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Income Taxes | 12 Months Ended
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Mar. 31, 2014
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES Income Tax Expense Income taxes consisted of the following:
| Fiscal Year Ended March 31,
| 2014 |  | 2013 |  | 2012
Current |  |  |  |  |
United States | $ | 1,433 |  |  | $ | (3,465 | ) |  | $ | 2,871 |
State and local | 507 |  |  | 682 |  |  | (2,064 | )
Foreign | 75,770 |  |  | 57,355 |  |  | 53,582 |
| 77,710 |  |  | 54,572 |  |  | 54,389 |
Deferred |  |  |  |  |
United States | 1,686 |  |  | 1,746 |  |  | 4,796 |
State and local | 275 |  |  | 279 |  |  | 444 |
Foreign | (4,136 | ) |  | 9,769 |  |  | 1,530 |
| (2,175 | ) |  | 11,794 |  |  | 6,770 |
Total | $ | 75,535 |  |  | $ | 66,366 |  |  | $ | 61,159 |
Foreign taxes include U.S. tax expense on earnings of foreign subsidiaries. The Company has no undistributed earnings of consolidated foreign subsidiaries that are classified as permanently reinvested. Consolidated Effective Income Tax Rate A reconciliation of the statutory U.S. federal rate to the Company’s effective income tax rate is as follows:
| Fiscal Year Ended March 31,
| 2014 |  | 2013 |  | 2012
Statutory tax rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
State income taxes, net of federal benefit | 0.2 |  |  | 0.3 |  |  | (0.7 | )
Nondeductible European Commission fine | — |  |  | — |  |  | 8.6 |
Dividends received from deconsolidated operations | (0.9 | ) |  | (1.5 | ) |  | (1.8 | )
Other, including changes in liabilities recorded for uncertain tax positions | (1.6 | ) |  | (1.8 | ) |  | (3.3 | )
Effective income tax rate | 32.7 | % |  | 32.0 | % |  | 37.8 | %
The Company amended certain prior year state income tax returns during fiscal year 2012. The related income tax refunds reduced income tax expense and the consolidated effective tax rate for the year. Components of Income Before Income Taxes and Other Items The U.S. and foreign components of income before income taxes and other items were as follows:
| Fiscal Year Ended March 31,
| 2014 |  | 2013 |  | 2012
United States | $ | 9,156 |  |  | $ | (4,161 | ) |  | $ | 21,773 |
Foreign | 221,534 |  |  | 211,446 |  |  | 140,205 |
Total | $ | 230,690 |  |  | $ | 207,285 |  |  | $ | 161,978 |
Deferred Income Tax Liabilities and Assets Significant components of deferred tax liabilities and assets were as follows:
| March 31,
| 2014 |  | 2013
Liabilities |  |  |
Foreign withholding taxes | $ | 30,147 |  |  | $ | 25,074 |
Undistributed earnings | 23,865 |  |  | 32,346 |
Goodwill | 30,851 |  |  | 30,851 |
All other | 12,471 |  |  | 14,099 |
Total deferred tax liabilities | $ | 97,334 |  |  | $ | 102,370 |
Assets |  |  |
Employee benefit plans | $ | 40,816 |  |  | $ | 60,397 |
Reserves and accruals | 32,248 |  |  | 32,795 |
Deferred income | 4,013 |  |  | 4,732 |
Deferred compensation | 1,035 |  |  | 3,616 |
All other | 7,784 |  |  | 12,292 |
Total deferred tax assets | 85,896 |  |  | 113,832 |
Valuation allowance | (1,252 | ) |  | (1,252 | )
Net deferred tax assets | $ | 84,644 |  |  | $ | 112,580 |
At March 31, 2014, the Company had no material net operating loss carryforwards in either its domestic or foreign operations. Combined Income Tax Expense (Benefit) The combined income tax expense (benefit) allocable to continuing operations, other comprehensive income, and direct adjustments to shareholders' equity was as follows:
| Fiscal Year Ended March 31,
| 2014 |  | 2013 |  | 2012
Continuing operations | $ | 75,535 |  |  | $ | 66,366 |  |  | $ | 61,159 |
Other comprehensive income | 22,190 |  |  | 2,600 |  |  | (18,296 | )
Direct adjustments to shareholders' equity | (972 | ) |  | (1,052 | ) |  | (285 | )
Total | $ | 96,753 |  |  | $ | 67,914 |  |  | $ | 42,578 |
Uncertain Tax Positions A reconciliation of the beginning and ending balance of the gross liability for uncertain tax positions for the fiscal years ended March 31, 2014, 2013 and 2012, is as follows:
| Fiscal Year Ended March 31,
| 2014 |  | 2013 |  | 2012
Liability for uncertain tax positions, beginning of year | $ | 5,385 |  |  | $ | 7,913 |  |  | $ | 9,223 |
Additions: |  |  |  |  |
Related to tax positions for the current year | 194 |  |  | 191 |  |  | 262 |
Related to tax positions for prior years | 168 |  |  | — |  |  | 1,072 |
Reductions: |  |  |  |  |
Due to settlements with tax jurisdictions | — |  |  | (66 | ) |  | (698 | )
Due to lapses of statutes of limitations | (1,776 | ) |  | (2,339 | ) |  | (1,213 | )
Effect of currency rate movement | (162 | ) |  | (314 | ) |  | (733 | )
Liability for uncertain tax positions, end of year | $ | 3,809 |  |  | $ | 5,385 |  |  | $ | 7,913 |
Of the total liability for uncertain tax positions at March 31, 2014, approximately $2.8 million could have an effect on the consolidated effective tax rate if the tax benefits are recognized. The liability for uncertain tax positions includes $0.5 million related to tax positions for which it is reasonably possible that the amounts could change significantly before March 31, 2015. This amount reflects a possible decrease in the liability for uncertain tax positions that could result from the completion and resolution of tax audits and the expiration of open tax years in various tax jurisdictions. The Company recognizes accrued interest related to uncertain tax positions as interest expense, and it recognizes penalties as a component of income tax expense. Amounts accrued or reversed for interest and penalties were not material for any of the fiscal years 2012 through 2014, and liabilities recorded for interest and penalties at March 31, 2014 and 2013 also were not material. Universal and its subsidiaries file a U.S. federal consolidated income tax return, as well as returns in several U.S. states and a number of foreign jurisdictions. As of March 31, 2014, the Company's earliest open tax year for U.S. federal income tax purposes was its fiscal year ended 2011. Open tax years in state and foreign jurisdictions generally range from 3 to 6 years.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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