INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2020

Components of income from continuing operations before income taxes

The domestic (Singapore) and foreign components of income before income taxes were comprised of the following:



	Fiscal Year Ended March 31,
	2020			2019			2018
	(In thousands)
Domestic	$	(2,903	)	$	(10,498	)	$	323,522
Foreign	161,388			192,624			197,371
Total	$	158,485		$	182,126		$	520,893

Schedule of provision for income taxes

The provision for income taxes consisted of the following:



	Fiscal Year Ended March 31,
	2020			2019			2018
	(In thousands)
Current:
Domestic	$	1,781		$	1,517		$	2,894
Foreign	62,558			99,894			50,889
	64,339			101,411			53,783
Deferred:
Domestic	(38		)	(40		)	422
Foreign	6,605			(12,644		)	38,154
	6,567			(12,684		)	38,576
Provision for income taxes	$	70,906		$	88,727		$	92,359

Schedule of reconciliation of the income tax expense from continuing operations expected based on domestic statutory income tax rates to the expense for income taxes

The reconciliation of the income tax expense expected based on domestic statutory income tax rates to the expense for income taxes included in the consolidated statements of operations is as follows:



	Fiscal Year Ended March 31,
	2020			2019			2018
	(In thousands)
Income taxes based on domestic statutory rates	$	26,943		$	30,961		$	88,552
Effect of tax rate differential	(81,213		)	(135,033		)	(244,128		)
Change in unrecognized tax benefit	(896		)	(15,381		)	22,180
Change in valuation allowance	92,543			191,896			297,330
Recognition of prior year taxes recoverable	13,305			5,439			(53,757		)
Expiration of tax attributes	—			4,277			—
APB23 tax liability	8,653			2,047			1,741
Other	11,571			4,521			(19,559		)
Provision for income taxes	$	70,906		$	88,727		$	92,359

Components of deferred income taxes

The components of deferred income taxes are as follows:



	As of March 31,
	2020			2019
	(In thousands)
Deferred tax liabilities:
Fixed assets	$	(36,789	)	$	(39,376	)
Intangible assets	(49,637		)	(57,939		)
Others	(25,818		)	(14,879		)
Total deferred tax liabilities	(112,244		)	(112,194		)
Deferred tax assets:
Fixed assets	58,623			67,980
Intangible assets	6,568			7,442
Deferred compensation	17,456			13,864
Inventory valuation	26,742			11,082
Provision for doubtful accounts	5,120			4,797
Net operating loss and other carryforwards	1,820,980			1,944,782
Others	207,910			243,016
Total deferred tax assets	2,143,399			2,292,963
Valuation allowances	(1,939,279		)	(2,083,082		)
Total deferred tax assets, net of valuation allowances	204,120			209,881
Net deferred tax asset	$	91,876		$	97,687
The net deferred tax asset is classified as follows:
Long-term asset	$	162,737		$	164,611
Long-term liability	(70,861		)	(66,924		)
Total	$	91,876		$	97,687

Schedule of tax losses and other carryforwards on a tax return basis, which will expire at various dates

These tax losses and other carryforwards will expire at various dates as follows:



Expiration dates of deferred tax assets related to operating losses and other carryforwards
	(In thousands)
2021 - 2026	$	613,769
2027 - 2032	476,336
2033 and post	199,327
Indefinite	629,835
	$	1,919,267

Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



	Fiscal Year Ended March 31,
	2020			2019
	(In thousands)
Balance, beginning of fiscal year	$	251,722		$	227,590
Additions based on tax position related to the current year	24,052			82,966
Additions for tax positions of prior years	4,137			5,575
Reductions for tax positions of prior years	(3,162		)	(15,432		)
Reductions related to lapse of applicable statute of limitations	(18,355		)	(14,786		)
Settlements	—			(22,174		)
Impact from foreign exchange rates fluctuation	(12,386		)	(12,017		)
Balance, end of fiscal year	$	246,008		$	251,722