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v3.25.1

INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of components of income from continuing operations before income taxes | The domestic (Singapore) and foreign components of income from continuing operations before income taxes were comprised of the following:
| Fiscal Year Ended March 31,
| 2025 |  | 2024 |  | 2023
| (In millions)
Domestic | $ | 94 |  |  | $ | (165) |  |  | $ | 99 |
Foreign | 929 |  |  | 831 |  |  | 708 |
Total | $ | 1,023 |  |  | $ | 666 |  |  | $ | 807 |
Schedule of provision (benefit from) income taxes | The (benefit from) provision for income taxes from continuing operations consisted of the following:
| Fiscal Year Ended March 31,
| 2025 |  | 2024 |  | 2023
| (In millions)
Current: |  |  |  |  |
Domestic | $ | 2 |  |  | $ | 3 |  |  | $ | 6 |
Foreign | 128 |  |  | 161 |  |  | 117 |
| 130 |  |  | 164 |  |  | 123 |
Deferred: |  |  |  |  |
Domestic | 3 |  |  | (1) |  |  | 1 |
Foreign | 52 |  |  | (369) |  |  | — |
| 55 |  |  | (370) |  |  | 1 |
(Benefit from) provision for income taxes | $ | 185 |  |  | $ | (206) |  |  | $ | 124 |
Schedule of reconciliation of the income tax expense from continuing operations expected based on domestic statutory income tax rates to the expense (benefit) for income taxes | The reconciliation of the income tax expense (benefit) from continuing operations expected based on domestic statutory income tax rates to the expense (benefit) for income taxes included in the consolidated statements of operations is as follows:
| Fiscal Year Ended March 31,
| 2025 |  | 2024 |  | 2023
| (In millions)
Income taxes based on domestic statutory rates | $ | 174 |  |  | $ | 113 |  |  | $ | 137 |
Effect of jurisdictional tax rate differential | 13 |  |  | 68 |  |  | 52 |
Change in unrecognized tax benefit | (19) |  |  | (10) |  |  | (7) |
Change in valuation allowance | (37) |  |  | (685) |  |  | (290) |
Foreign exchange movement on prior year taxes recoverable | 4 |  |  | (1) |  |  | 4 |
Liability for undistributed earnings | 6 |  |  | 135 |  |  | — |
Global intangible low-taxed income (GILTI) / Subpart F income | 9 |  |  | 13 |  |  | 18 |
Nextracker related transactions gains | — |  |  | 115 |  |  | 158 |
Earnings from partnership | — |  |  | 47 |  |  | 39 |
U.S. state taxes | 10 |  |  | 10 |  |  | 2 |
Excess compensation (Section 162(m)) | 16 |  |  | 15 |  |  | 9 |
Other | 9 |  |  | (26) |  |  | 2 |
(Benefit from) provision for income taxes | $ | 185 |  |  | $ | (206) |  |  | $ | 124 |
Schedule of components of deferred income taxes | The components of deferred income taxes are as follows:
| As of March 31,
| 2025 |  | 2024
| (In millions)
Deferred tax liabilities: |  |  |
Fixed assets | $ | (44) |  |  | $ | (59) |
Intangible assets | (52) |  |  | (56) |
Others | (128) |  |  | (149) |
Total deferred tax liabilities | (224) |  |  | (264) |
Deferred tax assets: |  |  |
Fixed assets | 76 |  |  | 82 |
Intangible assets | 3 |  |  | 4 |
Deferred compensation | 37 |  |  | 25 |
Inventory valuation | 32 |  |  | 26 |
Provision for doubtful accounts | 3 |  |  | 2 |
Net operating loss and other carryforwards | 1,022 |  |  | 1,168 |
Tax receivable agreement | 74 |  |  | 77 |
Others | 186 |  |  | 184 |
Total deferred tax assets | 1,433 |  |  | 1,568 |
Valuation allowances | (781) |  |  | (838) |
Total deferred tax assets, net of valuation allowances | 652 |  |  | 730 |
Net deferred tax asset | $ | 428 |  |  | $ | 466 |
The net deferred tax asset is classified as follows: |  |  |
Long-term asset | $ | 577 |  |  | $ | 644 |
Long-term liability | (149) |  |  | (178) |
Total | $ | 428 |  |  | $ | 466 |
Schedule of tax losses and other carryforwards on a tax return basis, which will expire at various dates | These tax losses and other carryforwards will expire at various dates as follows:
Expiration dates of deferred tax assets related to operating losses and other carryforwards |
Fiscal year | (In millions)
2026 - 2031 | $ | 134 |
2032 - 2037 | 204 |
2038 and thereafter | 17 |
Indefinite | 696 |
| $ | 1,051 |
Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| Fiscal Year Ended March 31,
| 2025 |  | 2024
| (In millions)
Balance, beginning of fiscal year | $ | 197 |  |  | $ | 268 |
Additions based on tax position related to the current year | 10 |  |  | 10 |
Additions for tax positions of prior years | 1 |  |  | 22 |
Reductions for tax positions of prior years | (5) |  |  | (82) |
Reductions related to lapse of applicable statute of limitations | (23) |  |  | (17) |
Impact from foreign exchange rates fluctuation | — |  |  | (4) |
Balance, end of fiscal year | $ | 180 |  |  | $ | 197 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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