v2.4.1.9

TAXES (Tables)

12 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of deferred tax assets and liabilities

The components of deferred tax assets and liabilities are as follows (in thousands):

	March 31,
	2015				2014
Deferred tax assets:
Foreign tax credits	$	31,134			$	17,628
Net operating losses	17,487				15,627
Accrued pension liability	21,657				18,531
Maintenance and repair	—				12,674
Accrued equity compensation	12,728				11,627
Deferred revenue	2,156				2,124
Employee award programs	7,515				6,289
Employee payroll accruals	5,118				4,845
Inventories	5,259				5,784
Investment in unconsolidated affiliates	6,539				—
Other	4,790				3,188
Valuation allowance	(11,700		)		(6,896		)
Total deferred tax assets	$	102,683			$	91,421
Deferred tax liabilities:
Property and equipment	$	(207,395	)		$	(205,104	)
Inventories	(196		)		(12,740		)
Investment in unconsolidated affiliates	—				(8,985		)
Employee programs	(1,564		)		(1,895		)
Other	(8,378		)		(9,195		)
Total deferred tax liabilities	$	(217,533	)		$	(237,919	)
Net deferred tax liabilities	$	(114,850	)		$	(146,498	)

Schedule of income before income tax, domestic and foreign

The components of income before provision for income taxes for fiscal years 2015, 2014 and 2013 are as follows (in thousands):

	Fiscal Year Ended March 31,
	2015				2014				2013
Domestic	$	(40,602	)		$	(14,357	)		$	2,472
Foreign	152,075				259,348				164,205
Total	$	111,473			$	244,991			$	166,677

Schedule of components of income tax expense (benefit)

The provision for income taxes for fiscal years 2015, 2014 and 2013 consisted of the following (in thousands):

	Fiscal Year Ended March 31,
	2015				2014				2013
Current:
Domestic	$	4			$	36,872			$	1,638
Foreign	34,822				33,939				26,275
	$	34,826			$	70,811			$	27,913
Deferred:
Domestic	$	(11,358	)		$	(6,646	)		$	1,619
Foreign	(702		)		(6,953		)		5,470
	$	(12,060	)		$	(13,599	)		$	7,089
Total	$	22,766			$	57,212			$	35,002

Schedule of effective income tax rate reconciliation

The reconciliation of the U.S. Federal statutory tax rate to the effective income tax rate for the provision for income taxes is shown below:

	Fiscal Year Ended March 31,
	2015			2014			2013
Statutory rate	35.0	%		35.0	%		35.0	%
Net foreign tax on non-U.S. earnings	26.3	%		11.8	%		14.4	%
Foreign earnings indefinitely reinvested abroad	(47.0	)%		(18.9	)%		(28.4	)%
Change in valuation allowance	4.0	%		1.8	%		—	%
Foreign earnings that are currently taxed in the U.S.	8.7	%		4.1	%		4.6	%
Effect of reduction in U.K. corporate income tax rate	—	%		(1.2	)%		(1.7	)%
Dividend inclusion as a result of internal realignment	—	%		1.1	%		—	%
Benefit of current year foreign tax credits	(11.3	)%		(5.2	)%		(5.5	)%
Tax reserve release	(0.1	)%		(0.7	)%		—	%
Other, net	4.8	%		(4.4	)%		2.6	%
Effective tax rate	20.4	%		23.4	%		21.0	%

Schedule of years open by jurisdiction

The following table summarizes the years open by jurisdiction as of March 31, 2015:

Jurisdiction	Years Open
U.S.	Fiscal year 2012 to present
U.K.	Fiscal year 2012 to present
Nigeria	Fiscal year 2005 to present
Trinidad	Fiscal year 2005 to present
Australia	Fiscal year 2011 to present

Rollforward of unrecognized tax benefits

The activity associated with our unrecognized tax benefit during fiscal years 2015 and 2014 is as follows (in thousands):

	Fiscal Year Ended March 31,
	2015				2014
Unrecognized tax benefits – beginning of fiscal year	$	4,380			$	1,710
Eastern pre-acquisition tax liability	—				4,193
Increases for tax positions taken in prior years	591				129
Decreases for tax positions taken in prior years	—				(1,434		)
Decrease related to settlements with authorities	(67		)		(218		)
Unrecognized tax benefits – end of fiscal year	$	4,904			$	4,380

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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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