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INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2016

Earnings Before Income Taxes Derived from United States and Non-U.S. Operations

Earnings before income taxes derived from United States and non-U.S. operations for the years ended March 31, are as follows:

(In thousands)		2016			2015			2014
Non-U.S.	$		(85,346	)		(38,282	)		217,816
United States			(54,211	)		(27,985	)		(44,768	)
	$		(139,557	)		(66,267	)		173,048

Income Tax Expense (Benefit)

Income tax expense (benefit) for the years ended March 31, consists of the following:

	U.S.
(In thousands)	Federal			State			International			Total
2016
Current	$	(13,335	)		(92	)		41,042			27,615
Deferred		(6,796	)		—			—			(6,796	)
	$	(20,131	)		(92	)		41,042			20,819
2015
Current	$	4,869			(9	)		66,452			71,312
Deferred		(72,389	)		—			—			(72,389	)
	$	(67,520	)		(9	)		66,452			(1,077	)
2014
Current	$	(602	)		4			68,100			67,502
Deferred		(34,226	)		—			(483	)		(34,709	)
	$	(34,828	)		4			67,617			32,793

Tax Rate Applicable to Pre-Tax Earnings

The actual income tax expense above differs from the amounts computed by applying the U.S. federal statutory tax rate of 35% to pre-tax earnings as a result of the following for the years ended March 31:

(In thousands)	2016			2015			2014
Computed “expected” tax expense	$	(48,845	)		(23,193	)		60,567
Increase (reduction) resulting from:
Foreign income taxed at different rates		90,779			(13,570	)		(18,536	)
Foreign tax credits not previously recognized		—			—			(483	)
FIN 48		(3,259	)		(1,703	)		(276	)
Expenses which are not deductible for tax purposes		191			472			720
Non-deductible goodwill		—			15,811			2,941
Reversal of basis difference – sale leaseback		—			—			(3,369	)
Valuation allowance – deferred tax assets		(13,124	)		17,829			(5,821	)
Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions		(4,319	)		(2,358	)		(1,475	)
Expenses which are not deductible for book purposes		—			(832	)		(2,144	)
Foreign taxes		(744	)		5,688			—
State taxes		(60	)		(6	)		3
Other, net		200			785			666
	$	20,819			(1,077	)		32,793

Schedule of Effective Tax Rate Applicable to Pre-Tax Earnings

The effective tax rate applicable to pre-tax earnings for the years ended March 31, is as follows:

		2016				2015				2014
Effective tax rate applicable to pre-tax earnings			(14.94	%)			1.63	%			18.95	%

Schedule of Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, is as follows:

(In thousands)	2016			2015
Deferred tax assets:
Accrued employee benefit plan costs	$	19,705			21,874
Stock based compensation		6,780			8,731
Net operating loss and tax credit carryforwards		6,177			2,327
Other		5,548			3,901
Gross deferred tax assets		38,210			36,833
Less valuation allowance		(4,705	)		(17,829	)
Net deferred tax assets		33,505			19,004
Deferred tax liabilities:
Depreciation and amortization		(33,505	)		(19,004	)
Gross deferred tax liabilities		(33,505	)		(19,004	)
Net deferred tax assets (liabilities)	$	—			—

Schedule of Deferred Tax Not Recognized

The amount of foreign income that U.S. deferred taxes has not been recognized upon, as of March 31, is as follows:

(In thousands)		2016
Foreign income not recognized for U.S. deferred taxes		$	2,439,297

Schedule of Tax Credit Carry-Forwards

The company has the following foreign tax credit carry-forwards that expire in 2022.

(In thousands)		2016
Foreign tax credit carry-forwards		$	2,327

Schedule of Uncertain Tax Positions and Income Tax Payable

The company’s balance sheet reflects the following in accordance with ASC 740, Income Taxes at March 31:

(In thousands)	2016		2015
Tax liabilities for uncertain tax positions	$	13,046		16,305
Income tax payable		32,321		44,607

Schedule of Unrecognized Tax Benefits Which Would Lower Effective Tax Rate if Realized

Unrecognized tax benefits, which are not included in the liability for uncertain tax positions above as they have not been recognized in previous tax filings, and which would lower the effective tax rate if realized, at March 31, are as follows:

(In thousands)

2016

Unrecognized tax benefit related to state tax issues

12,099

Interest receivable on unrecognized tax benefit related to

state tax issues

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of all unrecognized tax benefits, including the unrecognized tax benefit related to state tax issues and the liability for uncertain tax positions (but excluding related penalties and interest) for the years ended March 31, are as follows:

(In thousands)	2016			2015			2014
Balance at April 1,	$	19,698			20,066			14,868
Additions based on tax positions related to the current year		1,223			1,342			4,393
Additions based on tax positions related to prior years		—			—			2,217
Settlement and lapse of statute of limitations		(3,273	)		(1,710	)		(1,412	)
Balance at March 31,	$	17,648			19,698			20,066

Schedule of Tax Benefit From Stock Benefit Transactions

The tax benefit for the years ended March 31, are as follows:

(In thousands)		2016				2015				2014
Excess tax benefits on stock benefit transactions		$	(1,605	)			(1,784	)			301