8,342 $15,196 
Increase for current year tax positions6,425 447 482 
Increase (reductions) for prior year tax positions4,177 7,048 (7,296)
Impact of changes in exchange rates(1,226)(227)(40)
Reduction for settlements(1,558)(3,947) 
Balance at March 31$19,481 $11,663 $8,342 
Schedule of Income before Income Tax, Domestic and Foreign
The components of loss before income taxes, equity in net income of investee companies, and minority interests consisted of the following:
Years Ended March 31,
202020192018
U.S.$(111,532)$(86,315)$(86,087)
Non-U.S.(32,883)43,398 69,958 
Total$(144,415)$(42,917)$(16,129)
Schedule of Components of Income Tax Expense (Benefit)
The details of the amount shown for income taxes in the statements of consolidated operations and comprehensive loss are as follows:
Years Ended March 31,
202020192018
Current
    Federal$(1,115)$2,018 $8,247 
    State   
    Non-U.S.22,065 22,741 22,972 
$20,950 $24,759 $31,219 
Deferred
    Federal$102,658 $6,129 $(98,785)
    State   
    Non-U.S.8,181 6,952 8,802 
$110,839 $13,081 $(89,983)
Total$131,789 $37,840 $(58,764)
Schedule of Effective Income Tax Rate Reconciliation
The reasons for the difference between income tax expense based on income before income taxes, equity in net income of investee companies, and minority interests and the amount computed by applying the U.S. statutory federal income tax rate to income are as follows:
Years Ended March 31,
202020192018
Tax benefit at U.S. statutory rate$(30,328)$(9,013)$(5,098)
Effect of non-U.S. income taxes(1,951)462 (2,137)
Tax on future remittances10,561 (1,038)(22,735)
Foreign tax credits78 (173)1,328 
Change in valuation allowance117,553 17,622 (106,804)
Increase (decrease) in reserves for uncertain tax positions10,807 5,304 (5,871)
Change in tax rates822 (66)66,935 
Exchange effects and currency translation10,896 12,904 8,282 
Permanent items3,791 (677)(78)
Benefit (expense) on income tax payable/recoverable adjustments810 (1,163)109 
Deductible dividends(2,140)(3,046)(3,338)
Withholding tax expense2,225 2,577 1,868 
Benefit of other tax credits(721)(377)(3,176)
Nondeductible interest2,767 1,624 1,052 
Transition tax after foreign tax credits(1,227)1,827 10,899 
U.S. taxes on non-U.S. earnings2,071 11,073  
Goodwill impairment5,775   
Actual tax expense (benefit)$131,789 $37,840 $(58,764)
Schedule of Deferred Tax Assets and Liabilities
The following summarizes deferred tax liabilities (assets):
March 31,
20202019
Deferred tax assets:
Reserves and accruals$(11,418)$(20,539)
Tax credits(1,486)(3,159)
Tax loss carryforwards(93,024)(88,924)
Derivative transactions(698)(1,580)
Postretirement and other benefits(15,586)(15,465)
Unrealized exchange loss(7,296)(7,793)
Non-deductible interest carryforward(28,364)(13,607)
Other(5,209)(1,531)
Gross deferred tax assets(163,081)(152,598)
Valuation allowance151,058 36,524 
Total deferred tax assets$(12,023)$(116,074)
Deferred tax liabilities:
Unremitted earnings of foreign subsidiaries$17,254 $5,516 
Intangible assets12,251 13,936 
Fixed assets5,419 6,984 
Total deferred tax liabilities$34,924 $26,436 
Net deferred tax liability (asset)$22,901 $(89,638)
Schedule of Current and Non Current Tax Assets and Liabilities
The following summarizes the breakdown between deferred tax (assets) liabilities:
March 31,
20202019
Noncurrent asset$(2)$(116,451)
Noncurrent liability22,903 26,813 
Net deferred tax liability (asset)$22,901 $(89,638)
Schedule of Changes in Valuation Allowance for Deferred Tax Assets
The following summarizes the change in the Company's valuation allowance for deferred tax assets:

Balance at March 31, 2017$131,774 
Changes to expenses(3)
(466)
Changes to other accounts(2)
(274)
Deductions(1)(4)
(111,292)
Balance at March 31, 2018$19,742 
Changes to expenses18,073 
Changes to other accounts(2)
(156)
Deductions(1)
(1,135)
Balance at March 31, 2019$36,524 
Changes to expenses(5)
117,633 
Changes to other accounts(2)
(1,207)
Deductions(1)
(1,926)
Other34 
Balance at March 31, 2020$151,058 

(1) Currency translation and direct write-off
(2) Accumulated other comprehensive loss
(3) Deferred tax on unremitted earnings of foreign subsidiaries
(4) Release of U.S. valuation allowance and adjustments of $114,288 due to Tax Cut and Jobs Act
(5) Build of global valuation allowances related to the Company’s financial position