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INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2015

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)			2015				2014				2013
Non-U.S.		$	(38,282	)			217,816				246,863
United States			(27,985	)			(44,768	)			(51,700	)
		$	(66,267	)			173,048				195,163

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
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
2013
Current		$	(7,633	)			(313	)			64,092				56,146
Deferred			(11,335	)			—				(398	)			(11,733	)
		$	(18,968	)			(313	)			63,694				44,413

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)			2015				2014				2013
Computed “expected” tax expense		$	(23,193	)			60,567				68,307
Increase (reduction) resulting from:
Foreign income taxed at different rates			(13,570	)			(18,536	)			(23,965	)
Foreign tax credits not previously recognized			—				(483	)			(398	)
Expenses which are not deductible for tax purposes			472				720				498
Non-deductible goodwill			15,811				2,941				—
Reversal of basis difference – sale leaseback			—				(3,369	)			—
Valuation allowance – deferred tax assets			17,829				(5,821	)			5,821
Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions			(2,358	)			(1,475	)			(6,232	)
Expenses which are not deductible for book purposes			(832	)			(2,144	)			—
Foreign taxes			5,688
State taxes			(6	)			3				(203	)
Other, net			(918	)			390				585
		$	(1,077	)			32,793				44,413

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:

			2015				2014				2013
Effective tax rate applicable to pre-tax earnings			1.63	%			18.95	%			22.76	%

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)			2015				2014
Deferred tax assets:
Accrued employee benefit plan costs		$	21,874				21,423
Stock based compensation			8,731				7,162
Net operating loss and tax credit carryforwards			2,327				2,895
Other			3,901				2,896
Gross deferred tax assets			36,833				34,376
Less valuation allowance			(17,829	)			—
Net deferred tax assets			19,004				34,376
Deferred tax liabilities:
Depreciation and amortization			(19,004	)			(108,929	)
Gross deferred tax liabilities			(19,004	)			(108,929	)
Net deferred tax assets (liabilities)		$	—				(74,553	)

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)			2015
Foreign income not recognized for U.S. deferred taxes		$	2,578,133

Schedule of Tax Credit Carry-Forwards

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

(In thousands)			2015
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)			2015				2014
Tax liabilities for uncertain tax positions		$	16,305				18,008
Income tax payable			44,607				36,472

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)			2015
Unrecognized tax benefit related to state tax issues		$	11,685
Interest receivable on unrecognized tax benefit related to state tax issues			32

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)			2015				2014				2013
Balance at April 1,		$	20,066				14,868				15,727
Additions based on tax positions related to the current year			1,342				4,393				2,041
Additions based on tax positions related to prior years			—				2,217				—
Reductions for tax positions of prior years			—				—				—
Exchange rate fluctuation			—				—				—
Settlement and lapse of statute of limitations			(1,710	)			(1,412	)			(2,900	)
Balance at March 31,		$	19,698				20,066				14,868

Schedule of Tax Benefit From Stock Benefit Transactions

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

(In thousands)			2015				2014				2013
Excess tax benefits on stock benefit transactions		$	(1,784	)			301				359

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