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INCOME TAXES (Tables)

9 Months Ended

Dec. 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 are as follows:

		Successor					Predecessor
		Period from					Period from
		August 1, 2017					April 1, 2017
		through					through				Year Ended
(In thousands)		December 31, 2017					July 31, 2017				March 31, 2017
Non-U.S.	$		(5,137	)				(1,603,788	)			(498,931	)
United States			(31,550	)				(44,355	)			(144,683	)
	$		(36,687	)				(1,648,143	)			(643,614	)

Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following:

		U.S.
(In thousands)		Federal				State				International				Total
Year Ended March 31, 2017 (Predecessor)
Current		$	(842	)			17				9,422				8,597
Deferred			(2,200	)			—				—				(2,200	)
		$	(3,042	)			17				9,422				6,397
Period from April 1, 2017 through July 31, 2017 (Predecessor)
Current		$	(822	)			3				5,128				4,309
Deferred			(5,543	)			—				—				(5,543	)
		$	(6,365	)			3				5,128				(1,234	)
Period from August 1, 2017 through December 31, 2017 (Successor)
Current		$	11				—				2,028				2,039
Deferred			—				—				—				—
		$	11				—				2,028				2,039

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:

		Successor					Predecessor
		Period from					Period from
		August 1, 2017					April 1, 2017
		through					through				Year Ended
(In thousands)		December 31, 2017					July 31, 2017				March 31, 2017
Computed “expected” tax expense		$	(12,840	)				(576,850	)			(225,265	)
Increase (reduction) resulting from:
Foreign income taxed at different rates			1,767					448,805				232,904
Uncertain tax positions			(3,219	)				4,674				3,007
Chapter 11 reorganization			—					50,428				—
Nondeductible transaction costs			—					2,628
Transition tax			15,120					—				5,587
Valuation allowance – deferred tax assets			(28,387	)				69,278				(2,377	)
Amortization of deferrals associated with    intercompany sales to foreign tax jurisdictions			11					(822	)			(3,860	)
Foreign taxes			845					(1,342	)			(928	)
State taxes			—					3				11
Other, net			1,481					1,964				—
Remeasurement of deferred taxes			27,261					—				(2,682	)
		$	2,039					(1,234	)			6,397

Schedule of Effective Tax Rate Applicable to Pre-Tax Earnings

The effective tax rate applicable to pre-tax earnings is as follows:

Successor

Predecessor

Period from

Period from

August 1, 2017

April 1, 2017

through

through

Year Ended

December 31, 2017

July 31, 2017

March 31, 2017

Effective tax rate applicable to pre-tax earnings

(5.50

%)

0.10

%

(0.99

%)

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 are as follows:

		Successor					Predecessor
		December 31,					March 31,
(In thousands)		2017					2017
Deferred tax assets:
Accrued employee benefit plan costs		$	5,838					18,241
Stock based compensation			230					2,940
Net operating loss and tax credit carryforwards			3,941					14,693
Restructuring fees not currently deductible for tax purposes			3,982					—
Depreciation and amortization			29,160					—
Other			3,070					5,587
Gross deferred tax assets			46,221					41,461
Less valuation allowance			(43,218	)				(2,327	)
Net deferred tax assets			3,003					39,134
Deferred tax liabilities:
Basis difference in partnership			(716	)				(17,322	)
Depreciation and amortization			—					(27,355	)
Section 1245 recapture			(2,131	)
Other			(156	)				—
Gross deferred tax liabilities			(3,003	)				(44,677	)
Net deferred tax assets (liabilities)		$	—					(5,543	)

Schedule of Tax Credit Carry-Forwards

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

		Successor
		December 31,
(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:

		Successor					Predecessor
		December 31,					March 31,
(In thousands)		2017					2017
Tax liabilities for uncertain tax positions		$	18,279					11,751
Income tax payable			4,050					13,936

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 are as follows:

		Successor
		December 31,
(In thousands)		2017
Unrecognized tax benefit related to state tax issues		$	12,425
Interest receivable on unrecognized tax benefit related to    state tax issues			54

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) are as follows:

(In thousands)
Balance at April 1, 2016 (Predecessor)		$	17,648
Additions based on tax positions related to the current year			4,853
Settlement and lapse of statute of limitations			(1,108	)
Balance at March 31, 2017 (Predecessor)		$	21,393
Balance at April 1, 2017 (Predecessor)		$	21,393
Additions based on tax positions related to the current year			2,050
Settlement and lapse of statute of limitations			—
Balance at July 31, 2017 (Predecessor)		$	23,443
Balance at August 1, 2017 (Successor)		$	23,443
Additions based on tax positions related to the current year			170
Additions based on tax positions related to a prior year			2,578
Settlement and lapse of statute of limitations			(1,045	)
Reductions based on tax positions related to a prior year			(2,864	)
Balance at December 31, 2017 (Successor)		$	22,282

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