The components of loss from continuing operations before income taxes are as follows:

	Year ended March 31,
	2021			2020			2019
Foreign	$	(1,518	)	$	33,399		$	(18,336	)
Domestic		(446,511	)		(57,034	)		(314,236	)
	$	(448,029	)	$	(23,635	)	$	(332,572	)

	Year ended March 31,
	2021			2020			2019
Current:
Federal	$	—		$	(654	)	$	(1,253	)
State		(315	)		27			431
Foreign		3,372			3,602			3,335
		3,057			2,975			2,513
Deferred:
Federal		—			2,748			(9,076	)
State		—			73			1,593
Foreign		(176	)		2			(456	)
		(176	)		2,823			(7,939	)
	$	2,881		$	5,798		$	(5,426	)

A reconciliation of the statutory federal income tax rate to the effective tax rate is as follows:

	Year ended March 31,
	2021			2020			2019
Statutory federal income tax rate		21.0	%		21.0	%		21.0	%
State and local income taxes, net of federal tax benefit		2.7			(12.1	)		4.6
Goodwill impairment		—			(37.4	)		—
Disposition of business		—			—			3.2
Miscellaneous permanent items and nondeductible accruals		(0.7	)		3.9			(1.2	)
Research and development tax credit		0.7			30.4			3.3
Foreign tax credits		(0.3	)		(24.1	)		(0.7	)
Valuation allowance		(25.5	)		29.3			(28.6	)
Tax reform and CARES Act		—			(12.3	)		0.4
Global Intangible Low-Taxed Income		—			(20.4	)		(1.3	)
Other (including foreign rate differential and FIN 48)		1.4			(2.8	)		0.9
Effective income tax rate		(0.7	)%		(24.5	)%		1.6	%

	March 31,
	2021			2020
Deferred tax assets:
Net operating loss and other credit carryforwards	$	345,071		$	318,341
Inventory		21,484			17,521
Accruals and reserves		34,379			40,492
Interest carryforward		62,893			38,383
Pension and other postretirement benefits		89,952			152,048
Lease right-of-use assets		6,890			11,495
Prepaid expenses and other		—			241
Acquired contract liabilities, net		7,504			21,771
		568,173			600,292
Valuation allowance		(512,554	)		(438,667	)
Net deferred tax assets		55,619			161,625
Deferred tax liabilities:
Deferred revenue		22,342			38,458
Property and equipment		12,581			34,939
Goodwill and other intangible assets		21,701			80,740
Lease liabilities		5,848			14,928
Prepaid expenses and other		588			—
		63,060			169,065
Net deferred tax liabilities	$	7,441		$	7,440

The Company follows ASC 740, Income Taxes, which prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties, disclosure and transition. The Company's policy is to release the tax effects from accumulated other comprehensive income when all of the related assets or liabilities that gave rise to the accumulated other comprehensive income have been derecognized. The Company has elected to treat global intangible low-taxed income (“GILTI”) as a period expense.

A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more likely than not to be realized, the Company assesses all available positive and negative evidence. This evidence includes, but is not limited to, prior earnings history, expected future earnings, carry-back and carry-forward periods and the feasibility of ongoing tax strategies that could potentially enhance the likelihood of the realization of a deferred tax asset. The weight given to the positive and negative evidence is commensurate with the extent the evidence may be objectively verified. As such, it is generally difficult for positive evidence regarding projected future taxable income exclusive of reversing taxable temporary differences to outweigh objective negative evidence of recent financial reporting losses.

Based on these criteria and the relative weighting of both the positive and negative evidence available, and in particular the activity surrounding the Company's prior earnings history, including the forward losses and intangible impairments previously recognized, management determined that it was necessary to establish a valuation allowance against principally all of its net deferred tax assets. Given the objective verifiable negative evidence of a three-year cumulative loss and the weighting of all available positive evidence, the Company excluded projected taxable income (aside from reversing taxable temporary differences) from the assessment of income that could be used as a source of taxable income to realize the deferred tax assets.

During fiscal year 2021, the Company adjusted the valuation allowance against the consolidated net deferred tax asset by $73,887 primarily due to an increase in the net operating loss and changes to temporary differences related to the impairment of long-lived intangible assets, interest disallowance, and pension and other postretirement benefit plans. As of March 31, 2021, management determined that it was necessary to maintain a valuation allowance against principally all of its net deferred tax assets.

As of March 31, 2021, the Company has net operating loss carryforwards of $659,278, $1,427,890, and $140,839 for U.S. federal, state, and foreign jurisdictions, respectively.

The effective income tax rate for the fiscal year ended March 31, 2021, was (0.7)% as compared with (24.5)% for the fiscal year ended March 31, 2020. The effective income tax rate for the fiscal year ended March 31, 2021, included the benefit of the R&D tax credit of $3,076, the benefit of the foreign tax rate differences of $1,244, and the change in the valuation allowance of $114,283. Due to the current year pretax loss, the effective tax rate drivers on a percentage basis are amplified. Accordingly, a year-over-year comparison of the effective tax rate may not be indicative of changes in the Company's tax position.

The Company has been granted income tax holiday as an incentive to attract foreign investment by the Government of Thailand. The tax holidays expire in various years through 2026. The Company does not have any other tax holidays in the jurisdictions in which it operates. The income tax benefit attributable to the tax status of our subsidiaries in Thailand was approximately $0 or $0.00 per diluted share in fiscal 2021, $1,932 or $0.04 per diluted share in fiscal 2020 and $2,160 or $0.04 per diluted share in fiscal 2019.

At March 31, 2021, cumulative undistributed earnings of foreign subsidiaries, for which no U.S. income or foreign withholding taxes have been recorded is $162,467. As the Company currently intends to indefinitely reinvest all such earnings, no provision has been made for income taxes that may become payable upon distribution of such earnings, and it is not practicable to determine the amount of the related unrecognized deferred income tax liability.

The Company has classified uncertain tax positions as noncurrent income tax liabilities unless expected to be paid in one year.

As of March 31, 2021 and 2020, the total amount of unrecognized tax benefits was $11,536 and $18,965, respectively, all of which would impact the effective rate, if recognized. The Company anticipates that total unrecognized tax benefits may be reduced by zero in the next 12 months. With a few exceptions, the Company is no longer subject to U.S. federal, state, or local income tax examinations, or foreign income tax examinations by tax authorities, for fiscal years ended before March 31, 2014.

As of March 31, 2021, the Company is not subject to any income tax examinations. The Company has filed appeals in a prior state examination related to fiscal years ended March 31, 1999 through March 31, 2005. The Company believes appropriate provisions for all outstanding issues have been made for all jurisdictions and all open years.

A reconciliation of the liability for uncertain tax positions, which are included in deferred taxes for the fiscal years ended March 31, 2021 and 2020, follows:

	Year ended March 31,
	2021			2020			2019
Beginning balance	$	19,127		$	19,373		$	11,759
Adjustments for tax positions related to the current year		311			1,057			7,364
Adjustments for tax positions of prior years		(7,688	)		(1,303	)		250
Ending balance	$	11,750		$	19,127		$	19,373