INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of components of income from continuing operations before income taxes

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

	Fiscal Year Ended March 31,
	2024		2023		2022
	(In millions)
Domestic	$	(165)	$	99	$	352
Foreign	831		708		612
Total	$	666	$	807	$	964

Schedule of provision (benefit from) income taxes

The (benefit from) provision for income taxes from continuing operations consisted of the following:

	Fiscal Year Ended March 31,
	2024		2023		2022
	(In millions)
Current:
Domestic	$	3	$	6	$	3
Foreign	161		117		133
	164		123		136
Deferred:
Domestic	(1)		1		—
Foreign	(369)		—		(44)
	(370)		1		(44)
(Benefit from) provision for income taxes	$	(206)	$	124	$	92

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

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

	Fiscal Year Ended March 31,
	2024		2023		2022
	(In millions)
Income taxes based on domestic statutory rates	$	113	$	137	$	164
Effect of jurisdictional tax rate differential	68		52		(97)
Change in unrecognized tax benefit	(10)		(7)		12
Change in valuation allowance	(685)		(290)		(135)
Foreign exchange movement on prior year taxes recoverable	(1)		4		(9)
Liability for undistributed earnings	135		—		—
Global intangible low-taxed income (GILTI) / Subpart F income	13		18		30
Nextracker related transactions gains	115		158		110
Earnings from partnership	47		39		—
U.S. state taxes	10		2		5
Excess compensation (Section 162(m))	15		9		4
Other	(26)		2		8
(Benefit from) provision for income taxes	$	(206)	$	124	$	92

Schedule of Components of deferred income taxes

The components of deferred income taxes are as follows:

	As of March 31,
	2024		2023
	(In millions)
Deferred tax liabilities:
Fixed assets	$	(59)	$	(63)
Intangible assets	(56)		(71)
Others	(149)		(23)
Total deferred tax liabilities	(264)		(157)
Deferred tax assets:
Fixed assets	82		77
Intangible assets	4		5
Deferred compensation	25		27
Inventory valuation	26		24
Provision for doubtful accounts	2		3
Net operating loss and other carryforwards	1,168		1,354
Tax receivable agreement	77		—
Others	184		131
Total deferred tax assets	1,568		1,621
Valuation allowances	(838)		(1,371)
Total deferred tax assets, net of valuation allowances	730		250
Net deferred tax asset	$	466	$	93
The net deferred tax asset is classified as follows:
Long-term asset	$	644	$	164
Long-term liability	(178)		(71)
Total	$	466	$	93

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
Fiscal year	(In millions)
2025 - 2030	$	244
2031 - 2036	157
2037 and post	57
Indefinite	741
	$	1,199

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,
	2024		2023
	(In millions)
Balance, beginning of fiscal year	$	268	$	282
Additions based on tax position related to the current year	10		15
Additions for tax positions of prior years	22		8
Reductions for tax positions of prior years	(82)		(5)
Reductions related to lapse of applicable statute of limitations	(17)		(13)
Settlements	—		(7)
Impact from foreign exchange rates fluctuation	(4)		(12)
Balance, end of fiscal year	$	197	$	268