TAXES (Tables)

12 Months Ended

Mar. 31, 2018

Schedule of deferred tax assets and liabilities

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



	March 31,
	2018			2017
Deferred tax assets:
Foreign tax credits	$	9,140		$	39,554
State net operating losses	12,337			8,432
Net operating losses	98,911			97,878
Accrued pension liability	6,289			10,445
Accrued equity compensation	10,172			17,162
Deferred revenue	688			1,446
Employee award programs	1,603			4,343
Employee payroll accruals	4,426			5,328
Inventories	1,666			3,111
Investment in unconsolidated affiliates	28,778			17,099
Other	5,543			5,865
Valuation allowance - foreign tax credits	(9,140		)	(31,974		)
Valuation allowance - state	(12,337		)	(8,432		)
Valuation allowance	(50,510		)	(34,321		)
Total deferred tax assets	$	107,566		$	135,936
Deferred tax liabilities:
Property and equipment	$	(150,224	)	$	(220,305	)
Inventories	(2,070		)	(1,967		)
Investment in unconsolidated affiliates	(21,470		)	(28,631		)
Employee programs	(1,224		)	(1,033		)
Deferred gain	(2,691		)	(3,208		)
Other	(4,155		)	(5,371		)
Total deferred tax liabilities	$	(181,834	)	$	(260,515	)
Net deferred tax liabilities	$	(74,268	)	$	(124,579	)

Schedule of income before income tax, domestic and foreign

The components of loss before benefit (provision) for income taxes for fiscal years 2018, 2017 and 2016 are as follows (in thousands):



	Fiscal Year Ended March 31,
	2018			2017			2016
Domestic	$	(91,002	)	$	(147,988	)	$	(115,277	)
Foreign	(137,972		)	3,686			36,046
Total	$	(228,974	)	$	(144,302	)	$	(79,231	)

Schedule of deferred tax valuation allowance



	Fiscal Year Ended March 31,
	2018			2017			2016
Balance – beginning of fiscal year	$	(74,727	)	$	(29,373	)	$	(11,700	)
Additional allowances	(20,259		)	(45,354		)	(17,673		)
Reversals and other changes	22,999			—			—
Balance – end of fiscal year	$	(71,987	)	$	(74,727	)	$	(29,373	)

Schedule of components of income tax expense (benefit)

The provision (benefit) for income taxes for fiscal years 2018, 2017 and 2016 consisted of the following (in thousands):



	Fiscal Year Ended March 31,
	2018			2017			2016
Current:
Domestic	$	1,247		$	2,797		$	(29,907	)
Foreign	13,607			17,153			27,317
	$	14,854		$	19,950		$	(2,590	)
Deferred:
Domestic	$	(39,079	)	$	24,651		$	(4,483	)
Foreign	(6,666		)	(12,013		)	4,991
	$	(45,745	)	$	12,638		$	508
Total	$	(30,891	)	$	32,588		$	(2,082	)

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) benefit for income taxes is shown below:



	Fiscal Year Ended March 31,
	2018		2017		2016
Statutory rate	31.6	%	35.0	%	35.0	%
Effect of U.S. tax reform	9.9	%	—	%	—	%
Net foreign tax on non-U.S. earnings	0.8	%	(0.5	)%	(8.4	)%
Benefit of foreign tax deduction in the U.S.	—	%	2.5	%	2.6	%
Foreign earnings indefinitely reinvested abroad	(8.2	)%	(1.1	)%	15.9	%
Change in valuation allowance	1.1	%	(25.7	)%	(25.3	)%
Foreign earnings that are currently taxed in the U.S.	(32.9	)%	(28.3	)%	(7.9	)%
Effect of change in foreign statutory corporate income tax rates	—	%	(0.2	)%	1.1	%
Impairment of foreign investments	11.8	%	—	%	—	%
Goodwill impairment	—	%	(1.0	)%	(11.8	)%
Changes in tax reserves	(2.3	)%	(0.2	)%	(0.5	)%
Other, net	1.7	%	(3.1	)%	1.9	%
Effective tax rate	13.5	%	(22.6	)%	2.6	%

Schedule of years open by jurisdiction

The following table summarizes the years open by jurisdiction as of March 31, 2018:



	Jurisdiction	Years Open
	U.S.	Fiscal year 2014 to present
	U.K.	Fiscal year 2017 to present
	Nigeria	Fiscal year 2009 to present
	Trinidad	Fiscal year 2005 to present
	Australia	Fiscal year 2014 to present
	Norway	Fiscal year 2014 to present

Rollforward of unrecognized tax benefits

The activity associated with our unrecognized tax benefit during fiscal years 2018 and 2017 is as follows (in thousands):



	Fiscal Year Ended March 31,
	2018			2017
Unrecognized tax benefits – beginning of fiscal year	$	1,332		$	1,093
Increases for tax positions taken in prior years	7,784			1,059
Decreases for tax positions taken in prior years	(2,434		)	(818		)
Decrease related to statute of limitation expirations	—			(2		)
Unrecognized tax benefits – end of fiscal year	$	6,682		$	1,332