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