INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

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)		2017			2016			2015
Non-U.S.	$		(498,931	)		(85,346	)		(38,282	)
United States			(144,683	)		(54,211	)		(27,985	)
	$		(643,614	)		(139,557	)		(66,267	)

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
2017
Current	$	(842	)		17			9,422		8,597
Deferred		(2,200	)		—			—		(2,200	)
	$	(3,042	)		17			9,422		6,397
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	)

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)	2017			2016			2015
Computed “expected” tax expense	$	(225,265	)		(48,845	)		(23,193	)
Increase (reduction) resulting from:
Foreign income taxed at different rates		232,904			90,779			(13,570	)
FIN 48		3,007			(3,259	)		(1,703	)
Expenses which are not deductible for tax purposes		5,587			191			472
Non-deductible goodwill		—			—			15,811
Valuation allowance – deferred tax assets		(2,377	)		(13,124	)		17,829
Amortization of deferrals associated with    intercompany sales to foreign tax jurisdictions		(3,860	)		(4,319	)		(2,358	)
Expenses which are not deductible for book purposes		—			—			(832	)
Foreign taxes		(928	)		(744	)		5,688
State taxes		11			(60	)		(6	)
Other, net		(2,682	)		200			785
	$	6,397			20,819			(1,077	)

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:

	2017			2016			2015
Effective tax rate applicable to pre-tax earnings		(0.99	%)		(14.94	%)		1.63	%

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)	2017			2016
Deferred tax assets:
Accrued employee benefit plan costs	$	18,241			19,705
Stock based compensation		2,940			6,780
Net operating loss and tax credit carryforwards		14,693			6,177
Other		5,587			5,548
Gross deferred tax assets		41,461			38,210
Less valuation allowance		(2,327	)		(4,705	)
Net deferred tax assets		39,134			33,505
Deferred tax liabilities:
Basis difference in partnership		(17,322	)		(8,375	)
Depreciation and amortization		(27,355	)		(25,130	)
Gross deferred tax liabilities		(44,677	)		(33,505	)
Net deferred tax assets (liabilities)	$	(5,543	)		—

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)	2017
Foreign income not recognized for U.S. deferred taxes	$	1,805,626

Schedule of Tax Credit Carry-Forwards

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

(In thousands)	2017
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)	2017		2016
Tax liabilities for uncertain tax positions	$	11,751		13,046
Income tax payable		13,936		32,321

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)	2017
Unrecognized tax benefit related to state tax issues	$	12,367
Interest receivable on unrecognized tax benefit related to    state tax issues		48

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)	2017			2016			2015
Balance at April 1,	$	17,648			19,698			20,066
Additions based on tax positions related to the current    year		4,853			1,223			1,342
Settlement and lapse of statute of limitations		(1,108	)		(3,273	)		(1,710	)
Balance at March 31,	$	21,393			17,648			19,698

Schedule of Tax Benefit From Stock Benefit Transactions

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

(In thousands)	2017			2016			2015
Excess tax benefits on stock benefit transactions	$	(934	)		(1,605	)		(1,784	)