INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

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,
	2021		2020		2019
	(In millions)
Domestic	$	242	$	(2)	$	(10)
Foreign	472		161		192
Total	$	714	$	159	$	182

Schedule of provision for income taxes

The provision for income taxes consisted of the following:

	Fiscal Year Ended March 31,
	2021		2020		2019
	(In millions)
Current:
Domestic	$	1	$	2	$	2
Foreign	105		62		99
	106		64		101
Deferred:
Domestic	1		—		—
Foreign	(6)		7		(12)
	(5)		7		(12)
Provision for income taxes	$	101	$	71	$	89

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,
	2021		2020		2019
	(In millions)
Income taxes based on domestic statutory rates	$	121	$	27	$	31
Effect of tax rate differential	(82)		(81)		(135)
Change in unrecognized tax benefit	11		(1)		(15)
Change in valuation allowance	35		93		192
Foreign exchange movement on prior year taxes recoverable	5		13		5
Expiration of tax attributes	—		—		4
APB23 tax liability	1		9		2
Other	10		11		5
Provision for income taxes	$	101	$	71	$	89

Components of deferred income taxes

The components of deferred income taxes are as follows:

	As of March 31,
	2021		2020
	(In millions)
Deferred tax liabilities:
Fixed assets	$	(69)	$	(37)
Intangible assets	(45)		(50)
Others	(13)		(25)
Total deferred tax liabilities	(127)		(112)
Deferred tax assets:
Fixed assets	66		59
Intangible assets	8		7
Deferred compensation	20		17
Inventory valuation	28		27
Provision for doubtful accounts	5		5
Net operating loss and other carryforwards	1,641		1,821
Others	190		207
Total deferred tax assets	1,958		2,143
Valuation allowances	(1,726)		(1,939)
Total deferred tax assets, net of valuation allowances	232		204
Net deferred tax asset	$	105	$	92
The net deferred tax asset is classified as follows:
Long-term asset	$	165	$	163
Long-term liability	(60)		(71)
Total	$	105	$	92

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 millions)
2022 - 2027	$	577
2028 - 2033	437
2034 and post	126
Indefinite	613
	$	1,753

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,
	2021		2020
	(In millions)
Balance, beginning of fiscal year	$	246	$	252
Additions based on tax position related to the current year	16		24
Additions for tax positions of prior years	14		4
Reductions for tax positions of prior years	(8)		(3)
Reductions related to lapse of applicable statute of limitations	(16)		(18)
Impact from foreign exchange rates fluctuation	14		(13)
Balance, end of fiscal year	$	266	$	246