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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2014

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)			2014				2013				2012
Non-U.S.		$	217,816				246,863				148,369
United States			(44,768	)			(51,700	)			(37,333	)
		$	173,048				195,163				111,036

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
2014
Current		$	(602	)			4				68,100				67,502
Deferred			(34,226	)			—				(483	)			(34,709	)
		$	(34,828	)			4				67,617				32,793
2013
Current		$	(7,633	)			(313	)			64,092				56,146
Deferred			(11,335	)			—				(398	)			(11,733	)
		$	(18,968	)			(313	)			63,694				44,413
2012
Current		$	(5,009	)			(558	)			54,363				48,796
Deferred			(24,545	)			—				(626	)			(25,171	)
		$	(29,554	)			(558	)			53,737				23,625

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)			2014				2013				2012
Computed “expected” tax expense		$	60,567				68,307				38,863
Increase (reduction) resulting from:
Resolution of uncertain tax positions			—				—				(4,187	)
Foreign income taxed at different rates			(18,536	)			(23,965	)			(13,504	)
Foreign tax credits not previously recognized			(483	)			(398	)			(626	)
Expenses which are not deductible for tax purposes			3,661				498				2,889
Reversal of basis difference – sale leaseback			(3,369	)			—				—
Valuation allowance – foreign tax credits			(5,821	)			5,821				—
Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions			(1,475	)			(6,232	)			326
Expenses which are not deductible for book purposes			(2,144	)			—				—
State taxes			3				(203	)			(363	)
Other, net			390				585				227
		$	32,793				44,413				23,625

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:

			2014				2013				2012
Effective tax rate applicable to pre-tax earnings			18.95	%			22.76	%			21.28	%

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)			2014				2013
Deferred tax assets:
Accrued employee benefit plan costs		$	21,423				18,162
Stock based compensation			7,162				6,451
Net operating loss and tax credit carryforwards			2,895				45,640
Other			2,896				8,673
Gross deferred tax assets			34,376				78,926
Less valuation allowance			—				5,821
Net deferred tax assets			34,376				73,105
Deferred tax liabilities:
Depreciation and amortization			(108,929	)			(189,763	)
Gross deferred tax liabilities			(108,929	)			(189,763	)
Net deferred tax liabilities		$	(74,553	)			(116,658	)

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)			2014
Foreign income not recognized for U.S. deferred taxes		$	2,374,503

Schedule of Tax Credit Carry-Forwards

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

(In thousands)			2014
Foreign tax credit carry-forwards		$	2,895

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)			2014				2013
Tax liabilities for uncertain tax positions		$	18,008				14,269
Income tax payable			36,472				30,906

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)			2014
Unrecognized tax benefit related to state tax issues		$	11,230
Interest receivable on unrecognized tax benefit related to state tax issues			24

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)			2014				2013				2012
Balance at April 1,		$	14,868				15,727				15,220
Additions based on tax positions related to the current year			4,393				2,041				2,813
Additions based on tax positions related to prior years			2,217				—				—
Reductions for tax positions of prior years			(1,412	)			(2,900	)			(1,375	)
Exchange rate fluctuation			—				—				—
Settlement and lapse of statute of limitations			—				—				(931	)
Balance at March 31,		$	20,066				14,868				15,727

Schedule of Tax Benefit From Stock Benefit Transactions

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

(In thousands)			2014				2013				2012
Excess tax benefits on stock benefit transactions		$	301				359				738

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